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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22338

Legg Mason Global Asset Management Trust

(Exact name of registrant as specified in charter)

620 Eighth Avenue, 47^th Floor,

New York, NY 10018

(Address of principal executive offices) (Zip code)

Marc A. De Oliveira,

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: September 30

Date of reporting period: September 30, 2020

ITEM 1.

REPORT TO STOCKHOLDERS

The Annual Report to Stockholders is filed herewith.

LOGO


Annual Report		September 30, 2020

BrandywineGLOBAL —

DIVERSIFIED US LARGE

CAP VALUE FUND

Beginning in or after March 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 elected e-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 calling 1-877-721-1926.

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 at 1-877-721-1926, or write to the Fund by regular mail at Legg Mason Funds, P.O. Box 9699, Providence, RI 02940-9699 or by express, certified or registered mail to Legg Mason Funds, 4400 Computer Drive, Westborough, MA 01581 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. That election will apply to all Legg Mason Funds held in your account held directly with the fund complex.

LOGO

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


What’s inside
Letter from the president			II
Fund overview			1
Fund at a glance			8
Fund expenses			9
Fund performance			11
Schedule of investments			14
Statement of assets and liabilities			23
Statement of operations			25
Statements of changes in net assets			26
Financial highlights			27
Notes to financial statements			33
Report of independent registered public accounting firm			43
Board approval of new management and new subadvisory agreements			44
Additional shareholder information			51
Statement regarding liquidity risk management program			52
Additional information			54
Important tax information			61

Fund objective

The Fund seeks long-term capital appreciation.

Letter from the president

LOGO

Dear Shareholder,

We are pleased to provide the annual report of BrandywineGLOBAL — Diversified US Large Cap Value Fund for the twelve-month reporting period ended September 30, 2020. 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.

Special shareholder notice

On July 31, 2020, Franklin Resources, Inc. (“Franklin Resources”) acquired Legg Mason, Inc. (“Legg Mason”) in an all-cash transaction. As a result of the transaction, Legg Mason Partners Fund Advisor, LLC (“LMPFA”) and the subadviser(s) became indirect, wholly-owned subsidiaries of Franklin Resources. Under the Investment Company Act of 1940, as amended, consummation of the transaction automatically terminated the management and subadvisory agreements that were in place for the Fund prior to the transaction. The Fund’s manager and subadviser(s) continue to provide uninterrupted services with respect to the Fund pursuant to new management and subadvisory agreements that were approved by Fund shareholders.

Franklin Resources, whose principal executive offices are at One Franklin Parkway, San Mateo, California 94403, is a global investment management organization operating, together with its subsidiaries, as Franklin Templeton. As of September 30, 2020, after giving effect to the transaction described above, Franklin Templeton’s asset management operations had aggregate assets under management of approximately $1.4 trillion.

BrandywineGLOBAL—Diversified US Large Cap Value Fund

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

•

Fund prices and performance,

•

Market insights and commentaries from our portfolio managers, and

•

A host of educational resources.

We look forward to helping you meet your financial goals.

Sincerely,

LOGO

Jane Trust, CFA

President and Chief Executive Officer

October 30, 2020

BrandywineGLOBAL — Diversified US Large Cap Value Fund

III

Fund overview

Q. What is the Fund’s investment strategy?

A. The Fund seeks long-term capital appreciation. The Fund normally invests at least 80% of its net assets, plus the amount of borrowings for investment purposes, if any, in issuers domiciled or having their principal activities, in the United States, at the time of investment or other instruments with similar economic characteristics. In addition, the Fund normally invests at least 80% of its net assets in equity securities of large-capitalization companies. Large capitalization companies are those companies with market capitalizations similar to companies in the Russell 1000 Indexi. The Fund invests primarily in equity securities that, in our opinion, are undervalued or out of favor. We invest in securities that meet our value criteria, primarily, price-to-earnings (“P/E”)ii, price-to-book (“P/B”)iii, price momentum and share change and quality, based on both quantitative and fundamental analysis. The Fund expects to hold approximately 150-250 stocks under normal market conditions.

We believe that combining the discipline and consistency of our quantitative process with the insights derived from our fundamental stock research offers the greatest potential to outperform the large-cap value benchmark. Our core value philosophy has remained unchanged since the inception of the Diversified Large Cap Value Equity strategy in 1999.

Our Diversified Large Cap Value Equity philosophy is based in part on our fundamental academic research. Our research studies confirm our experience-derived belief that concentrating on U.S. large-capitalization stocks with low valuation ratios produces good investment result potential. Our investment philosophy is based on our belief that stocks with the lowest prices relative to current earnings or book value will provide strong returns over longer periods of time. Avoiding stocks with poor recent relative performance helps prevent investing too early in any particular value stock. In our opinion, focusing on companies that relatively have been able to reduce their equity shares helps identify the stocks with the financial strength to generate strong returns. We employ quantitative techniques to identify each of these attractive characteristics.

Regarding our fundamental research, we have determined that our exclusionary process, which seeks to eliminate poor performers, is an effective means to capitalize on the value-based opportunities. In this process, we use our fundamental research to exclude from our quantitatively select investment universe those stocks that we feel have the least ability to outperform. We periodically update our research to confirm and enhance our process and approach.

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

A. During the twelve-month reporting period ended September 30, 2020 began on a positive note, with strong U.S. equity returns and positive performance for value investing in the fourth quarter 2019. The U.S. market peaked in late February 2020 as the full impact of the Covid-19 pandemic began to unfold. As much of the U.S. went into economic lockdown, the market plunged with the S&P 500 Indexiv falling over 30% in just over a month. The market bottomed on March 23, 2020 and perhaps surprisingly, the S&P 500 Index closed this period near all-time highs. In addition to this stock market turmoil, oil prices were highly volatile

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Fund overview (cont’d)

with lowered demand on the economic slowdown, coupled with a brief supply war sending price for a barrel of crude from the mid-$50 range down to the teens, before recovering and stabilizing near $40. Through most of this period, growth stocks outperformed the broad market while value stocks trailed badly. For the last twelve months, the Russell 1000 Growth Indexv rose 37.53% while the Russell 1000 Value Indexvi fell 5.03%.

The Federal Reserve (the “Fed”)vii moved quickly as the pandemic unfolded to bolster the economy and financial markets. The rapid response included bringing the short-term Fed Funds rateviii down to near zero and committing to purchase a large quantity and wide array of fixed income securities. Longer term rates followed short term rates lower, with the U.S. ten-year treasury yield falling from 1.6% on September 30, 2019 to under 1.0%, where it has stayed since March 2020. Congress and the president initially also moved quickly, approving a nearly $2 trillion dollar stimulus and unemployment benefits package. More recently, the political parties have been unable to reach consensus on additional Covid-19 related spending. Whether due to the Fed’s moves, the original fiscal stimulus, or the general resiliency of the American economy and people, unemployment has bounced back faster than expected, falling to 7.9% recently after leaping from 3.5% to 14.7% as the economy rapidly moved to lockdown in March 2020.

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

A. Our investment strategy is based on the consistent application of our investment philosophy which relies on long term equity factors and market relationships, while avoiding emotional reactions to near term events. We respond to such a volatile, unprecedented environments by the consistent, disciplined execution of our investment strategy. This process has been tested over more than 20 years of varied conditions and while we recognize it will not excel in every situation, we do believe it will avoid large losses relative to the Russell 1000 Value Index in the short run and do well over longer periods. We are aware of the macro implications of events for specific securities, but do not alter our primary focus on value, quality, and favorable sentiment, nor do we rely on top-down adjustments in our investment process.

Performance review

For the twelve months ended September 30, 2020, Class A shares of BrandywineGLOBAL — Diversified US Large Cap Value Fund, excluding sales charges, returned -6.24. The Fund’s unmanaged benchmark, the Russell 1000 Value Index, returned -5.03% for the same period. The Lipper Large-Cap Value Funds Category Averageix returned -3.46% over the same time frame.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report


Performance Snapshot as of September 30, 2020 (unaudited)
(excluding sales charges)	6 months			12 months
BrandywineGLOBAL — Diversified US Large Cap Value Fund:
Class A		18.66	%		-6.24	%
Class A2		18.64	%		-6.29	%
Class C		18.74	%		-6.06	%
Class R		18.51	%		-6.44	%
Class I		18.86	%		-5.93	%
Class IS		18.93	%		-5.82	%
Russell 1000 Value Index		20.68	%		-5.03	%
Lipper Large-Cap Value Funds Category Average		21.78	%		-3.46	%

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 and investment returns 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 recent month-end, please visit our website at www.leggmason.com/mutualfunds.

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

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

Total Annual Operating Expenses (unaudited)

As of the Fund’s current prospectus dated February 1, 2020, the gross total annual fund operating expense ratios for Class A, Class A2, Class C, Class R, Class I and Class IS shares were 1.13%, 1.20%, 1.84%, 1.59%, 0.83% and 0.73%, respectively.

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

As a result of expense limitation arrangements, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets will not exceed 1.15% for Class A shares, 1.35% for Class A2 shares, 1.90% for Class C shares, 1.40% for Class R shares, 0.80% for Class I shares and 0.70% for Class IS shares. In addition, the ratio of total annual fund operating expenses of Class IS shares will not exceed the ratio of total annual fund operating expenses of 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 fund operating expenses have fallen to a level below the expense limitation (“expense

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Fund overview (cont’d)

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 fund operating expenses exceeding the expense cap or any other lower limit then in effect.

Q. What were the leading contributors to performance?

A. The Fund benefited from a greater than benchmark position in Technology stocks with strong gains from semiconductor manufacturer Broadcom and personal tech producer Apple. The Fund sold Apple in late 2019 because its price gains made the stock no longer attractive as a value investment. The Fund was underweight in Energy stocks because our discipline of not investing in companies with weak stock price performance relative to the market and these stocks produced some of the worst returns this year as oil prices fell significantly in early 2020. From a quantitative factor perspective, the Fund’s general higher than benchmark quality was a positive as stocks with a higher return-on-equity outperformed. The Fund’s avoidance of stocks with poor price momentum also was a benefit as these stocks underperformed for much of the period.

Q. What were the leading detractors from performance?

A. Financial stocks were the largest negative contributor to Fund performance. The Fund is particularly overweight in banks, relative to the benchmark’s weighting, as they have attractive prices relative to their earnings and assets. However, the pandemic led to concerns about reduced lending activity and more borrowers defaulting, and interest rates fell, which can hurt bank profits. As a result, banks were one of the weakest performing groups this last twelve months. The Fund also was hurt by our underweight in household products companies such as Proctor and Gamble. While their valuations were less attractive, their stock prices rose with increased demand for sanitizing products. The Fund’s consistence emphasis on value hurt returns as value factors, including low price-to-earnings performed poorly during both the market’s first quarter of 2020 collapse and the subsequent recovery.

Q. Were there any significant changes to the Fund during the reporting period?

A. We made no significant changes to the Fund’s investment process over the past year, and we remain focused on maintaining a portfolio of lower valuation large cap value stocks with favorable price momentum and quality characteristics. As always, changes in the portfolio’s positions and sector weights are the result of our bottom-up stock selection process, rather than any macro themes. The largest sector weight declines over the last twelve months were in Financials (down 10.6%) and Energy (down 6.4%). In both sectors, the lower weight was the result of both weak relative performance and to sales of existing holdings, primarily due to stocks hitting our low-price momentum sell trigger. Within Financials, we sold positions in national and regional banks as well some insurance names. In Energy, the Fund reduced its holdings in large integrated energy firms, smaller exploration and production companies, and oil refiners. With these changes, our overweight in Financials versus the Russell 1000 Value Index was cut in half and our Energy position went from a

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

slight overweight to a large underweight. The most significant sector increases were in Health Care (up 6.1%), Communication Services (3.9%), and Industrials (2.9%). In Health Care, we added to health insurers and biotech companies. New purchases of integrated telecom providers and video game producers boosted the commercial services weight. These additions increased our overweight position in Health Care and Communication Services. Within Industrials, new positions in industrial conglomerates and strong gains and new buys in freight transportation offset our sale of all the Fund’s passenger airline positions on poor price performance. Despite the increase in Industrials, the Fund overweight fell as the benchmark Industrials weight increased even more. Our underweight in Consumer Staples also fell as our weighting rose and the benchmark’s declined.

Thank you for your investment in BrandywineGLOBAL — Diversified US Large Cap Value Fund. As always, we appreciate that you have chosen us to manage your assets and we remain focused on achieving the Fund’s investment goals.

Sincerely,

LOGO

Henry F. Otto

Portfolio Manager

Brandywine Global Investment Management, LLC

LOGO

Steven M. Tonkovich

Portfolio Manager

Brandywine Global Investment Management, LLC

LOGO

Joseph J. Kirby

Portfolio Manager

Brandywine Global Investment Management, LLC

October 30, 2020

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Fund overview (cont’d)

RISKS: Equity securities are subject to market and price fluctuations. Large capitalization companies may fall out of favor with investors based on market and economic conditions. In return for the relative stability and low volatility of large capitalization companies, the Fund’s value may not rise as much as the value of funds that invest in companies with smaller market capitalization. In addition, the value approach to investing involves the risk that stocks may remain undervalued. Value stocks may underperform the overall equity market while the market concentrates on growth stocks. Please see the Fund’s prospectus for a more complete discussion of these and other risks and the Fund’s investment strategies.

Portfolio holdings and breakdowns are as of September 30, 2020 and are subject to change and may not be representative of the portfolio managers’ current or future investments. The Fund’s top ten holdings (as a percentage of net assets) as of September 30, 2020 were: JPMorgan Chase & Co. (4.1%), Verizon Communications Inc. (3.3%), Intel Corp. (3.0%), Bank of America Corp. (2.9%), Johnson & Johnson (2.9%), Merck & Co. Inc. (2.8%), Comcast Corp. (2.8%), AT&T Inc. (2.6%), iShares Trust, iShares Russell 1000 Value ETF (2.6%) and Oracle Corp. (2.5%). Please refer to pages 14 through 22 for a list and percentage breakdown of the Fund’s holdings.

The mention of sector breakdowns is for informational purposes only and should not be construed as a recommendation to purchase or sell any securities. The information provided regarding such sectors is not a sufficient basis upon which to make an investment decision. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies discussed should consult their financial professional. The Fund’s top five sector holdings (as a percentage of net assets) as of September 30, 2020 were: Financials (21.0%), Health Care (19.3%), Industrials (15.6%), Information Technology (15.5%) and Communication Services (9.6%). The Fund’s portfolio composition is subject to change at any time.

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

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

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

ⁱ

The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 90% of the U.S. market. The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the U.S. equity market.

ⁱⁱ	The price-to-earnings (“P/E”) ratio is a stock’s price divided by its earnings per share.

ⁱⁱⁱ	The price-to-book (“P/B”) ratio is a stock’s price divided by the stock’s per share book value.

^iv	The S&P 500 Index is an unmanaged index of the stocks of 500 leading companies and is generally representative of the performance of larger companies in the U.S.

^v	The Russell 1000 Growth Index measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. (A price-to-book ratio is the price of a stock compared to the difference between a company’s assets and liabilities.)

^vⁱ	The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.

^vii	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.

^viii

The federal funds rate is the rate charged by one depository institution on an overnight sale of immediately available funds (balances at the Federal Reserve) to another depository institution; the rate may vary from depository institution to depository institution and from day to day.

^ix

Lipper, Inc., a wholly-owned subsidiary of Reuters, provides independent insight on global collective investments. Returns are based on the period ended September 30, 2020, including the reinvestment of all distributions, including returns of capital, if any, calculated among the 386 funds for the six-month period and among the 381 funds for the twelve-month period in the Fund’s Lipper category, and excluding sales charges, if any.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Fund at a glance^† (unaudited)

Investment breakdown (%) as a percent of total investments

LOGO

†	The bar graph above represents the composition of the Fund’s investments as of September 30, 2020 and September 30, 2019. The Fund is actively managed. As a result, the composition of the Fund’s investments is subject to change at any time.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Fund expenses (unaudited)

Example

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

This example is based on an investment of $1,000 invested on April 1, 2020 and held for the six months ended September 30, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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



Based on actual total return¹													Based on hypothetical total return¹
	Actual Total Return Without Sales Charge²			Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During the Period³			Hypothetical Annualized Total Return			Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During the Period³
Class A		18.66	%	$	1,000.00	$	1,186.60		1.10	%	$	6.01	Class A		5.00	%	$	1,000.00	$	1,019.50		1.10	%	$	5.55
Class A2		18.64			1,000.00		1,186.40		1.21			6.61	Class A2		5.00			1,000.00		1,018.95		1.21			6.11
Class C		18.74			1,000.00		1,187.40		0.94			5.14	Class C		5.00			1,000.00		1,020.30		0.94			4.75
Class R		18.51			1,000.00		1,185.10		1.35			7.37	Class R		5.00			1,000.00		1,018.25		1.35			6.81
Class I		18.86			1,000.00		1,188.60		0.80			4.38	Class I		5.00			1,000.00		1,021.00		0.80			4.04
Class IS		18.93			1,000.00		1,189.30		0.70			3.83	Class IS		5.00			1,000.00		1,021.50		0.70			3.54

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Fund expenses (unaudited) (cont’d)

¹	For the six months ended September 30, 2020.

Assumes the reinvestment of all distributions, including returns of capital, if any, at net asset value and does not reflect the deduction of the applicable sales charge with respect to Class A and Class A2 shares or the applicable contingent deferred sales charge (“CDSC”) with respect to Class C shares. Total return is not annualized, as it may not be representative of the total return for the year. Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

Expenses (net of compensating balance arrangements, fee waivers and/or expense reimbursements) are equal to each class’ respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (183), then divided by 366.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Fund performance (unaudited)


Average annual total returns
Without sales charges¹	Class A			Class A2			Class C			Class R			Class I			Class IS
Twelve Months Ended 9/30/20		-6.24	%		-6.29	%		-6.06	%		-6.44	%		-5.93	%		-5.82	%
Five Years Ended 9/30/20		6.96			6.83			6.33			6.70			7.28			7.38
Ten Years Ended 9/30/20		9.58			N/A			8.83			N/A			9.89			9.98
Inception* through 9/30/20		—			8.40			—			6.08			—			—

With sales charges²	Class A			Class A2			Class C			Class R			Class I			Class IS
Twelve Months Ended 9/30/20		-11.65	%		-11.68	%		-6.93	%		-6.44	%		-5.93	%		-5.82	%
Five Years Ended 9/30/20		5.70			5.56			6.33			6.70			7.28			7.38
Ten Years Ended 9/30/20		8.93			N/A			8.83			N/A			9.89			9.98
Inception* through 9/30/20		—			7.59			—			6.08			—			—


Cumulative total returns
Without sales charges¹
Class A (9/30/10 through 9/30/20)	149.59	%
Class A2 (Inception date of 10/31/12 through 9/30/20)	89.34
Class C (9/30/10 through 9/30/20)	133.11
Class R (Inception date of 1/31/14 through 9/30/20)	48.17
Class I (9/30/10 through 9/30/20)	156.74
Class IS (9/30/10 through 9/30/20)	158.90

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.

Assumes the reinvestment of all distributions, including returns of capital, if any, at net asset value. In addition, Class A shares and Class A2 shares reflect the deduction of the maximum initial sales charge of 5.75%. Class C shares reflect the deduction of a 1.00% CDSC, which applies if shares are redeemed within one year from purchase payment.

*	Inception dates for Class A, A2, C, R, I and IS shares are September 7, 2010, October 31, 2012, September 7, 2010, January 31, 2014, September 7, 2010 and September 7, 2010, respectively.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Fund performance (unaudited) (cont’d)

Historical performance

Value of $10,000 invested in

Class A and C Shares of BrandywineGLOBAL — Diversified US Large Cap Value Fund vs. Russell 1000 Value Index† — September 2010 - September 2020

LOGO

Value of $1,000,000 invested in

Class I and IS Shares of BrandywineGLOBAL — Diversified US Large Cap Value Fund vs. Russell 1000 Value Index† — September 2010 - September 2020

LOGO

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

†

Hypothetical illustration of $10,000 invested in Class A and C shares and $1,000,000 invested in Class I and IS shares of BrandywineGLOBAL — Diversified US Large Cap Value Fund on September 30, 2010, assuming the deduction of the maximum sales charge of 5.75% at the time of investment for Class A shares and the reinvestment of all distributions, including returns of capital, if any, at net asset value through September 30, 2020. The hypothetical illustration also assumes a $10,000 or $1,000,000 investment, as applicable, in the Russell 1000 Value Index. The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values. (A price-to-book ratio is the price of a stock compared to the difference between a company’s assets and liabilities). The index is unmanaged and is not subject to the same management and trading expenses as a mutual fund. Please note that an investor cannot invest directly in an index. The performance of the Fund’s other classes may be greater or less than the Class A, C, I and IS shares’ performance indicated on these charts, depending on whether greater or lower sales charges and fees were incurred by shareholders investing in the other classes.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Schedule of investments

September 30, 2020

BrandywineGLOBAL — Diversified US Large Cap Value Fund


Security	Shares		Value
Common Stocks — 96.8%
Communication Services — 9.6%
Diversified Telecommunication Services — 5.9%
AT&T Inc.		419,800	$	11,968,498
Verizon Communications Inc.		255,000		15,169,950
Total Diversified Telecommunication Services				27,138,448
Entertainment — 0.5%
Electronic Arts Inc.		18,100		2,360,421	*
Media — 3.2%
Comcast Corp., Class A Shares		278,900		12,901,914
Discovery Inc., Class A Shares		10,200		222,054	*
Fox Corp., Class A Shares		19,600		545,468
Interpublic Group of Cos. Inc.		20,000		333,400
Omnicom Group Inc.		13,400		663,300
Total Media				14,666,136
Total Communication Services				44,165,005
Consumer Discretionary — 4.2%
Auto Components — 0.3%
BorgWarner Inc.		12,600		488,124
Gentex Corp.		14,500		373,375
Lear Corp.		3,400		370,770
Total Auto Components				1,232,269
Automobiles — 0.7%
Ford Motor Co.		124,600		829,836
General Motors Co.		74,500		2,204,455
Total Automobiles				3,034,291
Distributors — 0.3%
Genuine Parts Co.		8,900		847,013
LKQ Corp.		18,900		524,097	*
Total Distributors				1,371,110
Household Durables — 1.1%
DR Horton Inc.		22,800		1,724,364
Lennar Corp., Class A Shares		17,200		1,404,896
Newell Brands Inc.		14,200		243,672
PulteGroup Inc.		15,800		731,382
Toll Brothers Inc.		4,200		204,372
Whirlpool Corp.		4,000		735,560
Total Household Durables				5,044,246
Internet & Direct Marketing Retail — 0.6%
eBay Inc.		50,000		2,605,000

See Notes to Financial Statements.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

BrandywineGLOBAL — Diversified US Large Cap Value Fund


Security	Shares		Value
Leisure Products — 0.0%††
Brunswick Corp.		4,500	$	265,095
Multiline Retail — 0.1%
Dollar Tree Inc.		8,000		730,720	*
Specialty Retail — 1.0%
Advance Auto Parts Inc.		4,000		614,000
AutoZone Inc.		1,500		1,766,460	*
Best Buy Co. Inc.		16,000		1,780,640
Williams-Sonoma Inc.		4,700		425,068
Total Specialty Retail				4,586,168
Textiles, Apparel & Luxury Goods — 0.1%
Deckers Outdoor Corp.		600		132,006	*
Hanesbrands Inc.		11,700		184,275
Skechers U.S.A. Inc., Class A Shares		8,100		244,782	*
Total Textiles, Apparel & Luxury Goods				561,063
Total Consumer Discretionary				19,429,962
Consumer Staples — 4.0%
Food & Staples Retailing — 0.2%
Kroger Co.		26,000		881,660
Food Products — 1.9%
Archer-Daniels-Midland Co.		34,300		1,594,607
Bunge Ltd.		4,700		214,790
Conagra Brands Inc.		30,000		1,071,300
Darling Ingredients Inc.		5,400		194,562	*
Ingredion Inc.		4,500		340,560
JM Smucker Co.		6,600		762,432
Kellogg Co.		20,900		1,349,931
Kraft Heinz Co.		71,500		2,141,425
Tyson Foods Inc., Class A Shares		18,100		1,076,588
Total Food Products				8,746,195
Household Products — 0.4%
Kimberly-Clark Corp.		11,400		1,683,324
Tobacco — 1.5%
Philip Morris International Inc.		96,000		7,199,040
Total Consumer Staples				18,510,219
Energy — 2.1%
Oil, Gas & Consumable Fuels — 2.1%
Cheniere Energy Inc.		8,500		393,295	*
Chevron Corp.		115,000		8,280,000
Williams Cos. Inc.		40,700		799,755
Total Energy				9,473,050

See Notes to Financial Statements.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Schedule of investments (cont’d)

September 30, 2020

BrandywineGLOBAL — Diversified US Large Cap Value Fund


Security	Shares		Value
Financials — 21.0%
Banks — 8.2%
Bank of America Corp.		550,300		$13,256,727
Commerce Bancshares Inc.		6,800		382,772
Cullen/Frost Bankers Inc.		3,700		236,615
East-West Bancorp Inc.		8,200		268,468
Fifth Third Bancorp		40,700		867,724
JPMorgan Chase & Co.		193,500		18,628,245
PNC Financial Services Group Inc.		27,000		2,967,570
Signature Bank		3,200		265,568
SVB Financial Group		3,200		769,984	*
Total Banks				37,643,673
Capital Markets — 5.7%
Ameriprise Financial Inc.		8,700		1,340,757
Bank of New York Mellon Corp.		56,600		1,943,644
BlackRock Inc.		9,800		5,522,790
Charles Schwab Corp.		65,400		2,369,442
Eaton Vance Corp.		7,300		278,495
Goldman Sachs Group Inc.		21,900		4,401,243
LPL Financial Holdings Inc.		4,900		375,683
Morgan Stanley		99,800		4,825,330
Northern Trust Corp.		13,000		1,013,610
Raymond James Financial Inc.		8,500		618,460
SEI Investments Co.		8,900		451,408
State Street Corp.		22,400		1,328,992
T. Rowe Price Group Inc.		14,500		1,859,190
Total Capital Markets				26,329,044
Consumer Finance — 1.7%
Ally Financial Inc.		12,500		313,375
American Express Co.		50,700		5,082,675
Capital One Financial Corp.		28,700		2,062,382
Credit Acceptance Corp.		1,200		406,368	*
Total Consumer Finance				7,864,800
Diversified Financial Services — 0.3%
Equitable Holdings Inc.		28,700		523,488
Jefferies Financial Group Inc.		18,700		336,600
Voya Financial Inc.		9,800		469,714
Total Diversified Financial Services				1,329,802
Insurance — 5.1%
Aflac Inc.		45,300		1,646,655
Allstate Corp.		20,000		1,882,800

See Notes to Financial Statements.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

BrandywineGLOBAL — Diversified US Large Cap Value Fund


Security	Shares		Value
Insurance — continued
Arch Capital Group Ltd.		24,900		$728,325	*
Assurant Inc.		4,000		485,240
Chubb Ltd.		28,100		3,262,972
Everest Re Group Ltd.		2,300		454,342
First American Financial Corp.		6,400		325,824
Globe Life Inc.		14,500		1,158,550
Kemper Corp.		1,500		100,245
Loews Corp.		18,300		635,925
Markel Corp.		900		876,330	*
MetLife Inc.		56,600		2,103,822
Old Republic International Corp.		14,300		210,782
Primerica Inc.		2,300		260,222
Principal Financial Group Inc.		8,700		350,349
Progressive Corp.		34,100		3,228,247
Prudential Financial Inc.		24,700		1,568,944
Travelers Cos. Inc.		32,600		3,526,994
WR Berkley Corp.		9,800		599,270
Total Insurance				23,405,838
Total Financials				96,573,157
Health Care — 19.3%
Biotechnology — 4.1%
Alexion Pharmaceuticals Inc.		13,000		1,487,590	*
Amgen Inc.		36,800		9,353,088
Biogen Inc.		11,300		3,205,584	*
Gilead Sciences Inc.		78,100		4,935,139
Total Biotechnology				18,981,401
Health Care Providers & Services — 6.6%
AmerisourceBergen Corp.		12,600		1,221,192
Anthem Inc.		15,500		4,163,145
Cardinal Health Inc.		18,100		849,795
Cigna Corp.		21,100		3,574,551
DaVita Inc.		8,500		728,025	*
HCA Healthcare Inc.		20,900		2,605,812
Henry Schein Inc.		9,200		540,776	*
Humana Inc.		4,400		1,821,116
Laboratory Corp. of America Holdings		6,000		1,129,620	*
McKesson Corp.		11,300		1,682,909
Molina Healthcare Inc.		3,400		622,336	*
Quest Diagnostics Inc.		8,500		973,165

See Notes to Financial Statements.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Schedule of investments (cont’d)

September 30, 2020

BrandywineGLOBAL — Diversified US Large Cap Value Fund


Security	Shares		Value
Health Care Providers & Services — continued
UnitedHealth Group Inc.		31,885		$9,940,786
Universal Health Services Inc., Class B Shares		1,800		192,636
Total Health Care Providers & Services				30,045,864
Life Sciences Tools & Services — 0.2%
Bio-Rad Laboratories Inc., Class A Shares		1,500		773,190	*
Pharmaceuticals — 8.4%
Jazz Pharmaceuticals PLC		3,700		527,583	*
Johnson & Johnson		88,400		13,160,992
Merck & Co. Inc.		157,100		13,031,445
Perrigo Co. PLC		8,500		390,235
Pfizer Inc.		317,700		11,659,590
Total Pharmaceuticals				38,769,845
Total Health Care				88,570,300
Industrials — 15.6%
Aerospace & Defense — 2.8%
BWX Technologies Inc.		3,200		180,192
General Dynamics Corp.		17,900		2,477,897
Lockheed Martin Corp.		17,500		6,707,400
Northrop Grumman Corp.		10,400		3,281,096
Textron Inc.		7,700		277,893
Total Aerospace & Defense				12,924,478
Air Freight & Logistics — 1.6%
United Parcel Service Inc., Class B Shares		43,200		7,198,416
Building Products — 0.9%
Fortune Brands Home & Security Inc.		8,500		735,420
Johnson Controls International PLC		44,700		1,825,995
Masco Corp.		17,500		964,775
Owens Corning		6,600		454,146
Total Building Products				3,980,336
Construction & Engineering — 0.1%
Quanta Services Inc.		9,400		496,884
Electrical Equipment — 1.3%
Eaton Corp. PLC		25,500		2,601,765
Emerson Electric Co.		36,000		2,360,520
Hubbell Inc.		3,400		465,256
Sensata Technologies Holding PLC		9,800		422,772	*
Total Electrical Equipment				5,850,313
Industrial Conglomerates — 2.7%
3M Co.		32,900		5,269,922

See Notes to Financial Statements.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

BrandywineGLOBAL — Diversified US Large Cap Value Fund


Security	Shares		Value
Industrial Conglomerates — continued
Carlisle Cos. Inc.		3,200		$391,584
Honeywell International Inc.		40,100		6,600,861
Total Industrial Conglomerates				12,262,367
Machinery — 3.9%
AGCO Corp.		4,300		319,361
Caterpillar Inc.		34,100		5,086,015
Cummins Inc.		9,600		2,027,136
Deere & Co.		19,400		4,299,622
Dover Corp.		8,500		920,890
ITT Inc.		4,900		289,345
Lincoln Electric Holdings Inc.		3,600		331,344
Middleby Corp.		1,900		170,449	*
Oshkosh Corp.		4,500		330,750
PACCAR Inc.		21,500		1,833,520
Parker-Hannifin Corp.		8,100		1,638,954
Pentair PLC		9,800		448,546
Snap-on Inc.		3,400		500,242
Total Machinery				18,196,174
Professional Services — 0.1%
ManpowerGroup Inc.		3,600		263,988
Robert Half International Inc.		6,600		349,404
Total Professional Services				613,392
Road & Rail — 1.7%
AMERCO		1,300		462,774
CSX Corp.		47,900		3,720,393
Knight-Swift Transportation Holdings Inc.		10,600		431,420
Norfolk Southern Corp.		14,700		3,145,653
Total Road & Rail				7,760,240
Trading Companies & Distributors — 0.5%
HD Supply Holdings Inc.		9,700		400,028	*
United Rentals Inc.		4,500		785,250	*
W.W. Grainger Inc.		3,400		1,213,018
Total Trading Companies & Distributors				2,398,296
Total Industrials				71,680,896
Information Technology — 15.5%
Communications Equipment — 2.3%
Ciena Corp.		5,200		206,388	*
Cisco Systems Inc.		248,200		9,776,598
Juniper Networks Inc.		20,400		438,600
Total Communications Equipment				10,421,586

See Notes to Financial Statements.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Schedule of investments (cont’d)

September 30, 2020

BrandywineGLOBAL — Diversified US Large Cap Value Fund


Security	Shares		Value
Electronic Equipment, Instruments & Components — 0.6%
Arrow Electronics Inc.		4,900		$385,434	*
CDW Corp.		4,800		573,744
Corning Inc.		43,500		1,409,835
Jabil Inc.		9,400		322,044
Total Electronic Equipment, Instruments & Components				2,691,057
IT Services — 2.1%
Cognizant Technology Solutions Corp., Class A Shares		31,700		2,200,614
International Business Machines Corp.		54,700		6,655,349
Leidos Holdings Inc.		4,800		427,920
Western Union Co.		24,500		525,035
Total IT Services				9,808,918
Semiconductors & Semiconductor Equipment — 7.4%
Applied Materials Inc.		49,000		2,913,050
Broadcom Inc.		24,500		8,925,840
Intel Corp.		267,200		13,835,616
KLA Corp.		5,200		1,007,448
Lam Research Corp.		7,500		2,488,125
Micron Technology Inc.		67,500		3,169,800	*
ON Semiconductor Corp.		25,500		553,095	*
Qorvo Inc.		6,600		851,466	*
Teradyne Inc.		5,600		444,976
Total Semiconductors & Semiconductor Equipment				34,189,416
Software — 2.6%
CDK Global Inc.		7,200		313,848
Oracle Corp.		195,400		11,665,380
Total Software				11,979,228
Technology Hardware, Storage & Peripherals — 0.5%
HP Inc.		83,700		1,589,463
NetApp Inc.		13,000		569,920
Total Technology Hardware, Storage & Peripherals				2,159,383
Total Information Technology				71,249,588
Materials — 3.1%
Chemicals — 1.6%
Albemarle Corp.		6,400		571,392
Celanese Corp.		7,500		805,875
Corteva Inc.		25,100		723,131
Eastman Chemical Co.		8,500		664,020
FMC Corp.		8,100		857,871
Huntsman Corp.		12,700		282,067
LyondellBasell Industries NV, Class A Shares		24,100		1,698,809

See Notes to Financial Statements.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

BrandywineGLOBAL — Diversified US Large Cap Value Fund


Security	Shares		Value
Chemicals — continued
Mosaic Co.		12,700		$232,029
PPG Industries Inc.		13,800		1,684,704
Total Chemicals				7,519,898
Containers & Packaging — 0.9%
Amcor PLC		52,600		581,230
Avery Dennison Corp.		4,800		613,632
Crown Holdings Inc.		8,500		653,310	*
International Paper Co.		24,300		985,122
Packaging Corp. of America		5,700		621,585
Sealed Air Corp.		9,200		357,052
Sonoco Products Co.		4,700		240,029
Total Containers & Packaging				4,051,960
Metals & Mining — 0.6%
Freeport-McMoRan Inc.		84,900		1,327,836
Nucor Corp.		18,700		838,882
Reliance Steel & Aluminum Co.		4,000		408,160
Steel Dynamics Inc.		13,000		372,190
Total Metals & Mining				2,947,068
Total Materials				14,518,926
Real Estate — 0.2%
Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A Shares		20,600		967,582	*
Utilities — 2.2%
Electric Utilities — 1.4%
American Electric Power Co. Inc.		36,200		2,958,626
Evergy Inc.		13,800		701,316
Exelon Corp.		32,700		1,169,352
NRG Energy Inc.		15,500		476,470
OGE Energy Corp.		11,700		350,883
Pinnacle West Capital Corp.		10,600		790,230
Total Electric Utilities				6,446,877
Independent Power and Renewable Electricity Producers — 0.2%
AES Corp.		38,000		688,180
Vistra Corp.		29,600		558,256
Total Independent Power and Renewable Electricity Producers				1,246,436
Multi-Utilities — 0.6%
Public Service Enterprise Group Inc.		47,900		2,630,189
Total Utilities				10,323,502
Total Common Stocks (Cost — $376,363,933)				445,462,187

See Notes to Financial Statements.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Schedule of investments (cont’d)

September 30, 2020

BrandywineGLOBAL — Diversified US Large Cap Value Fund

Security

Value

Investments in Underlying Funds — 2.6%

iShares Trust, iShares Russell 1000 Value ETF
(Cost — $11,677,955)

100,406

11,860,961

Total Investments before Short-Term Investments (Cost — $388,041,888)

457,323,148

Rate

Short-Term Investments — 0.6%

JPMorgan U.S. Government Money Market Fund, Institutional Class (Cost — $2,531,752)

0.010%

2,531,752

2,531,752

Total Investments — 100.0% (Cost — $390,573,640)

459,854,900

Other Assets in Excess of Liabilities — 0.0%††

86,074

Total Net Assets — 100.0%

459,940,974

††	Represents less than 0.1%.

*	Non-income producing security.


Abbreviation(s) used in this schedule:

ETF — Exchange-Traded Fund

See Notes to Financial Statements.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Statement of assets and liabilities

September 30, 2020



Assets:
Investments, at value (Cost — $390,573,640)	$	459,854,900
Dividends and interest receivable		408,075
Receivable for Fund shares sold		22,413
Prepaid expenses		50,900
*Total Assets*		*460,336,288*

Liabilities:
Investment management fee payable		241,876
Payable for Fund shares repurchased		48,136
Audit and tax fees payable		38,246
Trustees’ fees payable		14,251
Service and/or distribution fees payable		6,601
Accrued expenses		46,204
*Total Liabilities*		*395,314*
Total Net Assets	$	459,940,974

Net Assets:
Par value (Note 7)	$	276
Paid-in capital in excess of par value		379,436,910
Total distributable earnings (loss)		80,503,788
Total Net Assets	$	459,940,974

See Notes to Financial Statements.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Statement of assets and liabilities (cont’d)

September 30, 2020



Net Assets:
Class A			$1,360,892
Class A2			$29,880,409
Class C			$140,664
Class R			$117,987
Class I			$3,630,367
Class IS			$424,810,655

Shares Outstanding:
Class A			81,679
Class A2			1,819,814
Class C			8,471
Class R			7,117
Class I			217,395
Class IS			25,429,502

Net Asset Value:
Class A (and redemption price)			$16.66
Class A2 (and redemption price)			$16.42
Class C*			$16.61
Class R (and redemption price)			$16.58
Class I (and redemption price)			$16.70
Class IS (and redemption price)			$16.71
Maximum Public Offering Price Per Share:
Class A (based on maximum initial sales charge of 5.75%)			$17.68
Class A2 (based on maximum initial sales charge of 5.75%)			$17.42

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

See Notes to Financial Statements.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Statement of operations

For the Year Ended September 30, 2020



Investment Income:
Dividends	$	14,857,004
Interest		22,303
Less: Foreign taxes withheld		(453)
*Total Investment Income*		*14,878,854*

Expenses:
Investment management fee (Note 2)		3,368,060
Registration fees		92,543
Trustees’ fees		85,602
Service and/or distribution fees (Notes 2 and 5)		85,010
Transfer agent fees (Note 5)		83,142
Fund accounting fees		71,691
Legal fees		54,000
Audit and tax fees		38,246
Shareholder reports		20,363
Custody fees		14,078
Insurance		11,480
Fees recaptured by investment manager (Note 2)		3,056
Interest expense		468
Miscellaneous expenses		8,753
*Total Expenses*		*3,936,492*
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)		(150,656)
*Net Expenses*		*3,785,836*
Net Investment Income		11,093,018

Realized and Unrealized Gain (Loss) on Investments (Notes 1 and 3):
*Net Realized Gain From Investment Transactions*		*9,783,376*
*Change in Net Unrealized Appreciation (Depreciation) From Investments*		*(50,222,093)*
Net Loss on Investments		(40,438,717)
Decrease in Net Assets From Operations	$	(29,345,699)

See Notes to Financial Statements.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Statements of changes in net assets


For the Years Ended September 30,	2020		2019

Operations:
Net investment income	$	11,093,018	$	17,722,099
Net realized gain		9,783,376		127,854,510
Change in net unrealized appreciation (depreciation)		(50,222,093)		(142,886,856)
*Increase (Decrease) in Net Assets From Operations*		*(29,345,699)*		*2,689,753*

Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings		(61,869,107)		(85,746,084)
*Decrease in Net Assets From Distributions to Shareholders*		*(61,869,107)*		*(85,746,084)*

Fund Share Transactions (Note 7):
Net proceeds from sale of shares		66,507,853		133,462,145
Reinvestment of distributions		61,590,502		85,509,818
Cost of shares repurchased		(210,667,175)		(181,623,377)
Shares redeemed in-kind (Note 8)		—		(309,838,104)
*Decrease in Net Assets From Fund Share Transactions*		*(82,568,820)*		*(272,489,518)*
*Decrease in Net Assets*		*(173,783,626)*		*(355,545,849)*

Net Assets:
Beginning of year		633,724,600		989,270,449
End of year	$	459,940,974	$	633,724,600

See Notes to Financial Statements.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Financial highlights


For a share of each class of beneficial interest outstanding throughout each year ended September 30:
Class A Shares¹	2020			2019			2018			2017			2016

Net asset value, beginning of year		$19.77			$21.85			$21.07			$18.64			$17.88

Income (loss) from operations:
Net investment income		0.31			0.32			0.26			0.27			0.27
Net realized and unrealized gain (loss)		(1.31)			(0.52)			2.19			3.40			1.62
*Total income (loss) from operations*		*(1.00)*			*(0.20)*			*2.45*			*3.67*			*1.89*

Less distributions from:
Net investment income		(0.49)			(0.29)			(0.32)			(0.26)			(0.23)
Net realized gains		(1.62)			(1.59)			(1.35)			(0.98)			(0.90)
*Total distributions*		*(2.11)*			*(1.88)*			*(1.67)*			*(1.24)*			*(1.13)*

Net asset value, end of year		$16.66			$19.77			$21.85			$21.07			$18.64
*Total return²*		*(6.24)*	%		*(0.36)*	%		*12.12*	%		*20.54*	%		*10.85*	%

Net assets, end of year (000s)		$1,361			$2,440			$1,972			$1,096			$1,194

Ratios to average net assets:
Gross expenses³		1.18	%		1.13	%		1.13	%		1.18	%		1.19	%
Net expenses^3,4,5,6		1.10			1.10			1.10			1.08			1.09
Net investment income		1.76			1.68			1.23			1.39			1.51

Portfolio turnover rate		54	%		51	%⁷		46	%		38	%		58	%

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

Performance figures, exclusive of sales charges, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

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

⁴	Reflects fee waivers and/or expense reimbursements.

⁵

As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A shares did not exceed 1.15%. This expense limitation arrangement cannot be terminated prior to December 31, 2021 without the Board of Trustees’ consent.

⁶

As a result of a voluntary expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A shares did not exceed 1.10%. This expense limitation arrangement is expected to continue until December 31, 2021, but may be terminated at any time by the manager.

⁷	Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Financial highlights (cont’d)


For a share of each class of beneficial interest outstanding throughout each year ended September 30:
Class A2 Shares¹	2020			2019			2018			2017			2016

Net asset value, beginning of year		$19.52			$21.60			$20.87			$18.49			$17.79

Income (loss) from operations:
Net investment income		0.29			0.31			0.22			0.24			0.25
Net realized and unrealized gain (loss)		(1.28)			(0.52)			2.17			3.38			1.60
*Total income (loss) from operations*		*(0.99)*			*(0.21)*			*2.39*			*3.62*			*1.85*

Less distributions from:
Net investment income		(0.49)			(0.28)			(0.31)			(0.26)			(0.25)
Net realized gains		(1.62)			(1.59)			(1.35)			(0.98)			(0.90)
*Total distributions*		*(2.11)*			*(1.87)*			*(1.66)*			*(1.24)*			*(1.15)*

Net asset value, end of year		$16.42			$19.52			$21.60			$20.87			$18.49
*Total return²*		*(6.29)*	%		*(0.44)*	%		*11.93*	%		*20.38*	%		*10.67*	%

Net assets, end of year (000s)		$29,880			$33,415			$29,364			$21,506			$14,852

Ratios to average net assets:
Gross expenses		1.21	%		1.19	%³		1.30	%³		1.32	%³		1.33	%³
Net expenses^4,5,6		1.19			1.17	³		1.28	³		1.21	³		1.22	³
Net investment income		1.70			1.62			1.03			1.24			1.39

Portfolio turnover rate		54	%		51	%⁷		46	%		38	%		58	%

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

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

⁴	Reflects fee waivers and/or expense reimbursements.

⁵

As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A2 shares did not exceed 1.35%. This expense limitation arrangement cannot be terminated prior to December 31, 2021 without the Board of Trustees’ consent.

⁶

As a result of a voluntary expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A2 shares did not exceed 1.30%. This expense limitation arrangement is expected to continue until December 31, 2021, but may be terminated at any time by the manager.

⁷	Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report


For a share of each class of beneficial interest outstanding throughout each year ended September 30:
Class C Shares¹	2020			2019			2018			2017			2016

Net asset value, beginning of year		$19.21			$21.50			$20.79			$18.36			$17.75

Income (loss) from operations:
Net investment income		0.31	²		0.18			0.09			0.13			0.14
Net realized and unrealized gain (loss)		(1.29)			(0.56)			2.17			3.36			1.59
*Total income (loss) from operations*		*(0.98)*			*(0.38)*			*2.26*			*3.49*			*1.73*

Less distributions from:
Net investment income		—			(0.32)			(0.20)			(0.08)			(0.22)
Net realized gains		(1.62)			(1.59)			(1.35)			(0.98)			(0.90)
*Total distributions*		*(1.62)*			*(1.91)*			*(1.55)*			*(1.06)*			*(1.12)*

Net asset value, end of year		$16.61			$19.21			$21.50			$20.79			$18.36
*Total return³*		*(6.06)*	%²		*(1.29)*	%		*11.28*	%		*19.70*	%		*10.04*	%

Net assets, end of year (000s)		$141			$213			$288			$586			$347

Ratios to average net assets:
Gross expenses⁴		2.34	%		1.89	%		2.04	%		1.98	%		1.94	%
Net expenses^4,5,6,7		1.08	²		1.85			1.85			1.81			1.84
Net investment income		1.81	²		0.96			0.42			0.64			0.81

Portfolio turnover rate		54	%		51	%⁸		46	%		38	%		58	%

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

Ratios and total return for Class C for the year ended September 30, 2020 reflect prior period 12b-1 fee reimbursements. If these reimbursements were not included, net investment income per share would have been $0.20, total return would have been (6.80)% and the net expense and net investment income ratios would have been 1.71% and 1.18%, respectively.

Performance figures, exclusive of CDSC, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

⁴	Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.

⁵	Reflects fee waivers and/or expense reimbursements.

⁶

As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class C shares did not exceed 1.90%. This expense limitation arrangement cannot be terminated prior to December 31, 2021 without the Board of Trustees’ consent.

⁷

As a result of a voluntary expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class C shares did not exceed 1.85%. This expense limitation arrangement is expected to continue until December 31, 2021, but may be terminated at any time by the manager.

⁸	Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Financial highlights (cont’d)


For a share of each class of beneficial interest outstanding throughout each year ended September 30:
Class R Shares¹	2020			2019			2018			2017			2016

Net asset value, beginning of year		$19.70			$21.80			$21.01			$18.60			$17.86

Income (loss) from operations:
Net investment income		0.27			0.28			0.20			0.22			0.22
Net realized and unrealized gain (loss)		(1.30)			(0.53)			2.20			3.39			1.63
*Total income (loss) from operations*		*(1.03)*			*(0.25)*			*2.40*			*3.61*			*1.85*

Less distributions from:
Net investment income		(0.47)			(0.26)			(0.26)			(0.22)			(0.21)
Net realized gains		(1.62)			(1.59)			(1.35)			(0.98)			(0.90)
*Total distributions*		*(2.09)*			*(1.85)*			*(1.61)*			*(1.20)*			*(1.11)*

Net asset value, end of year		$16.58			$19.70			$21.80			$21.01			$18.60
*Total return²*		*(6.44)*	%		*(0.62)*	%		*11.89*	%		*20.18*	%		*10.61*	%

Net assets, end of year (000s)		$118			$107			$68			$14			$12

Ratios to average net assets:
Gross expenses		1.68	%		1.58	%³		1.39	%³		1.45	%		1.51	%
Net expenses^4,5,6		1.35			1.35	³		1.35	³		1.35			1.34
Net investment income		1.55			1.44			0.93			1.10			1.25

Portfolio turnover rate		54	%		51	%⁷		46	%		38	%		58	%

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

²	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

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

⁴	Reflects fee waivers and/or expense reimbursements.

⁵

As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class R shares did not exceed 1.40%. This expense limitation arrangement cannot be terminated prior to December 31, 2021 without the Board of Trustees’ consent.

⁶

As a result of a voluntary expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class R shares did not exceed 1.35%. This expense limitation arrangement is expected to continue until December 31, 2021, but may be terminated at any time by the manager.

⁷	Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report


For a share of each class of beneficial interest outstanding throughout each year ended September 30:
Class I Shares¹	2020			2019			2018			2017			2016

Net asset value, beginning of year		$19.79			$21.88			$21.10			$18.67			$17.92

Income (loss) from operations:
Net investment income		0.37			0.37			0.34			0.33			0.33
Net realized and unrealized gain (loss)		(1.31)			(0.52)			2.17			3.40			1.63
*Total income (loss) from operations*		*(0.94)*			*(0.15)*			*2.51*			*3.73*			*1.96*

Less distributions from:
Net investment income		(0.53)			(0.35)			(0.38)			(0.32)			(0.31)
Net realized gains		(1.62)			(1.59)			(1.35)			(0.98)			(0.90)
*Total distributions*		*(2.15)*			*(1.94)*			*(1.73)*			*(1.30)*			*(1.21)*

Net asset value, end of year		$16.70			$19.79			$21.88			$21.10			$18.67
*Total return²*		*(5.93)*	%		*(0.10)*	%		*12.48*	%		*20.83*	%		*11.24*	%

Net assets, end of year (000s)		$3,630			$4,743			$19,444			$13,028			$9,625

Ratios to average net assets:
Gross expenses		0.85	%³		0.83	%³		0.85	%³		0.90	%		0.88	%³
Net expenses^4,5		0.80	³		0.80	³		0.80	³		0.79			0.78	³
Net investment income		2.09			1.92			1.59			1.67			1.82

Portfolio turnover rate		54	%		51	%⁶		46	%		38	%		58	%

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

²	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

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

⁴	Reflects fee waivers and/or expense reimbursements.

⁵

As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class I shares did not exceed 0.80%. This expense limitation arrangement cannot be terminated prior to December 31, 2021 without the Board of Trustees’ consent.

⁶	Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Financial highlights (cont’d)


For a share of each class of beneficial interest outstanding throughout each year ended September 30:
Class IS Shares¹	2020			2019			2018			2017			2016

Net asset value, beginning of year		$19.82			$21.91			$21.11			$18.68			$17.94

Income (loss) from operations:
Net investment income		0.38			0.40			0.34			0.35			0.34
Net realized and unrealized gain (loss)		(1.30)			(0.53)			2.20			3.40			1.62
*Total income (loss) from operations*		*(0.92)*			*(0.13)*			*2.54*			*3.75*			*1.96*

Less distributions from:
Net investment income		(0.57)			(0.37)			(0.39)			(0.34)			(0.32)
Net realized gains		(1.62)			(1.59)			(1.35)			(0.98)			(0.90)
*Total distributions*		*(2.19)*			*(1.96)*			*(1.74)*			*(1.32)*			*(1.22)*

Net asset value, end of year		$16.71			$19.82			$21.91			$21.11			$18.68
*Total return²*		*(5.82)*	%		*0.01*	%		*12.60*	%		*20.97*	%		*11.28*	%

Net assets, end of year (millions)		$425			$593			$938			$802			$829

Ratios to average net assets:
Gross expenses		0.73	%³		0.72	%³		0.72	%³		0.80	%		0.80	%
Net expenses^4,5		0.70	³		0.70	³		0.70	³		0.70			0.70
Net investment income		2.17			2.08			1.61			1.76			1.90

Portfolio turnover rate		54	%		51	%⁶		46	%		38	%		58	%

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

²	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

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

⁴	Reflects fee waivers and/or expense reimbursements.

⁵

As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class IS shares did not exceed 0.70%. 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	Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Notes to financial statements

1. Organization and significant accounting policies

BrandywineGLOBAL — Diversified US Large Cap Value Fund (the “Fund”) is a separate diversified investment series of Legg Mason Global Asset Management Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

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

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

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Notes to financial statements (cont’d)

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 — Diversified US Large Cap Value Fund 2020 Annual Report

The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:


ASSETS
Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Long-Term Investments†:
Common Stocks	$	445,462,187		—		—	$	445,462,187
Investments in Underlying Funds		11,860,961		—		—		11,860,961
Total Long-Term Investments		457,323,148		—		—		457,323,148
Short-Term Investments†		2,531,752		—		—		2,531,752
Total Investments	$	459,854,900		—		—	$	459,854,900

†	See Schedule of Investments for additional detailed categorizations.

(b) 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.

(c) Security transactions and investment income. Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities), adjusted for amortization of premium and accretion of discount, is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

(d) Distributions to shareholders. Distributions from net investment income and distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

(e) 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.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Notes to financial statements (cont’d)

(f) 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.

(g) Federal and other taxes. It is the Fund’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the “Code”), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund’s financial statements.

Management has analyzed the Fund’s tax positions taken on income tax returns for all open tax years and has concluded that as of September 30, 2020, no provision for income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

(h) 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)	$	(21,351)	$	21,351

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

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. As of July 31, 2020, LMPFA and Brandywine Global are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”). Prior to July 31, 2020, LMPFA and Brandywine Global were wholly-owned subsidiaries of Legg Mason, Inc. (“Legg Mason”). As of July 31, 2020, Legg Mason is a subsidiary of Franklin Resources.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Under the investment management agreement, effective February 1, 2020, the Fund pays an investment management fee, calculated daily and paid monthly, in accordance with the following breakpoint schedule:


Average Daily Net Assets	Annual Rate
First $1 billion		0.650	%
Next $1 billion		0.625
Next $3 billion		0.600
Next $5 billion		0.575
Over $10 billion		0.550

Prior to February 1, 2020, the Fund paid an investment management fee, calculated daily and paid monthly, in accordance with the following breakpoint schedule:


Average Daily Net Assets	Annual Rate
First $5 billion		0.650	%
Next $5 billion		0.600
Over $10 billion		0.550

LMPFA provides administrative and certain oversight services to the Fund. LMPFA delegates to the subadviser the day-to-day portfolio management of the Fund. For its services, LMPFA pays Brandywine Global a fee monthly, at an annual rate equal to 90% of the net management fee it receives from the Fund.

As a result of expense limitation arrangements between the Fund and LMPFA, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A, Class A2, Class C, Class R, Class I and Class IS shares did not exceed 1.15%, 1.35%, 1.90%, 1.40%, 0.80% and 0.70%, respectively. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2021 without the Board of Trustees’ consent.

As a result of voluntary 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 of Class A, Class A2, Class C and Class R shares did not exceed 1.10%, 1.30%, 1.85% and 1.35%, respectively. These arrangements are expected to continue until December 31, 2021, but may be terminated at any time by LMPFA.

During the year ended September 30, 2020, fees waived and/or expenses reimbursed amounted to $150,656.

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 fund operating expenses have fallen to a level below the expense limitation (“expense cap”) in effect at the time the fees were earned or the expenses incurred. In no case will LMPFA recapture any amount that would result, on any particular business day of the Fund, in the class’ total annual fund operating expenses exceeding the expense cap or any other lower limit then in effect.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Notes to financial statements (cont’d)

Pursuant to these arrangements, at September 30, 2020, the Fund had remaining fee waivers and/or expense reimbursements subject to recapture by LMPFA and respective dates of expiration as follows:


	Class A		Class A2		Class C		Class R		Class I		Class IS
Expires September 30, 2021	$	540	$	4,197		—	$	17	$	9,854	$	192,320
Expires September 30, 2022		606		4,987	$	291		194		4,225		124,983
Expires September 30, 2023		1,341		8,319		49		379		2,127		129,252
Total fee waivers/expense reimbursements subject to recapture	$	2,487	$	17,503	$	340	$	590	$	16,206	$	446,555

For the year ended September 30, 2020, fee waivers and/or expense reimbursements recaptured by LMPFA, if any, were as follows:


	Class A		Class C		Class I		Class IS
LMPFA recaptured	$	264	$	477	$	1,823	$	492

As of July 31, 2020, Legg Mason Investor Services, LLC (“LMIS”) is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources and serves as the Fund’s sole and exclusive distributor. Prior to July 31, 2020, LMIS was a wholly-owned broker-dealer subsidiary of Legg Mason.

There is a maximum initial sales charge of 5.75% for Class A and Class A2 shares. There is a contingent deferred sales charge (“CDSC”) of 1.00% on Class C shares, which applies if redemption occurs within 12 months from purchase payment. In certain cases, Class A and Class A2 shares have a 1.00% CDSC, which applies if redemption occurs within 18 months from purchase payment. This CDSC only applies to those purchases of Class A and Class A2 shares, which, when combined with current holdings of other shares of funds sold by LMIS, equal or exceed $1,000,000 in the aggregate. These purchases do not incur an initial sales charge.

For the year ended September 30, 2020, sales charges retained by and CDSCs paid to LMIS and its affiliates, if any, were as follows:


	Class A		Class A2
Sales charges	$	146	$	28,384
CDSCs		—		83

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

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

As of July 31, 2020, all officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust. Prior to July 31, 2020, all officers and one Trustee of the Trust were employees of Legg Mason and did not receive compensation from the Trust.

As of September 30, 2020, Legg Mason and its affiliates owned 91% of the Fund.

3. Investments

During the year ended September 30, 2020, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:


Purchases	$	281,344,804
Sales		417,911,448

At September 30, 2020, 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
Securities	$	393,399,939	$	89,656,813	$	(23,201,852)	$	66,454,961

4. Derivative instruments and hedging activities

During the year ended September 30, 2020, the Fund did not invest in derivative instruments.

5. Class specific expenses, waivers and/or expense reimbursements

The Fund has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan the Fund pays service and/or distribution fees with respect to its Class A, Class A2, Class C and Class R shares calculated at the annual rate of 0.25%, 0.25%, 1.00% and 0.50% of the average daily net assets of each class, respectively. Service and/or distribution fees are accrued daily and paid monthly.

For the year ended September 30, 2020, class specific expenses were as follows:


	Service and/or Distribution Fees			Transfer Agent Fees
Class A	$	4,221		$	3,189
Class A2		78,353			73,997
Class C		1,859	^†		654
Class R		577			521
Class I		—			3,539
Class IS		—			1,242
Total	$	85,010		$	83,142

†	Amount shown is exclusive of expense reimbursements. For the year ended September 30, 2020, the service and/or distribution fees reimbursed amounted to $2,279 for Class C shares.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Notes to financial statements (cont’d)

For the year ended September 30, 2020, waivers and/or expense reimbursements by class were as follows:


	Waivers/Expense Reimbursements
Class A	$	1,358
Class A2		8,718
Class C		2,331
Class R		380
Class I		2,185
Class IS		135,684
Total	$	150,656

6. Distributions to shareholders by class


	Year Ended September 30, 2020		Year Ended September 30, 2019
Net Investment Income:
Class A	$	49,320	$	26,696
Class A2		836,712		393,757
Class C		—		58,243
Class R		2,655		870
Class I		131,731		268,312
Class IS		14,979,608		15,252,159
Total	$	16,000,026	$	16,000,037

Net Realized Gains:
Class A	$	163,762	$	146,295
Class A2		2,797,496		2,277,571
Class C		18,047		294,157
Class R		9,267		5,352
Class I		404,329		1,228,308
Class IS		42,476,180		65,794,364
Total	$	45,869,081	$	69,746,047

7. Shares of beneficial interest

At September 30, 2020, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. The Fund has the ability to issue multiple classes of shares. Each class of shares represents an identical interest and has the same rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Transactions in shares of each class were as follows:


	Year Ended September 30, 2020				Year Ended September 30, 2019
	Shares		Amount		Shares		Amount
Class A
Shares sold		71,116	$	1,236,816		55,207	$	1,059,625
Shares issued on reinvestment		11,239		210,963		9,226		171,517
Shares repurchased		(124,109)		(2,254,947)		(31,255)		(597,151)
Net increase (decrease)		(41,754)	$	(807,168)		33,178	$	633,991

Class A2
Shares sold		382,516	$	6,654,371		467,571	$	9,012,430
Shares issued on reinvestment		196,337		3,634,208		145,418		2,671,328
Shares repurchased		(470,892)		(8,175,562)		(260,374)		(4,965,747)
Net increase		107,961	$	2,113,017		352,615	$	6,718,011

Class C
Shares sold		1,464	$	24,837		180,943	$	3,642,742
Shares issued on reinvestment		968		18,047		19,352		352,400
Shares repurchased		(5,039)		(80,111)		(202,629)		(3,865,584)
Net increase (decrease)		(2,607)	$	(37,227)		(2,334)	$	129,558

Class R
Shares sold		1,467	$	26,722		2,005	$	38,174
Shares issued on reinvestment		637		11,922		335		6,222
Shares repurchased		(431)		(6,908)		(9)		(182)
Net increase		1,673	$	31,736		2,331	$	44,214

Class I
Shares sold		68,132	$	1,225,705		130,920	$	2,498,340
Shares issued on reinvestment		13,837		259,574		67,950		1,261,828
Shares repurchased		(104,271)		(1,754,562)		(782,829)		(15,447,739)
Shares redeemed in-kind		—		—		(65,163)		(1,356,231)
Net decrease		(22,302)	$	(269,283)		(649,122)	$	(13,043,802)

Class IS
Shares sold		3,478,633	$	57,339,402		6,251,567	$	117,210,834
Shares issued on reinvestment		3,062,675		57,455,788		4,362,030		81,046,523
Shares repurchased		(11,025,102)		(198,395,085)		(7,923,680)		(156,746,974)
Shares redeemed in-kind		—		—		(15,593,975)		(308,481,873)
Net decrease		(4,483,794)	$	(83,599,895)		(12,904,058)	$	(266,971,490)

8. Redemptions in-kind

The Fund may make payment for Fund shares redeemed wholly or in part by distributing portfolio securities to shareholders. For the year ended September 30, 2019, the Fund had redemptions-in-kind with total proceeds in the amount of $309,838,104. The net realized gains on these redemptions-in-kind amounted to $79,606,245, which was not realized for tax purposes.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Notes to financial statements (cont’d)

9. Income tax information and distributions to shareholders

The tax character of distributions paid during the fiscal years ended September 30, was as follows:


	2020		2019
Distributions paid from:
Ordinary income	$	17,429,914	$	16,146,797
Net long-term capital gains		44,439,193		69,599,287
Total distributions paid	$	61,869,107	$	85,746,084

As of September 30, 2020, the components of distributable earnings (loss) on a tax basis were as follows:


Undistributed ordinary income — net	$	6,653,812
Undistributed long-term capital gains — net		7,441,553
Total undistributed earnings	$	14,095,365
Other book/tax temporary differences^(a)		(46,538)
Unrealized appreciation (depreciation)^(b)		66,454,961
Total distributable earnings (loss) — net	$	80,503,788

^(a)	Other book/tax temporary differences are attributable to the book/tax differences in the timing of the deductibility of various expenses.

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

10. Other matter

The outbreak of the respiratory illness COVID-19 (commonly referred to as “coronavirus”) has continued to rapidly spread around the world, causing considerable uncertainty for the global economy and financial markets. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The COVID-19 pandemic could adversely affect the value and liquidity of the Fund’s investments, impair the Fund’s ability to satisfy redemption requests, and negatively impact the Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to the Fund by its service providers.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Report of independent registered public accounting firm

To the Board of Trustees of Legg Mason Global Asset Management Trust and

Shareholders of BrandywineGLOBAL — Diversified US Large Cap Value Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of BrandywineGLOBAL — Diversified US Large Cap Value Fund (one of the funds constituting Legg Mason Global Asset Management Trust, referred to hereafter as the “Fund”) as of September 30, 2020, the related statement of operations for the year ended September 30, 2020, the statement of changes in net assets for each of the two years in the period ended September 30, 2020, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2020 (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 September 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2020 and the financial highlights for each of the five years in the period ended September 30, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2020 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Baltimore, Maryland

November 18, 2020

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

BrandywineGLOBAL — Diversified US Large Cap Value Fund 2020 Annual Report

Board approval of new management and

new subadvisory agreements (unaudited)

On February 18, 2020, Franklin Resources, Inc., a global investment management organization operating, together with its subsidiaries, as Franklin Templeton (“Franklin Templeton”), and Legg Mason, Inc. (“Legg Mason”) announced that they had entered into a definitive agreement (the “Transaction Agreement”) for Franklin Templeton to acquire Legg Mason in an all-cash transaction. As part of this transaction, the Fund’s manager, Legg Mason Partners Fund Advisor, LLC (the “Manager”), and the Fund’s subadviser, Brandywine Global Investment Management, LLC (the “Subadviser”), each a wholly owned subsidiary of Legg Mason, would become a subsidiary of Franklin Templeton (the “Transaction”). The Transaction was subject to approval by Legg Mason’s shareholders and customary closing conditions, including receipt of applicable regulatory approvals. The Transaction was consummated on July 31, 2020. Under the Investment Company Act of 1940, as amended (the “1940 Act”), consummation of the Transaction resulted in the automatic termination of the Fund’s existing management agreement, and subadvisory agreement (the “Existing Agreements”).

At a meeting held on April 6, 2020, the Fund’s Board of Trustees (the “Board”) approved a new management agreement (the “Management Agreement”) with the Manager and a new subadvisory agreement (“Subadvisory Agreement”) between the Manager and the Subadviser. (The Management Agreement and the Subadvisory Agreement are jointly referred to as the “Agreements.”) The meeting was held telephonically based on exemptive relief issued by the Securities and Exchange Commission, with the Board’s intention to ratify the approval of the Agreements at its next in-person meeting.

On March 9, 2020, during a telephonic meeting of the Board, the Board met with representatives of Legg Mason, the parent company of the Manager and the Subadviser, and representatives of Franklin Templeton to discuss the Transaction. The Board was advised that the Fund would not bear the costs of obtaining shareholder approval of the Agreements, including proxy solicitation costs, legal fees and the costs of printing and mailing the proxy statement, regardless of whether the Transaction was consummated. On March 31, 2020 and April 2, 2020, the trustees who are not “interested persons” of the Fund (as defined in the 1940 Act) (the “Independent Trustees”), separately met, with the assistance of their independent legal counsel, to review and evaluate the materials provided by Legg Mason, Franklin Templeton, the Manager and the Subadviser to assist the Board, and in particular the Independent Trustees, in considering the Agreements. On April 6, 2020, the Board received a presentation from senior Fund management and representatives from Franklin Templeton and reviewed and evaluated the materials, including supplemental materials, provided to assist the Board in considering the Agreements. Prior to the Board’s approval of the Agreements, as a part of the April 6 meeting the Independent Trustees further discussed the Agreements in an executive session with independent legal counsel and recommended their approval.

BrandywineGLOBAL — Diversified US Large Cap Value Fund

In the event the Fund’s shareholders did not approve the Agreements prior to the completion of the Transaction, at its April 6, 2020 meeting, the Board also approved an interim management agreement with the Manager and an interim subadvisory agreement between the Manager and the Subadviser that would take effect upon the closing of the Transaction to enable the Manager and Subadviser to serve as investment managers of the Fund following the termination of the Existing Agreements and pending shareholder approval of the Agreements. At a meeting held on July 14, 2020, shareholders of the Fund approved the Agreements. The Agreements became effective on July 31, 2020 following consummation of the Transaction.

In voting to approve the Agreements, the Board, including the Independent Trustees, considered whether approval of the Agreements would be in the best interests of the Fund. No single factor or item of information reviewed by the Board was identified as the principal factor in determining whether to approve the Agreements. The Board considered that the terms of the Agreements were identical to the Existing Agreements, except for the dates of execution, effectiveness and termination, and that the Board had considered and approved the renewal of the Existing Agreements in November 2019. The Board also considered that the Existing Agreements were the product of multiple years of review and negotiation and information received and considered by the Board in the exercise of its business judgment during those years. Based upon its evaluation of all material factors, including those described below, the Board concluded that the terms of each of the Agreements were reasonable and fair and that it was in the best interests of the Fund to approve the Agreements.

In evaluating the Agreements, the Board considered the information previously provided for the November 2019 renewal of the Existing Agreements, updated with more recent statistics, information and representations. Among such information was the nature, extent and quality of services provided to the Fund by the Manager and the Subadviser under the Management Agreement and Subadvisory Agreement, respectively, and information regarding the administrative and other services rendered to the Fund and its shareholders by the Manager and its affiliates and the Manager’s supervisory activities over the Subadviser. The Board noted that Franklin Templeton and Legg Mason had informed the Board that, following the Transaction, there is not expected to be any diminution in the nature, quality and extent of services provided to the Fund and its shareholders by the Manager and the Subadviser, including compliance and other non-advisory services. The Board’s evaluation of the services provided by the Manager and the Subadviser took into account Franklin Templeton’s plans and intentions regarding the Fund and Legg Mason’s asset management business, including the preservation and continued operational and investment autonomy of the investment advisory business conducted by the Subadviser. The Board noted that Franklin Templeton did not expect to propose any changes to the

BrandywineGLOBAL — Diversified US Large Cap Value Fund

Board approval of new management and

new subadvisory agreements (unaudited) (cont’d)

investment objective of the Fund or any changes to the principal investment strategies of the Fund as a result of the Transaction. The Board also considered that there were not expected to be any changes to the Fund’s custodian or other service providers as a result of the Transaction. The Board also considered that Franklin Templeton’s distribution capabilities, particularly with respect to retail investors, and significant network of intermediary relationships may provide additional opportunities for the Fund to grow assets and lower expense ratios by spreading expenses over a larger asset base.

The Board also considered its knowledge and familiarity gained as Trustees of funds in the Legg Mason fund complex, including the scope and quality of the investment management and other capabilities of the Manager and the Subadviser, and the quality of the Manager’s administrative and other services. The Board considered information received at regular meetings throughout the year, including the policies and practices of the Subadviser regarding the selection of brokers and dealers and the execution of portfolio transactions for the Fund. The Board also considered the reputation, experience, financial strength and resources of Franklin Templeton and its investment advisory subsidiaries. The Board considered that on a regular basis it received and reviewed information from the Manager and the Fund’s Chief Compliance Officer regarding the compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act for the funds in the Legg Mason fund complex, including liquidity management programs and cybersecurity programs. The Board also considered information about Franklin Templeton’s compliance and risk management programs.

The Board noted that it had reviewed the qualifications, backgrounds and responsibilities of the senior personnel currently serving the Fund and had met and reviewed the backgrounds and qualifications of the senior personnel of Franklin Templeton responsible for the management of the advisory business. The Board considered that Legg Mason had put in place retention incentives for key personnel at the Manager until the closing of the Transaction and Franklin Templeton had provided long-term retention mechanisms for certain personnel, and that Franklin Templeton had represented that there were not expected to be any changes in the portfolio management personnel managing the Fund as a result of the Transaction. The Board considered Franklin Templeton’s and the Manager’s commitment to an effective transition and to continued high quality investment management and shareholder services following the Transaction.

BrandywineGLOBAL — Diversified US Large Cap Value Fund

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

The Board noted that the Fund’s performance for the one-year period ended December 31, 2019 placed the Class I Shares in the fourth quintile (the first quintile being the best performers and the fifth quintile being the worst performers) and the Fund’s performance for the three- and five-year periods ended December 31, 2019 placed the Class I Shares in the second quintile. The Board also reviewed updated performance information. In addition, based on their review of materials provided and assurances received, the Board determined that the Transaction was not expected to affect adversely the nature, extent and quality of services provided. The Board noted that its evaluation of the factors of the nature, extent and quality of services and performance led it to conclude that it was in the best interests of the Fund to approve the Agreements.

The Board reviewed and considered the contractual management fee (the “Contractual Management Fee”), payable by the Fund to the Manager in light of the nature, extent and quality of the management and subadvisory services provided by the Manager and the Subadviser, respectively. The Board considered that it had reviewed the Fund’s Contractual Management Fee and total expense ratio in connection with its consideration of the Existing Agreements during the 2019 contract renewal process and that the new Management Agreement did not change the Fund’s management fee rate or the computation method for calculating such fees. The Board reviewed the subadvisory fee, noting that the Manager, and not the Fund, pays the fee to the Subadviser. In addition, the Board reviewed and considered the actual management fee rate (after taking into account fees waived by the Manager which partially reduced the management fee owed to the Manager under the Management Agreement) (the “Actual Management Fee”). The Board also considered that the contractual expense waiver continued until December 31, 2021 and Franklin Templeton’s statement that it had no current intention to change that waiver after its expiration. Based on their review of the materials provided and the assurances they had received from Franklin Templeton and Legg Mason, the Board determined that the Transaction would not increase the total fees payable by the Fund for management services.

BrandywineGLOBAL — Diversified US Large Cap Value Fund

Board approval of new management and

new subadvisory agreements (unaudited) (cont’d)

The Board received and reviewed an analysis of Legg Mason complex-wide management fees for funds with a similar strategy provided by the Manager, which, among other things, set out a framework of fees based on asset classes. The Manager reviewed with the Board the differences in services provided to these different types of accounts, including that the Fund is provided with certain administrative services, office facilities, and Fund officers (including the Fund’s chief executive, chief financial and chief compliance officers), and that the Manager coordinates and oversees the provision of services to the Fund by other Fund service providers, including the Subadviser. The Board considered the fee comparisons in light of the differences in management of these different types of accounts and the differences in associated risks borne by the Manager.

Additionally, the Board received and considered information comparing the Fund’s Contractual Management Fee, Actual Management Fee and the Fund’s overall expense ratio with those of a group of funds selected by Broadridge as comparable to the Fund and with a broader universe of funds also selected by Broadridge. With respect to the Fund, the Board noted that for the Class I Shares the Contractual Management Fee and Actual Management Fee were lower than the median of the Broadridge expense group (second and third quintiles) and the actual total expense ratio was higher than the Broadridge expense group median (fourth quintile) and higher than the expense universe median (third quintile) (the first quintile being the lowest fees and the fifth quintile being the highest fees). It was noted that, while the Board has found the Broadridge data generally useful, they recognized its limitations, including that the data may vary depending on the selection of the peer group. The Board also considered that the Manager agreed to implement a new advisory fee schedule with additional breakpoints beginning in February 1, 2020.

The Board was provided an overview of the process followed in conducting the profitability study and received an updated report on the profitability of Legg Mason in providing services to the Fund, based on financial information and business data for the 12 months ended March 31, 2019, which corresponds to Legg Mason’s fiscal year end, and for the period from September 2019 to February 2020. The Board also received certain information showing historical profitability for fiscal years 2016 through 2019. The Board noted that it previously had received a report from the independent consultant engaged by Legg Mason to assess the methodologies used by Legg Mason for its profitability study in connection with its review of the Existing Agreements. The Board considered the profitability study along with the other materials previously provided to the Board and concluded that the profitability was not excessive in light of the nature, extent and quality of the services provided to the Fund.

BrandywineGLOBAL — Diversified US Large Cap Value Fund

The Board received and considered information regarding whether there have been economies of scale with respect to the management of the Fund as the Fund’s assets have grown and whether the Fund has appropriately benefited from any economies of scale. Among other information, the Board reviewed management fee reductions due to waivers and/or breakpoints during Legg Mason’s 2016 through 2019 fiscal years and for the pro forma fiscal year 2020. The Board noted that Franklin Templeton and Legg Mason expected to realize cost savings from the Transaction based on synergies of operations, as well as to benefit from possible growth of the funds resulting from enhanced distribution capabilities. However, they noted that other factors could also affect profitability and potential economies of scale, and that it was not possible to predict with any degree of certainty how the Transaction would affect the Manager’s profitability from its relationship with the Fund, nor to quantify at this time any possible future economies of scale. The Board noted they will have the opportunity to periodically re-examine such profitability and any economies of scale going forward. The Board also considered the potential benefits to shareholders from being part of a combined fund family with Franklin Templeton-sponsored funds and having access to a greater array of investment opportunities. Given the asset size of the Fund and the complex, the fee waivers and the currently existing breakpoints, the Board concluded that any economies of scale currently being realized were appropriately being reflected in the Actual Management Fee paid by the Fund.

The Board considered other benefits received by the Manager and its affiliates as a result of the Manager’s relationship with the Fund, including the opportunity to offer additional products and services to Fund shareholders, enhanced industry recognition and the potential for reduced vendor pricing. The Board also considered that Franklin Templeton may derive reputational and other benefits from its ability to use the Legg Mason investment affiliates’ names in connection with operating and marketing the funds. The Board considered that the Transaction would significantly increase Franklin Templeton’s assets under management and expand Franklin Templeton’s investment capabilities. The Board noted that Franklin Templeton and Legg Mason, as a result of the potential benefits derived from the Transaction, have a financial interest in the matters that were being considered. The Board also took note of information provided regarding amounts received by the Fund’s distributor and intermediary arrangements.

The Board considered that the senior management team at Legg Mason expressed support for the Transaction and Legg Mason recommended that the Board approve the Agreements. The Board also considered that, under the Transaction Agreement, Franklin Templeton has acknowledged that Legg Mason had entered into the Transaction Agreement in reliance upon the benefits and protections provided by Section 15(f) of the 1940 Act, and that Franklin Templeton represented to the Board that it would conduct its business such that (a) for a period of not less than three years after the closing of the Transaction no more than

BrandywineGLOBAL — Diversified US Large Cap Value Fund

Board approval of new management and

new subadvisory agreements (unaudited) (cont’d)

25% of the members of the Board shall be “interested persons” (as defined in the 1940 Act) of any investment adviser of the Fund, and (b) for a period of not less than two years after the closing, neither Franklin Templeton nor any of its affiliates shall impose an “unfair burden” (within the meaning of the 1940 Act) on the Fund as a result of the transactions contemplated by the Transaction Agreement.

After consideration of the factors described above as well as other factors, and in the exercise of their business judgment, the Board, including the Independent Trustees, concluded that the Agreements for the Fund, including the fees payable thereunder, were fair and reasonable and that entering into the Agreements for the Fund was in the best interests of the Fund’s shareholders, and the Board voted to approve the Agreements and to recommend that shareholders approve the Agreements.

BrandywineGLOBAL — Diversified US Large Cap Value Fund

Additional shareholder information (unaudited)

Results of special meeting of shareholders

On July 14, 2020 a special meeting of shareholders was held for the following purposes: 1) to approve a new management agreement between the Fund and its investment manager; and 2) to approve a new subadvisory agreement with respect to the Fund’s subadviser. The following table provides the number of votes cast for or against, as well as the number of abstentions and broker non-votes as to each matter voted on at the special meeting of shareholders. Each item voted on was approved.


Items Voted On	Voted For		Voted Against		Abstentions		Broker Non-Votes
To Approve a New Management Agreement with Legg Mason Partners Fund Advisor, LLC		395,331,163.070		41,118.597		1,619,014.332		0
To Approve a New Subadvisory Agreement with Brandywine Global Investment Management, LLC		395,122,023.020		249,138.516		1,620,134.464		0

BrandywineGLOBAL — Diversified US Large Cap Value Fund

Statement regarding liquidity risk management program (unaudited)

As required by law, the fund has adopted and implemented a liquidity risk management program (the “Program”) that is designed to assess and manage liquidity risk. Liquidity risk is the risk that the fund could not meet requests to redeem its shares without significant dilution of remaining investors’ interests in the fund. Legg Mason Partners Fund Advisor, LLC (the “Manager”), the fund’s manager, is the administrator of the Program. The Manager has established a liquidity risk management committee (the “Committee”) to administer the Program on a day-to-day basis.

The Committee, on behalf of the Manager, provided the fund’s Board of Trustees with a report that addressed the operation of the Program, assessed its adequacy and effectiveness of implementation, including, if applicable, the operation of any highly liquid investment minimum (“HLIM”), and described any material changes that had been made to the Program or were recommended (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Reporting Period”).

The Report confirmed that there were no material changes to the Program during the Reporting Period and that no changes were recommended.

The Report also confirmed that, throughout the Reporting Period, the Committee had monitored the fund’s portfolio liquidity and liquidity risk on an ongoing basis, as described in the Program and in Board reporting throughout the Reporting Period.

The Report discussed the Committee’s annual review of the Program, which addressed, among other things, the following elements of the Program:

Assessment, Management, and Periodic Review of Liquidity Risk. The Committee reviewed the fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. The Committee noted that the fund’s investment strategy continues to be appropriate for an open-end fund, taking into account, among other things, whether and to what extent the fund held less liquid and illiquid assets and the extent to which any such investments affected the fund’s ability to meet redemption requests. In managing and reviewing the fund’s liquidity risk, the Committee also considered the extent to which the fund’s investment strategy involves a relatively concentrated portfolio or large positions in particular issuers, the extent to which the fund uses borrowing for investment purposes, and the extent to which the fund uses derivatives (including for hedging purposes). The Committee also reviewed the fund’s short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. In assessing the fund’s cash flow projections, the Committee considered, among other factors, historical net redemption activity, redemption policies, ownership concentration, distribution channels, and the degree of certainty associated with the fund’s short-term and long-term cash flow projections. The Committee also considered the fund’s holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources, including, if applicable, the fund’s participation in a credit facility, as components of the fund’s ability to meet redemption requests.

BrandywineGLOBAL — Diversified US Large Cap Value Fund

Liquidity Classification. The Committee reviewed the Program’s liquidity classification methodology for categorizing the fund’s investments into one of four liquidity buckets. In reviewing the fund’s investments, the Committee considered, among other factors, whether trading varying portions of a position in a particular portfolio investment or asset class in sizes the fund would reasonably anticipate trading, would be reasonably expected to significantly affect liquidity.

Highly Liquid Investment Minimum. The Committee performed an analysis to determine whether the fund is required to maintain a Highly Liquid Investment Minimum, and determined that no such minimum is required because the fund primarily holds highly liquid investments.

Compliance with Limitation on Illiquid Investments. The Committee confirmed that during the Reporting Period, the fund did not acquire any illiquid investment such that, after the acquisition, the fund would have invested more than 15% of its assets in illiquid investments that are assets, in accordance with the Program and applicable SEC rules.

Redemptions in Kind. The Committee confirmed that no redemptions in-kind were effected by the fund during the Reporting Period.

The Report stated that the Committee concluded that the Program is reasonably designed and operated effectively to assess and manage the fund’s liquidity risk throughout the Reporting Period.

BrandywineGLOBAL — Diversified US Large Cap Value Fund

Additional information (unaudited)

Information about Trustees and Officers

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

The Statement of Additional Information includes additional information about Trustees and is available, without charge, upon request by calling the Fund at 1-877-721-1926.


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 National Academy of Medicine (formerly known as the Institute of Medicine) (since 1982); formerly, Trustee of the New York Academy of Medicine (2004 to 2011); Director of the Institute for Healthcare Improvement (2002 to 2011); 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)

BrandywineGLOBAL — Diversified US Large Cap Value Fund


Independent Trustees^†(cont’d)

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 HSBC Managed Portfolios Limited, HSBC Corporate Money Funds Limited and HSBC Specialist Funds Limited (since 2020); formerly, Director of Cheyne Capital International Limited (investment advisory firm) (2005 to 2020); Director/ Trustee of Legg Mason Institutional Funds plc, Western Asset Fixed Income Funds plc and Western Asset Debt Securities Fund plc. (2007 to 2011)

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 (1972 to 2002), Partner-in-Charge of the Audit Practice for Baltimore and Washington offices (1998 to 2001), and Managing Partner of the Baltimore office (1992 to 1995) at KPMG LLP (international accounting firm)
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)

BrandywineGLOBAL — Diversified US Large Cap Value Fund

Additional information (unaudited) (cont’d)

Information about Trustees and Officers


Independent Trustees^†(cont’d)

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)

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

BrandywineGLOBAL — Diversified US Large Cap Value Fund


Independent Trustees^†(cont’d)

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); Chief Financial Officer of 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) (2008 to 2018)

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 Vice President, Fund Board Management, Franklin Templeton (since 2020); Officer and/or Trustee/Director of 150 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 Managing Director (2018 to 2020) and Managing Director (2016 to 2018) of Legg Mason & Co., LLC (“Legg Mason & Co.”); Senior Vice President of LMPFA (2015)
Number of funds in fund complex overseen by Trustee		147
Other board memberships held by Trustee during the past five years		None

BrandywineGLOBAL — Diversified US Large Cap Value Fund

Additional information (unaudited) (cont’d)

Information about Trustees and Officers


Additional Officers

Christopher Berarducci Legg Mason 620 Eighth Avenue, 47th 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		Vice President, Fund Administration and Reporting, Franklin Templeton (since 2020); Treasurer (since 2010) and Principal Financial Officer (since 2019) of certain funds associated with Legg Mason & Co. or its affiliates; formerly, Managing Director (2020), Director (2015 to 2020), and Vice President (2011 to 2015) of Legg Mason & Co.

Marc A. De Oliveira* Legg Mason 100 First Stamford Place, 6th Floor, Stamford, CT 06902
Year of birth		1971
Position(s) with Trust		Secretary and Chief Legal Officer
Term of office¹and length of time served²		Since 2020
Principal occupation(s) during the past five years		Associate General Counsel of Franklin Templeton (since 2020);
		Assistant Secretary of certain funds associated with Legg Mason & Co. or its affiliates (since 2006); formerly, Managing Director (2016 to 2020) and Associate General Counsel of Legg Mason & Co. (2005 to 2020)

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

Year of birth		1962
Position(s) with Trust		Senior Vice President
Term of office¹and length of time served²		Since 2020
Principal occupation(s) during the past five years		Senior Associate General Counsel of Franklin Templeton (since 2020); Secretary of LMPFA (since 2006); Assistant Secretary of certain funds associated with Legg Mason & Co. or its affiliates (since 2006); Secretary of LM Asset Services, LLC (“LMAS”) (since 2002) and Legg Mason Fund Asset Management, Inc. (“LMFAM”) (since 2013) (formerly registered investment advisers); formerly, Managing Director and Deputy General Counsel of Legg Mason & Co. (2005 to 2020)

BrandywineGLOBAL — Diversified US Large Cap Value Fund


Additional Officers (cont’d)

Ted P. Becker Legg Mason 620 Eighth Avenue, 47th 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		Vice President, Global Compliance of Franklin Templeton (since 2020); Chief Compliance Officer of LMPFA (since 2006); Chief Compliance Officer of certain funds associated with Legg Mason & Co. or its affiliates (since 2006); formerly, Director of Global Compliance at Legg Mason, Inc. (2006 to 2020); Managing Director of Compliance of Legg Mason & Co. (2005 to 2020)

Susan Kerr Legg Mason 620 Eighth Avenue, 47th 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		Senior Compliance Analyst, Franklin Templeton (since 2020); Chief Anti-Money Laundering Compliance Officer of certain funds associated with Legg Mason & Co. or its affiliates (since 2013) and Anti-Money Laundering Compliance Officer (since 2012), Senior Compliance Officer (since 2011) and Assistant Vice President (since 2010) of Legg Mason Investor Services, LLC (“LMIS”); formerly, Assistant Vice President of Legg Mason & Co. (2010 to 2020)

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		Senior Compliance Analyst of Franklin Templeton (since 2020); Identity Theft Prevention Officer of certain funds associated with Legg Mason & Co. or its affiliates (since 2015); formerly, Compliance Officer of Legg Mason & Co. (2013 to 2020); Assistant Vice President of Legg Mason & Co. (2011 to 2020)

BrandywineGLOBAL — Diversified US Large Cap Value Fund

Additional information (unaudited) (cont’d)

Information about Trustees and Officers


Additional Officers (cont’d)

Jeanne M. Kelly Legg Mason 620 Eighth Avenue, 47th 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		U.S. Fund Board Team Manager, Franklin Templeton (since 2020); Senior Vice President of certain 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); formerly, Managing Director of Legg Mason & Co. (2005 to 2020); 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 10, 2020, Mr. De Oliveira became Secretary and Chief Legal Officer.

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

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

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

BrandywineGLOBAL — Diversified US Large Cap Value Fund

Important tax information (unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended September 30, 2020:


Record date:	12/4/2019
Payable date:	12/5/2019
Ordinary Income:
Qualified Dividend Income for Individuals	100.00	%
Dividends Qualifying for the Dividends
Received Deduction for Corporations	95.32	%
Long-Term Capital Gain Dividend	$1.573830
Qualified Short-Term Capital Gain Dividend *	$0.050640

*	Qualified Short-Term Capital Gains eligible for exemption from U.S. withholding tax for non resident shareholders and foreign corporations.

BrandywineGLOBAL — Diversified US Large Cap Value Fund

BrandywineGLOBAL —

Diversified US Large Cap Value Fund

Trustees

Ruby P. Hearn

Arnold L. Lehman

Chairman

Robin J.W. Masters

Jill E. McGovern

Arthur S. Mehlman

G. Peter O’Brien

S. Ford Rowan

Robert M. Tarola

Jane Trust

Investment manager

Legg Mason Partners Fund Advisor, LLC

Subadviser

Brandywine Global Investment

Management, LLC

Distributor

Legg Mason Investor Services, LLC

Custodian

The Bank of New York Mellon

Transfer agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Independent registered

public accounting firm

PricewaterhouseCoopers LLP Baltimore, MD

BrandywineGLOBAL — Diversified US Large Cap Value Fund

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

BrandywineGLOBAL — Diversified US Large Cap Value Fund

Legg Mason Funds

620 Eighth Avenue, 47th Floor

New York, NY 10018

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at 1-877-721-1926.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at 1-877-721-1926, (2) at www.leggmason.com/mutualfunds and (3) on the SEC’s website at www.sec.gov.

This report is submitted for the general information of the shareholders of BrandywineGLOBAL — Diversified US Large Cap Value Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

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

www.leggmason.com

Member FINRA, SIPC

Legg Mason Funds Privacy and Security Notice

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

This Privacy and Security Notice (the “Privacy Notice”) addresses the Legg Mason Funds’ privacy and data protection practices with respect to nonpublic personal information the Funds receive. The Legg Mason Funds include any funds sold by the Funds’ distributor, Legg Mason Investor Services, LLC, as well as Legg Mason-sponsored closed-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 at 1-877-721-1926.

Revised April 2018

NOT PART OF THE ANNUAL REPORT

www.leggmason.com

LMFX012987 11/20 SR20-4003

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 Form N-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 Form N-CSR.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

a) Audit Fees. The aggregate fees billed in the last two fiscal years ending September 30, 2019 and September 30, 2020 (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 $336,010 in September 30, 2019 and $322,330 in September 30, 2020.

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 $3,000 in September 30, 2019 and $0 in September 30, 2020.

In addition, there were no Audit-Related Fees billed in the Reporting Period for assurance and related services by the Auditor to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Legg Mason Global Asset Management Trust (“service affiliates”), that were reasonably related to the performance of the annual audit of the service affiliates. Accordingly, there were no such fees that required pre-approval by the Audit Committee for the Reporting Period.

(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 September 30, 2019 and $0 in September 30, 2020. 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 required pre-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 $0 in September 30, 2019 and $0 in September 30, 2020, 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 other non-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 requiring pre-approval by the Audit Committee in the Reporting Period.

(e) Audit Committee’s pre-approval policies and procedures described in paragraph (c)

(7) of Rule 2-01 of Regulation S-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 permissible non-audit services to be provided to the Fund and (b) all permissible non-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 approve non-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, permissible non-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. Permissible non-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 or contribution-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 permissible non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-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 permissible non-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 permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-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 September 30, 2019 and September 30, 2020; Tax Fees were 100% and 100% for September 30, 2019 and September 30, 2020; and Other Fees were 100% and 100% for September 30, 2019 and September 30, 2020.

(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 $386,151 in September 30, 2019 and $1,105,712 in September 30, 2020.

(h) Yes. Legg Mason Global Asset Management Trust’s Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-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 be pre-approved, were pre-approved as required.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

Not applicable

ITEM 6.

SCHEDULE OF INVESTMENTS.

Included herein under Item 1.

ITEM 7.

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

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-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 Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the 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 FOR CLOSED-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:		November 24, 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:		November 24, 2020

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

Date:		November 24, 2020

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