ThZeal - The Zeal


BrandywineGLOBAL - Small Cap Value Fund
Class A [LEGDX]
Semi-Annual Shareholder Report \| June 30, 2024

This semi-annual shareholder report contains important information about BrandywineGLOBAL - Small Cap Value Fund for the period January 1, 2024, to June 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*^,†
Class A	$61	1.25%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of June 30, 2024)


Total Net Assets	$19,476,181
Total Number of Portfolio Holdings*	65
Portfolio Turnover Rate	25%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Portfolio Composition* (% of Total Investments)


BrandywineGLOBAL - Small Cap Value Fund
Class C [LEGEX]
Semi-Annual Shareholder Report \| June 30, 2024

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*^,†
Class C	$91	1.87%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of June 30, 2024)


Total Net Assets	$19,476,181
Total Number of Portfolio Holdings*	65
Portfolio Turnover Rate	25%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Portfolio Composition* (% of Total Investments)


BrandywineGLOBAL - Small Cap Value Fund
Class R [LEGHX]
Semi-Annual Shareholder Report \| June 30, 2024

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*^,†
Class R	$72	1.48%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of June 30, 2024)


Total Net Assets	$19,476,181
Total Number of Portfolio Holdings*	65
Portfolio Turnover Rate	25%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Portfolio Composition* (% of Total Investments)


BrandywineGLOBAL - Small Cap Value Fund
Class I [LEGFX]
Semi-Annual Shareholder Report \| June 30, 2024

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*^,†
Class I	$49	1.00%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of June 30, 2024)


Total Net Assets	$19,476,181
Total Number of Portfolio Holdings*	65
Portfolio Turnover Rate	25%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Portfolio Composition* (% of Total Investments)


BrandywineGLOBAL - Small Cap Value Fund
Class IS [LEGGX]
Semi-Annual Shareholder Report \| June 30, 2024

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*^,†
Class IS	$44	0.90%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of June 30, 2024)


Total Net Assets	$19,476,181
Total Number of Portfolio Holdings*	65
Portfolio Turnover Rate	25%

*	Does not include derivatives, except purchased options, if any.

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Portfolio Composition* (% of Total Investments)

Schedule of Investments (unaudited)

June 30, 2024

BrandywineGLOBAL — Small Cap Value Fund

(Percentages shown based on Fund net assets)

Security	Shares	Value
Common Stocks — 98.4%
Communication Services — 2.2%
Entertainment — 2.2%
Vivid Seats Inc., Class A Shares	73,270	$421,302 *

Consumer Discretionary — 6.4%
Household Durables — 1.4%
Mohawk Industries Inc.	2,480	281,703 *
Leisure Products — 2.0%
Polaris Inc.	4,940	386,852
Specialty Retail — 3.0%
Designer Brands Inc., Class A Shares	19,890	135,849
Sally Beauty Holdings Inc.	14,740	158,160 *
Signet Jewelers Ltd.	3,290	294,718
Total Specialty Retail		588,727

Total Consumer Discretionary		1,257,282
Consumer Staples — 2.4%
Beverages — 1.3%
Boston Beer Co. Inc., Class A Shares	790	240,990 *
Personal Care Products — 1.1%
Oddity Tech Ltd., Class A Shares	5,620	220,641 *

Total Consumer Staples		461,631
Energy — 11.4%
Energy Equipment & Services — 7.0%
Atlas Energy Solutions Inc.	21,910	436,666
Cactus Inc., Class A Shares	6,980	368,125
RPC Inc.	46,910	293,188
Weatherford International PLC	2,160	264,492 *
Total Energy Equipment & Services		1,362,471
Oil, Gas & Consumable Fuels — 4.4%
CNX Resources Corp.	16,090	390,987 *
Comstock Resources Inc.	24,540	254,725
Vital Energy Inc.	4,560	204,379 *
Total Oil, Gas & Consumable Fuels		850,091

Total Energy		2,212,562
Financials — 26.5%
Banks — 11.9%
Associated Banc-Corp.	20,340	430,191
Banc of California Inc.	29,190	373,048
ConnectOne Bancorp Inc.	19,190	362,499
Hope Bancorp Inc.	36,540	392,440

See Notes to Financial Statements.

BrandywineGLOBAL — Small Cap Value Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

BrandywineGLOBAL — Small Cap Value Fund

(Percentages shown based on Fund net assets)

Security	Shares	Value

Banks — continued
Texas Capital Bancshares Inc.	6,390	$390,685 *
WaFd Inc.	13,210	377,542
Total Banks		2,326,405
Capital Markets — 2.1%
Invesco Ltd.	11,210	167,702
New Mountain Finance Corp.	19,550	239,292
Total Capital Markets		406,994
Consumer Finance — 5.7%
Encore Capital Group Inc.	4,240	176,935 *
NerdWallet Inc., Class A Shares	31,514	460,104 *
SLM Corp.	22,330	464,241
Total Consumer Finance		1,101,280
Financial Services — 4.1%
loanDepot Inc., Class A Shares	127,630	210,589 *
Sezzle Inc.	2,210	194,966 *
TFS Financial Corp.	30,880	389,706
Total Financial Services		795,261
Mortgage Real Estate Investment Trusts (REITs) — 2.7%
New York Mortgage Trust Inc.	42,600	248,784
Two Harbors Investment Corp.	21,020	277,674
Total Mortgage Real Estate Investment Trusts (REITs)		526,458

Total Financials		5,156,398
Health Care — 9.2%
Biotechnology — 1.5%
Catalyst Pharmaceuticals Inc.	18,970	293,845 *
Health Care Equipment & Supplies — 1.0%
Globus Medical Inc., Class A Shares	2,903	198,827 *
Health Care Providers & Services — 2.1%
PetIQ Inc.	18,820	415,169 *
Pharmaceuticals — 4.6%
Amphastar Pharmaceuticals Inc.	5,050	202,000 *
ANI Pharmaceuticals Inc.	4,700	299,296 *
Collegium Pharmaceutical Inc.	6,359	204,760 *
Pacira BioSciences Inc.	6,580	188,254 *
Total Pharmaceuticals		894,310

Total Health Care		1,802,151
Industrials — 17.6%
Aerospace & Defense — 1.9%
Mercury Systems Inc.	14,040	378,939 *

See Notes to Financial Statements.

BrandywineGLOBAL — Small Cap Value Fund 2024 Semi-Annual Report

BrandywineGLOBAL — Small Cap Value Fund

(Percentages shown based on Fund net assets)

Security	Shares	Value

Building Products — 3.5%
Hayward Holdings Inc.	25,910	$318,693 *
JELD-WEN Holding Inc.	26,910	362,478 *
Total Building Products		681,171
Commercial Services & Supplies — 1.5%
ACV Auctions Inc., Class A Shares	16,220	296,015 *
Machinery — 1.4%
Manitowoc Co. Inc.	22,910	264,152 *
Passenger Airlines — 4.2%
Alaska Air Group Inc.	11,290	456,116 *
Allegiant Travel Co.	7,194	361,355
Total Passenger Airlines		817,471
Professional Services — 3.6%
First Advantage Corp.	27,345	439,434
Upwork Inc.	23,760	255,420 *
Total Professional Services		694,854
Trading Companies & Distributors — 1.5%
Air Lease Corp.	6,220	295,637

Total Industrials		3,428,239
Information Technology — 8.0%
Electronic Equipment, Instruments & Components — 4.5%
Knowles Corp.	18,960	327,250 *
Methode Electronics Inc.	30,677	317,507
Rogers Corp.	1,878	226,505 *
Total Electronic Equipment, Instruments & Components		871,262
Semiconductors & Semiconductor Equipment — 3.5%
Cohu Inc.	7,770	257,187 *
Ichor Holdings Ltd.	10,170	392,053 *
SolarEdge Technologies Inc.	1,330	33,596 *
Total Semiconductors & Semiconductor Equipment		682,836

Total Information Technology		1,554,098
Materials — 3.0%
Chemicals — 1.0%
FMC Corp.	3,480	200,274
Containers & Packaging — 2.0%
Sealed Air Corp.	10,910	379,559

Total Materials		579,833

See Notes to Financial Statements.

BrandywineGLOBAL — Small Cap Value Fund 2024 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

June 30, 2024

BrandywineGLOBAL — Small Cap Value Fund

(Percentages shown based on Fund net assets)

Security		Shares	Value

Real Estate — 5.8%
Hotel & Resort REITs — 3.8%
Sunstone Hotel Investors Inc.		39,460	$412,751
Xenia Hotels & Resorts Inc.		23,390	335,179
Total Hotel & Resort REITs			747,930
Office REITs — 1.1%
Equity Commonwealth		10,890	211,266 *
Real Estate Management & Development — 0.9%
Howard Hughes Holdings Inc.		2,770	179,552 *

Total Real Estate			1,138,748
Utilities — 5.9%
Electric Utilities — 1.4%
Portland General Electric Co.		6,270	271,115
Gas Utilities — 1.4%
Chesapeake Utilities Corp.		2,550	270,810
Multi-Utilities — 3.1%
Black Hills Corp.		6,070	330,086
Northwestern Energy Group Inc.		5,660	283,453
Total Multi-Utilities			613,539

Total Utilities			1,155,464
Total Investments before Short-Term Investments (Cost — $18,309,704)			19,167,708
	Rate
Short-Term Investments — 1.5%
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares (Cost — $284,188)	5.235%	284,188	284,188 (a)(b)
Total Investments — 99.9% (Cost — $18,593,892)			19,451,896
Other Assets in Excess of Liabilities — 0.1%			24,285
Total Net Assets — 100.0%			$19,476,181

*	Non-income producing security.
(a)	Rate shown is one-day yield as of the end of the reporting period.
(b)	In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At June 30, 2024, the total market value of investments in Affiliated Companies was $284,188 and the cost was $284,188 (Note 8).

See Notes to Financial Statements.

BrandywineGLOBAL — Small Cap Value Fund 2024 Semi-Annual Report

Statement of Assets and Liabilities (unaudited)

June 30, 2024

Assets:
Investments in unaffiliated securities, at value (Cost — $18,309,704)	$19,167,708
Investments in affiliated securities, at value (Cost — $284,188)	284,188
Dividends receivable from unaffiliated investments	25,889
Receivable from investment manager	6,245
Dividends receivable from affiliated investments	1,555
Receivable for Fund shares sold	155
Prepaid expenses	30,293
Total Assets	19,516,033
Liabilities:
Fund accounting fees payable	19,184
Audit and tax fees payable	15,067
Shareholder reports payable	4,625
Trustees’ fees payable	510
Service and/or distribution fees payable	413
Accrued expenses	53
Total Liabilities	39,852
Total Net Assets	$19,476,181
Net Assets:
Par value (Note 7)	$17
Paid-in capital in excess of par value	17,554,540
Total distributable earnings (loss)	1,921,624
Total Net Assets	$19,476,181

See Notes to Financial Statements.

BrandywineGLOBAL — Small Cap Value Fund 2024 Semi-Annual Report

Statement of Assets and Liabilities (unaudited) (cont’d)

June 30, 2024

Net Assets:
Class A	$1,346,509
Class C	$97,062
Class R	$142,684
Class I	$39,731
Class IS	$17,850,195
Shares Outstanding:
Class A	120,249
Class C	8,723
Class R	12,751
Class I	3,536
Class IS	1,588,793
Net Asset Value:
Class A (and redemption price)	$11.20
Class C*	$11.13
Class R (and redemption price)	$11.19
Class I (and redemption price)	$11.24
Class IS (and redemption price)	$11.24
Maximum Public Offering Price Per Share:
Class A (based on maximum initial sales charge of 5.50%)	$11.85

*	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 — Small Cap Value Fund 2024 Semi-Annual Report

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2024

Investment Income:
Dividends from unaffiliated investments	$141,359
Dividends from affiliated investments	14,803
Total Investment Income	156,162
Expenses:
Investment management fee (Note 2)	79,572
Registration fees	47,355
Fund accounting fees	28,790
Audit and tax fees	14,817
Legal fees	14,548
Shareholder reports	4,130
Service and/or distribution fees (Notes 2 and 5)	2,526
Transfer agent fees (Notes 2 and 5)	862
Trustees’ fees	836
Commitment fees (Note 9)	90
Insurance	63
Custody fees	30
Miscellaneous expenses	2,925
Total Expenses	196,544
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)	(103,983 )
Net Expenses	92,561
Net Investment Income	63,601
Realized and Unrealized Gain (Loss) on Investments (Notes 1 and 3):
Net Realized Gain From Unaffiliated Investment Transactions	638,754
Change in Net Unrealized Appreciation (Depreciation) From Unaffiliated Investments	(1,685,252 )
Net Loss on Investments	(1,046,498 )
Decrease in Net Assets From Operations	$(982,897 )

See Notes to Financial Statements.

BrandywineGLOBAL — Small Cap Value Fund 2024 Semi-Annual Report

Statements of Changes in Net Assets

For the Six Months Ended June 30, 2024 (unaudited) and the Year Ended December 31, 2023	2024	2023
Operations:
Net investment income	$63,601	$257,915
Net realized gain (loss)	638,754	(510,309 )
Change in net unrealized appreciation (depreciation)	(1,685,252 )	3,560,303
Increase (Decrease) in Net Assets From Operations	(982,897 )	3,307,909
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings	—	(329,002 )
Decrease in Net Assets From Distributions to Shareholders	—	(329,002 )
Fund Share Transactions (Note 7):
Net proceeds from sale of shares	439,261	2,317,952
Reinvestment of distributions	—	328,508
Cost of shares repurchased	(322,479 )	(945,757 )
Increase in Net Assets From Fund Share Transactions	116,782	1,700,703
Increase (Decrease) in Net Assets	(866,115 )	4,679,610
Net Assets:
Beginning of period	20,342,296	15,662,686
End of period	$19,476,181	$20,342,296

See Notes to Financial Statements.

BrandywineGLOBAL — Small Cap Value Fund 2024 Semi-Annual Report

Financial Highlights

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class A Shares1	20242	2023	20223
Net asset value, beginning of period	$11.79	$9.94	$10.00
Income (loss) from operations:
Net investment income	0.02	0.22	0.04
Net realized and unrealized gain (loss)	(0.61 )	1.82	(0.02 )
Total income (loss) from operations	(0.59)	2.04	0.02
Less distributions from:
Net investment income	—	(0.19 )	(0.08 )
Total distributions	—	(0.19 )	(0.08 )
Net asset value, end of period	$11.20	$11.79	$9.94
Total return4	(5.00 )%	20.45 %	0.28 %
Net assets, end of period (000s)	$1,347	$1,485	$36
Ratios to average net assets:
Gross expenses	2.29 %5	2.85 %6	4.22 %5,7
Net expenses8,9	1.25 5	1.25	1.25 5
Net investment income	0.33 5	2.11	1.20 5
Portfolio turnover rate	25 %	73 %	21 %10

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended June 30, 2024 (unaudited).
3	For the period August 31, 2022 (inception date) to December 31, 2022.
4	Performance figures, exclusive of sales charges, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
5	Annualized.
6	Ratio includes 0.73% of non-recurring offering costs related to the inception of the Fund.
7	Ratio includes 1.75% of non-recurring organizational and offering costs related to the inception of the Fund.
8	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 1.25%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
9	Reflects fee waivers and/or expense reimbursements.
10	Excludes securities received as a result of a contribution in-kind.

See Notes to Financial Statements.

BrandywineGLOBAL — Small Cap Value Fund 2024 Semi-Annual Report

Financial Highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class C Shares1	20242	2023	20223
Net asset value, beginning of period	$11.75	$9.93	$10.00
Income (loss) from operations:
Net investment income (loss)	(0.02 )	0.08	0.01
Net realized and unrealized gain (loss)	(0.60 )	1.91	(0.01 )
Total income (loss) from operations	(0.62)	1.99	0.00 4
Less distributions from:
Net investment income	—	(0.17 )	(0.07 )
Total distributions	—	(0.17 )	(0.07 )
Net asset value, end of period	$11.13	$11.75	$9.93
Total return5	(5.28 )%	20.08 %	(0.03 )%
Net assets, end of period (000s)	$97	$94	$5
Ratios to average net assets:
Gross expenses	3.10 %6	3.74 %7,8	5.40 %6,9
Net expenses10,11	1.87 6	1.71 8	2.00 6
Net investment income (loss)	(0.30 )6	0.74	0.25 6
Portfolio turnover rate	25 %	73 %	21 %12

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended June 30, 2024 (unaudited).
3	For the period August 31, 2022 (inception date) to December 31, 2022.
4	Amount represents less than $0.005 or greater than $(0.005) per share.
5	Performance figures, exclusive of CDSC, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
6	Annualized.
7	Ratio includes 0.73% of non-recurring offering costs related to the inception of the Fund.
8	Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
9	Ratio includes 1.73% of non-recurring organizational and offering costs related to the inception of the Fund.
10	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 2.00%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
11	Reflects fee waivers and/or expense reimbursements.
12	Excludes securities received as a result of a contribution in-kind.

See Notes to Financial Statements.

BrandywineGLOBAL — Small Cap Value Fund 2024 Semi-Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class R Shares1	20242	2023	20223
Net asset value, beginning of period	$11.79	$9.93	$10.00
Income (loss) from operations:
Net investment income	0.00	0.10	0.02
Net realized and unrealized gain (loss)	(0.60 )	1.89	(0.01 )
Total income (loss) from operations	(0.60)	1.99	0.01
Less distributions from:
Net investment income	—	(0.13 )	(0.08 )
Total distributions	—	(0.13 )	(0.08 )
Net asset value, end of period	$11.19	$11.79	$9.93
Total return4	(5.09 )%	20.15 %	0.11 %
Net assets, end of period (000s)	$143	$6	$5
Ratios to average net assets:
Gross expenses	2.53 %5	3.28 %6,7	4.90 %5,8
Net expenses9,10	1.48 5	1.46 7	1.60 5
Net investment income	0.09 5	0.92	0.65 5
Portfolio turnover rate	25 %	73 %	21 %11

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended June 30, 2024 (unaudited).
3	For the period August 31, 2022 (inception date) to December 31, 2022.
4	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
5	Annualized.
6	Ratio includes 0.73% of non-recurring offering costs related to the inception of the Fund.
7	Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
8	Ratio includes 1.73% of non-recurring organizational and offering costs related to the inception of the Fund.
9	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 1.60%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
10	Reflects fee waivers and/or expense reimbursements.
11	Excludes securities received as a result of a contribution in-kind.

See Notes to Financial Statements.

BrandywineGLOBAL — Small Cap Value Fund 2024 Semi-Annual Report

Financial Highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class I Shares1	20242	2023	20223
Net asset value, beginning of period	$11.81	$9.94	$10.00
Income (loss) from operations:
Net investment income	0.02	0.15	0.04
Net realized and unrealized gain (loss)	(0.59 )	1.89	(0.01 )
Total income (loss) from operations	(0.57)	2.04	0.03
Less distributions from:
Net investment income	—	(0.17 )	(0.09 )
Total distributions	—	(0.17 )	(0.09 )
Net asset value, end of period	$11.24	$11.81	$9.94
Total return4	(4.91 )%	20.66 %	0.29 %
Net assets, end of period (000s)	$40	$6	$5
Ratios to average net assets:
Gross expenses	2.13 %5	2.67 %6	4.40 %5,7
Net expenses8,9	1.00 5	1.00	1.00 5
Net investment income	0.41 5	1.43	1.25 5
Portfolio turnover rate	25 %	73 %	21 %10

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended June 30, 2024 (unaudited).
3	For the period August 31, 2022 (inception date) to December 31, 2022.
4	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
5	Annualized.
6	Ratio includes 0.73% of non-recurring offering costs related to the inception of the Fund.
7	Ratio includes 1.73% of non-recurring organizational and offering costs related to the inception of the Fund.
8	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 1.00%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
9	Reflects fee waivers and/or expense reimbursements.
10	Excludes securities received as a result of a contribution in-kind.

See Notes to Financial Statements.

BrandywineGLOBAL — Small Cap Value Fund 2024 Semi-Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended December 31, unless otherwise noted:
Class IS Shares1	20242	2023	20223
Net asset value, beginning of period	$11.80	$9.94	$10.00
Income (loss) from operations:
Net investment income	0.04	0.16	0.05
Net realized and unrealized gain (loss)	(0.60 )	1.90	(0.02 )
Total income (loss) from operations	(0.56)	2.06	0.03
Less distributions from:
Net investment income	—	(0.20 )	(0.09 )
Total distributions	—	(0.20 )	(0.09 )
Net asset value, end of period	$11.24	$11.80	$9.94
Total return4	(4.83 )%	20.93 %	0.30 %
Net assets, end of period (000s)	$17,850	$18,751	$15,612
Ratios to average net assets:
Gross expenses	1.94 %5	2.42 %6	3.87 %5,7
Net expenses8,9	0.90 5	0.90	0.90 5
Net investment income	0.67 5	1.47	1.35 5
Portfolio turnover rate	25 %	73 %	21 %10

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended June 30, 2024 (unaudited).
3	For the period August 31, 2022 (inception date) to December 31, 2022.
4	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
5	Annualized.
6	Ratio includes 0.73% of non-recurring offering costs related to the inception of the Fund.
7	Ratio includes 1.72% of non-recurring organizational and offering costs related to the inception of the Fund.
8	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 0.90%. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
9	Reflects fee waivers and/or expense reimbursements.
10	Excludes securities received as a result of a contribution in-kind.

See Notes to Financial Statements.

BrandywineGLOBAL — Small Cap Value Fund 2024 Semi-Annual Report

Notes to Financial Statements (unaudited)

1. Organization and significant accounting policies

BrandywineGLOBAL — Small 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 Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

(a) Investment valuation. 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 typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. 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.

Pursuant to policies adopted by the Board of Trustees, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee,

BrandywineGLOBAL — Small Cap Value Fund 2024 Semi-Annual Report

among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

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

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

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

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

•

Level 1 — unadjusted quoted prices in active markets for identical investments

•

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

BrandywineGLOBAL — Small Cap Value Fund 2024 Semi-Annual Report

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

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
Common Stocks†	$19,167,708	—	—	$19,167,708
Short-Term Investments†	284,188	—	—	284,188
Total Investments	$19,451,896	—	—	$19,451,896

†	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 may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

(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) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. 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) REIT distributions. The character of distributions received from Real Estate Investment Trusts (‘‘REITs’’) held by the Fund is generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Fund to estimate the character of distributions received from underlying REITs based on historical data provided by the REITs. After each calendar year end, REITs report the actual tax character of these distributions. Differences between the estimated and actual amounts reported by the REITs are reflected in the Fund’s records in the year in which they are reported by the REITs by adjusting related investment cost basis, capital gains and income, as necessary.

(e) 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.

(f) Share class accounting. Investment income, common expenses and realized/unrealized gains (losses) on investments are allocated to the various classes of the Fund on

BrandywineGLOBAL — Small Cap Value Fund 2024 Semi-Annual Report

the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that share class.

(g) 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.

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

Management has analyzed the Fund’s tax positions taken on income tax returns for all open tax years and has concluded that as of December 31, 2023, no provision for income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

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

2. Investment management agreement and other transactions with affiliates

Franklin Templeton Fund Adviser, LLC (“FTFA”) is the Fund’s investment manager and Brandywine Global Investment Management, LLC (“Brandywine Global”) is the Fund’s subadviser. FTFA and Brandywine Global are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”).

Under the investment management agreement, 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	0.800 %
Next $2 billion	0.750
Over $3 billion	0.700

FTFA provides administrative and certain oversight services to the Fund. FTFA delegates to the subadviser the day-to-day portfolio management of the Fund. For its services, FTFA pays Brandywine Global a fee monthly, at an annual rate equal to 70% of the net management fee it receives from the Fund.

As a result of expense limitation arrangements between the Fund and FTFA, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A, Class C, Class R, Class I and Class IS shares did not exceed 1.25%, 2.00%, 1.60%, 1.00% and 0.90%, respectively. In addition, the ratio of

BrandywineGLOBAL — Small Cap Value Fund 2024 Semi-Annual Report

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

total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the “affiliated money market fund waiver”). The affiliated money market fund waiver is not subject to the recapture provision discussed below.
During the six months ended June 30, 2024, fees waived and/or expenses reimbursed amounted to $103,983, which included an affiliated money market fund waiver of $245.

FTFA is permitted to recapture amounts waived and/or reimbursed to a class within three years after the fiscal year in which FTFA earned the fee or incurred the expense if the class’ total annual fund operating expenses have fallen to a level below the expense limitation (“expense cap”) in effect at the time the fees were earned or the expenses incurred. In no case will FTFA recapture any amount that would result, on any particular business day of the Fund, in the class’ total annual fund operating expenses exceeding the expense cap or any other lower limit then in effect.

Pursuant to these arrangements, at June 30, 2024, the Fund had remaining fee waivers and/or expense reimbursements subject to recapture by FTFA and respective dates of expiration as follows:

	Class A	Class C	Class R	Class I	Class IS
Expires December 31, 2025	$256	$49	$49	$57	$154,009
Expires December 31, 2026	6,431	474	81	202	256,297
Expires December 31, 2027	7,534	508	482	145	94,977
Total fee waivers/expense reimbursements subject to recapture	$14,221	$1,031	$612	$404	$505,283

For the six months ended June 30, 2024, FTFA did not recapture any fees.

Franklin Distributors, LLC (“Franklin Distributors”) serves as the Fund’s sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources. Franklin Templeton Investor Services, LLC (“Investor Services”) serves as the Fund’s shareholder servicing agent and acts as the Fund’s transfer agent and dividend-paying agent. Investor Services is an indirect, wholly-owned subsidiary of Franklin Resources. Each class of shares of the Fund pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. Investor Services charges account-based fees based on the number of individual shareholder accounts, as well as a fixed percentage fee based on the total account-based fees charged. In addition, each class reimburses Investor Services for out of pocket expenses incurred. For the six months ended June 30, 2024, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $862 was earned by Investor Services.

There is a maximum initial sales charge of 5.50% for Class A shares. There is a contingent deferred sales charge (“CDSC”) of 1.00% on Class C shares, which applies if redemption occurs within 12 months from purchase payment. In certain cases, Class A shares have a 1.00% CDSC, which applies if redemption occurs within 18 months from purchase payment. This CDSC only applies to those purchases of Class A shares, which, when combined with

BrandywineGLOBAL — Small Cap Value Fund 2024 Semi-Annual Report

current holdings of other shares of funds sold by Franklin Distributors, equal or exceed $1,000,000 in the aggregate. These purchases do not incur an initial sales charge.

For the six months ended June 30, 2024, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:

	Class A
Sales charges	$570
CDSCs	—

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

3. Investments

During the six months ended June 30, 2024, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

Purchases	$5,411,891
Sales	4,930,414

At June 30, 2024, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

	Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
Securities	$18,593,892	$2,126,886	$(1,268,882)	$858,004

4. Derivative instruments and hedging activities

During the six months ended June 30, 2024, 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 C and Class R shares calculated at the annual rate of 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 six months ended June 30, 2024, class specific expenses were as follows:

	Service and/or Distribution Fees	Transfer Agent Fees
Class A	$1,807	$735
Class C	488 †	73
Class R	231 †	14
Class I	—	12
Class IS	—	28
Total	$2,526	$862

BrandywineGLOBAL — Small Cap Value Fund 2024 Semi-Annual Report

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

†	Amount shown is exclusive of expense reimbursements. For the six months ended June 30, 2024, the service and/or distribution fees reimbursed amounted to $90 and $2 for Class C and Class R shares, respectively.

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

	Waivers/Expense Reimbursements
Class A	$7,552
Class C	599
Class R	485
Class I	145
Class IS	95,202
Total	$103,983

6. Distributions to shareholders by class

	Six Months Ended June 30, 2024	Year Ended December 31, 2023
Net Investment Income:
Class A	—	$15,288
Class C	—	1,077
Class R	—	67
Class I	—	105
Class IS	—	312,465
Total	—	$329,002

7. Shares of beneficial interest

At June 30, 2024, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. The Fund has the ability to issue multiple classes of shares. Each class of shares represents an identical interest and has the same rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.

Transactions in shares of each class were as follows:

	Six Months Ended June 30, 2024		Year Ended December 31, 2023
	Shares	Amount	Shares	Amount
Class A
Shares sold	21,940	$251,244	200,245	$2,216,248
Shares issued on reinvestment	—	—	1,336	15,031
Shares repurchased	(27,669 )	(320,022 )	(79,205 )	(823,582 )
Net increase (decrease)	(5,729 )	$(68,778 )	122,376	$1,407,697

BrandywineGLOBAL — Small Cap Value Fund 2024 Semi-Annual Report

	Six Months Ended June 30, 2024		Year Ended December 31, 2023
	Shares	Amount	Shares	Amount
Class C
Shares sold	691	$7,947	8,731	$91,672
Shares issued on reinvestment	—	—	89	994
Shares repurchased	—	—	(1,288 )	(14,226 )
Net increase	691	$7,947	7,532	$78,440
Class R
Shares sold	12,459	$145,070	3	$30
Shares issued on reinvestment	—	—	—	—
Shares repurchased	(211 )	(2,457 )	—	—
Net increase	12,248	$142,613	3	$30
Class I
Shares sold	3,036	$35,000	904	$10,002
Shares issued on reinvestment	—	—	2	18
Shares repurchased	—	—	(906 )	(9,511 )
Net increase	3,036	$35,000	—	$509
Class IS
Shares sold	—	—	—	—
Shares issued on reinvestment	—	—	27,810	$312,465
Shares repurchased	—	—	(9,356 )	(98,438 )
Net increase	—	—	18,454	$214,027

8. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the six months ended June 30, 2024. The following transactions were effected in such company for the six months ended June 30, 2024.

	Affiliate Value at December 31, 2023	Purchased		Sold
	Affiliate Value at December 31, 2023	Cost	Shares	Proceeds	Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	$937,957	$2,114,899	2,114,899	$2,768,668	2,768,668

BrandywineGLOBAL — Small Cap Value Fund 2024 Semi-Annual Report

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

(cont’d)	Realized Gain (Loss)	Dividend Income	Net Increase (Decrease) in Unrealized Appreciation (Depreciation)	Affiliate Value at June 30, 2024
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	—	$14,803	—	$284,188

9. Redemption facility

The Fund, together with other U.S. registered and foreign investment funds (collectively, the “Borrowers”) managed by Franklin Resources or its affiliates, is a borrower in a joint syndicated senior unsecured credit facility totaling $2.675 billion (the “Global Credit Facility”). The Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Unless renewed, the Global Credit Facility will terminate on January 31, 2025.

Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in the Statement of Operations. The Fund did not utilize the Global Credit Facility during the six months ended June 30, 2024.

10. Deferred capital losses

As of December 31, 2023, the Fund had deferred capital losses of $850,900, which have no expiration date, that will be available to offset future taxable capital gains.

BrandywineGLOBAL — Small Cap Value Fund 2024 Semi-Annual Report

Board Approval of Management and

Subadvisory Agreements (unaudited)

At an in-person meeting of the Board of Trustees of Legg Mason Global Asset Management Trust (the “Trust”) held on May 2-3, 2024, the Board, including the Trustees who are not considered to be “interested persons” of the Trust (the “Independent Trustees”) under the Investment Company Act of 1940, as amended (the “1940 Act”), approved for an annual period the continuation of the management agreement (the “Management Agreement”) between the Trust and Franklin Templeton Fund Adviser, LLC (formerly Legg Mason Partners Fund Advisor, LLC) (the “Manager”) with respect to BrandywineGLOBAL – Small Cap Value Fund, a series of the Trust (the “Fund”), and the sub-advisory agreement pursuant to which Brandywine Global Investment Management, LLC (the “Sub-Adviser”) provides day-to-day management of the Fund’s portfolio. The management agreement and sub-advisory agreement are collectively referred to as the “Agreements.”

Background

The Board received extensive information in advance of the meeting to assist it in its consideration of the Agreements and asked questions and requested additional information from management. Throughout the year the Board (including its various committees) had met with representatives of the Manager and the Sub-Adviser, and had received information relevant to the renewal of the Agreements. Prior to the meeting the Independent Trustees met with their independent legal counsel to discuss and consider the information provided and submitted questions to management, and they considered the responses provided. The Board received and considered a variety of information about the Manager and the Sub-Adviser, as well as the management, advisory and sub-advisory arrangements for the Fund and other funds overseen by the Board, certain portions of which are discussed below. The information received and considered by the Board both in conjunction with the May 2024 meeting and throughout the year was both written and oral. The contractual arrangements discussed below are the product of multiple years of review and negotiation and information received and considered by the Board during those years.

The information provided and presentations made to the Board encompassed the Fund and all funds for which the Board has responsibility. The discussion below covers both the advisory and the administrative functions being rendered by the Manager, both of which functions are encompassed by the Management Agreement, as well as the advisory functions rendered by the Sub-Adviser pursuant to the Sub-Advisory Agreement.

Board approval of management agreement and sub-advisory agreement

The Independent Trustees were advised by separate independent legal counsel throughout the process. Prior to voting, the Independent Trustees received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed continuation of the Agreements. The Independent Trustees also reviewed the proposed continuation of the Management Agreement and the Sub-Advisory Agreement in private sessions with their independent legal counsel at which no representatives of the

BrandywineGLOBAL — Small Cap Value Fund

Manager and Sub-Adviser were present. The Independent Trustees considered the Management Agreement and the Sub-Advisory Agreement separately in the course of their review. In doing so, they noted the respective roles of the Manager and the Sub-Adviser in providing services to the Fund.

In approving the Agreements, the Board, including the Independent Trustees, considered a variety of factors, including those factors discussed below. No single factor reviewed by the Board was identified by the Board as the principal factor in determining whether to approve the Management Agreement and the Sub-Advisory Agreement. Each Trustee may have attributed different weight to the various factors in evaluating the Management Agreement and the Sub-Advisory Agreement.

After considering all relevant factors and information, the Board, exercising its business judgment, determined that the continuation of the Agreements was in the best interests of the Fund and its shareholders and approved the continuation of each such agreement for another year.

Nature, extent and quality of the services under the management agreement and sub-advisory agreement

The Board received and considered information regarding the nature, extent and quality of services provided to the Fund by the Manager and the Sub-Adviser under the Management Agreement and the Sub-Advisory Agreement, respectively, during the past year. The Board noted information received at regular meetings throughout the year related to the services rendered by the Manager in its management of the Fund’s affairs and the Manager’s role in coordinating the activities of the Fund’s other service providers. The Board’s evaluation of the services provided by the Manager and the Sub-Adviser took into account the Board’s knowledge gained as Trustees of funds in the fund complex overseen by the Trustees, including knowledge gained regarding the scope and quality of the investment management and other capabilities of the Manager and the Sub-Adviser, and the quality of the Manager’s administrative and other services. The Board observed that the scope of services provided by the Manager and the Sub-Adviser, and of the undertakings required of the Manager and Sub-Adviser in connection with those services, including maintaining and monitoring their own and the Fund’s compliance programs, liquidity risk management programs, derivatives risk management programs, cybersecurity programs and valuation-related policies, had expanded over time as a result of regulatory, market and other developments. The Board also noted that on a regular basis it received and reviewed information from the Manager regarding the Fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board also considered the risks associated with the Fund borne by the Manager and its affiliates (such as entrepreneurial, operational, reputational, litigation and regulatory risk), as well as the Manager’s and the Sub-Adviser’s risk management processes.

BrandywineGLOBAL — Small Cap Value Fund

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont’d)

The Board reviewed the qualifications, backgrounds and responsibilities of the Manager’s and the Sub-Adviser’s senior personnel and the team of investment professionals primarily responsible for the day-to-day portfolio management of the Fund. The Board also considered, based on its knowledge of the Manager and the Manager’s affiliates, the financial resources of Franklin Resources, Inc., the parent organization of the Manager and the Sub-Adviser. The Board recognized the importance of having a fund manager with significant resources.

The Board considered the division of responsibilities between the Manager and the Sub-Adviser and the oversight provided by the Manager. The Board also considered the policies and practices of the Manager and the Sub-Adviser regarding the selection of brokers and dealers and the execution of portfolio transactions. The Board considered management’s periodic reports to the Board on, among other things, its business plans, any organizational changes and portfolio manager compensation.

The Board received and considered performance information for the Fund as well as for a group of funds (the “Performance Universe”) selected by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, based on classifications provided by Thomson Reuters Lipper (“Lipper”). The Board was provided with a description of the methodology used to determine the similarity of the Fund with the funds included in the Performance Universe. It was noted that while the Board found the Broadridge data generally useful, they recognized its limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group and its composition over time. The Board also noted that it had received and discussed with management information throughout the year at periodic intervals comparing the Fund’s performance against its benchmark and against the Fund’s peers. The Board also considered the Fund’s performance in light of overall financial market conditions.

The information comparing the Fund’s performance to that of its Performance Universe, consisting of funds (including the Fund) classified as small-cap value funds by Lipper, showed, among other data, that the performance of the Fund’s Class I shares for the 1-year period ended December 31, 2023 and the period since the Fund’s inception (August 31, 2022) through December 31, 2023 was above the median performance of the funds in the Performance Universe for each period.

The Board concluded that, overall, the nature, extent and quality of services provided (and expected to be provided), including performance, under the Management Agreement and the Sub-Advisory Agreement were sufficient for renewal.

BrandywineGLOBAL — Small Cap Value Fund

Management fees and expense ratios

The Board reviewed and considered the contractual management fee payable by the Fund to the Manager (the “Contractual Management Fee”) and the actual management fees paid by the Fund to the Manager after giving effect to breakpoints and waivers, if any (the “Actual Management Fee”), in light of the nature, extent and quality of the management and sub-advisory services provided by the Manager and the Sub-Adviser, respectively. The Board also considered that fee waiver and/or expense reimbursement arrangements are currently in place for the Fund. The Board also noted that the compensation paid to the Sub-Adviser is the responsibility and expense of the Manager, not the Fund.

The Board received and considered information provided by Broadridge comparing the Contractual Management Fee and the Actual Management Fee and the Fund’s total actual expenses with those of funds in both the relevant expense group and a broader group of funds, each selected by Broadridge based on classifications provided by Lipper. It was noted that while the Board found the Broadridge data generally useful, they recognized its limitations, including that the data may vary depending on the selection of the peer group. The Board also reviewed information regarding fees charged by the Manager and/or the Sub-Adviser to other U.S. clients investing primarily in an asset class similar to that of the Fund, including, where applicable, institutional separate and commingled accounts.

The Manager reviewed with the Board the differences in services provided to these different types of accounts, noting that the Fund is provided with certain administrative services, office facilities, and Fund officers (including the Fund’s chief executive, chief financial and chief compliance officers), and that the Manager coordinates and oversees the provision of services to the Fund by other Fund service providers. The Board considered the fee comparisons in light of the differences in management of these different types of accounts, and the differences in the degree of entrepreneurial and other risks borne by the Manager in managing the Fund and in managing other types of accounts.

The Board considered the overall management fee, the fees of the Sub-Adviser and the amount of the management fee retained by the Manager after payment of the sub-advisory fees, in each case in light of the services rendered for those amounts. The Board also received an analysis of complex-wide management fees provided by the Manager, which, among other things, set out a framework of fees based on asset classes.

The Board also received and considered information comparing the Fund’s Contractual Management Fee and Actual Management Fee as well as its actual total expense ratio with those of a group of funds consisting of 13 small-cap value funds (including the Fund) selected by Broadridge to be comparable to the Fund (the “Expense Group”), and a broader group of funds selected by Broadridge consisting of small-cap value funds (including the Fund) (the “Expense Universe”). This information showed that the Fund’s Contractual Management Fee was at the median of management fees payable by the funds in the

BrandywineGLOBAL — Small Cap Value Fund

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont’d)

Expense Group and that the Fund’s Actual Management Fee was below the median of management fees paid by the funds in the Expense Group and below the median of management fees paid by the funds in the Expense Universe. This information also showed that the Fund’s actual total expense ratio was approximately equivalent to the median of the total expense ratios of the funds in the Expense Group and approximately equivalent to the median of the actual total expense ratios of the funds in the Expense Universe. The Board also considered that the current limitation on the Fund’s expenses is expected to continue until and expire on December 31, 2025.

Taking all of the above into consideration, as well as the factors identified below, the Board determined that the management fee and the sub-advisory fees for the Fund were reasonable in light of the nature, extent and quality of the services provided to the Fund under the Management Agreement and the Sub-Advisory Agreement.

Manager profitability

The Board received and considered an analysis of the profitability of the Manager and its affiliates in providing services to the Fund. The Board also received profitability information with respect to the Legg Mason Funds complex as a whole. The Board received information with respect to the Manager’s allocation methodologies used in preparing this profitability data. It was noted that the allocation methodologies had been reviewed by an outside consultant. The profitability of the Manager and its affiliates was considered by the Board not excessive in light of the nature, extent and quality of the services provided to the Fund.

Economies of scale

The Board received and discussed information concerning whether the Manager realizes economies of scale with respect to the management of the Fund as the Fund’s assets grow. The Board noted that the Manager had previously agreed to institute breakpoints in the Fund’s Contractual Management Fee, reflecting the potential for reducing the blended rate of the Contractual Management Fee as the Fund grows. The Board considered whether the breakpoint fee structure was a reasonable means of sharing with Fund investors any economies of scale or other efficiencies that might accrue from increases in the Fund’s asset levels. The Board noted that the Fund had not reached the specified asset level at which a breakpoint to its Contractual Management Fee would be triggered. The Board also noted the size of the Fund.

The Board determined that the management fee structure for the Fund was reasonable.

Other benefits to the manager and the sub-adviser

The Board considered other benefits received by the Manager, the Sub-Adviser and their affiliates as a result of their relationship with the Fund, including the opportunity to offer additional products and services to Fund shareholders, including the appointment of an affiliate of the Manager as the transfer agent of the Fund.

BrandywineGLOBAL — Small Cap Value Fund

BrandywineGLOBAL —

Small Cap Value Fund

Trustees

Andrew L. Breech

Stephen R. Gross

Susan M. Heilbron

Arnold L. Lehman

Robin J. W. Masters

Ken Miller

G. Peter O’Brien
Chair

Thomas F. Schlafly

Jane Trust

Investment manager

Franklin Templeton Fund Adviser, LLC

Subadviser

Brandywine Global Investment Management, LLC

Distributor

Franklin Distributors, LLC

Custodian

The Bank of New York Mellon

Transfer agent

Franklin Templeton Investor
Services, LLC
3344 Quality Drive
Rancho Cordova, CA 95670-7313

Independent registered public accounting firm

PricewaterhouseCoopers LLP
Baltimore, MD

BrandywineGLOBAL — Small Cap Value Fund

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

BrandywineGLOBAL — Small Cap Value Fund
Legg Mason Funds
100 International Drive
Baltimore, MD 21202

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at 877-6LM-FUND/656-3863.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at 877-6LM-FUND/656-3863, (2) at www.franklintempleton.com and (3) on the SEC’s website at www.sec.gov.

This report is submitted for the general information of the shareholders of BrandywineGLOBAL — Small 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.franklintempleton.com

Franklin Templeton Funds Privacy and Security Notice

Your Privacy Is Our Priority

Franklin Templeton* is committed to safeguarding your personal information. This notice is designed to provide you with a summary of the non-public personal information Franklin Templeton may collect and maintain about current or former individual investors; our policy regarding the use of that information; and the measures we take to safeguard the information. We do not sell individual investors’ non-public personal information to anyone and only share it as described in this notice.

Information We Collect

When you invest with us, you provide us with your non-public personal information. We collect and use this information to service your accounts and respond to your requests. The non-public personal information we may collect falls into the following categories:

•

Information we receive from you or your financial intermediary on applications or other forms, whether we receive the form in writing or electronically. For example, this information may include your name, address, tax identification number, birth date, investment selection, beneficiary information, and your personal bank account information and/or email address if you have provided that information.

•

Information about your transactions and account history with us, or with other companies that are part of Franklin Templeton, including transactions you request on our website or in our app. This category also includes your communications to us concerning your investments.

•

Information we receive from third parties (for example, to update your address if you move, obtain or verify your email address or obtain additional information to verify your identity).

•

Information collected from you online, such as your IP address or device ID and data gathered from your browsing activity and location. (For example, we may use cookies to collect device and browser information so our website recognizes your online preferences and device information.) Our website contains more information about cookies and similar technologies and ways you may limit them.

•

Other general information that we may obtain about you such as demographic information.

Disclosure Policy

To better service your accounts and process transactions or services you requested, we may share non-public personal information with other Franklin Templeton companies. From time to time we may also send you information about products/services offered by other Franklin Templeton companies although we will not share your non-public personal information with these companies without first offering you the opportunity to prevent that sharing.

We will only share non-public personal information with outside parties in the limited circumstances permitted by law. For example, this includes situations where we need to share information with companies who work on our behalf to service or maintain your account or

NOT PART OF THE SEMI-ANNUAL REPORT

Franklin Templeton Funds Privacy and Security Notice

(cont’d)

process transactions you requested, when the disclosure is to companies assisting us with our own marketing efforts, when the disclosure is to a party representing you, or when required by law (for example, in response to legal process). Additionally, we will ensure that any outside companies working on our behalf, or with whom we have joint marketing agreements, are under contractual obligations to protect the confidentiality of your information, and to use it only to provide the services we asked them to perform.

Confidentiality and Security

Our employees are required to follow procedures with respect to maintaining the confidentiality of our investors’ non-public personal information. Additionally, we maintain physical, electronic and procedural safeguards to protect the information. This includes performing ongoing evaluations of our systems containing investor information and making changes when appropriate.

At all times, you may view our current privacy notice on our website at
https://www.franklintempleton.com/help/privacy-policy or contact us for a copy at (800) 632-2301.

*For purposes of this privacy notice Franklin Templeton shall refer to the following entities:

Fiduciary Trust International of the South (FTIOS), as custodian for individual retirement plans

Franklin Advisers, Inc.

Franklin Distributors, LLC, including as program manager of the Franklin Templeton 529 College Savings Plan and the NJBEST 529 College Savings Plan

Franklin Mutual Advisers, LLC

Franklin, Templeton and Mutual Series Funds

Franklin Templeton Institutional, LLC

Franklin Templeton Investments Corp., Canada

Franklin Templeton Investments Management, Limited UK

Legg Mason Funds

Templeton Asset Management, Limited

Templeton Global Advisors, Limited

Templeton Investment Counsel, LLC

If you are a customer of other Franklin Templeton affiliates and you receive notices from them, you will need to read those notices separately.

NOT PART OF THE SEMI-ANNUAL REPORT

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

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.

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.

	(a) (1) Not applicable.
	Exhibit 99.CODE ETH

	(a) (2) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.
	Exhibit 99.CERT

	(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.
	Exhibit 99.906CERT

By:	/s/ Jane Trust
	Jane Trust
	Chief Executive Officer

Date:	August 20, 2024

By:	/s/ Jane Trust
	Jane Trust
	Chief Executive Officer

Date:	August 20, 2024

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

Date:	August 20, 2024


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

Schedule of Investments	1
Statement of Assets and Liabilities	5
Statement of Operations	7
Statements of Changes in Net Assets	8
Financial Highlights	9
Notes to Financial Statements	14
Changes in and Disagreements with Accountants	23
Results of Meeting(s) of Shareholders	23
Remuneration Paid to Directors, Officers and Others	23
Board Approval of Management and Subadvisory Agreements	24