Legg Mason Global Asset Management Trust

08/25/2026 | Press release | Distributed by Public on 08/25/2026 07:58

Semi-Annual Report by Investment Company (Form N-CSRS)

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)

One Madison Avenue, 17th Floor, New York, NY 10010

(Address of principal executive offices) (Zip code)

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

Registrant's telephone number, including area code: 877-6LM-FUND/656-3863

Date of fiscal year end: December 31

Date of reporting period: June 30, 2026

ITEM 1. REPORT TO STOCKHOLDERS.

(a) The Report to Shareholders is filed herewith

BrandywineGLOBAL - Flexible Bond Fund
Class A [LFLAX]
Semi-Annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about BrandywineGLOBAL - Flexible Bond Fund for the period  January 1, 2026, to June 30, 2026.
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
$48
0.95%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of June 30, 2026)
Total Net Assets
$460,366,158
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
185
Portfolio Turnover Rate
43%
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Portfolio Composition*(% of Total Investments)
* Does not include derivatives, except purchased options, if any.  
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
BrandywineGLOBAL - Flexible Bond Fund PAGE 1 7207-STSR-0826
BrandywineGLOBAL - Flexible Bond Fund
Class C [LFLCX]
Semi-Annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about BrandywineGLOBAL - Flexible Bond Fund for the period  January 1, 2026, to June 30, 2026.
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 C
$87
1.74%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of June 30, 2026)
Total Net Assets
$460,366,158
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
185
Portfolio Turnover Rate
43%
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Portfolio Composition*(% of Total Investments)
* Does not include derivatives, except purchased options, if any.  
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
BrandywineGLOBAL - Flexible Bond Fund PAGE 1 7996-STSR-0826
BrandywineGLOBAL - Flexible Bond Fund
Class I [LFLIX]
Semi-Annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about BrandywineGLOBAL - Flexible Bond Fund for the period  January 1, 2026, to June 30, 2026.
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 I
$36
0.71%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of June 30, 2026)
Total Net Assets
$460,366,158
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
185
Portfolio Turnover Rate
43%
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Portfolio Composition*(% of Total Investments)
* Does not include derivatives, except purchased options, if any.  
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
BrandywineGLOBAL - Flexible Bond Fund PAGE 1 7208-STSR-0826
BrandywineGLOBAL - Flexible Bond Fund
Class IS [LFLSX]
Semi-Annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about BrandywineGLOBAL - Flexible Bond Fund for the period  January 1, 2026, to June 30, 2026.
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 IS
$32
0.63%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of June 30, 2026)
Total Net Assets
$460,366,158
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
185
Portfolio Turnover Rate
43%
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Portfolio Composition*(% of Total Investments)
* Does not include derivatives, except purchased options, if any.  
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
BrandywineGLOBAL - Flexible Bond Fund PAGE 1 7209-STSR-0826

(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.
(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.
(b) Not applicable.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
 
BrandywineGLOBAL - 
Flexible Bond Fund
Financial Statements and Other Important Information
Semi-Annual  | June 30, 2026
 
 
If you need assistance accessing this content, please reach out to your sales representative or send an email to [email protected].
Table of Contents
 
Schedule of Investments
1
Statement of Assets and Liabilities
18
Statement of Operations
20
Statements of Changes in Net Assets
21
Financial Highlights
22
Notes to Financial Statements
26
Changes in and Disagreements with Accountants
45
Results of Meeting(s) of Shareholders
45
Remuneration Paid to Directors, Officers and Others
45
Board Approval of Management and Subadvisory Agreements
46
franklintempleton.com
Financial Statements and Other Important Information - Semi-Annual
Schedule of Investments (unaudited) June 30, 2026
 BrandywineGLOBAL - Flexible Bond Fund
(Percentages shown based on Fund net assets)  
Security
Rate
Maturity
Date
Face
Amount†
Value
Corporate Bonds & Notes - 42.5%
Communication Services - 1.4%
Diversified Telecommunication Services - 0.5%
Cogent Communications Group LLC/
Cogent Finance Inc., Senior Secured
Notes
6.500%
7/1/32
1,930,000
 
$1,738,927
  (a)
Level 3 Financing Inc., Senior Notes
8.500%
1/15/36
560,000
 
601,792
  (a)
Total Diversified Telecommunication Services
2,340,719
Media - 0.6%
Charter Communications Operating LLC/
Charter Communications Operating
Capital Corp., Senior Secured Notes
5.750%
4/1/48
2,140,000
 
1,802,617
  
Getty Images Inc., Senior Secured Notes
10.500%
11/15/30
1,470,000
 
1,226,867
  (a)
Total Media
3,029,484
Wireless Telecommunication Services - 0.3%
Vmed O2 UK Financing I PLC, Senior
Secured Notes
4.750%
7/15/31
1,495,000
 
1,229,778
  (a)
Total Communication Services
6,599,981
Consumer Discretionary - 2.7%
Hotels, Restaurants & Leisure - 1.4%
Affinity Interactive, Senior Secured Notes
6.875%
12/15/27
5,110,000
 
2,881,866
  (a)
Allwyn Entertainment Financing UK PLC,
Senior Secured Notes
7.875%
4/30/29
1,650,000
 
1,696,184
  (a)
Mohegan Tribal Gaming Authority/MS
Digital Entertainment Holdings LLC,
Senior Secured Notes
8.250%
4/15/30
1,780,000
 
1,855,358
  (a)
Total Hotels, Restaurants & Leisure
6,433,408
Household Durables - 0.0%††
Dream Finders Homes Inc., Senior Notes
6.875%
9/15/30
186,000
 
184,806
  (a)
Specialty Retail - 0.9%
Victra Holdings LLC/Victra Finance Corp.,
Senior Secured Notes
8.750%
9/15/29
4,000,000
 
4,128,612
  (a)
Textiles, Apparel & Luxury Goods - 0.4%
S&S Holdings LLC, Senior Secured Notes
8.375%
10/1/31
1,724,000
 
1,632,814
  (a)
Total Consumer Discretionary
12,379,640
Consumer Staples - 1.2%
Food Products - 0.9%
Adecoagro SA, Senior Notes
7.500%
7/29/32
550,000
 
521,714
  (a)
Minerva Luxembourg SA, Senior Notes
4.375%
3/18/31
355,000
 
312,342
  (a)
Minerva Luxembourg SA, Senior Notes
8.875%
9/13/33
1,180,000
 
1,221,903
  (a)
See Notes to Financial Statements.
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
1
Schedule of Investments (unaudited) (cont'd) June 30, 2026
 BrandywineGLOBAL - Flexible Bond Fund
(Percentages shown based on Fund net assets)
Security
Rate
Maturity
Date
Face
Amount†
Value
Food Products - continued
Pilgrim's Pride Corp., Senior Notes
4.250%
4/15/31
2,400,000
 
$2,302,955
  
Total Food Products
4,358,914
Tobacco - 0.3%
Turning Point Brands Inc., Senior Secured
Notes
7.625%
3/15/32
1,340,000
 
1,389,978
  (a)
Total Consumer Staples
5,748,892
Energy - 12.7%
Energy Equipment & Services - 0.6%
Yinson Boronia Production BV, Senior
Secured Notes
8.947%
7/31/42
2,797,805
 
3,079,174
  (a)
Oil, Gas & Consumable Fuels - 12.1%
Chord Energy Corp., Senior Notes
6.000%
10/1/30
1,790,000
 
1,798,510
  (a)
Devon Energy Corp., Senior Notes
5.600%
7/15/41
2,480,000
 
2,447,485
  
Ecopetrol SA, Senior Notes
7.750%
2/1/32
3,080,000
 
3,227,024
  
Ecopetrol SA, Senior Notes
8.875%
1/13/33
590,000
 
646,503
  
Energean Israel Finance Ltd., Senior
Secured Notes
5.375%
3/30/28
3,050,000
 
3,018,543
  (b)
Energy Transfer LP, Junior Subordinated
Notes (6.500% to 11/15/26 then 5 year
Treasury Constant Maturity Rate +
5.694%)
6.500%
11/15/26
2,160,000
 
2,168,221
  (c)(d)
Esentia Energy Development SAB de CV,
Senior Notes
6.125%
7/30/33
770,000
 
768,691
  (a)
Genesis Energy LP/Genesis Energy
Finance Corp., Senior Notes
8.000%
5/15/33
990,000
 
1,030,348
  
Geopark Ltd., Senior Notes
8.750%
1/31/30
2,320,000
 
2,302,619
  (a)
Infinity Natural Resources LLC, Senior
Notes
7.625%
4/1/31
640,000
 
636,122
  (a)
Kosmos Energy Ltd., Senior Notes
8.750%
10/1/31
750,000
 
613,894
  (a)
Kraken Oil & Gas Partners LLC, Senior
Notes
7.625%
8/15/29
1,880,000
 
1,899,798
  (a)
Kraken Oil & Gas Partners LLC, Senior
Notes
7.125%
5/15/31
840,000
 
821,887
  (a)
Leviathan Bond Ltd., Senior Secured
Notes
6.500%
6/30/27
893,000
 
896,848
  (b)
Leviathan Bond Ltd., Senior Secured
Notes
6.750%
6/30/30
1,075,000
 
1,105,467
  (b)
Murphy Oil Corp., Senior Notes
6.500%
2/15/34
1,770,000
 
1,754,487
  
NFE Brazil Financing Ltd., Senior Notes
(12.000% PIK)
12.000%
5/15/29
2,349,846
 
2,136,224
  (a)(e)
See Notes to Financial Statements.
2
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
 BrandywineGLOBAL - Flexible Bond Fund
(Percentages shown based on Fund net assets)
Security
Rate
Maturity
Date
Face
Amount†
Value
Oil, Gas & Consumable Fuels - continued
NFE Financing LLC, Senior Secured Notes
12.000%
11/15/29
8,384,212
 
$2,968,053
  *(a)(f)
NGL Energy Operating LLC/NGL Energy
Finance Corp., Senior Secured Notes
8.125%
2/15/29
2,920,000
 
3,024,045
  (a)
PBF Holding Co. LLC/PBF Finance Corp.,
Senior Notes
9.875%
3/15/30
700,000
 
748,886
  (a)
PBF Holding Co. LLC/PBF Finance Corp.,
Senior Notes
7.250%
6/1/34
270,000
 
267,473
  (a)
Permian Resources Operating LLC, Senior
Notes
6.250%
2/1/33
995,000
 
1,016,534
  (a)
Petroleos del Peru SA, Senior Notes
5.625%
6/19/47
1,690,000
 
1,209,457
  (a)
Petroleos Mexicanos, Senior Notes
5.350%
2/12/28
2,340,000
 
2,343,991
  
Pluspetrol SA, Senior Notes
8.125%
5/18/31
980,000
 
1,015,575
  (a)
PRIO Luxembourg Holding Sarl, Senior
Notes
6.750%
10/15/30
1,740,000
 
1,707,375
  (a)
SM Energy Co., Senior Notes
6.625%
1/15/27
1,690,000
 
1,693,309
  
Teine Energy Ltd., Senior Notes
6.875%
4/15/29
3,100,000
 
3,105,673
  (a)
Venture Global LNG Inc., Junior
Subordinated Notes (9.000% to 9/30/29
then 5 year Treasury Constant Maturity
Rate + 5.440%)
9.000%
9/30/29
2,490,000
 
2,432,320
  (a)(c)(d)
YPF SA, Senior Notes
8.750%
9/11/31
2,070,000
 
2,203,931
  (a)
YPF SA, Senior Notes
8.250%
1/17/34
2,360,000
 
2,472,192
  (a)
YPF SA, Senior Secured Notes
9.500%
1/17/31
1,970,000
 
2,091,982
  (a)
Total Oil, Gas & Consumable Fuels
55,573,467
Total Energy
58,652,641
Financials - 10.7%
Banks - 2.4%
Banca Mifel SA, Junior Subordinated
Notes (9.250% to 5/14/31 then 5 year
Treasury Constant Maturity Rate +
5.213%)
9.250%
5/14/31
480,000
 
484,572
  (a)(c)(d)
Banco de Credito del Peru S.A.,
Subordinated Notes (5.650% to 1/15/32
then 5 year Treasury Constant Maturity
Rate + 1.961%)
5.650%
1/15/37
1,360,000
 
1,368,296
  (a)(d)
Banco Mercantil del Norte SA, Junior
Subordinated Notes (5.875% to 1/24/27
then 5 year Treasury Constant Maturity
Rate + 4.643%)
5.875%
1/24/27
1,860,000
 
1,849,770
  (a)(c)(d)
See Notes to Financial Statements.
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
3
Schedule of Investments (unaudited) (cont'd) June 30, 2026
 BrandywineGLOBAL - Flexible Bond Fund
(Percentages shown based on Fund net assets)
Security
Rate
Maturity
Date
Face
Amount†
Value
Banks - continued
Banco Mercantil del Norte SA, Junior
Subordinated Notes (8.000% to 1/24/33
then 5 year Treasury Constant Maturity
Rate + 3.734%)
8.000%
1/24/33
2,420,000
 
$2,425,445
  (a)(c)(d)
Citigroup Inc., Junior Subordinated Notes
(4.150% to 11/15/26 then 5 year Treasury
Constant Maturity Rate + 3.000%)
4.150%
11/15/26
1,470,000
 
1,464,503
  (c)(d)
First Citizens BancShares Inc., Senior
Notes (4.869% to 3/3/31 then SOFR +
1.487%)
4.869%
3/3/32
1,530,000
 
1,488,430
  (d)
PNC Financial Services Group Inc., Junior
Subordinated Notes (3.400% to 9/15/26
then 5 year Treasury Constant Maturity
Rate + 2.595%)
3.400%
9/15/26
765,000
 
764,861
  (c)(d)
PNC Financial Services Group Inc., Junior
Subordinated Notes (5.000% to 11/1/26
then 3 mo. Term SOFR + 3.562%)
5.000%
11/1/26
1,110,000
 
1,111,955
  (c)(d)
Total Banks
10,957,832
Capital Markets - 3.0%
Antares Holdings LP, Senior Notes
2.750%
1/15/27
645,000
 
635,805
  (a)
Antares Holdings LP, Senior Notes
7.950%
8/11/28
2,640,000
 
2,729,652
  (a)
Bank of New York Mellon Corp., Junior
Subordinated Notes (3.750% to 12/20/26
then 5 year Treasury Constant Maturity
Rate + 2.630%)
3.750%
12/20/26
1,400,000
 
1,390,874
  (c)(d)
Blue Owl Finance LLC, Senior Notes
3.125%
6/10/31
1,035,000
 
910,345
  
Blue Owl Technology Finance Corp.,
Senior Notes
6.500%
10/15/29
300,000
 
297,279
  
Credicorp Capital Sociedad Titulizadora
SA, Senior Notes
9.700%
3/5/45
2,490,000
 PEN
779,309
  (a)
Goldman Sachs Private Credit Corp.,
Senior Notes
5.050%
2/23/28
1,370,000
 
1,363,126
  
Golub Capital BDC Inc., Senior Notes
6.000%
7/15/29
1,320,000
 
1,321,693
  
UBS Group AG, Senior Notes (6.537% to
8/12/32 then SOFR + 3.920%)
6.537%
8/12/33
4,140,000
 
4,433,019
  (a)(d)
Total Capital Markets
13,861,102
Consumer Finance - 2.0%
Ally Financial Inc., Junior Subordinated
Notes (4.700% to 5/15/28 then 7 year
Treasury Constant Maturity Rate +
3.481%)
4.700%
5/15/28
3,165,000
 
3,067,177
  (c)(d)
See Notes to Financial Statements.
4
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
 BrandywineGLOBAL - Flexible Bond Fund
(Percentages shown based on Fund net assets)
Security
Rate
Maturity
Date
Face
Amount†
Value
Consumer Finance - continued
Credit Acceptance Corp., Senior Notes
9.250%
12/15/28
1,988,000
 
$2,072,745
  (a)
Enova International Inc., Senior Notes
9.125%
8/1/29
1,350,000
 
1,413,690
  (a)
PRA Group Inc., Senior Notes
5.000%
10/1/29
3,040,000
 
2,874,476
  (a)
Total Consumer Finance
9,428,088
Financial Services - 3.3%
Avilease Capital Ltd., Senior Notes
5.500%
6/30/31
840,000
 
846,559
  (a)
Azorra Finance Ltd., Senior Notes
6.250%
2/15/34
980,000
 
949,557
  (a)
Block Inc., Senior Notes
6.000%
8/15/33
1,140,000
 
1,148,521
  (a)
Burford Capital Global Finance LLC, Senior
Notes
6.250%
4/15/28
1,798,000
 
1,777,587
  (a)
Burford Capital Global Finance LLC, Senior
Notes
7.500%
7/15/33
990,000
 
840,352
  (a)
Freedom Mortgage Holdings LLC, Senior
Notes
9.250%
2/1/29
860,000
 
891,850
  (a)
Freedom Mortgage Holdings LLC, Senior
Notes
6.875%
5/1/31
1,060,000
 
1,029,544
  (a)
Freedom Mortgage Holdings LLC, Senior
Notes
8.375%
4/1/32
1,070,000
 
1,089,182
  (a)
Jane Street Group/JSG Finance Inc.,
Senior Secured Notes
7.125%
4/30/31
3,240,000
 
3,351,654
  (a)
United Wholesale Mortgage LLC, Senior
Notes
5.750%
6/15/27
2,420,000
 
2,398,175
  (a)
Velocity Commercial Capital LLC, Senior
Notes
9.375%
2/15/31
675,000
 
700,179
  (a)
Total Financial Services
15,023,160
Total Financials
49,270,182
Health Care - 0.7%
Health Care Providers & Services - 0.7%
Prime Healthcare Services Inc., Senior
Secured Notes
9.375%
9/1/29
1,765,000
 
1,844,962
  (a)
Star Parent Inc., Senior Secured Notes
9.000%
10/1/30
1,120,000
 
1,173,539
  (a)
Total Health Care
3,018,501
Industrials - 4.5%
Aerospace & Defense - 0.3%
Avolon Holdings Funding Ltd., Senior
Notes
4.200%
4/15/29
1,540,000
 
1,512,794
  (a)
Building Products - 0.2%
Ameritex Holdco Intermediate LLC, Senior
Secured Notes
7.625%
8/15/33
740,000
 
773,791
  (a)
See Notes to Financial Statements.
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
5
Schedule of Investments (unaudited) (cont'd) June 30, 2026
 BrandywineGLOBAL - Flexible Bond Fund
(Percentages shown based on Fund net assets)
Security
Rate
Maturity
Date
Face
Amount†
Value
Construction & Engineering - 0.4%
ATP Tower Holdings/Andean Telecom
Partners Chile SpA/Andean Tower
Partners Colombia SAS, Senior Secured
Notes
7.875%
2/3/30
1,590,000
 
$1,646,747
  (a)
Marine Transportation - 0.5%
Danaos Corp., Senior Notes
6.875%
10/15/32
2,060,000
 
2,130,096
  (a)
Passenger Airlines - 2.9%
Air Canada, Senior Secured Notes
3.875%
8/15/26
2,030,000
 
2,029,449
  (a)
Air Canada Pass-Through Trust
3.600%
3/15/27
2,358,824
 
2,338,415
  (a)
Air Canada Pass-Through Trust
3.300%
1/15/30
246,400
 
234,457
  (a)
Allegiant Travel Co., Senior Secured
Notes
7.125%
7/1/31
1,520,000
 
1,540,466
  (a)
AS Mileage Plan IP Ltd., Senior Secured
Notes
5.308%
10/20/31
1,065,000
 
1,053,886
  (a)
Avianca Midco 2 PLC, Senior Secured
Notes
9.625%
2/14/30
1,250,000
 
1,239,804
  (a)
Avianca Midco 2 PLC, Senior Secured
Notes
9.500%
1/28/31
495,000
 
487,946
  (a)
Avianca Midco 2 PLC, Senior Secured
Notes
10.250%
1/7/32
410,000
 
410,184
  (a)(g)
Azul Secured Finance LLP, Senior Secured
Notes
9.875%
2/15/31
1,360,000
 
1,304,224
  (a)
Grupo Aeromexico SAB de CV, Senior
Secured Notes
8.250%
11/15/29
2,286,000
 
2,339,492
  (a)
JetBlue Airways Corp./JetBlue Loyalty LP,
Senior Secured Notes
9.875%
9/20/31
523,000
 
474,397
  (a)
Total Passenger Airlines
13,452,720
Transportation Infrastructure - 0.2%
Aeropuertos Dominicanos Siglo XXI SA,
Senior Secured Notes
7.000%
6/30/34
990,000
 
1,029,080
  (a)
Total Industrials
20,545,228
Information Technology - 0.3%
Communications Equipment - 0.3%
Connect Finco SARL/Connect US
Finco LLC, Senior Secured Notes
9.000%
9/15/29
1,485,000
 
1,564,439
  (a)
Materials - 4.0%
Chemicals - 0.3%
Mativ Holdings Inc., Senior Notes
8.000%
10/1/29
1,365,000
 
1,356,747
  (a)
See Notes to Financial Statements.
6
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
 BrandywineGLOBAL - Flexible Bond Fund
(Percentages shown based on Fund net assets)
Security
Rate
Maturity
Date
Face
Amount†
Value
Construction Materials - 0.2%
Cemex SAB de CV, Subordinated Notes
(7.200% to 9/10/30 then 5 year Treasury
Constant Maturity Rate + 3.520%)
7.200%
6/10/30
780,000
 
$812,487
  (a)(c)(d)
Metals & Mining - 3.5%
Cleveland-Cliffs Inc., Senior Notes
7.000%
3/15/32
2,691,000
 
2,673,093
  (a)
Cleveland-Cliffs Inc., Senior Notes
7.625%
1/15/34
1,959,000
 
1,957,835
  (a)
ERO Copper Corp., Senior Notes
6.500%
2/15/30
2,095,000
 
2,094,675
  (a)
First Quantum Minerals Ltd., Senior Notes
8.625%
6/1/31
2,640,000
 
2,751,959
  (a)
Samarco Mineracao SA, Senior Notes
(9.500% PIK)
9.500%
6/30/31
1,168,678
 
1,175,563
  (a)(e)
Trekor Metals Ltd., Senior Secured Notes
8.250%
5/1/30
2,550,000
 
2,664,413
  (a)
Vale Overseas Ltd., Senior Notes
6.400%
6/28/54
1,680,000
 
1,716,120
  
Vedanta Resources Finance II PLC, Senior
Secured Notes
7.000%
7/13/32
1,170,000
 
1,164,195
  (a)(g)
Total Metals & Mining
16,197,853
Total Materials
18,367,087
Real Estate - 1.4%
Diversified REITs - 0.6%
Trust 2401, Senior Notes
4.869%
1/15/30
679,000
 
661,913
  (a)
Trust 2401, Senior Notes
7.700%
1/23/32
488,000
 
521,379
  (a)
Trust Fibra Uno, Senior Notes
4.869%
1/15/30
351,000
 
338,567
  (b)
Trust Fibra Uno, Senior Notes
7.700%
1/23/32
972,000
 
1,035,666
  (a)
Total Diversified REITs
2,557,525
Specialized REITs - 0.8%
QTS Fayetteville I DC1-2 LLC/QTS TRS
Fayetteville I DC1-2 LLC, Senior Secured
Notes
5.700%
4/15/36
3,080,000
 
2,929,562
  (a)
SV RNO Property Owner 1 LLC, Senior
Secured Notes
5.875%
3/1/31
950,000
 
936,908
  (a)
Total Specialized REITs
3,866,470
Total Real Estate
6,423,995
Utilities - 2.9%
Electric Utilities - 0.9%
AES Panama Generation Holdings SRL,
Senior Secured Notes
4.375%
5/31/30
791,466
 
749,862
  (a)
NextEra Energy Capital Holdings Inc.,
Senior Notes (3.800% to 3/15/27 then 5
year Treasury Constant Maturity Rate +
2.547%)
3.800%
3/15/82
337,000
 
332,570
  (d)
See Notes to Financial Statements.
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
7
Schedule of Investments (unaudited) (cont'd) June 30, 2026
 BrandywineGLOBAL - Flexible Bond Fund
(Percentages shown based on Fund net assets)
Security
Rate
Maturity
Date
Face
Amount†
Value
Electric Utilities - continued
YPF Energia Electrica SA, Senior Notes
7.875%
10/16/32
3,020,000
 
$3,114,789
  (a)
Total Electric Utilities
4,197,221
Independent Power and Renewable Electricity Producers - 0.9%
Long Ridge Energy LLC, Senior Secured
Notes
8.750%
2/15/32
1,610,000
 
1,700,264
  (a)
Vistra Corp., Junior Subordinated Notes
(7.000% to 12/15/26 then 5 year Treasury
Constant Maturity Rate + 5.740%)
7.000%
12/15/26
1,310,000
 
1,323,530
  (a)(c)(d)
Vistra Corp., Junior Subordinated Notes
(8.000% to 10/15/26 then 5 year Treasury
Constant Maturity Rate + 6.930%)
8.000%
10/15/26
1,095,000
 
1,106,683
  (a)(c)(d)
Total Independent Power and Renewable Electricity Producers
4,130,477
Multi-Utilities - 1.1%
Sempra, Junior Subordinated Notes
(4.125% to 4/1/27 then 5 year Treasury
Constant Maturity Rate + 2.868%)
4.125%
4/1/52
4,830,000
 
4,791,411
  (d)
Total Utilities
13,119,109
Total Corporate Bonds & Notes (Cost - $198,859,127)
195,689,695
Sovereign Bonds - 20.0%
Argentina - 3.4%
Argentine Republic Government
International Bond, Senior Notes, Step
bond (0.750% to 7/9/27 then 1.750%)
0.750%
7/9/30
4,773,600
 
4,236,570
  
Argentine Republic Government
International Bond, Senior Notes, Step
bond (4.125% to 7/9/27 then 4.750%)
4.125%
7/9/35
13,520,000
 
10,836,280
  
Provincia de Entre Rios Argentina, Senior
Notes
9.550%
3/4/33
705,000
 
688,291
  (a)
Total Argentina
15,761,141
Brazil - 4.7%
Brazil Notas do Tesouro Nacional Serie F,
Notes
10.000%
1/1/33
76,070,000
 BRL
12,226,470
  
Brazil Notas do Tesouro Nacional Serie F,
Notes
10.000%
1/1/35
59,070,000
 BRL
9,184,811
  
Total Brazil
21,411,281
Colombia - 5.0%
Colombian TES, Bonds
13.250%
2/9/33
5,980,000,000
 COP
1,845,942
  
Colombian TES, Bonds
11.500%
7/25/46
75,080,000,000
 COP
21,300,657
  
Total Colombia
23,146,599
See Notes to Financial Statements.
8
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
 BrandywineGLOBAL - Flexible Bond Fund
(Percentages shown based on Fund net assets)
Security
Rate
Maturity
Date
Face
Amount†
Value
Ecuador - 0.3%
Ecuador Government International Bond,
Senior Notes
8.750%
1/29/34
1,380,000
 
$1,395,180
  (a)
Egypt - 0.5%
Egypt Government International Bond,
Senior Notes
7.625%
5/29/32
1,520,000
 
1,560,031
  (a)
Egypt Government International Bond,
Senior Notes
9.450%
2/4/33
750,000
 
833,879
  (a)
Total Egypt
2,393,910
Mexico - 6.1%
Mexican Bonos, Bonds
7.500%
5/26/33
128,700,000
 MXN
6,881,595
  
Mexican Bonos, Bonds
8.000%
7/31/53
436,100,000
 MXN
21,187,439
  
Total Mexico
28,069,034
Total Sovereign Bonds (Cost - $86,148,444)
92,177,145
Collateralized Mortgage Obligations(h) - 14.8%
Bellemeade Re Ltd., 2023-1 M1B (30 Day
Average SOFR + 4.250%)
7.878%
10/25/33
1,362,167
 
1,385,844
  (a)(d)
Bellemeade Re Ltd., 2024-1 M1C (30 Day
Average SOFR + 3.950%)
7.578%
8/25/34
2,120,000
 
2,142,789
  (a)(d)
Bellemeade Re Ltd., 2024-1 M2 (30 Day
Average SOFR + 4.600%)
8.228%
8/25/34
1,190,000
 
1,219,708
  (a)(d)
CONE Commercial Mortgage Trust, 2026-
DFW3 A
5.751%
5/15/43
2,920,000
 
2,913,654
  (a)(d)
Federal Home Loan Mortgage Corp.
(FHLMC) Multifamily Structured Credit
Risk, 2022-MN4 B1 (30 Day Average
SOFR + 9.500%)
13.128%
5/25/52
2,256,663
 
2,701,426
  (a)(d)
Federal Home Loan Mortgage Corp.
(FHLMC) Multifamily Structured Credit
Risk, 2022-MN5 B1 (30 Day Average
SOFR + 9.500%)
13.128%
11/25/42
2,640,000
 
3,052,867
  (a)(d)
Federal Home Loan Mortgage Corp.
(FHLMC) Multifamily Structured Credit
Risk Trust, 2023-MN6 B1 (30 Day Average
SOFR + 9.250%)
12.878%
5/25/43
4,660,000
 
5,491,573
  (a)(d)
Federal Home Loan Mortgage Corp.
(FHLMC) Multifamily Structured Credit
Risk Trust, 2023-MN7 M1 (30 Day
Average SOFR + 3.600%)
7.228%
9/25/43
810,904
 
812,064
  (a)(d)
See Notes to Financial Statements.
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
9
Schedule of Investments (unaudited) (cont'd) June 30, 2026
 BrandywineGLOBAL - Flexible Bond Fund
(Percentages shown based on Fund net assets)
Security
Rate
Maturity
Date
Face
Amount†
Value
Collateralized Mortgage Obligations(h) - continued
Federal Home Loan Mortgage Corp.
(FHLMC) Multifamily Structured Credit
Risk Trust, 2024-MN8 M1 (30 Day
Average SOFR + 2.850%)
6.478%
5/25/44
804,235
 
$813,528
  (a)(d)
Federal Home Loan Mortgage Corp.
(FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2022-HQA1 B1 (30 Day
Average SOFR + 7.000%)
10.628%
3/25/42
3,880,000
 
4,038,199
  (a)(d)
Federal Home Loan Mortgage Corp.
(FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2020-HQA5 B1 (30 Day
Average SOFR + 4.000%)
7.628%
11/25/50
3,060,000
 
3,349,712
  (a)(d)
Federal Home Loan Mortgage Corp.
(FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2021-DNA5 B1 (30 Day
Average SOFR + 3.050%)
6.678%
1/25/34
1,935,000
 
2,053,339
  (a)(d)
Federal Home Loan Mortgage Corp.
(FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2022-DNA2 M2 (30 Day
Average SOFR + 3.750%)
7.378%
2/25/42
890,000
 
905,827
  (a)(d)
Federal Home Loan Mortgage Corp.
(FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2022-DNA3 M1B (30 Day
Average SOFR + 2.900%)
6.528%
4/25/42
1,800,000
 
1,826,955
  (a)(d)
Federal Home Loan Mortgage Corp.
(FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2022-DNA3 M2 (30 Day
Average SOFR + 4.350%)
7.978%
4/25/42
1,950,000
 
2,002,486
  (a)(d)
Federal Home Loan Mortgage Corp.
(FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2022-DNA5 M1B (30 Day
Average SOFR + 4.500%)
8.128%
6/25/42
3,660,000
 
3,786,095
  (a)(d)
Federal Home Loan Mortgage Corp.
(FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2022-DNA6 M2 (30 Day
Average SOFR + 5.750%)
9.378%
9/25/42
3,650,000
 
3,853,459
  (a)(d)
Federal Home Loan Mortgage Corp.
(FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2022-HQA2 M2 (30 Day
Average SOFR + 6.000%)
9.628%
7/25/42
990,000
 
1,039,671
  (a)(d)
See Notes to Financial Statements.
10
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
 BrandywineGLOBAL - Flexible Bond Fund
(Percentages shown based on Fund net assets)
Security
Rate
Maturity
Date
Face
Amount†
Value
Collateralized Mortgage Obligations(h) - continued
Federal Home Loan Mortgage Corp.
(FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2022-HQA3 M1B (30 Day
Average SOFR + 3.550%)
7.178%
8/25/42
2,630,000
 
$2,704,103
  (a)(d)
Federal Home Loan Mortgage Corp.
(FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2026-DNA2 B1 (30 Day
Average SOFR + 2.100%)
5.728%
3/25/46
900,000
 
915,726
  (a)(d)
Federal National Mortgage Association
(FNMA) - CAS, 2020-R01 1B1 (30 Day
Average SOFR + 3.364%)
6.992%
1/25/40
1,450,000
 
1,466,741
  (a)(d)
Federal National Mortgage Association
(FNMA) - CAS, 2021-R02 2B1 (30 Day
Average SOFR + 3.300%)
6.928%
11/25/41
2,260,000
 
2,278,141
  (a)(d)
Federal National Mortgage Association
(FNMA) - CAS, 2022-R02 2B1 (30 Day
Average SOFR + 4.500%)
8.128%
1/25/42
870,000
 
887,213
  (a)(d)
Federal National Mortgage Association
(FNMA) - CAS, 2022-R02 2M2 (30 Day
Average SOFR + 3.000%)
6.628%
1/25/42
1,125,260
 
1,137,205
  (a)(d)
Federal National Mortgage Association
(FNMA) - CAS, 2023-R02 1B1 (30 Day
Average SOFR + 5.550%)
9.178%
1/25/43
1,640,000
 
1,734,843
  (a)(d)
Federal National Mortgage Association
(FNMA) - CAS, 2023-R07 2M2 (30 Day
Average SOFR + 3.250%)
6.878%
9/25/43
2,310,000
 
2,376,635
  (a)(d)
Federal National Mortgage Association
(FNMA) - CAS, 2025-R06 1B1 (30 Day
Average SOFR + 1.850%)
5.478%
9/25/45
1,310,000
 
1,321,516
  (a)(d)
Multifamily CAS Trust, 2019-01 M10 (30
Day Average SOFR + 3.364%)
6.992%
10/25/49
3,017,373
 
3,049,797
  (a)(d)
SWCH Commercial Mortgage Trust, 2025-
DATA E (1 mo. Term SOFR + 3.340%)
6.966%
2/15/42
3,050,000
 
3,024,145
  (a)(d)
TRTX Issuer Ltd., 2025-FL7 A (1 mo. Term
SOFR + 1.450%)
5.087%
6/18/43
3,980,000
 
3,988,716
  (a)(d)
Total Collateralized Mortgage Obligations (Cost - $68,853,666)
68,273,977
Asset-Backed Securities - 9.4%
Consolidated Communications LLC/Fidium
Fiber Finance Holdco LLC, 2025-1A B
6.506%
5/20/55
1,570,000
 
1,592,005
  (a)
Consolidated Communications LLC/Fidium
Fiber Finance Holdco LLC, 2025-1A C
9.408%
5/20/55
7,970,000
 
8,320,341
  (a)
See Notes to Financial Statements.
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
11
Schedule of Investments (unaudited) (cont'd) June 30, 2026
 BrandywineGLOBAL - Flexible Bond Fund
(Percentages shown based on Fund net assets)
Security
Rate
Maturity
Date
Face
Amount†
Value
Asset-Backed Securities - continued
MetroNet Infrastructure Issuer LLC,
2025-2A C
7.830%
8/20/55
820,000
 
$837,148
  (a)
MetroNet Infrastructure Issuer LLC,
2026-1A C
7.100%
4/20/56
2,140,000
 
2,151,472
  (a)
Neuberger Berman CLO Ltd., 2016-21A
D1R3 (3 mo. Term SOFR + 2.900%)
6.575%
1/20/39
3,600,000
 
3,608,719
  (a)(d)
OHA Credit Funding Ltd., 2018-1A D1R (3
mo. Term SOFR + 3.600%)
7.275%
4/20/37
2,560,000
 
2,584,451
  (a)(d)
Retained Vantage Data Centers
Issuer LLC, 2023-1A A2A
5.000%
9/15/48
4,010,000
 
3,972,391
  (a)
RNL PH Owner LLC, 2026-1A A
4.910%
3/20/56
1,230,000
 
1,202,778
  (a)
VB-S1 Issuer LLC, 2026-1A F
6.843%
3/15/56
4,870,000
 
4,903,621
  (a)
Zayo Issuer LLC, 2025-1A C
8.659%
3/20/55
5,670,000
 
5,858,904
  (a)
Zayo Issuer LLC, 2025-2A C
9.489%
6/20/55
7,600,000
 
8,031,720
  (a)
Total Asset-Backed Securities (Cost - $43,264,951)
43,063,550
U.S. Government & Agency Obligations - 4.3%
U.S. Government Obligations - 4.3%
U.S. Treasury Notes (3 mo. U.S. Treasury
Money Market Yield + 0.099%)
(Cost - $19,929,631)
3.875%
1/31/28
19,920,000
19,925,326
  (d)
Convertible Bonds & Notes - 1.7%
Communication Services - 1.0%
Media - 1.0%
EchoStar Corp., Senior Secured Notes
(3.875% Cash or 3.875% PIK)
3.875%
11/30/30
1,403,088
 
4,384,652
  (e)
Financials - 0.5%
Financial Services - 0.5%
Global Payments Inc., Senior Notes
1.500%
3/1/31
2,360,000
 
2,124,000
  
Information Technology - 0.2%
Software - 0.2%
IREN Ltd., Senior Notes
0.000%
7/1/31
1,209,000
 
1,054,550
  (a)
Total Convertible Bonds & Notes (Cost - $4,770,172)
7,563,202
Senior Loans - 0.6%
Health Care - 0.2%
Health Care Providers & Services - 0.2%
Star Parent Inc., Term Loan B (3 mo. Term
SOFR + 4.000%)
7.732%
9/27/30
1,124,125
 
1,126,907
  (d)(i)(j)
See Notes to Financial Statements.
12
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
 BrandywineGLOBAL - Flexible Bond Fund
(Percentages shown based on Fund net assets)
Security
Rate
Maturity
Date
Face
Amount†
Value
Information Technology - 0.4%
Communications Equipment - 0.4%
Connect US Finco LLC, Amendment No. 4
Term Loan (1 mo. Term SOFR + 4.500%)
8.144%
9/27/29
1,617,589
 
$1,624,334
  (d)(i)(j)
Total Senior Loans (Cost - $2,726,237)
2,751,241
Total Investments before Short-Term Investments (Cost - $424,552,228)
429,444,136
 
Shares
Short-Term Investments - 5.2%
Money Market Funds - 3.5%
Western Asset Premier Institutional U.S.
Treasury Reserves, Premium Shares
(Cost - $16,341,506)  
3.592%
16,341,506
 
16,341,506
  (k)(l)
Face
Amount†
Sovereign Bonds - 1.7%
Egypt Treasury Bills
8.856%
7/21/26
137,300,000
 EGP
2,781,016
  (m)
Egypt Treasury Bills
17.523%
8/11/26
255,200,000
 EGP
5,098,766
  (m)
Total Sovereign Bonds (Cost - $7,357,577)
7,879,782
Total Short-Term Investments (Cost - $23,699,083)
24,221,288
Total Investments - 98.5% (Cost - $448,251,311)
453,665,424
Other Assets in Excess of Liabilities - 1.5%
6,700,734
Total Net Assets - 100.0%
$460,366,158
 
See Notes to Financial Statements.
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
13
Schedule of Investments (unaudited) (cont'd) June 30, 2026
 BrandywineGLOBAL - Flexible Bond Fund
†
Face amount denominated in U.S. dollars, unless otherwise noted.
††
Represents less than 0.1%.
*
Non-income producing security.
(a)
Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in
transactions that are exempt from registration, normally to qualified institutional buyers. This security has been
deemed liquid pursuant to guidelines approved by the Board of Trustees.
(b)
Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to
securities offerings that are made outside of the United States and do not involve direct selling efforts in the
United States. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.
(c)
Security has no maturity date. The date shown represents the next call date.
(d)
Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate
securities are not based on a published reference rate and spread but are determined by the issuer or agent and
are based on current market conditions. These securities do not indicate a reference rate and spread in their
description above.
(e)
Payment-in-kind security for which the issuer has the option at each interest payment date of making interest
payments in cash or additional securities.
(f)
The coupon payment on this security is currently in default as of June 30, 2026.
(g)
Securities traded on a when-issued or delayed delivery basis.
(h)
Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through
certificates that are structured to direct payments on underlying collateral to different series or classes of the
obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial
indices or other financial indicators and may be subject to an upper and/or lower limit.
(i)
Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to
multiple contracts under the same loan.
(j)
Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval
from the agent bank and/or borrower prior to the disposition of a senior loan.
(k)
Rate shown is one-day yield as of the end of the reporting period.
(l)
In this instance, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), 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, 2026, the total market value of
investments in Affiliated Companies was $16,341,506 and the cost was $16,341,506 (Note 8).
(m)
Rate shown represents yield-to-maturity.
 
Abbreviation(s) used in this schedule:
BDC
-
Business development company.
BRL
- 
Brazilian Real
CAS
- 
Connecticut Avenue Securities
CLO
- 
Collateralized Loan Obligation
COP
- 
Colombian Peso
EGP
- 
Egyptian Pound
MXN
- 
Mexican Peso
PEN
- 
Peruvian Nuevo Sol
PIK
- 
Payment-In-Kind
REMIC
- 
Real Estate Mortgage Investment Conduit
SOFR
- 
Secured Overnight Financing Rate
See Notes to Financial Statements.
14
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
 BrandywineGLOBAL - Flexible Bond Fund
At June 30, 2026, the Fund had the following open futures contracts:  
Number of
Contracts
Expiration
Date
Notional
Amount
Market
Value
Unrealized
Appreciation
Contracts to Buy:
U.S. Treasury Ultra 10-Year
Notes
265
9/26
$29,578,065
$29,804,219
$226,154
United Kingdom Long Gilt
Bonds
172
9/26
20,110,496
20,353,208
242,712
Net unrealized appreciation on open futures contracts
$468,866
At June 30, 2026, the Fund had the following open forward foreign currency contracts:  
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
COP
8,900,000,000
USD
2,505,983
JPMorgan Chase & Co.
8/5/26
$75,994
COP
14,190,000,000
USD
4,056,604
JPMorgan Chase & Co.
8/5/26
60,055
USD
1,574,679
COP
5,990,000,000
JPMorgan Chase & Co.
8/5/26
(163,079
)
USD
4,791,886
COP
18,190,000,000
JPMorgan Chase & Co.
8/5/26
(485,212
)
USD
5,272,280
COP
19,620,000,000
JPMorgan Chase & Co.
8/5/26
(419,675
)
USD
26,791,618
MXN
466,000,000
Goldman Sachs Group Inc.
8/10/26
235,177
MXN
224,600,000
USD
12,858,754
HSBC Securities Inc.
8/10/26
(59,234
)
USD
1,168,575
MXN
20,200,000
Standard Chartered PLC
8/10/26
17,416
CLP
9,110,000,000
USD
10,119,074
HSBC Securities Inc.
8/26/26
(229,240
)
CLP
540,000,000
USD
607,151
HSBC Securities Inc.
9/8/26
(20,860
)
CLP
10,520,000,000
USD
11,756,554
HSBC Securities Inc.
9/8/26
(334,746
)
EGP
166,700,000
USD
2,960,661
Goldman Sachs Group Inc.
10/27/26
276,998
EGP
199,100,000
USD
3,502,199
Goldman Sachs Group Inc.
10/27/26
364,734
Net unrealized depreciation on open forward foreign currency contracts
$(681,672
)
 
Abbreviation(s) used in this table:
CLP
-
Chilean Peso
COP
- 
Colombian Peso
EGP
- 
Egyptian Pound
MXN
- 
Mexican Peso
USD
- 
United States Dollar
See Notes to Financial Statements.
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
15
Schedule of Investments (unaudited) (cont'd) June 30, 2026
 BrandywineGLOBAL - Flexible Bond Fund
At June 30, 2026, the Fund had the following open swap contracts:  
OTC CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION1
Swap Counterparty
(Reference Entity)
Notional
Amount2
Termination
Date
Implied
Credit
Spread at
June 30,
20263
Periodic
Payments
Received by
the Fund†
Market
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
Barclays Bank PLC
(Panama Government
International Bond,
8.875%, due
9/30/27)
$2,940,000
12/20/28
0.486%
1.000% quarterly
$35,733
$(39,245)
$74,978
JPMorgan Chase & Co.
(Panama Government
International Bond,
8.875%,due
9/30/27)
2,880,000
12/20/28
0.486%
1.000% quarterly
35,005
(39,205)
74,210
Total
$5,820,000
$70,738
$(78,450)
$149,188
 
1
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap
agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the
swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii)
pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the
recovery value of the referenced obligation or underlying securities comprising the referenced index.
2
The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a
buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
3
Implied credit spreads, utilized in determining the market value of credit default swap agreements on corporate or
sovereign issues as of period end, serve as an indicator of the current status of the payment/performance risk and
represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular
referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be
made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit
soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of
the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced
entity or obligation.
†
Percentage shown is an annual percentage rate.
 
See Notes to Financial Statements.
16
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
 BrandywineGLOBAL - Flexible Bond Fund
 Summary of Investments by Country#
United States
50.3
%
Mexico
9.2
Brazil
7.6
Colombia
6.5
Argentina
5.9
Canada
3.0
United Kingdom
2.3
Cayman Islands
2.2
Israel
1.1
Bermuda
1.1
Switzerland
1.0
Peru
0.7
Zambia
0.6
Egypt
0.5
Greece
0.5
Chile
0.4
Ireland
0.3
Ecuador
0.3
India
0.3
Australia
0.2
Dominican Republic
0.2
Saudi Arabia
0.2
Panama
0.2
Ghana
0.1
Short-Term Investments
5.3
100.0
%
 
#
As a percentage of total investments. Please note that the Fund holdings are as of June 30, 2026, and are subject
to change.
See Notes to Financial Statements.
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
17
Statement of Assets and Liabilities (unaudited) June 30, 2026
 
Assets:
Investments in unaffiliated securities, at value (Cost - $431,909,805)
$437,323,918
Investments in affiliated securities, at value (Cost - $16,341,506)
16,341,506
Foreign currency, at value (Cost - $418)
413
Cash
288,882
Interest receivable
8,696,175
Receivable for securities sold
1,381,128
Deposits with brokers for OTC derivatives
1,290,000
Deposits with brokers for open futures contracts
1,090,246
Unrealized appreciation on forward foreign currency contracts
1,030,374
Foreign currency collateral for open futures contracts, at value (Cost - $343,773)
345,542
Receivable for Fund shares sold
110,612
OTC swaps, at value (premiums received - $78,450)
70,738
Dividends receivable from affiliated investments
54,358
Receivable for open OTC swap contracts
1,455
Receivable from brokers - net variation margin on centrally cleared swap contracts
804
Prepaid expenses
43,815
Total Assets
468,069,966
Liabilities:
Payable for securities purchased
2,776,428
Payable for Fund shares repurchased
2,057,761
Unrealized depreciation on forward foreign currency contracts
1,712,046
Deposits from brokers for OTC derivatives
450,000
Payable to brokers - net variation margin on open futures contracts
206,184
Investment management fee payable
205,628
Foreign withholding tax payable
50,735
Service and/or distribution fees payable
15,668
Distributions payable
11,496
Accrued foreign capital gains tax
7,858
Trustees' fees payable
34
Accrued expenses
209,970
Total Liabilities
7,703,808
Total Net Assets
$460,366,158
Net Assets:
Par value (Note 7)
$489
Paid-in capital in excess of par value
508,837,613
Total distributable earnings (loss)
(48,471,944
)
Total Net Assets
$460,366,158
See Notes to Financial Statements.
18
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
Net Assets:
Class A
$64,787,670
Class C
$2,832,840
Class I
$258,464,686
Class IS
$134,280,962
Shares Outstanding:
Class A
6,893,556
Class C
303,853
Class I
27,459,993
Class IS
14,245,185
Net Asset Value:
Class A (and redemption price)
$9.40
Class C* 
$9.32
Class I (and redemption price)
$9.41
Class IS (and redemption price)
$9.43
Maximum Public Offering Price Per Share:
Class A (based on maximum initial sales charge of 3.75%)
$9.77
 
*
Redemption price per share is NAV of Class C shares reduced by a 1.00% CDSC if shares are redeemed within
one year from purchase payment (Note 2).
See Notes to Financial Statements.
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
19
Statement of Operations (unaudited) For the Six Months Ended June 30, 2026
 
Investment Income:
Interest
$16,461,055
Dividends from affiliated investments
265,200
Less: Foreign taxes withheld
(373,901
)
Total Investment Income
16,352,354
Expenses:
Investment management fee (Note 2)
1,232,193
Transfer agent fees (Notes 2 and 5)
123,236
Service and/or distribution fees (Notes 2 and 5)
95,041
Fund accounting fees
44,395
Registration fees
40,376
Audit and tax fees
24,765
Legal fees
23,482
Shareholder reports
14,907
Custody fees
14,404
Trustees' fees
10,966
Commitment fees (Note 9)
1,877
Insurance
1,593
Miscellaneous expenses
11,998
Total Expenses
1,639,233
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)
(8,412
)
Net Expenses
1,630,821
Net Investment Income
14,721,533
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Swap Contracts, Forward
Foreign Currency Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):
Net Realized Gain (Loss) From:
Investment transactions in unaffiliated securities
(4,138,657
)
Futures contracts
(1,133,649
)
Swap contracts
322,215
Forward foreign currency contracts
(1,775,663
)
Foreign currency transactions
62,543
Net Realized Loss
(6,663,211
)
Change in Net Unrealized Appreciation (Depreciation) From:
Investments in unaffiliated securities
4,454,868
†
Futures contracts
865,830
Swap contracts
20,795
Forward foreign currency contracts
1,092
Foreign currencies
145,166
Change in Net Unrealized Appreciation (Depreciation)
5,487,751
Net Loss on Investments, Futures Contracts, Swap Contracts, Forward Foreign
Currency Contracts and Foreign Currency Transactions
(1,175,460
)
Increase in Net Assets From Operations
$13,546,073
 
†
Net of change in accrued foreign capital gains tax of $7,858.
See Notes to Financial Statements.
20
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
Statements of Changes in Net Assets
 
For the Six Months Ended June 30, 2026 (unaudited)
and the Year Ended December 31, 2025
2026
2025
Operations:
Net investment income
$14,721,533
$34,084,499
Net realized loss
(6,663,211
)
(2,063,098
)
Change in net unrealized appreciation (depreciation)
5,487,751
8,280,706
Increase in Net Assets From Operations
13,546,073
40,302,107
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings
(12,430,054
)
(31,168,137
)
Decrease in Net Assets From Distributions to Shareholders
(12,430,054
)
(31,168,137
)
Fund Share Transactions (Note 7):
Net proceeds from sale of shares 
68,883,155
150,225,307
Reinvestment of distributions
12,384,771
30,970,758
Cost of shares repurchased 
(83,089,863
)
(248,259,586
)
Decrease in Net Assets From Fund Share Transactions
(1,821,937
)
(67,063,521
)
Decrease in Net Assets
(705,918
)
(57,929,551
)
Net Assets:
Beginning of period
461,072,076
519,001,627
End of period
$460,366,158
$461,072,076
See Notes to Financial Statements.
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
21
Financial Highlights
 
For a share of each class of beneficial interest outstanding throughout each year ended December 31,
unless otherwise noted:
Class A Shares1
20262
2025
2024
2023
2022
2021
Net asset value, beginning of period
$9.38
$9.21
$9.75
$9.41
$10.89
$11.09
Income (loss) from operations:
Net investment income
0.30
0.65
0.70
0.53
0.28
0.27
Net realized and unrealized gain (loss)
(0.03
)
0.12
(0.43
)
0.31
(1.48
)
(0.18
)
Total income (loss) from
operations
0.27
0.77
0.27
0.84
(1.20)
0.09
Less distributions from:
Net investment income
(0.25
)
(0.60
)
(0.81
)
(0.50
)
(0.24
)
(0.27
)
Net realized gains
-
-
-
-
-
(0.02
)
Return of capital
-
-
-
-
(0.04
)
-
Total distributions
(0.25
)
(0.60
)
(0.81
)
(0.50
)
(0.28
)
(0.29
)
Net asset value, end of period
$9.40
$9.38
$9.21
$9.75
$9.41
$10.89
Total return3
2.95
%
8.57
%
2.75
%
9.33
%
(11.15
)%
0.79
%
Net assets, end of period (000s)
$64,788
$63,438
$62,658
$45,310
$23,467
$20,721
Ratios to average net assets:
Gross expenses
0.96
%4
0.97
%5
0.95
%
0.98
%
1.10
%
1.07
%
Net expenses6,7
0.95
4
0.97
5
0.95
0.97
1.04
0.95
Net investment income
6.35
4
6.88
7.20
5.55
2.81
2.41
Portfolio turnover rate
43
%
60
%
82
%
138
%
122
%
55
%
 
1
Per share amounts have been calculated using the average shares method.
2
For the six months ended June 30, 2026 (unaudited).
3
Performance figures, exclusive of sales charges, may reflect compensating balance arrangements, fee waivers
and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or
expense reimbursements, the total return would have been lower. Past performance is no guarantee of future
results. Total returns for periods of less than one year are not annualized.
4
Annualized.
5
Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
6
As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than
interest, brokerage commissions, dividend and interest expense on securities sold short, taxes, extraordinary
expenses and acquired fund fees and expenses, to average net assets of Class A shares did not exceed 1.10%.
This expense limitation arrangement cannot be terminated prior to December 31, 2027 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.
7
Reflects fee waivers and/or expense reimbursements.
See Notes to Financial Statements.
22
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
 
For a share of each class of beneficial interest outstanding throughout each year ended December 31,
unless otherwise noted:
Class C Shares1
20262
2025
2024
2023
2022
20213
Net asset value, beginning of period
$9.30
$9.13
$9.68
$9.35
$10.88
$11.03
Income (loss) from operations:
Net investment income
0.26
0.57
0.62
0.46
0.28
0.03
Net realized and unrealized gain (loss)
(0.03
)
0.13
(0.44
)
0.32
(1.56
)
(0.10
)
Total income (loss) from operations
0.23
0.70
0.18
0.78
(1.28)
(0.07)
Less distributions from:
Net investment income
(0.21
)
(0.53
)
(0.73
)
(0.45
)
(0.18
)
(0.06
)
Net realized gains
-
-
-
-
-
(0.02
)
Return of capital
-
-
-
-
(0.07
)
-
Total distributions
(0.21
)
(0.53
)
(0.73
)
(0.45
)
(0.25
)
(0.08
)
Net asset value, end of period
$9.32
$9.30
$9.13
$9.68
$9.35
$10.88
Total return4
2.57
%
7.75
%
1.89
%
8.54
%
(11.79
)%
(0.68
)%
Net assets, end of period (000s)
$2,833
$2,947
$4,558
$4,483
$1,280
$43
Ratios to average net assets:
Gross expenses
1.74
%5
1.75
%6
1.69
%
1.70
%
1.86
%6
2.05
%5
Net expenses7,8
1.74
5
1.74
6
1.69
1.70
1.80
6
1.85
5
Net investment income
5.56
5
6.10
6.44
4.92
2.91
1.07
5
Portfolio turnover rate
43
%
60
%
82
%
138
%
122
%
55
%9
 
1
Per share amounts have been calculated using the average shares method.
2
For the six months ended June 30, 2026 (unaudited).
3
For the period September 30, 2021 (inception date) to December 31, 2021.
4
Performance figures, exclusive of CDSC, may reflect compensating balance arrangements, fee waivers and/or
expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense
reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total
returns for periods of less than one year are not annualized.
5
Annualized.
6
Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
7
As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than
interest, brokerage commissions, dividend and interest expense on securities sold short, taxes, extraordinary
expenses and acquired fund fees and expenses, to average net assets of Class C shares did not exceed 1.85%.
This expense limitation arrangement cannot be terminated prior to December 31, 2027 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.
8
Reflects fee waivers and/or expense reimbursements.
9
For the year ended December 31, 2021.
See Notes to Financial Statements.
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
23
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
20262
2025
2024
2023
2022
2021
Net asset value, beginning of period
$9.39
$9.22
$9.76
$9.41
$10.90
$11.10
Income (loss) from operations:
Net investment income
0.31
0.67
0.71
0.55
0.31
0.28
Net realized and unrealized gain (loss)
(0.03
)
0.13
(0.43
)
0.32
(1.49
)
(0.16
)
Total income (loss) from operations
0.28
0.80
0.28
0.87
(1.18)
0.12
Less distributions from:
Net investment income
(0.26
)
(0.63
)
(0.82
)
(0.52
)
(0.26
)
(0.30
)
Net realized gains
-
-
-
-
-
(0.02
)
Return of capital
-
-
-
-
(0.05
)
-
Total distributions
(0.26
)
(0.63
)
(0.82
)
(0.52
)
(0.31
)
(0.32
)
Net asset value, end of period
$9.41
$9.39
$9.22
$9.76
$9.41
$10.90
Total return3
3.06
%
8.81
%
2.94
%
9.54
%
(10.86
)%
1.05
%
Net assets, end of period (millions)
$258
$257
$314
$283
$151
$115
Ratios to average net assets:
Gross expenses
0.71
%4
0.74
%5
0.75
%5
0.75
%
0.85
%
0.82
%
Net expenses6,7
0.71
4
0.73
5
0.75
5
0.75
0.75
0.70
Net investment income
6.59
4
7.11
7.38
5.76
3.16
2.55
Portfolio turnover rate
43
%
60
%
82
%
138
%
122
%
55
%
 
1
Per share amounts have been calculated using the average shares method.
2
For the six months ended June 30, 2026 (unaudited).
3
Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements.
In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total
return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less
than one year are not annualized.
4
Annualized.
5
Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
6
As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than
interest, brokerage commissions, dividend and interest expense on securities sold short, taxes, extraordinary
expenses and acquired fund fees and expenses, to average net assets of Class I shares did not exceed 0.75%. This
expense limitation arrangement cannot be terminated prior to December 31, 2027 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.
7
Reflects fee waivers and/or expense reimbursements.
See Notes to Financial Statements.
24
BrandywineGLOBAL - Flexible Bond Fund 2026 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
20262
2025
2024
2023
2022
2021
Net asset value, beginning of
period
$9.40
$9.23
$9.78
$9.42
$10.91
$11.11
Income (loss) from operations:
Net investment income
0.31
0.68
0.73
0.56
0.30
0.29
Net realized and unrealized gain
(loss)
(0.01
)
0.12
(0.44
)
0.33
(1.47
)
(0.17
)
Total income (loss) from
operations
0.30
0.80
0.29
0.89
(1.17)
0.12
Less distributions from:
Net investment income
(0.27
)
(0.63
)
(0.84
)
(0.53
)
(0.28
)
(0.30
)
Net realized gains
-
-
-
-
-
(0.02
)
Return of capital
-
-
-
-
(0.04
)
-
Total distributions
(0.27
)
(0.63
)
(0.84
)
(0.53
)
(0.32
)
(0.32
)
Net asset value, end of period
$9.43
$9.40
$9.23
$9.78
$9.42
$10.91
Total return3
3.21
%
8.90
%
2.94
%
9.74
%
(10.77
)%
1.09
%
Net assets, end of period (000s)
$134,281
$138,027
$137,832
$91,073
$48,214
$106,752
Ratios to average net assets:
Gross expenses
0.64
%4
0.65
%5
0.64
%5
0.65
%
0.71
%
0.77
%
Net expenses6,7
0.63
4
0.65
5
0.64
5
0.65
0.65
0.65
Net investment income
6.66
4
7.20
7.52
5.80
2.96
2.65
Portfolio turnover rate
43
%
60
%
82
%
138
%
122
%
55
%
 
1
Per share amounts have been calculated using the average shares method.
2
For the six months ended June 30, 2026 (unaudited).
3
Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements.
In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total
return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less
than one year are not annualized.
4
Annualized.
5
Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
6
As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than
interest, brokerage commissions, dividend and interest expense on securities sold short, taxes, extraordinary
expenses and acquired fund fees and expenses, to average net assets of Class IS shares did not exceed 0.65%. In
addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total
annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated
prior to December 31, 2027 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.
7
Reflects fee waivers and/or expense reimbursements.
See Notes to Financial Statements.
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
25
Notes to Financial Statements (unaudited)
1. Organization and significant accounting policies
BrandywineGLOBAL - Flexible Bond Fund (the "Fund") is a separate non-diversified investment series of Legg Mason Global Asset Management Trust (the "Trust"). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.
The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services - Investment Companies("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.
(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-endfunds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").
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BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
Pursuant to policies adopted by the Board, 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. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, 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 quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
27
Notes to Financial Statements (unaudited) (cont'd)
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
•
Level 1 - unadjusted quoted prices in active markets for identical investments
•
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund's assets and liabilities carried at fair value:
 
ASSETS
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Long-Term Investments†:
Corporate Bonds & Notes
-
$195,689,695
-
$195,689,695
Sovereign Bonds
-
92,177,145
-
92,177,145
Collateralized Mortgage
Obligations
-
68,273,977
-
68,273,977
Asset-Backed Securities
-
43,063,550
-
43,063,550
U.S. Government & Agency
Obligations
-
19,925,326
-
19,925,326
Convertible Bonds & Notes
-
7,563,202
-
7,563,202
Senior Loans
-
2,751,241
-
2,751,241
Total Long-Term Investments
-
429,444,136
-
429,444,136
Short-Term Investments†:
Money Market Funds
$16,341,506
-
-
16,341,506
Sovereign Bonds
-
7,879,782
-
7,879,782
Total Short-Term Investments
16,341,506
7,879,782
-
24,221,288
Total Investments
$16,341,506
$437,323,918
-
$453,665,424
28
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
ASSETS (cont'd)
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Other Financial Instruments:
Futures Contracts††
$468,866
-
-
$468,866
Forward Foreign Currency
Contracts††
-
$1,030,374
-
1,030,374
OTC Credit Default Swaps on
Sovereign Issues - Sell
Protection‡
-
70,738
-
70,738
Total Other Financial
Instruments
$468,866
$1,101,112
-
$1,569,978
Total
$16,810,372
$438,425,030
-
$455,235,402
LIABILITIES
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Other Financial Instruments:
Forward Foreign Currency
Contracts††
-
$1,712,046
-
$1,712,046
 
†
See Schedule of Investments for additional detailed categorizations.
††
Reflects the unrealized appreciation (depreciation) of the instruments.
‡
Value includes any premium paid or received with respect to swap contracts.
(b) Futures contracts. The Fund uses futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.
Upon entering into a futures contract, the Fund is required to deposit cash or securities with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ''initial margin'' and subsequent payments (''variation margin'') are made or received by the Fund each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. The daily changes in contract value are recorded as unrealized appreciation or depreciation in the Statement of Operations and the Fund recognizes a realized gain or loss when the contract is closed.
Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
29
Notes to Financial Statements (unaudited) (cont'd)
(c) Forward foreign currency contracts. The Fund enters into a forward foreign currency contract to hedge exposure of bond positions or in an attempt to increase the Fund's return. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price with delivery and settlement at a future date. The contract is marked-to-market daily and the change in value is recorded by the Fund as an unrealized gain or loss. When a forward foreign currency contract is closed, through either delivery or offset by entering into another forward foreign currency contract, the Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it is closed.
Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.
Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.
(d) Swap agreements. The Fund invests in swaps for the purpose of managing its exposure to interest rate, credit or market risk, or for other purposes. The use of swaps involves risks that are different from those associated with other portfolio transactions. Swap agreements are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract ("OTC Swaps") or centrally cleared ("Centrally Cleared Swaps"). Unlike Centrally Cleared Swaps, the Fund has credit exposure to the counterparties of OTC Swaps.
In a Centrally Cleared Swap, immediately following execution of the swap, the swap agreement is submitted to a clearinghouse or central counterparty (the "CCP") and the CCP becomes the ultimate counterparty of the swap agreement. The Fund is required to interface with the CCP through a broker, acting in an agency capacity. All payments are settled with the CCP through the broker. Upon entering into a Centrally Cleared Swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities.
Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of Centrally Cleared Swaps, if any, is recorded as a net receivable or payable for variation margin on the Statement of Assets and Liabilities. Gains or losses are realized upon termination of the swap agreement. Collateral, in the form of restricted cash or securities, may be required to be held in segregated accounts with the Fund's custodian in compliance with the terms of the swap contracts. Securities posted as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is identified on the Statement of Assets and Liabilities. Risks may exceed amounts recorded in the Statement of Assets and
30
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts' terms, and the possible lack of liquidity with respect to the swap agreements.
OTC Swap payments received or made at the beginning of the measurement period are reflected as a premium or deposit, respectively, on the Statement of Assets and Liabilities. These upfront payments are amortized over the life of the swap and are recognized as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Fund are recognized as a realized gain or loss in the Statement of Operations.
The Fund's maximum exposure in the event of a defined credit event on a credit default swap to sell protection is the notional amount. As of June 30, 2026, the total notional value of all credit default swaps to sell protection was $5,820,000. This amount would be offset by the value of the swap's reference entity, upfront premiums received on the swap and any amounts received from the settlement of a credit default swap where the Fund bought protection for the same referenced security/entity.
For average notional amounts of swaps held during the six months ended June 30, 2026, see Note 4.
Credit default swaps
The Fund enters into credit default swap ("CDS") contracts for investment purposes, to manage its credit risk or to add leverage. CDS agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate or sovereign issuers, on a specified obligation, or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index. The Fund may use a CDS to provide protection against defaults of the issuers (i.e., to reduce risk where the Fund has exposure to an issuer) or to take an active long or short position with respect to the likelihood of a particular issuer's default. As a seller of protection, the Fund generally receives an upfront payment or a stream of payments throughout the term of the swap, provided that there is no credit event. If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the maximum potential amount of future payments (undiscounted) that the Fund could be required to make under a CDS agreement would be an amount equal to the notional amount of the agreement. These amounts of potential payments will be partially offset by any recovery of values from the respective referenced obligations. As a seller of protection, the Fund effectively adds leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
31
Notes to Financial Statements (unaudited) (cont'd)
Implied spreads are the theoretical prices a lender receives for credit default protection. When spreads rise, market perceived credit risk rises and when spreads fall, market perceived credit risk falls. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and decreasing market values, when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. Credit spreads utilized in determining the period end market value of CDS agreements on corporate or sovereign issues are disclosed in the Schedule of Investments and serve as an indicator of the current status of the payment/performancerisk and represent the likelihood or risk of default for credit derivatives. For CDS agreements on asset-backed securities and credit indices, the quoted market prices and resulting values, particularly in relation to the notional amount of the contract as well as the annual payment rate, serve as an indication of the current status of the payment/performancerisk.
The Fund's maximum risk of loss from counterparty risk, as the protection buyer, is the fair value of the contract (this risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty). As the protection seller, the Fund's maximum risk is the notional amount of the contract. CDS are considered to have credit risk-related contingent features since they require payment by the protection seller to the protection buyer upon the occurrence of a defined credit event.
Entering into a CDS agreement involves, to varying degrees, elements of credit, market and documentation risk in excess of the related amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreement, and that there will be unfavorable changes in net interest rates.
(e) Loan participations. The Fund may invest in loans arranged through private negotiation between one or more financial institutions. The Fund's investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement related to the loan, or any rights of offset against the borrower and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation.
The Fund assumes the credit risk of the borrower, the lender that is selling the participation and any other persons interpositioned between the Fund and the borrower. In the event of the insolvency of the lender selling the participation, the Fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower.
32
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
(f) Foreign currency translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.
The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.
Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.
Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.
(g) Credit and market risk. The Fund invests in high-yield and emerging market instruments that are subject to certain credit and market risks. The yields of high-yield and emerging market debt obligations reflect, among other things, perceived credit and market risks. The Fund's investments in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading. The consequences of political, social, economic or diplomatic changes may have disruptive effects on the market prices of investments held by the Fund. The Fund's investments in non-U.S. dollar denominated securities may also result in foreign currency losses caused by devaluations and exchange rate fluctuations.
Investments in securities that are collateralized by real estate mortgages are subject to certain credit and liquidity risks. When market conditions result in an increase in default rates of the underlying mortgages and the foreclosure values of underlying real estate properties are materially below the outstanding amount of these underlying mortgages,
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
33
Notes to Financial Statements (unaudited) (cont'd)
collection of the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions may significantly impair the value and liquidity of these investments and may result in a lack of correlation between their credit ratings and values.
(h) 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.
(i) Counterparty risk and credit-risk-related contingent features of derivative instruments. The Fund may invest in certain securities or engage in other transactions where the Fund is exposed to counterparty credit risk in addition to broader market risks. The Fund may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Fund's subadviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the subadviser. In addition, declines in the values of underlying collateral received may expose the Fund to increased risk of loss.
With exchange traded and centrally cleared derivatives, there is less counterparty risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default of the clearing broker or clearinghouse.
The Fund has entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement, with certain of its derivative counterparties that govern over-the-counter ("OTC") derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Fund's net assets or net asset value per share over a specified period of time. If these credit related contingent features were triggered, the
34
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
derivatives counterparty could terminate the positions and demand payment or require additional collateral.
Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event of default by the counterparty or a termination of the agreement, the terms of the ISDA Master Agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.
Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for OTC traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.
As of June 30, 2026, the Fund held forward foreign currency contracts with credit related contingent features which had a liability position of $1,712,046. If a contingent feature in the master agreements would have been triggered, the Fund would have been required to pay this amount to its derivatives counterparties. As of June 30, 2026, the Fund had posted with its counterparties cash and/or securities as collateral to cover the net liability of these derivatives amounting to $1,290,000 which could be used to reduce the required payment.
At June 30, 2026, the Fund held cash collateral from Goldman Sachs Group Inc. in the amount of $450,000.This amount could be used to reduce the Fund's exposure to the counterparty in the event of default.
(j) Security transactions and investment income. Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Paydown gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
35
Notes to Financial Statements (unaudited) (cont'd)
additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.
(k) Distributions to shareholders. Distributions from net investment income of the Fund, if any, are declared and paid on a quarterly basis. Distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.
(l) 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.
(m) Compensating balance arrangements. The Fund had an arrangement with its custodian bank whereby a portion of the custodian's fees was paid indirectly by credits earned on the Fund's cash on deposit with the bank. Effective April 1, 2025, any cash on deposit with the bank will earn interest and be recognized as interest income on the Statement of Operations.
(n) 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, as amended (the "Code"), 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, 2025, 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 the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.
Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates. Realized gains upon disposition of securities issued in or by certain foreign countries are subject to capital gains tax imposed by those countries. As of June 30, 2026, there were $7,858 of capital gains tax liabilities accrued on unrealized gains. In some cases, the Fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as a dividend receivable in the Statement of Assets and Liabilities and dividend income in the Statement of Operations. In many cases, however, the Fund may not receive such amounts for an extended period of time, depending on the country of investment.
36
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
(o) 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 Templeton, Inc. ("Franklin Templeton") (prior to August 17, 2026, known as Franklin Resources, Inc.).
FTFA provides administrative and certain oversight services to the Fund. The Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.55% of the Fund's average daily net assets. FTFA has delegated to Brandywine Global the day-to-day portfolio management of the Fund. For its services, FTFA pays Brandywine Global a fee monthly, at an annual rate equal to 90% of the net management fee it receives from the Fund.
As a result of expense limitation arrangements between the Fund and FTFA, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend and interest expense on securities sold short, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A, Class C, Class I and Class IS shares did not exceed 1.10%, 1.85%, 0.75% and 0.65%, respectively. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2027 without the Board's 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, 2026, fees waived and/or expenses reimbursed amounted to $8,412, all of which was an affiliated money market fund waiver.
FTFA is permitted to recapture amounts waived and/or reimbursed to a class within three years after the fiscal year in which FTFA earned the fee or incurred the expense if the class' total annual fund operating expenses have fallen to a level below the expense limitation ("expense cap") in effect at the time the fees were earned or the expenses incurred. In no case will FTFA recapture any amount that would result, on any particular business day of the Fund, in the class' total annual fund operating expenses exceeding the expense cap or any other lower limit then in effect.
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
37
Notes to Financial Statements (unaudited) (cont'd)
Pursuant to these arrangements, at June 30, 2026, the Fund had no remaining fee waivers and/or expense reimbursements subject to recapture by FTFA. For the six months ended June 30, 2026, 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 Templeton. 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 Templeton. 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-basedfees 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, 2026, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $5,907 was earned by Investor Services.
There is a maximum initial sales charge of 3.75% for Class A shares. There is a contingent deferred sales charge ("CDSC") of 1.00% on Class C shares, which applies if redemption occurs within 12 months from purchase payment. In certain cases, Class A shares have a 1.00% CDSC, which applies if redemption occurs within 18 months from purchase payment. This CDSC only applies to those purchases of Class A shares, which, when combined with current holdings of other shares of funds sold by Franklin Distributors, equal or exceed $500,000 in the aggregate. These purchases do not incur an initial sales charge.
For the six months ended June 30, 2026, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:
 
Class A
Class C
Sales charges
$1,885
-
CDSCs
1,337
$2,001
All officers and one Trustee of the Trust are employees of Franklin Templeton or its affiliates and do not receive compensation from the Trust.
3. Investments
During the six months ended June 30, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) and U.S. Government & Agency Obligations were as follows:
 
Investments
U.S. Government &
Agency Obligations
Purchases
$135,719,839
$45,766,499
Sales
142,062,512
41,671,125
38
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
At June 30, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:
 
Cost/Premiums
Paid (Received)
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Securities
$448,341,456
$15,321,728
$(9,997,760)
$5,323,968
Futures contracts
-
468,866
-
468,866
Forward foreign currency contracts
-
1,030,374
(1,712,046)
(681,672)
Swap contracts
(78,450)
149,188
-
149,188
4. Derivative instruments and hedging activities
Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at June 30, 2026.
 
ASSET DERIVATIVES1
Interest
Rate Risk
Foreign
Exchange Risk
Credit
Risk
Total
Futures contracts2
$468,866
-
-
$468,866
Forward foreign currency contracts
-
$1,030,374
-
1,030,374
OTC swap contracts3
-
-
$70,738
70,738
Total
$468,866
$1,030,374
$70,738
$1,569,978

 
LIABILITY DERIVATIVES1
Foreign
Exchange Risk
Forward foreign currency contracts
$1,712,046
 
1
Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for
liability derivatives is payables/net unrealized depreciation.
2
Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of
Investments. Only net variation margin is reported within the receivables and/or payables on the Statement of
Assets and Liabilities.
3
Values include premiums paid (received) on swap contracts which are shown separately in the Statement of
Assets and Liabilities.
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
39
Notes to Financial Statements (unaudited) (cont'd)
The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended June 30, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.
 
AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED
Interest
Rate Risk
Foreign
Exchange Risk
Credit
Risk
Total
Futures contracts
$(1,133,649
)
-
-
$(1,133,649
)
Swap contracts
-
-
$322,215
322,215
Forward foreign currency contracts
-
$(1,775,663
)
-
(1,775,663
)
Total
$(1,133,649
)
$(1,775,663
)
$322,215
$(2,587,097
)

 
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED
Interest
Rate Risk
Foreign
Exchange Risk
Credit
Risk
Total
Futures contracts
$865,830
-
-
$865,830
Swap contracts
-
-
$20,795
20,795
Forward foreign currency contracts
-
$1,092
-
1,092
Total
$865,830
$1,092
$20,795
$887,717
During the six months ended June 30, 2026, the volume of derivative activity for the Fund was as follows:
 
Average Market
Value*
Futures contracts (to buy)
$49,651,358
Forward foreign currency contracts (to buy)
51,668,552
Forward foreign currency contracts (to sell)
38,831,418
Average Notional
Balance**
Credit default swap contracts (sell protection)
$8,821,114
 
*
Based on the average of the market values at each month-end during the period.
**
Based on the average of the notional amounts at each month-end during the period.
40
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
The following table presents the Fund's OTC derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral pledged (received) by the Fund as of June 30, 2026.
 
Counterparty
Gross Assets
Subject to
Master
Agreements1
Gross
Liabilities
Subject to
Master
Agreements1
Net Assets
(Liabilities)
Subject to
Master
Agreements
Collateral
Pledged
(Received)2,3
Net
Amount4,5
Barclays Bank PLC
$35,733
-
$35,733
-
$35,733
Goldman Sachs Group Inc.
876,909
-
876,909
$(450,000)
426,909
HSBC Securities Inc.
-
$(644,080)
(644,080)
440,000
(204,080)
JPMorgan Chase & Co.
171,054
(1,067,966)
(896,912)
850,000
(46,912)
Standard Chartered PLC
17,416
-
17,416
-
17,416
Total
$1,101,112
$(1,712,046)
$(610,934)
$840,000
$229,066
 
1
Absent an event of default or early termination, derivative assets and liabilities are presented gross and not
offset in the Statement of Assets and Liabilities.
2
Gross amounts are not offset in the Statement of Assets and Liabilities.
3
In some instances, the actual collateral received and/or pledged may be more than the amount shown here due
to overcollateralization.
4
Net amount may also include forward foreign currency exchange contracts that are not required to be
collateralized.
5
Represents the net amount receivable (payable) from (to) the counterparty in the event of default.
5. Class specific expenses, waivers and/or expense reimbursements
The Fund has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan the Fund pays service and/or distribution fees with respect to its Class A and Class C shares calculated at the annual rate of 0.25% and 1.00% of the average daily net assets of each class, respectively. Service and/or distribution fees are accrued daily and paid monthly.
For the six months ended June 30, 2026, class specific expenses were as follows:
 
Service and/or
Distribution Fees
Transfer Agent
Fees
Class A
$80,218
$22,963
Class C
14,823
1,550
Class I
-
97,982
Class IS
-
741
Total
$95,041
$123,236
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
41
Notes to Financial Statements (unaudited) (cont'd)
For the six months ended June 30, 2026, waivers and/or expense reimbursements by class were as follows:
 
Waivers/Expense
Reimbursements
Class A
$1,203
Class C
55
Class I
4,701
Class IS
2,453
Total
$8,412
6. Distributions to shareholders by class
 
Six Months Ended
June 30, 2026
Year Ended
December 31, 2025
Net Investment Income:
Class A
$1,717,350
$4,089,819
Class C
68,573
175,288
Class I
6,954,068
17,453,868
Class IS
3,690,063
9,449,162
Total
$12,430,054
$31,168,137
7. Shares of beneficial interest
At June 30, 2026, 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, 2026
Year Ended
December 31, 2025
Shares
Amount
Shares
Amount
Class A
Shares sold
634,195
$5,990,922
1,887,705
$17,693,035
Shares issued on reinvestment
184,182
1,709,017
432,530
4,050,842
Shares repurchased
(690,849
)
(6,508,670
)
(2,359,691
)
(22,127,075
)
Net increase (decrease)
127,528
$1,191,269
(39,456
)
$(383,198
)
Class C
Shares sold
71,371
$669,361
66,317
$617,748
Shares issued on reinvestment
7,365
67,737
18,582
172,683
Shares repurchased
(91,740
)
(855,617
)
(266,979
)
(2,476,619
)
Net decrease
(13,004
)
$(118,519
)
(182,080
)
$(1,686,188
)
42
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
Six Months Ended
June 30, 2026
Year Ended
December 31, 2025
Shares
Amount
Shares
Amount
Class I
Shares sold
4,701,071
$44,497,845
10,153,872
$95,450,604
Shares issued on reinvestment
744,005
6,917,954
1,844,796
17,298,157
Shares repurchased
(5,319,446
)
(50,233,717
)
(18,718,017
)
(175,127,606
)
Net increase (decrease)
125,630
$1,182,082
(6,719,349
)
$(62,378,845
)
Class IS
Shares sold
1,872,169
$17,725,027
3,885,674
$36,463,920
Shares issued on reinvestment
396,265
3,690,063
1,006,363
9,449,076
Shares repurchased
(2,702,295
)
(25,491,859
)
(5,143,951
)
(48,528,286
)
Net decrease
(433,861
)
$(4,076,769
)
(251,914
)
$(2,615,290
)
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, 2026. The following transactions were effected in such company for the six months ended June 30, 2026.
 
Affiliate
Value at

December 31,
2025
Purchased
Sold
Cost
Shares
Proceeds
Shares
Western Asset
Premier
Institutional U.S.
Treasury Reserves,
Premium Shares
$10,448,882
$126,490,046
126,490,046
$120,597,422
120,597,422

 
(cont'd)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
June 30,
2026
Western Asset Premier
Institutional U.S.
Treasury Reserves,
Premium Shares
-
$265,200
-
$16,341,506
9. Redemption facility
The Fund, together with other U.S. registered and foreign investment funds (collectively, the "Borrowers") managed by Franklin Templeton or its affiliates, is a borrower in a joint syndicated senior unsecured credit facility totaling $2.995 billion (the "Global Credit Facility"). The Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
43
Notes to Financial Statements (unaudited) (cont'd)
unusually large redemption requests. Unless renewed, the Global Credit Facility will terminate on January 29, 2027.
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, 2026.
10. Deferred capital losses
As of December 31, 2025, the Fund had deferred capital losses of $49,647,549, which have no expiration date, that will be available to offset future taxable capital gains.
11. Operating segments
The Fund operates as a single operating segment, which is an investment portfolio. A management group assigned to the Fund within the Fund's investment manager serves as the Chief Operating Decision Maker ("CODM") and is responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.
For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Fund's Schedule of Investments provides details of the Fund's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.
44
BrandywineGLOBAL - Flexible Bond Fund 2026 Semi-Annual Report
 
Changes in and Disagreements with Accountants
For the period covered by this report
Not applicable.
Results of Meeting(s) of Shareholders
For the period covered by this report
Not applicable.
Remuneration Paid to Directors, Officers and Others
For the period covered by this report
Refer to the financial statements included herein.
BrandywineGLOBAL - Flexible Bond Fund
45
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 6-7, 2026, 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 (the "Manager") with respect to BrandywineGLOBAL - Flexible Bond Fund, a series of the Trust (the "Fund"), and the sub-advisoryagreement 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 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 2026 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 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.
46
BrandywineGLOBAL - Flexible Bond 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-relatedpolicies, 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.
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 Templeton, Inc. (prior to August 17, 2026, known as 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.
BrandywineGLOBAL - Flexible Bond Fund
47
Board Approval of Management and Subadvisory Agreements (unaudited) (cont'd)
The Board considered the division of responsibilities between the Manager and the Sub-Adviserand 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 throughout the year at periodic intervals information comparing the Fund's performance against its benchmark and against the Fund's peers. The Board also considered the Fund's performance in light of overall financial market conditions.
The information comparing the Fund's performance to that of its Performance Universe, consisting of funds (including the Fund) classified as multi-sector income funds by Lipper, showed, among other data, that the performance of the Fund's Class I shares was above the median performance of the funds in the Performance Universe for the 1-year and since inception (May 31, 2016) periods ended December 31, 2025 and below the median performance of the funds in the Performance Universe for the 3- and 5-year periods ended December 31, 2025. The Board noted the explanations from the Manager and the Sub-Adviserconcerning the reasons for the Fund's relative performance versus the peer group for the various periods.
The Board concluded that, overall, the nature, extent and quality of services provided (and expected to be provided), including performance, under the Management Agreement and the Sub-Advisory Agreement were sufficient for renewal.
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.
48
BrandywineGLOBAL - Flexible Bond 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, retail managed accounts, and third-party sub-advised funds.
The Manager reviewed with the Board the differences in services provided to these different types of accounts, noting that the Fund is provided with certain administrative services, office facilities, and Fund officers (including the Fund's chief executive, chief financial and chief compliance officers), and that the Manager coordinates and oversees the provision of services to the Fund by other Fund service providers. The Board considered the fee comparisons in light of the differences in management of these different types of accounts, and the differences in the degree of entrepreneurial and other risks borne by the Manager in managing the Fund and in managing other types of accounts.
The Board considered the overall management fee, the fee of the Sub-Adviser and the amount of the management fee retained by the Manager after payment of the sub-advisory fee, 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 15 multi-sector income funds (including the Fund) selected by Broadridge to be comparable to the Fund (the "Expense Group"), and a broader group of funds selected by Broadridge consisting of multi-sector income funds (including the Fund) (the "Expense Universe"). This information showed that the Fund's Contractual Management Fee was below the median of management fees payable by the funds in the Expense Group and that the Fund's Actual Management Fee was approximately equivalent to the median of management fees paid by the funds in the Expense Group and approximately equivalent to the median of management fees paid by the funds in the Expense Universe. This information also showed that the Fund's actual total expense ratio was approximately equivalent to the median of the total expense ratios of the funds in the Expense Group and above the median of the actual total expense ratios of the funds in the Expense Universe. The Board took into account management's discussion of the Fund's expenses. The Board also considered that the current limitation on the Fund's expenses is expected to continue until and expire on December 31, 2027.
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 fee for the Fund were
BrandywineGLOBAL - Flexible Bond Fund
49
Board Approval of Management and Subadvisory Agreements (unaudited) (cont'd)
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 Franklin Templeton's investment management business. The Board received information with respect to the Manager's allocation methodologies used in preparing this profitability data. It was noted that the allocation methodologies had been reviewed by an outside consultant. The profitability of the Manager and its affiliates was considered by the Board not excessive in light of the nature, extent and quality of the services provided to the Fund.
Economies of scale
The Board received and discussed information concerning whether the Manager realizes economies of scale with respect to the management of the Fund as the Fund's assets grow. The Board also noted the size of the Fund.
The Board determined that the management fee structure for the Fund was reasonable.
Other benefits to the manager and the sub-adviser
The Board considered other benefits received by the Manager, the Sub-Adviser and their affiliates as a result of their relationship with the Fund, including the opportunity to offer additional products and services to Fund shareholders, including the appointment of an affiliate of the Manager as the transfer agent of the Fund.
In light of the costs of providing investment management and other services to the Fund and the ongoing commitment of the Manager and the Sub-Adviser to the Fund, the Board considered that the ancillary benefits that the Manager, the Sub-Adviser and their affiliates received were reasonable.
50
BrandywineGLOBAL - Flexible Bond Fund
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BrandywineGLOBAL - 
Flexible Bond Fund
Trustees
Andrew L. Breech
Stephen R. Gross
Susan M. Heilbron
Arnold L. Lehman
Robin J. W. Masters
G. Peter O'Brien
Chair
Thomas F. Schlafly
Jane Trust
Investment manager
Franklin Templeton Fund Adviser, LLC
Subadviser
Brandywine Global Investment Management, LLC
Distributor
Franklin Distributors, LLC
Custodian
The Bank of New York Mellon
Transfer agent
Franklin Templeton Investor
Services, LLC
3344 Quality Drive
Rancho Cordova, CA 95670-7313
Independent registered public accounting firm
PricewaterhouseCoopers LLP
Baltimore, MD
BrandywineGLOBAL - Flexible Bond Fund
The Fund is a separate investment series of Legg Mason Global Asset Management Trust, a Maryland statutory trust.
BrandywineGLOBAL - Flexible Bond Fund
Legg Mason Funds
One Madison Avenue, 17th Floor
New York, NY 10010
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at 877-6LM-FUND/656-3863.
Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at 877-6LM-FUND/656-3863,(2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.
This report is submitted for the general information of the shareholders of BrandywineGLOBAL - Flexible Bond Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.
Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. Theprospectus contains this and other important information about the Fund. Please read the prospectuscarefully before investing.
www.franklintempleton.com
© 2026 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

 
91462-SFSOI 8/26
© 2026 Franklin Templeton. All rights reserved.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

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

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

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

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

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

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

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

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.
(a) The Registrants acknowledge the Staff's comment. In future filings on Form N-CSR, the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations "Principal Executive Officer" and "Principal Financial Officer" in the signature blocks, reflecting the capacity in which each signatory executes the certification, in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory's actual title with respect to the Funds alongside the required designation.
(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are likely to materially affect the Registrant's internal control over financial reporting.
ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
(a) Not applicable.
(b) Not applicable.
ITEM 19. EXHIBITS.

(a) (1) Not applicable.

Exhibit 99.CODE ETH

Exhibit 99.CERT

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

Legg Mason Global Asset Management Trust

By: /s/ Jane Trust
Jane Trust
Chief Executive Officer
Date: August 25, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Jane Trust
Jane Trust
Chief Executive Officer
Date: August 25, 2026
By: /s/ Christopher Berarducci
Christopher Berarducci
Principal Financial Officer
Date: August 25, 2026
Legg Mason Global Asset Management Trust published this content on August 25, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 25, 2026 at 13:59 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]