Legg Mason Global Asset Management Trust N-CSR 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.

Annual Report December 31, 2019

BrandywineGLOBAL —

GLOBAL OPPORTUNITIES BOND FUND (USD HEDGED)

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.

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	20
Statement of changes in net assets	21
Financial highlights	22
Notes to financial statements	24
Report of independent registered public accounting firm	38
Additional information	39
Important tax information	45

Fund objective

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

Letter from the president

Dear Shareholder,

We are pleased to provide the annual report of BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) for the period since the Fund’s inception on March 29, 2019 through 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,

Jane Trust, CFA

President and Chief Executive Officer

January 31, 2020

   II  BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged)

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 will be considered a developed country. In addition, under normal market conditions, the Fund will maintain at least 80% of its net assets in U.S. dollar currency exposure. 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 deemed by the portfolio managers 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 purchase bonds issued in foreign currencies as well as U.S. dollar-denominated bonds. Under normal market conditions, the Fund’s foreign currency exposure will be primarily hedged back to U.S. dollars through the use of currency forwards or other derivative contracts so that the Fund’s portfolio will maintain at least 80% exposure to the U.S. dollar. While the Fund will maintain at least 80% of its net assets in U.S. dollar currency exposure under normal market conditions, it may also invest in currency forwards or other derivative contracts to gain long or short exposure to foreign currencies in an effort to enhance returns.

The Fund may invest in other derivative instruments, including bond futures, interest rate futures, swaps (including interest rate and total return swaps), credit default swaps (including buying and selling credit default swaps), and options. The Fund may use these 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 (subject to the Fund’s policy to maintain at least 80% of its net assets in U.S. dollar currency exposure under normal market conditions) and to enhance total return, we may choose not to for a variety of reasons, even under very volatile market conditions. Derivative investments are taken into account when determining compliance with the Fund’s 80% investment policies.

The Fund will normally hold a portfolio of fixed income securities of issuers located in a minimum of six countries and, unless conditions are deemed to be unfavorable, will invest at least 30% of its assets in investments tied economically to countries outside of the United States.

BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report    1 

Fund overview (cont’d)

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 1 to 10 years but for individual markets may be greater or lesser depending on our view of the prospects for lower interest rates and the potential for capital gains.

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 period since the Fund’s inception on March 29, 2019 through 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 (the “Fed”)ⁱⁱⁱ raised interest rates four times in 2018 (prior to the start of the reporting period), 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 4.54% during the nine month reporting period 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 6.22%. Meanwhile, the JPMorgan Emerging Markets Bond Index Global (“EMBI Global”)^x gained 7.34%. 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. As concerns regarding global growth and trade increased in the spring and summer of 2019, we maintained a significant overweight to U.S. Treasuries. 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.

   2  BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report

The Fund continues to have no exposure to negative yielding assets, or negative real-yielding government bond markets, like Germany, France and Japan. We believe there is limited return potential in these securities and potentially significant downside. The Fund remains overweight local currency emerging markets debt.

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

Performance review

For the period since the Fund’s inception on March 29, 2019 through December 31, 2019, Class IS shares of BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) returned 6.06%. The Fund’s unmanaged benchmark, the FTSE World Government Bond Index (USD) (Hedged), returned 7.59% for the same period. The Lipper Global Income Funds Category Average^xi returned 5.03% over the same time frame.

Performance Snapshotas of December 31, 2019 (unaudited)
	6 months			Since Fund Inception*
BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged):
Class I		2.57	%		6.02	%
Class IS		2.60	%		6.06	%
FTSE World Government Bond Index (USD) (Hedged)		1.59	%		7.59	%
Lipper Global Income Funds Category Average		1.71	%		5.03	%

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/mutual funds.

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 the deduction of taxes that a shareholder would pay on Fund distributions. 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.

The30-Day SEC Yields for the period ended December 31, 2019 for Class I and Class IS shares were 3.02% and 3.13%, respectively. Absent fee waivers and/or expense reimbursements, the30-Day SEC Yields for Class I and Class IS shares would have been 2.92% and 3.02%, respectively. 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.

* The Fund’s inception date is March 29, 2019

BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report    3 

Fund overview (cont’d)

Total Annual Operating Expenses(unaudited)

As of the Fund’s current prospectus dated March 23, 2019, the gross total annual fund operating expense ratios for Class I and Class IS shares were 0.81% and 0.66%, 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 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. 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 markets 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.

Elsewhere, the Fund’s exposure to longer term U.S. Treasuries was beneficial for the Fund’s performance. The yields on U.S. Treasuries declined—and their prices moved higher—as 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^xii. In particular, having no exposure to Italian, French, Spanish and German government bonds was a headwind for results. Slow European growth and a renewed dovish stance from the ECB supported bonds in Europe.

   4  BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report

Elsewhere, an underweight to the U.S. dollar detracted from results as concerns around global growth supported the currency.

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

Sincerely,

David F. Hoffman, CFA

Portfolio Manager

Brandywine Global Investment

Management, LLC

Stephen S. Smith

Portfolio Manager

Brandywine Global Investment

Management, LLC

John (“Jack”) P. McIntyre, CFA

Portfolio Manager

Brandywine Global Investment

Management, LLC

Anujeet Sareen, CFA

Portfolio Manager

Brandywine Global Investment

Management, LLC

January 21, 2020

BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report    5 

Fund overview (cont’d)

RISKS: The Fund is newly organized, with a limited history of operations. Fixed-income securities involve interest rate, credit, inflation, and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed-income securities falls. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. High yield bonds are subject to greater price volatility, illiquidity, and possibility of default. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Derivatives, such as options and futures, can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. Derivative investments may be significant at times. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. There can be no assurance that the Fund’s hedging transactions will be effective. As anon-diversified fund, it 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. Leverage may increase volatility and possibility of loss. Active management does not ensure gains or protect against market declines. 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. Forecasts and predictions are inherently limited and should not be relied upon as an indication of actual or future performance.

   6  BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report

ⁱ   The FTSE World Government Bond Index (USD) (Hedged) measures the performance of developed countries’ global fixed income markets invested in debt issues of U.S. andnon-U.S. governmental entities hedged in the U.S. Dollar.

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 207 funds for the nine-month period in the Fund’s Lipper category, and excluding sales charges, if any.

^xii  Duration is the measure of the price sensitivity of a fixed-income security to an interest rate change of 100 basis points. Calculation is based on the weighted average of the present values for all cash flows.

BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report    7 

Fund at a glance^†(unaudited)

Investment breakdown(%) as a percent of total investments

† The bar graph above represents the composition of the Fund’s investments as of December 31, 2019 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.

   8  BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report

Fund expenses(unaudited)

Example

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs and (2) ongoing costs, including management 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. 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 return4
	Actual Total  Return2			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 I		2.57	%	$	1,000.00	$	1,025.70		0.75	%	$	3.83	Class I		5.00	%	$	1,000.00	$	1,021.42		0.75	%	$	3.82
Class IS		2.60			1,000.00		1,026.00		0.65			3.32	Class IS		5.00			1,000.00		1,021.93		0.65			3.31

BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report    9 

Fund expenses(unaudited) (cont’d)

¹  For the period March 29, 2019 (inception date) to December 31, 2019.

²  Assumes the reinvestment of all distributions, including returns of capital, if any, at net asset value. 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.

³  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.

⁴  For the six months ended December 31, 2019.

   10  BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report

Fund performance(unaudited)

Average annual total returns1
	Class I†			Class  IS†
Inception* through 12/31/19		6.02	%		6.06	%

Cumulative total returns
Class I (Inception date of 3/29/19 through 12/31/19)	6.02	%
Class IS (Inception date of 3/29/19 through 12/31/19)	6.06

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.

1 Assumes the reinvestment of all distributions, including returns of capital, if any, at net asset value.

† Not annualized.

* Inception date for Class I and IS shares is March 29, 2019.

BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report    11 

Fund performance(unaudited) (cont’d)

Historical performance

Value of $1,000,000 invested in

Class I Shares and Class IS Shares of BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) vs. FTSE World Government Bond Index (USD)(Hedged)†—March 29, 2019 - December 2019

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.

^†  Hypothetical illustration of $1,000,000 invested in Class I shares and Class IS shares of BrandywineGLOBAL—Global Opportunities Bond Fund (USD Hedged) on March 29, 2019 (inception date) 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) (Hedged). 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.

   12  BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report

Schedule of investments

December 31, 2019

BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged)

Security	Rate			Maturity Date		Face Amount†			Value
Sovereign Bonds — 45.3%
Australia — 5.3%
Australia Government Bond, Senior Notes		5.750	%		7/15/22		6,565,000	AUD	$	5,164,204	(a)
New South Wales Treasury Corp.		4.000	%		4/8/21		1,323,200	AUD		963,298	(a)
Queensland Treasury Corp.		5.500	%		6/21/21		2,745,000	AUD		2,051,376	(a)
Western Australian Treasury Corp., Senior Notes		7.000	%		7/15/21		2,640,000	AUD		2,019,538
Total Australia										10,198,416
Brazil — 4.8%
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/21		17,400,000	BRL		4,546,705
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/23		17,545,000	BRL		4,849,534
Total Brazil										9,396,239
Colombia — 4.5%
Colombian TES, Bonds		6.250	%		11/26/25		11,950,000,000	COP		3,743,423
Colombian TES, Bonds		6.000	%		4/28/28		16,490,000,000	COP		4,998,932
Total Colombia										8,742,355
Indonesia — 4.2%
Indonesia Treasury Bond, Senior Notes		9.000	%		3/15/29		100,000,000,000	IDR		8,051,582
Malaysia — 5.6%
Malaysia Government Bond, Senior Notes		3.882	%		3/10/22		33,695,000	MYR		8,391,521
Malaysia Government Bond, Senior Notes		3.899	%		11/16/27		9,515,000	MYR		2,412,455
Total Malaysia										10,803,976
Mexico — 12.2%
Mexican Bonos, Bonds		8.000	%		11/7/47		42,400,000	MXN		2,458,634
Mexican Bonos, Senior Notes		8.500	%		5/31/29		98,500,000	MXN		5,802,526
Mexican Bonos, Senior Notes		7.750	%		11/23/34		32,600,000	MXN		1,847,825
Mexican Bonos, Senior Notes		8.500	%		11/18/38		104,600,000	MXN		6,312,347
Mexican Bonos, Senior Notes		7.750	%		11/13/42		129,439,300	MXN		7,266,879
Total Mexico										23,688,211
Poland — 4.2%
Republic of Poland Government Bond		1.500	%		4/25/20		16,463,000	PLN		4,347,466
Republic of Poland Government Bond		5.250	%		10/25/20		6,469,000	PLN		1,763,620
Republic of Poland Government Bond		2.000	%		4/25/21		7,593,000	PLN		2,017,662
Total Poland										8,128,748

See Notes to Financial Statements.

BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report    13 

Schedule of investments (cont’d)

December 31, 2019

BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged)

Security	Rate			Maturity Date		Face Amount†			Value
South Africa — 4.5%
Republic of South Africa Government Bond, Senior Notes		6.500	%		2/28/41		76,446,888	ZAR	$	3,804,210
Republic of South Africa Government Bond, Senior Notes		8.750	%		2/28/48		77,117,268	ZAR		4,863,474
Total South Africa										8,667,684
Total Sovereign Bonds (Cost — $83,368,982)										87,677,211
U.S. Government & Agency Obligations — 35.7%
U.S. Government Obligations — 35.7%
U.S. Treasury Bonds		3.000	%		2/15/49		5,762,400			6,519,728
U.S. Treasury Bonds		2.875	%		5/15/49		4,764,800			5,267,523
U.S. Treasury Notes (3 mo. U.S. Treasury Money Market Yield + 0.139%)		1.665	%		4/30/21		21,550,000			21,541,034	(b)
U.S. Treasury Notes (3 mo. U.S. Treasury Money Market Yield + 0.220%)		1.746	%		7/31/21		24,876,800			24,891,366	(b)
U.S. Treasury Notes (3 mo. U.S. Treasury Money Market Yield + 0.300%)		1.826	%		10/31/21		10,735,000			10,754,994	(b)
Total U.S. Government & Agency Obligations (Cost — $68,511,774)										68,974,645
Corporate Bonds & Notes — 16.0%
Consumer Discretionary — 4.2%
Automobiles — 4.2%
Ford Motor Credit Co. LLC, Senior Notes (3 mo. USD LIBOR + 0.810%)		2.853	%		4/5/21		3,299,000			3,284,425	(b)
Ford Motor Credit Co. LLC, Senior Notes (3 mo. USD LIBOR + 1.000%)		3.012	%		1/9/20		1,191,000			1,191,170	(b)
General Motors Financial Co. Inc., Senior
Notes (3 mo. USD LIBOR + 0.930%)		2.916	%		4/13/20		3,642,000			3,647,891	(b)
Total Consumer Discretionary										8,123,486
Energy — 2.1%
Oil, Gas & Consumable Fuels — 2.1%
Petroleos Mexicanos, Senior Notes		6.750	%		9/21/47		555,000			557,950
Petroleos Mexicanos, Senior Notes		7.690	%		1/23/50		3,090,000			3,382,854	(c)
Total Energy										3,940,804
Financials — 8.4%
Banks — 3.0%
Canadian Imperial Bank of Commerce, Senior Notes (SOFR + 0.800%)		2.341	%		3/17/23		3,030,000			3,041,299	(b)
Wells Fargo & Co., Senior Notes (3 mo. USD LIBOR + 1.025%)		2.961	%		7/26/21		2,693,000			2,725,034	(b)
Total Banks										5,766,333

See Notes to Financial Statements.

   14  BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report

BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged)

Security	Rate			Maturity Date		Face Amount†			Value
Capital Markets — 4.5%
Daimler Finance North America LLC, Senior Notes (3 mo. USD LIBOR + 0.450%)		2.349	%		2/22/21		3,463,000		$	3,465,161	(b)(c)
Goldman Sachs Group Inc., Senior Notes (3 mo. USD LIBOR + 0.750%)		2.660	%		2/23/23		5,158,000			5,190,097	(b)
Total Capital Markets										8,655,258
Consumer Finance — 0.9%
American Express Co., Senior Notes (3 mo. USD LIBOR + 0.600%)		2.491	%		11/5/21		1,842,000			1,850,461	(b)
Total Financials										16,272,052
Information Technology — 1.3%
Technology Hardware, Storage & Peripherals — 1.3%
Hewlett Packard Enterprise Co., Senior Notes		6.350	%		10/15/45		2,139,000			2,579,511
Total Corporate Bonds & Notes (Cost — $30,281,598)										30,915,853
Collateralized Mortgage Obligations (d) —1.0%
Federal National Mortgage Association (FNMA) — CAS,2014-C04 1M2 (1 mo. USD LIBOR + 4.900%)		6.692	%		11/25/24		153,701			168,934	(b)(c)
Federal National Mortgage Association (FNMA) — CAS,2017-C05 1M2 (1 mo. USD LIBOR + 2.200%)		3.992	%		1/25/30		392,558			399,629	(b)
Fondo de Titulizacion de Activos UCI, 2017 A2 (3 mo. EURIBOR + 0.160%, 0.000% Floor)		0.000	%		12/17/49		308,594	EUR		327,051	(a)(b)
IM Pastor Fondo de Titulizacion de Activos, 2004 A (3 mo. EURIBOR + 0.140%, 0.000% Floor)		0.000	%		3/22/44		425,801	EUR		441,265	(a)(b)
Pastor GC Hipotecario, 2005 A2 (3 mo. EURIBOR + 0.170%, 0.000% Floor)		0.000	%		6/21/46		693,202	EUR		702,711	(a)(b)
Total Collateralized Mortgage Obligations (Cost — $2,021,458)										2,039,590
Total Investments before Short-Term Investments (Cost — $184,183,812)										189,607,299
						Shares
Short-Term Investments — 1.8%
JPMorgan U.S. Government Money Market Fund, Institutional Class (Cost — $3,415,594)		1.469	%				3,415,594			3,415,594
Total Investments — 99.8% (Cost — $187,599,406)										193,022,893
Other Assets in Excess of Liabilities — 0.2%										410,707
Total Net Assets — 100.0%									$	193,433,600

See Notes to Financial Statements.

BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report    15 

Schedule of investments (cont’d)

December 31, 2019

BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged)

^†  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	9,234,797	MYR	38,800,000	Barclays Bank PLC		1/9/20	$	(247,293)
USD	5,618,321	JPY	597,000,000	Citibank N.A.		1/9/20		120,998
USD	8,061,237	BRL	32,910,000	HSBC Securities Inc.		1/9/20		(117,006)
CZK	12,000,000	USD	510,819	JPMorgan Chase & Co.		1/10/20		18,524
USD	7,316,581	COP	25,360,000,000	JPMorgan Chase & Co.		1/10/20		(394,861)
KRW	1,250,000,000	USD	1,047,032	Citibank N.A.		1/13/20		34,196
CLP	300,000,000	USD	413,742	HSBC Securities Inc.		1/14/20		(14,692)
PLN	7,460,000	USD	1,935,330	Citibank N.A.		1/16/20		31,071
USD	8,472,684	PLN	33,390,000	Citibank N.A.		1/16/20		(328,672)

See Notes to Financial Statements.

   16  BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report

BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
SEK	1,100,000	USD	114,810	Citibank N.A.		1/17/20	$	2,730
NOK	7,000,000	USD	782,036	HSBC Securities Inc.		1/17/20		15,359
NZD	1,750,000	USD	1,100,514	HSBC Securities Inc.		1/17/20		77,873
SEK	12,700,000	USD	1,325,319	HSBC Securities Inc.		1/17/20		31,742
GBP	260,000	USD	326,635	Citibank N.A.		1/24/20		17,998
USD	455,380	CAD	600,000	Goldman Sachs Group Inc.		1/24/20		(6,733)
USD	103,031	GBP	80,000	HSBC Securities Inc.		1/24/20		(3,010)
USD	233,095	GBP	180,000	HSBC Securities Inc.		1/24/20		(5,497)
USD	6,461,323	IDR	92,300,000,000	JPMorgan Chase & Co.		1/29/20		(169,920)
RUB	25,000,000	USD	388,833	Citibank N.A.		2/6/20		12,120
MXN	8,900,000	USD	456,792	Citibank N.A.		2/18/20		10,474
MXN	12,900,000	USD	652,702	Citibank N.A.		2/18/20		24,571
USD	21,482,901	MXN	421,400,000	Citibank N.A.		2/18/20		(641,354)
GBP	1,400,000	USD	1,824,970	HSBC Securities Inc.		2/24/20		32,304
USD	103,119	GBP	80,000	HSBC Securities Inc.		2/24/20		(3,010)
USD	246,253	GBP	190,000	HSBC Securities Inc.		2/24/20		(5,806)
USD	7,776,261	AUD	11,360,000	Morgan Stanley & Co. Inc.		2/28/20		(207,242)
NOK	8,500,000	USD	925,377	Goldman Sachs Group Inc.		3/6/20		43,015
USD	8,444,030	ZAR	125,100,000	Barclays Bank PLC		3/10/20		(405,974)
USD	10,435,228	EUR	9,370,000	JPMorgan Chase & Co.		3/11/20		(121,793)
GBP	580,000	USD	765,194	Barclays Bank PLC		3/12/20		4,597
GBP	820,000	USD	1,085,344	Barclays Bank PLC		3/12/20		2,981
CLP	1,010,000,000	USD	1,300,206	HSBC Securities Inc.		3/13/20		44,086
KRW	742,000,000	USD	638,318	Citibank N.A.		3/19/20		4,559
CLP	47,000,000	USD	61,841	HSBC Securities Inc.		4/3/20		733
CLP	130,000,000	USD	169,952	HSBC Securities Inc.		4/3/20		3,125
Total							$	(2,139,807)

See Notes to Financial Statements.

BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report    17 

Schedule of investments (cont’d)

December 31, 2019

BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged)

Abbreviations used in this table:
AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
CLP	— Chilean Peso
COP	— Colombian Peso
CZK	— Czech Koruna
EUR	— Euro
GBP	— British Pound
IDR	— Indonesian Rupiah
JPY	— Japanese Yen
KRW	— South Korean Won
MXN	— Mexican Peso
MYR	— Malaysian Ringgit
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	46.6	%
Mexico	14.3
Malaysia	5.6
Australia	5.3
Brazil	4.9
Colombia	4.5
South Africa	4.5
Poland	4.2
Indonesia	4.2
Germany	1.8
Canada	1.6
Spain	0.7
Short-Term Investments	1.8
	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.

   18  BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report

Statement of assets and liabilities

December 31, 2019

Assets:
Investments, at value (Cost — $187,599,406)	$	193,022,893
Foreign currency, at value (Cost — $49,414)		49,799
Interest receivable		2,082,535
Deposits with brokers for OTC derivatives		540,000
Unrealized appreciation on forward foreign currency contracts		533,056
Deferred offering costs		31,174
Prepaid expenses		9,255
Total Assets		196,268,712
Liabilities:
Unrealized depreciation on forward foreign currency contracts		2,672,863
Investment management fee payable		65,374
Trustees’ fees payable		3,399
Accrued expenses		93,476
Total Liabilities		2,835,112
Total Net Assets	$	193,433,600
Net Assets:
Par value (Note 7)		$190
Paid-in capital in excess of par value		189,748,860
Total distributable earnings (loss)		3,684,550
Total Net Assets	$	193,433,600
Net Assets:
Class I	$	80,877
Class IS	$	193,352,723
Shares Outstanding:
Class I		7,925
Class IS		18,943,040
Net Asset Value:
Class I (and redemption price)		$10.21
Class IS (and redemption price)		$10.21

See Notes to Financial Statements.

BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report    19 

Statement of operations

For the Period Ended December 31, 2019†

Investment Income:
Interest	$	5,697,477
Less: Foreign taxes withheld		(70,447)
Total Investment Income		5,627,030
Expenses:
Investment management fee (Note 2)		694,384
Offering costs (Note 1)		94,204
Fund accounting fees		52,508
Custody fees		45,987
Audit and tax fees		40,197
Legal fees		22,602
Trustees’ fees		20,749
Shareholder reports		16,405
Organization costs (Note 1)		10,920
Registration fees		5,762
Transfer agent fees (Note 5)		2,067
Commitment fees (Note 8)		1,360
Insurance		960
Miscellaneous expenses		6,176
Total Expenses		1,014,281
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)		(111,549)
Net Expenses		902,732
Net Investment Income		4,724,298
Realized and Unrealized Gain (Loss) on Investments, Forward Foreign Currency Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):
Net Realized Gain (Loss) From:
Investment transactions		2,917,862
Forward foreign currency contracts		181,409
Foreign currency transactions		(362,300)
Net Realized Gain		2,736,971
Change in Net Unrealized Appreciation (Depreciation) From:
Investments		5,423,487
Forward foreign currency contracts		(2,139,807)
Foreign currencies		40,401
Change in Net Unrealized Appreciation (Depreciation)		3,324,081
Net Gain on Investments, Forward Foreign Currency Contracts and Foreign Currency Transactions		6,061,052
Increase in Net Assets From Operations	$	10,785,350

† For the period March 29, 2019 (inception date) to December 31, 2019.

See Notes to Financial Statements.

   20  BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report

Statement of changes in net assets

For the Period Ended December 31, 2019†	2019
Operations:
Net investment income	$	4,724,298
Net realized gain		2,736,971
Change in net unrealized appreciation (depreciation)		3,324,081
Increase in Net Assets From Operations		10,785,350
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings		(7,205,924)
Decrease in Net Assets From Distributions to Shareholders		(7,205,924)
Fund Share Transactions (Note 7):
Net proceeds from sale of shares		2,173,500
Reinvestment of distributions		7,205,924
Cost of shares repurchased		(16,185,720)
In-kind capital contribution (Note 9)		196,660,470
Increase in Net Assets From Fund Share Transactions		189,854,174
Increase in Net Assets		193,433,600
Net Assets:
Beginning of period		—
End of period	$	193,433,600

† For the period March 29, 2019 (inception date) to December 31, 2019.

See Notes to Financial Statements.

BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report    21 

Financial highlights

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class I Shares1	20192
Net asset value, beginning of period		$10.00
Income from operations:
Net investment income		0.26
Net realized and unrealized gain		0.34
Total income from operations		0.60
Less distributions from:
Net investment income		(0.23)
Net realized gains		(0.16)
Total distributions		(0.39)
Net asset value, end of period		$10.21
Total return3		6.02	%
Net assets, end of period (000s)		$81
Ratios to average net assets:
Gross expenses4		0.80	%
Net expenses4,5,6		0.73
Net investment income4		3.32
Portfolio turnover rate7		86	%

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

²  For the period March 29, 2019 (inception date) to December 31, 2019.

³  Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.

⁴  Annualized.

⁵  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.

⁶  Reflects fee waivers and/or expense reimbursements.

⁷  Excludes securities received as a result of a contributionin-kind.

See Notes to Financial Statements.

   22  BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class IS Shares1	20192
Net asset value, beginning of period		$10.00
Income from operations:
Net investment income		0.26
Net realized and unrealized gain		0.34
Total income from operations		0.60
Less distributions from:
Net investment income		(0.23)
Net realized gains		(0.16)
Total distributions		(0.39)
Net asset value, end of period		$10.21
Total return3		6.06	%
Net assets, end of period (millions)		$193
Ratios to average net assets:
Gross expenses4		0.73	%
Net expenses4,5,6		0.65
Net investment income4		3.40
Portfolio turnover rate7		86	%

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

²  For the period March 29, 2019 (inception date) to December 31, 2019.

³  Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.

⁴  Annualized.

⁵  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.

⁶  Reflects fee waivers and/or expense reimbursements.

⁷  Excludes securities received as a result of a contributionin-kind.

See Notes to Financial Statements.

BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report    23 

Notes to financial statements

1. Organization and significant accounting policies

BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) (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

   24  BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report

Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Trustees quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

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 (USD Hedged) 2019 Annual Report    25 

Notes to financial statements (cont’d)

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		—	$	87,677,211		—	$	87,677,211
U.S. Government & Agency Obligations		—		68,974,645		—		68,974,645
Corporate Bonds & Notes		—		30,915,853		—		30,915,853
Collateralized Mortgage Obligations		—		2,039,590		—		2,039,590
Total Long-Term Investments		—		189,607,299		—		189,607,299
Short-Term Investments†	$	3,415,594		—		—		3,415,594
Total Investments	$	3,415,594	$	189,607,299		—	$	193,022,893
Other Financial Instruments:
Forward Foreign Currency Contracts		—	$	533,056		—	$	533,056
Total	$	3,415,594	$	190,140,355		—	$	193,555,949
LIABILITIES
Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Other Financial Instruments:
Forward Foreign Currency Contracts		—	$	2,672,863		—	$	2,672,863

† 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.

   26  BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report

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 (USD Hedged) 2019 Annual Report    27 

Notes to financial statements (cont’d)

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.

   28  BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report

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 $2,672,863. 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 $540,000, which could be used to reduce the required payment.

At December 31, 2019, the Fund held cash collateral from Citibank N.A. in the amount of $50,000. This amount 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 (USD Hedged) 2019 Annual Report    29 

Notes to financial statements (cont’d)

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) Organization costs.Organization costs associated with the establishment of the Fund are charged to expense as they are incurred.

(l) Offering costs.Costs incurred by the Fund in connection with the commencement of the Fund’s operations are being amortized on a straight line basis over twelve months.

(m) 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.

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.

(n) 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)	$	105,124	$	(105,124)

^(a)   Reclassifications are due tonon-deductible expenses.

   30  BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report

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 subadviser. 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 70% 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 I and Class IS shares did not exceed 0.75% and 0.65%, respectively. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of the 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 period ended December 31, 2019, fees waived and/or expenses reimbursed amounted to $111,549.

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 I		Class IS
Expires December 31, 2022	$	34	$	111,515
Total fee waivers/expense reimbursements subject to recapture	$	34	$	111,515

For the period ended December 31, 2019, LMPFA did not recapture any fees.

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

As of December 31, 2019, Legg Mason and its affiliates owned 99.99% of the Fund.

BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report    31 

Notes to financial statements (cont’d)

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 period 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	$	59,989,750	*	$	114,657,093	*
Sales		15,493,600			118,675,713

* Excludes the cost of Portfolio securities received as a result of a contribution in kind, totaling $68,388,390 and $70,405,569 for investments and U.S. Government & Agency Obligations, respectively.

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	$	187,632,404	$	5,585,472	$	(194,983)	$	5,390,489
Forward foreign currency contracts		—		533,056		(2,672,863)		(2,139,807	)

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	$	533,056

LIABILITY DERIVATIVES1
	Foreign Exchange Risk
Forward foreign currency contracts	$	2,672,863

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).

   32  BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period 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	$	181,409

CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED
	Foreign Exchange Risk
Forward foreign currency contracts	$	(2,139,807)

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

	Average Market Value
Forward foreign currency contracts (to buy)	$	14,293,103
Forward foreign currency contracts (to sell)		94,687,031

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 Amount4,5
Barclays Bank PLC	$	7,578	$	(653,267)	$	(645,689)		—	$	(645,689)
Citibank N.A.		258,717		(970,026)		(711,309)	$	(50,000)		(761,309)
Goldman Sachs Group Inc.		43,015		(6,733)		36,282		—		36,282
HSBC Securities Inc.		205,222		(149,021)		56,201		—		56,201
JPMorgan Chase & Co.		18,524		(686,574)		(668,050)		540,000		(128,050)
Morgan Stanley & Co. Inc.		—		(207,242)		(207,242)		—		(207,242)
Total	$	533,056	$	(2,672,863)	$	(2,139,807)	$	490,000	$	(1,649,807)

BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report    33 

Notes to financial statements (cont’d)

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

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

	Transfer Agent Fees†
Class I	$	31
Class IS		2,036
Total	$	2,067

^†   For the period March 29, 2019 (inception date) to December 31, 2019.

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

	Waivers/Expense Reimbursements†
Class I	$	34
Class IS		111,515
Total	$	111,549

^†   For the period March 29, 2019 (inception date) to December 31, 2019.

6. Distributions to shareholders by class

	Period Ended December 31, 2019†
Net Investment Income:
Class I	$	1,427
Class IS		4,223,581
Total	$	4,225,008
Net Realized Gains:
Class I	$	1,258
Class IS		2,979,658
Total	$	2,980,916

^†   For the period March 29, 2019 (inception date) to December 31, 2019.

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

   34  BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report

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:

	Period Ended December 31, 2019†
	Shares		Amount
Class I
Shares sold		7,733	$	78,500
Shares issued on reinvestment		263		2,685
Shares repurchased		(71)		(720)
Net increase		7,925	$	80,465
Class IS
Shares sold		210,130	$	2,095,000
Shares issued on reinvestment		703,691		7,203,239
Shares repurchased		(1,571,256)		(16,185,000)
In-kind capital contribution		19,600,475		196,660,470
Net increase		18,943,040	$	189,773,709

^†   For the period March 29, 2019 (inception date) to December 31, 2019.

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 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. For the period November 18, 2019, the date the Fund began participating in the Redemption Facility, through December 31, 2019, the Fund incurred a commitment fee in the amount of $1,360. The Fund did not utilize the Redemption Facility during the period ended December 31, 2019.

9.In-kind transfer of securities

On March 29, 2019 and September 13, 2019, the Fund’s Class IS shares received a contributionin-kind of investment securities, cash and other receivables in the amounts of $178,282,543 and $18,377,927, respectively. These contributions were determined to betax-free under the Internal Revenue Code Section 351 and no gain or loss was realized.

BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report    35 

Notes to financial statements (cont’d)

10. Income tax information and distributions to shareholders

The tax character of distributions paid during the tax period ended December 31, 2019, was as follows:

	2019
Distributions paid from:
Ordinary income	$	6,880,830
Net long-term capital gains		325,094
Total distributions paid	$	7,205,924

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

Undistributed ordinary income — net	$	1,707,423
Other book/tax temporary differences(a)		(1,313,956)
Unrealized appreciation (depreciation)(b)		3,291,083
Total distributable earnings (loss) — net	$	3,684,550

^(a)   Other book/tax temporary differences are attributable to the tax deferral of losses on straddles, 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.

   36  BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report

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 (USD Hedged) 2019 Annual Report    37 

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 (USD Hedged)

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 (USD Hedged) (one of the funds constituting Legg Mason Global Asset Management Trust, referred to hereafter as the “Fund”) as of December 31, 2019, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period March 29, 2019 (inception date) through 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, and the results of its operations, changes in its net assets, and the financial highlights for the period March 29, 2019 (inception date) through 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 audit. 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 audit 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 audit 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 audit 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 audit provides 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.

   38  BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) 2019 Annual Report

Additional information(unaudited)

Information about Trustees and Officers

The business and affairs of BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged) (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 (USD Hedged)    39 

Additional information(unaudited) (cont’d)

Information about Trustees and Officers

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)

   40  BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged)

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 (USD Hedged)    41 

Additional information(unaudited) (cont’d)

Information about Trustees and Officers

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)

   42  BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged)

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 (USD Hedged)    43 

Additional information(unaudited) (cont’d)

Information about Trustees and Officers

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.

   44  BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged)

Important tax information(unaudited)

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

Record date:	6/27/2019		9/27/2019		12/18/2019
Payable date:	6/28/2019		9/30/2019		12/19/2019
Interest from Federal Obligations	13.65	%	13.65	%	13.65	%
Qualified Short-Term Capital Gain Dividend*	—		—		$0.143790
Long-Term Capital Gain Dividend	—		—		$0.017610

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.

* Qualified Short-Term Capital Gain dividend is eligible for exemption from U.S. withholding tax fornon-resident shareholders and foreign corporations.

BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged)    45 

BrandywineGLOBAL —

Global Opportunities Bond Fund (USD Hedged)

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 (USD Hedged)

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

BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged)

Legg Mason Funds

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 web-site 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 (USD Hedged). This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.

www.leggmason.com

© 2020 Legg Mason Investor Services, LLC

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

© 2020 Legg Mason Investor Services, LLC Member FINRA, SIPC

BWXX572664 2/20 SR20-3827

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, were pre-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