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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22338

Legg Mason Global Asset Management Trust

(Exact name of registrant as specified in charter)

100 International Drive, Baltimore, MD, 21202

(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: September 30

Date of reporting period: September 30, 2024

ITEM 1.

REPORT TO STOCKHOLDERS.

The Annual Report to Stockholders is filed herewith.


Martin Currie Emerging Markets Fund
Class A [MACEX]
Annual Shareholder Report \| September 30, 2024

This annual shareholder report contains important information about Martin Currie Emerging Markets Fund for the period October 1, 2023, to September 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (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	$142	1.30%

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

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended September 30, 2024, Class A shares of Martin Currie Emerging Markets Fund returned 19.10%. The Fund compares its performance to the MSCI Emerging Markets Index-NR, which returned 26.05% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	TSMC, a leading packaging provider for NVIDIA server chips, was the largest driver of performance as it had many growth drivers over the period including with key end client Apple.
↑	SK Hynix, a semiconductor vendor and supplier of memory chips, has direct leverage as one of the sole providers of high bandwidth memory which is used in the AI server chips.
↑	Tencent, an internet company, outperformed following strong operating performance and continued traction in the China gaming market where growth has rebounded.


Top detractors from performance:
↓	Samsung Electronics, a consumer electronics company, underperformed as a result of delays into their high bandwidth memory business and the company was impacted by a slowdown in overall end demand markets for memory.
↓	Wuxi Biologics, a global contract research development and manufacturing organization, was impacted by proposed U.S. legislation prohibiting federal funding in connection with biotechnology equipment produced or services provided by certain Chinese companies, including Wuxi. Not held at period end as a result of growing geopolitical risk.
↓	Cosan, a Brazilian energy company, was impacted by short-term weakness in sugar prices as well as sentiment from a change of CEO at one of their operating units. It has also been indirectly impacted by weakness in its core investment holding, Vale.

Martin Currie Emerging Markets Fund

PAGE 1

7281-ATSR-1124

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT ($9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 7/16/2018 — 9/30/2024

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended September 30, 2024


	1 Year	5 Year	Since Inception (7/16/2018)
Class A	19.10	3.10	1.94
Class A (with sales charge)	12.57	1.89	0.97
MSCI All Country World ex-U.S. Index-NR	25.35	7.59	5.85
MSCI Emerging Markets Index-NR	26.05	5.75	5.85

Total return information is based on net asset values calculated for shareholder transactions. Certain adjustments were made to the net assets of the Fund at the beginning of the period for financial reporting purposes. Accordingly, adjusted total returns have been disclosed in the Financial Highlights and differ from those reported here.

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

Performance for periods beginning prior to August 15, 2022, reflects a higher maximum sales charge in effect at that time. Performance for periods beginning after August 15, 2022, reflects the current maximum sales charge.

For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of September 30, 2024)


Total Net Assets	$465,258,756
Total Number of Portfolio Holdings^*	53
Total Management Fee Paid	$3,736,313
Portfolio Turnover Rate	19%

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

Martin Currie Emerging Markets Fund

PAGE 2

7281-ATSR-1124

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

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

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at 877-6LM-FUND/656-3863. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Martin Currie Emerging Markets Fund

PAGE 3

7281-ATSR-1124

87909114107591253981668915106171007199471024512696950111438143379891969110712126639103101681281630.325.916.37.95.75.03.72.72.10.4


Martin Currie Emerging Markets Fund
Class C [MCECX]
Annual Shareholder Report \| September 30, 2024

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (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	$211	1.93%

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

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended September 30, 2024, Class C shares of Martin Currie Emerging Markets Fund returned 18.36%. The Fund compares its performance to the MSCI Emerging Markets Index-NR, which returned 26.05% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	TSMC, a leading packaging provider for NVIDIA server chips, was the largest driver of performance as it had many growth drivers over the period including with key end client Apple.
↑	SK Hynix, a semiconductor vendor and supplier of memory chips, has direct leverage as one of the sole providers of high bandwidth memory which is used in the AI server chips.
↑	Tencent, an internet company, outperformed following strong operating performance and continued traction in the China gaming market where growth has rebounded.


Top detractors from performance:
↓	Samsung Electronics, a consumer electronics company, underperformed as a result of delays into their high bandwidth memory business and the company was impacted by a slowdown in overall end demand markets for memory.
↓	Wuxi Biologics, a global contract research development and manufacturing organization, was impacted by proposed U.S. legislation prohibiting federal funding in connection with biotechnology equipment produced or services provided by certain Chinese companies, including Wuxi. Not held at period end as a result of growing geopolitical risk.
↓	Cosan, a Brazilian energy company, was impacted by short-term weakness in sugar prices as well as sentiment from a change of CEO at one of their operating units. It has also been indirectly impacted by weakness in its core investment holding, Vale.

Martin Currie Emerging Markets Fund

PAGE 1

7282-ATSR-1124

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 7/16/2018 — 9/30/2024

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended September 30, 2024


	1 Year	5 Year	Since Inception (7/16/2018)
Class C	18.36	2.37	1.22
Class C (with sales charge)	17.36	2.37	1.22
MSCI All Country World ex-U.S. Index-NR	25.35	7.59	5.85
MSCI Emerging Markets Index-NR	26.05	5.75	5.85

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

For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of September 30, 2024)


Total Net Assets	$465,258,756
Total Number of Portfolio Holdings^*	53
Total Management Fee Paid	$3,736,313
Portfolio Turnover Rate	19%

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

Martin Currie Emerging Markets Fund

PAGE 2

7282-ATSR-1124

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

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

HOUSEHOLDING

Martin Currie Emerging Markets Fund

PAGE 3

7282-ATSR-1124

93149588112371299083959108107791007199471024512696950111438143379891969110712126639103101681281630.325.916.37.95.75.03.72.72.10.4


Martin Currie Emerging Markets Fund
Class FI [MEFIX]
Annual Shareholder Report \| September 30, 2024

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (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 FI	$129	1.18%

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

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended September 30, 2024, Class FI shares of Martin Currie Emerging Markets Fund returned 19.33%. The Fund compares its performance to the MSCI Emerging Markets Index-NR, which returned 26.05% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	TSMC, a leading packaging provider for NVIDIA server chips, was the largest driver of performance as it had many growth drivers over the period including with key end client Apple.
↑	SK Hynix, a semiconductor vendor and supplier of memory chips, has direct leverage as one of the sole providers of high bandwidth memory which is used in the AI server chips.
↑	Tencent, an internet company, outperformed following strong operating performance and continued traction in the China gaming market where growth has rebounded.


Top detractors from performance:
↓	Samsung Electronics, a consumer electronics company, underperformed as a result of delays into their high bandwidth memory business and the company was impacted by a slowdown in overall end demand markets for memory.
↓	Wuxi Biologics, a global contract research development and manufacturing organization, was impacted by proposed U.S. legislation prohibiting federal funding in connection with biotechnology equipment produced or services provided by certain Chinese companies, including Wuxi. Not held at period end as a result of growing geopolitical risk.
↓	Cosan, a Brazilian energy company, was impacted by short-term weakness in sugar prices as well as sentiment from a change of CEO at one of their operating units. It has also been indirectly impacted by weakness in its core investment holding, Vale.

Martin Currie Emerging Markets Fund

PAGE 1

7170-ATSR-1124

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class FI 5/29/2015 — 9/30/2024

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended September 30, 2024


	1 Year	5 Year	Since Inception (5/29/2015)
Class FI	19.33	3.10	3.96
MSCI All Country World ex-U.S. Index-NR	25.35	7.59	5.28
MSCI Emerging Markets Index-NR	26.05	5.75	4.21

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

For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of September 30, 2024)


Total Net Assets	$465,258,756
Total Number of Portfolio Holdings^*	53
Total Management Fee Paid	$3,736,313
Portfolio Turnover Rate	19%

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

Martin Currie Emerging Markets Fund

PAGE 2

7170-ATSR-1124

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

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

HOUSEHOLDING

Martin Currie Emerging Markets Fund

PAGE 3

7170-ATSR-1124

80909734125381192812342145581695111034120491437984059183109831117711039113711409010544126941591276778965109791089010670117951394210022111951411130.325.916.37.95.75.03.72.72.10.4


Martin Currie Emerging Markets Fund
Class I [MCEIX]
Annual Shareholder Report \| September 30, 2024

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (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	$103	0.94%

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

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended September 30, 2024, Class I shares of Martin Currie Emerging Markets Fund returned 19.56%. The Fund compares its performance to the MSCI Emerging Markets Index-NR, which returned 26.05% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	TSMC, a leading packaging provider for NVIDIA server chips, was the largest driver of performance as it had many growth drivers over the period including with key end client Apple.
↑	SK Hynix, a semiconductor vendor and supplier of memory chips, has direct leverage as one of the sole providers of high bandwidth memory which is used in the AI server chips.
↑	Tencent, an internet company, outperformed following strong operating performance and continued traction in the China gaming market where growth has rebounded.


Top detractors from performance:
↓	Samsung Electronics, a consumer electronics company, underperformed as a result of delays into their high bandwidth memory business and the company was impacted by a slowdown in overall end demand markets for memory.
↓	Wuxi Biologics, a global contract research development and manufacturing organization, was impacted by proposed U.S. legislation prohibiting federal funding in connection with biotechnology equipment produced or services provided by certain Chinese companies, including Wuxi. Not held at period end as a result of growing geopolitical risk.
↓	Cosan, a Brazilian energy company, was impacted by short-term weakness in sugar prices as well as sentiment from a change of CEO at one of their operating units. It has also been indirectly impacted by weakness in its core investment holding, Vale.

Martin Currie Emerging Markets Fund

PAGE 1

7171-ATSR-1124

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $1,000,000 INVESTMENT – Class I 5/29/2015 — 9/30/2024

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended September 30, 2024


	1 Year	5 Year	Since Inception (5/29/2015)
Class I	19.56	3.41	4.27
MSCI All Country World ex-U.S. Index-NR	25.35	7.59	5.28
MSCI Emerging Markets Index-NR	26.05	5.75	4.21

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

For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of September 30, 2024)


Total Net Assets	$465,258,756
Total Number of Portfolio Holdings^*	53
Total Management Fee Paid	$3,736,313
Portfolio Turnover Rate	19%

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

Martin Currie Emerging Markets Fund

PAGE 2

7171-ATSR-1124

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

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

HOUSEHOLDING

Martin Currie Emerging Markets Fund

PAGE 3

7171-ATSR-1124

80900097651212621621204055125044814797351729460112957912365181478360853794932823111574811354131121460115512214313771071154128953816164777997149339331143690113440411115301228672145234210440281166172146998530.325.916.37.95.75.03.72.72.10.4


Martin Currie Emerging Markets Fund
Class IS [MCEMX]
Annual Shareholder Report \| September 30, 2024

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (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	$91	0.83%

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

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended September 30, 2024, Class IS shares of Martin Currie Emerging Markets Fund returned 19.78%. The Fund compares its performance to the MSCI Emerging Markets Index-NR, which returned 26.05% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	TSMC, a leading packaging provider for NVIDIA server chips, was the largest driver of performance as it had many growth drivers over the period including with key end client Apple.
↑	SK Hynix, a semiconductor vendor and supplier of memory chips, has direct leverage as one of the sole providers of high bandwidth memory which is used in the AI server chips.
↑	Tencent, an internet company, outperformed following strong operating performance and continued traction in the China gaming market where growth has rebounded.


Top detractors from performance:
↓	Samsung Electronics, a consumer electronics company, underperformed as a result of delays into their high bandwidth memory business and the company was impacted by a slowdown in overall end demand markets for memory.
↓	Wuxi Biologics, a global contract research development and manufacturing organization, was impacted by proposed U.S. legislation prohibiting federal funding in connection with biotechnology equipment produced or services provided by certain Chinese companies, including Wuxi. Not held at period end as a result of growing geopolitical risk.
↓	Cosan, a Brazilian energy company, was impacted by short-term weakness in sugar prices as well as sentiment from a change of CEO at one of their operating units. It has also been indirectly impacted by weakness in its core investment holding, Vale.

Martin Currie Emerging Markets Fund

PAGE 1

7172-ATSR-1124

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $1,000,000 INVESTMENT – Class IS 5/29/2015 — 9/30/2024

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended September 30, 2024


	1 Year	5 Year	Since Inception (5/29/2015)
Class IS	19.78	3.53	4.42
MSCI All Country World ex-U.S. Index-NR	25.35	7.59	5.28
MSCI Emerging Markets Index-NR	26.05	5.75	4.21

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

For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of September 30, 2024)


Total Net Assets	$465,258,756
Total Number of Portfolio Holdings^*	53
Total Management Fee Paid	$3,736,313
Portfolio Turnover Rate	19%

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

Martin Currie Emerging Markets Fund

PAGE 2

7172-ATSR-1124

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

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

HOUSEHOLDING

Martin Currie Emerging Markets Fund

PAGE 3

7172-ATSR-1124

81000097983412699181211507125941114929401745736114075312504581497732853794932823111574811354131121460115512214313771071154128953816164777997149339331143690113440411115301228672145234210440281166172146998530.325.916.37.95.75.03.72.72.10.4

ITEM 2.

CODE OF ETHICS.

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

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the registrant has determined that Stephen R. Gross, possesses the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an “audit committee financial expert,” and has designated Stephen R. Gross as the Audit Committee’s financial expert. Stephen R. Gross is an “independent” Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees. The aggregate fees billed in the last two fiscal years ending September 30, 2023 and September 30, 2024 (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $248,591 in September 30, 2023 and $153,848 in September 30, 2024.

(b) Audit-Related Fees. The aggregate fees billed in the Reporting Period for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant’s financial statements were $0 in September 30, 2023 and $0 in September 30, 2024.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $60,750 in September 30, 2023 and $39,750 in September 30, 2024. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

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

(d) All Other Fees. The aggregate fees for other fees billed in the Reporting Periods for products and services provided by the Auditor were $0 in September 30, 2023 and $0 in September 30, 2024, other than the services reported in paragraphs (a) through (c) of this item for the Legg Mason Global Asset Management Trust.

All Other Fees. There were no other non-audit services rendered by the Auditor to Franklin Templeton Fund Adviser, LLC (“FTFA”), and any entity controlling, controlled by or under common control with FTFA that provided ongoing services to Legg Mason Global Asset Management Trust requiring pre-approval by the Audit Committee in the Reporting Period.

(e) Audit Committee’s pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

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

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

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

(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Non-audit fees billed by the Auditor for services rendered to Legg Mason Global Asset Management Trust, FTFA and any entity controlling, controlled by, or under common control with FTFA that provides ongoing services to Legg Mason Global Asset Management Trust during the reporting period were $1,161,270 in September 30, 2023 and $1,137,291 in September 30, 2024.

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

(i) Not applicable.

(j) Not applicable.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

Andrew L. Breech

Stephen R. Gross

Susan M. Heilbron

Arnold L. Lehman

Robin J. W. Masters

Ken Miller

G. Peter O’Brien*

Thomas F. Schlafly

* Effective February 7, 2024, Mr. O’Brien became Chair of the Board.

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 HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Martin Currie
Emerging Markets Fund

Financial Statements and Other Important Information

Annual | September 30, 2024

Table of Contents

Schedule of Investments	1
Statement of Assets and Liabilities	5
Statement of Operations	7
Statements of Changes in Net Assets	8
Financial Highlights	9
Notes to Financial Statements	14
Report of Independent Registered Public Accounting Firm	24
Important Tax Information	25
Changes in and Disagreements with Accountants	26
Results of Meeting(s) of Shareholders	26
Remuneration Paid to Directors, Officers and Others	26
Board Approval of Management and Subadvisory Agreements	27

franklintempleton.com

Financial Statements and Other Important Information — Annual

Schedule of Investments

September 30, 2024

Martin Currie Emerging Markets Fund

(Percentages shown based on Fund net assets)

Security	Shares	Value
Common Stocks — 100.1%
Communication Services — 8.0%
Interactive Media & Services — 8.0%
Tencent Holdings Ltd.	666,700	$37,071,781 (a)

Consumer Discretionary — 16.4%
Automobile Components — 1.4%
Minth Group Ltd.	3,110,000	6,315,934 (a)
Automobiles — 2.0%
Maruti Suzuki India Ltd.	57,790	9,124,996 (a)
Broadline Retail — 6.6%
Alibaba Group Holding Ltd.	309,040	4,106,766 (a)
Alibaba Group Holding Ltd., ADR	134,289	14,250,749
JD.com Inc., ADR	134,354	5,374,160
JD.com Inc., Class A Shares	38,021	762,620 (a)
MercadoLibre Inc.	3,053	6,264,634 *
Total Broadline Retail		30,758,929
Hotels, Restaurants & Leisure — 3.7%
Meituan, Class B Shares	567,600	12,053,207 *(a)
Trip.com Group Ltd., ADR	91,292	5,425,484 *
Total Hotels, Restaurants & Leisure		17,478,691
Textiles, Apparel & Luxury Goods — 2.7%
Titan Co. Ltd.	275,354	12,557,670 (a)

Total Consumer Discretionary		76,236,220
Consumer Staples — 2.1%
Consumer Staples Distribution & Retail — 1.4%
Robinsons Retail Holdings Inc.	1,189,455	853,287
Wal-Mart de Mexico SAB de CV	1,860,800	5,614,532
Total Consumer Staples Distribution & Retail		6,467,819
Personal Care Products — 0.7%
Proya Cosmetics Co. Ltd., Class A Shares	223,400	3,482,385 (a)

Total Consumer Staples		9,950,204
Energy — 3.7%
Oil, Gas & Consumable Fuels — 3.7%
Cosan SA	1,349,252	3,244,525
Reliance Industries Ltd.	399,405	14,052,253 (a)

Total Energy		17,296,778
Financials — 26.0%
Banks — 21.1%
Al Rajhi Bank	389,382	9,073,884 (a)
Bank Negara Indonesia Persero Tbk PT	12,665,400	4,472,390 (a)

See Notes to Financial Statements.

Martin Currie Emerging Markets Fund 2024 Annual Report

Schedule of Investments (cont’d)

September 30, 2024

Martin Currie Emerging Markets Fund

(Percentages shown based on Fund net assets)

Security	Shares	Value

Banks — continued
Bank Rakyat Indonesia Persero Tbk PT	25,115,800	$8,214,434 (a)
Capitec Bank Holdings Ltd.	50,136	8,834,586
China Merchants Bank Co. Ltd., Class H Shares	1,908,500	9,248,339 (a)
Grupo Financiero Banorte SAB de CV, Class O Shares	898,600	6,395,622
HDFC Bank Ltd., ADR	263,529	16,486,374
ICICI Bank Ltd., ADR	539,522	16,104,732
Kotak Mahindra Bank Ltd.	324,908	7,181,965 (a)
Powszechna Kasa Oszczednosci Bank Polski SA	293,995	4,284,151 (a)
Shinhan Financial Group Co. Ltd.	184,435	7,822,360 (a)
Total Banks		98,118,837
Capital Markets — 1.0%
B3 SA - Brasil Bolsa Balcao	2,288,600	4,511,916
Insurance — 3.9%
AIA Group Ltd.	1,043,400	9,111,864 (a)
Ping An Insurance Group Co. of China Ltd., Class H Shares	1,468,500	9,221,490 (a)
Total Insurance		18,333,354

Total Financials		120,964,107
Health Care — 2.8%
Health Care Equipment & Supplies — 0.5%
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A Shares	54,200	2,235,064 (a)
Health Care Providers & Services — 2.3%
Apollo Hospitals Enterprise Ltd.	58,935	5,065,130 (a)
Dr Sulaiman Al Habib Medical Services Group Co.	33,796	2,672,041
Odontoprev SA	1,414,900	2,927,092
Total Health Care Providers & Services		10,664,263

Total Health Care		12,899,327
Industrials — 5.0%
Electrical Equipment — 3.8%
Contemporary Amperex Technology Co. Ltd., Class A Shares	221,960	7,800,570 (a)
WEG SA	986,100	9,886,885
Total Electrical Equipment		17,687,455
Machinery — 1.2%
Shenzhen Inovance Technology Co. Ltd., Class A Shares	631,300	5,563,260 (a)

Total Industrials		23,250,715
Information Technology — 30.4%
Electronic Equipment, Instruments & Components — 1.7%
Delta Electronics Inc.	416,367	4,967,704 (a)
Samsung SDI Co. Ltd.	9,696	2,799,578 (a)
Total Electronic Equipment, Instruments & Components		7,767,282

See Notes to Financial Statements.

Martin Currie Emerging Markets Fund 2024 Annual Report

Martin Currie Emerging Markets Fund

(Percentages shown based on Fund net assets)

Security		Shares	Value

IT Services — 3.8%
EPAM Systems Inc.		11,691	$2,326,860 *
Globant SA		40,742	8,072,620 *
Tata Consultancy Services Ltd.		146,238	7,446,218 (a)
Total IT Services			17,845,698
Semiconductors & Semiconductor Equipment — 17.4%
Globalwafers Co. Ltd.		367,000	5,260,926 (a)
MediaTek Inc.		159,000	5,860,032 (a)
SK Hynix Inc.		121,951	16,321,529 (a)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		308,655	53,604,114
Total Semiconductors & Semiconductor Equipment			81,046,601
Technology Hardware, Storage & Peripherals — 7.5%
Quanta Computer Inc.		665,000	5,542,264 (a)
Samsung Electronics Co. Ltd.		628,160	29,359,454 (a)
Total Technology Hardware, Storage & Peripherals			34,901,718

Total Information Technology			141,561,299
Materials — 5.7%
Chemicals — 2.2%
Asian Paints Ltd.		151,707	6,031,423 (a)
LG Chem Ltd.		14,925	4,051,060 (a)
Total Chemicals			10,082,483
Construction Materials — 1.6%
UltraTech Cement Ltd.		53,184	7,488,513 (a)
Metals & Mining — 1.9%
Antofagasta PLC		338,701	9,129,638 (a)

Total Materials			26,700,634
Total Investments before Short-Term Investments (Cost — $364,566,657)			465,931,065
	Rate
Short-Term Investments — 0.4%
Western Asset Institutional U.S. Treasury Reserves, Institutional Shares (Cost — $1,837,398)	4.880%	1,837,398	1,837,398 (b)(c)
Total Investments — 100.5% (Cost — $366,404,055)			467,768,463
Liabilities in Excess of Other Assets — (0.5)%			(2,509,707 )
Total Net Assets — 100.0%			$465,258,756

See Notes to Financial Statements.

Martin Currie Emerging Markets Fund 2024 Annual Report

Schedule of Investments (cont’d)

September 30, 2024

Martin Currie Emerging Markets Fund

*	Non-income producing security.
(a)	Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).
(b)	Rate shown is one-day yield as of the end of the reporting period.
(c)	In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At September 30, 2024, the total market value of investments in Affiliated Companies was $1,837,398 and the cost was $1,837,398 (Note 8).

Abbreviation(s) used in this schedule:
ADR	—	American Depositary Receipts

Summary of Investments by Country# (unaudited)
China	26.3 %
India	21.7
Taiwan	16.1
South Korea	12.9
Brazil	5.7
Indonesia	2.7
Mexico	2.6
Saudi Arabia	2.5
United States	2.2
Chile	2.0
Hong Kong	1.9
South Africa	1.9
Poland	0.9
Philippines	0.2
Short-Term Investments	0.4
	100.0 %

#	As a percentage of total investments. Please note that the Fund holdings are as of September 30, 2024, and are subject to change.

See Notes to Financial Statements.

Martin Currie Emerging Markets Fund 2024 Annual Report

Statement of Assets and Liabilities

September 30, 2024

Assets:
Investments in unaffiliated securities, at value (Cost — $364,566,657)	$465,931,065
Investments in affiliated securities, at value (Cost — $1,837,398)	1,837,398
Foreign currency, at value (Cost — $3,246)	4,798
Cash	100,000
Receivable for securities sold	3,131,000
Dividends receivable from unaffiliated investments	851,286
Receivable for Fund shares sold	87,223
Dividends receivable from affiliated investments	4,750
Prepaid expenses	34,404
Total Assets	471,981,924
Liabilities:
Payable for Fund shares repurchased	3,660,654
Accrued foreign capital gains tax	2,525,507
Investment management fee payable	272,815
Trustees’ fees payable	7,645
Service and/or distribution fees payable	3,658
Accrued expenses	252,889
Total Liabilities	6,723,168
Total Net Assets	$465,258,756
Net Assets:
Par value (Note 7)	$342
Paid-in capital in excess of par value	563,853,953
Total distributable earnings (loss)	(98,595,539 )
Total Net Assets	$465,258,756

See Notes to Financial Statements.

Martin Currie Emerging Markets Fund 2024 Annual Report

Statement of Assets and Liabilities (cont’d)

September 30, 2024

Net Assets:
Class A	$8,086,619
Class C	$2,522,760
Class FI	$446,918
Class I	$319,012,956
Class IS	$135,189,503
Shares Outstanding:
Class A	602,254
Class C	192,223
Class FI	33,026
Class I	23,465,970
Class IS	9,904,270
Net Asset Value:
Class A (and redemption price)	$13.43
Class C*	$13.12
Class FI (and redemption price)	$13.53
Class I (and redemption price)	$13.59
Class IS (and redemption price)	$13.65
Maximum Public Offering Price Per Share:
Class A (based on maximum initial sales charge of 5.50%)	$14.21

*	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.

Martin Currie Emerging Markets Fund 2024 Annual Report

Statement of Operations

For the Year Ended September 30, 2024

Investment Income:
Dividends from unaffiliated investments	$10,333,284
Dividends from affiliated investments	59,298
Less: Foreign taxes withheld	(1,163,759 )
Total Investment Income	9,228,823
Expenses:
Investment management fee (Note 2)	3,742,354
Transfer agent fees (Notes 2 and 5)	375,612
Registration fees	97,032
Fund accounting fees	90,445
Service and/or distribution fees (Notes 2 and 5)	58,744
Shareholder reports	49,049
Audit and tax fees	46,384
Legal fees	39,989
Trustees’ fees	31,621
Interest expense	15,949
Custody fees	11,404
Insurance	5,726
Commitment fees (Note 9)	4,284
Miscellaneous expenses	9,810
Total Expenses	4,578,403
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)	(6,041 )
Net Expenses	4,572,362
Net Investment Income	4,656,461
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1 and 3):
Net Realized Loss From:
Investment transactions in unaffiliated securities	(80,746,060 )†
Foreign currency transactions	(474,098 )
Net Realized Loss	(81,220,158 )
Change in Net Unrealized Appreciation (Depreciation) From:
Investments in unaffiliated securities	163,555,636 ‡
Foreign currencies	(2,207 )
Change in Net Unrealized Appreciation (Depreciation)	163,553,429
Net Gain on Investments and Foreign Currency Transactions	82,333,271
Increase in Net Assets From Operations	$86,989,732

†	Net of foreign capital gains tax of $1,031,481.
‡	Net of change in accrued foreign capital gains tax of $1,251,766.

See Notes to Financial Statements.

Martin Currie Emerging Markets Fund 2024 Annual Report

Statements of Changes in Net Assets

For the Years Ended September 30,	2024	2023
Operations:
Net investment income	$4,656,461	$7,981,038
Net realized loss	(81,220,158 )	(44,342,829 )
Change in net unrealized appreciation (depreciation)	163,553,429	88,743,188
Increase in Net Assets From Operations	86,989,732	52,381,397
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings	(6,500,062 )	(3,900,048 )
Decrease in Net Assets From Distributions to Shareholders	(6,500,062 )	(3,900,048 )
Fund Share Transactions (Note 7):
Net proceeds from sale of shares	137,196,654	324,778,418
Reinvestment of distributions	5,333,579	3,517,322
Cost of shares repurchased	(356,632,267 )	(300,363,364 )
Increase (Decrease) in Net Assets From Fund Share Transactions	(214,102,034 )	27,932,376
Increase (Decrease) in Net Assets	(133,612,364 )	76,413,725
Net Assets:
Beginning of year	598,871,120	522,457,395
End of year	$465,258,756	$598,871,120

See Notes to Financial Statements.

Martin Currie Emerging Markets Fund 2024 Annual Report

Financial Highlights

For a share of each class of beneficial interest outstanding throughout each year ended September 30:
Class A Shares1	2024	2023	2022	2021	2020
Net asset value, beginning of year	$11.38	$10.47	$16.10	$13.86	$12.02
Income (loss) from operations:
Net investment income	0.08	0.12	0.07	0.03	0.06
Net realized and unrealized gain (loss)	2.09	0.84	(5.69 )	2.26	2.09
Total income (loss) from operations	2.17	0.96	(5.62)	2.29	2.15
Less distributions from:
Net investment income	(0.12 )	(0.05 )	(0.01 )	(0.05 )	(0.31 )
Total distributions	(0.12 )	(0.05 )	(0.01 )	(0.05 )	(0.31 )
Net asset value, end of year	$13.43	$11.38	$10.47	$16.10	$13.86
Total return2	19.20 %	9.08 %	(34.88 )%	16.55 %	18.05 %
Net assets, end of year (000s)	$8,087	$5,812	$5,894	$3,497	$646
Ratios to average net assets:
Gross expenses	1.36 %	1.26 %3	1.23 %	1.22 %	1.36 %
Net expenses4	1.30 5	1.26 3	1.23 5	1.21 5	1.27 5
Net investment income	0.62	0.98	0.54	0.16	0.51
Portfolio turnover rate	19 %	17 %	25 %	23 %	21 %

1	Per share amounts have been calculated using the average shares method.
2	Performance figures, exclusive of sales charges, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
3	Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
4	As a result of an expense limitation arrangement the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A shares did not exceed 1.30%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
5	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Martin Currie Emerging Markets Fund 2024 Annual Report

Financial Highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended September 30:
Class C Shares1	2024	2023	2022	2021	2020
Net asset value, beginning of year	$11.12	$10.25	$15.87	$13.72	$11.96
Income (loss) from operations:
Net investment income (loss)	(0.03 )	0.04	(0.03 )	(0.10 )	(0.01 )
Net realized and unrealized gain (loss)	2.07	0.83	(5.59 )	2.25	2.05
Total income (loss) from operations	2.04	0.87	(5.62)	2.15	2.04
Less distributions from:
Net investment income	(0.04 )	—	—	—	(0.28 )
Total distributions	(0.04 )	—	—	—	(0.28 )
Net asset value, end of year	$13.12	$11.12	$10.25	$15.87	$13.72
Total return2	18.36 %	8.49 %	(35.37 )%	15.60 %	17.20 %
Net assets, end of year (000s)	$2,523	$6,439	$3,028	$3,792	$931
Ratios to average net assets:
Gross expenses	1.93 %	1.90 %3	1.96 %	1.97 %	2.07 %
Net expenses4	1.93 5	1.90 3	1.96 5	1.97 5	1.98 5
Net investment income (loss)	(0.29 )	0.37	(0.19 )	(0.61 )	(0.08 )
Portfolio turnover rate	19 %	17 %	25 %	23 %	21 %

1	Per share amounts have been calculated using the average shares method.
2	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.
3	Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
4	As a result of an expense limitation arrangement the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class C shares did not exceed 2.05%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
5	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Martin Currie Emerging Markets Fund 2024 Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended September 30:
Class FI Shares1	2024	2023	2022	2021	2020
Net asset value, beginning of year	$11.44	$10.50	$16.13	$13.88	$12.02
Income (loss) from operations:
Net investment income	0.08	0.09	0.07	0.01	0.05
Net realized and unrealized gain (loss)	2.12	0.88	(5.70 )	2.27	2.09
Total income (loss) from operations	2.20	0.97	(5.63)	2.28	2.14
Less distributions from:
Net investment income	(0.11 )	(0.03 )	—	(0.03 )	(0.28 )
Total distributions	(0.11 )	(0.03 )	—	(0.03 )	(0.28 )
Net asset value, end of year	$13.53	$11.44	$10.50	$16.13	$13.88
Total return2	19.33 %	9.20 %	(34.90 )%	16.44 %	17.95 %
Net assets, end of year (000s)	$447	$561	$949	$2,220	$652
Ratios to average net assets:
Gross expenses	1.18 %	1.22 %3	1.27 %	1.27 %3	1.41 %3
Net expenses4	1.18 5	1.22 3	1.27 5	1.26 3,5	1.30 3,5
Net investment income	0.64	0.79	0.48	0.07	0.39
Portfolio turnover rate	19 %	17 %	25 %	23 %	21 %

1	Per share amounts have been calculated using the average shares method.
2	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
3	Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
4	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class FI shares did not exceed 1.30%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
5	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Martin Currie Emerging Markets Fund 2024 Annual Report

Financial Highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended September 30:
Class I Shares1	2024	2023	2022	2021	2020
Net asset value, beginning of year	$11.51	$10.57	$16.23	$13.96	$12.09
Income (loss) from operations:
Net investment income	0.11	0.15	0.12	0.07	0.12
Net realized and unrealized gain (loss)	2.12	0.86	(5.75 )	2.29	2.08
Total income (loss) from operations	2.23	1.01	(5.63)	2.36	2.20
Less distributions from:
Net investment income	(0.15 )	(0.07 )	(0.03 )	(0.09 )	(0.33 )
Total distributions	(0.15 )	(0.07 )	(0.03 )	(0.09 )	(0.33 )
Net asset value, end of year	$13.59	$11.51	$10.57	$16.23	$13.96
Total return2	19.56 %	9.47 %	(34.69 )%	16.88 %	18.34 %
Net assets, end of year (000s)	$319,013	$426,542	$357,980	$365,083	$49,830
Ratios to average net assets:
Gross expenses	0.94 %	0.95 %3	0.96 %	0.95 %3	1.09 %3
Net expenses4	0.94 5	0.95 3	0.95 5	0.95 3,5	0.95 3,5
Net investment income	0.89	1.23	0.84	0.43	0.98
Portfolio turnover rate	19 %	17 %	25 %	23 %	21 %

1	Per share amounts have been calculated using the average shares method.
2	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
3	Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
4	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class I shares did not exceed 0.95%. This expense limitation arrangement cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
5	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Martin Currie Emerging Markets Fund 2024 Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended September 30:
Class IS Shares1	2024	2023	2022	2021	2020
Net asset value, beginning of year	$11.56	$10.62	$16.29	$14.01	$12.12
Income (loss) from operations:
Net investment income	0.13	0.16	0.13	0.08	0.11
Net realized and unrealized gain (loss)	2.13	0.86	(5.76 )	2.29	2.12
Total income (loss) from operations	2.26	1.02	(5.63)	2.37	2.23
Less distributions from:
Net investment income	(0.17 )	(0.08 )	(0.04 )	(0.09 )	(0.34 )
Total distributions	(0.17 )	(0.08 )	(0.04 )	(0.09 )	(0.34 )
Net asset value, end of year	$13.65	$11.56	$10.62	$16.29	$14.01
Total return2	19.78 %	9.62 %	(34.66 )%	16.94 %	18.54 %
Net assets, end of year (millions)	$135	$160	$155	$228	$171
Ratios to average net assets:
Gross expenses	0.83 %	0.82 %3	0.85 %3	0.86 %	0.94 %3
Net expenses4	0.83 5	0.82 3	0.85 3,5	0.85 5	0.85 3,5
Net investment income	1.06	1.29	0.90	0.44	0.88
Portfolio turnover rate	19 %	17 %	25 %	23 %	21 %

1	Per share amounts have been calculated using the average shares method.
2	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.
3	Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
4	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class IS shares did not exceed 0.85%. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2025 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
5	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Martin Currie Emerging Markets Fund 2024 Annual Report

Notes to Financial Statements

1. Organization and significant accounting policies

Martin Currie Emerging Markets 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. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees. This may include using an independent third party pricing service to adjust the value of such securities to the latest indications of fair value at 4:00 p.m. (Eastern Time).

Pursuant to policies adopted by the Board of Trustees, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value

Martin Currie Emerging Markets Fund 2024 Annual Report

determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

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

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

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

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

•

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

•

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

•

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

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

Martin Currie Emerging Markets Fund 2024 Annual Report

Notes to Financial Statements (cont’d)

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

ASSETS
Description	Quoted Prices (Level 1)	Other Significant Observable Inputs (Level 2)*	Significant Unobservable Inputs (Level 3)	Total
Long-Term Investments†:
Common Stocks:
Consumer Discretionary	$31,315,027	$44,921,193	—	$76,236,220
Consumer Staples	6,467,819	3,482,385	—	9,950,204
Energy	3,244,525	14,052,253	—	17,296,778
Financials	52,333,230	68,630,877	—	120,964,107
Health Care	5,599,133	7,300,194	—	12,899,327
Industrials	9,886,885	13,363,830	—	23,250,715
Information Technology	64,003,594	77,557,705	—	141,561,299
Other Common Stocks	—	63,772,415	—	63,772,415
Total Long-Term Investments	172,850,213	293,080,852	—	465,931,065
Short-Term Investments†	1,837,398	—	—	1,837,398
Total Investments	$174,687,611	$293,080,852	—	$467,768,463

*	As a result of the fair value pricing procedures for international equities utilized by the Fund, which account for events occurring after the close of the principal market of the security but prior to the calculation of the Fund’s net asset value, certain securities were classified as Level 2 within the fair value hierarchy.
†	See Schedule of Investments for additional detailed categorizations.

(b) 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.

Martin Currie Emerging Markets Fund 2024 Annual Report

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.

(c) 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.

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

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

(f) Share class accounting. Investment income, common expenses and realized/unrealized gains (losses) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that share class.

(g) Compensating balance arrangements. The Fund has an arrangement with its custodian bank whereby a portion of the custodian’s fees is paid indirectly by credits earned on the Fund’s cash on deposit with the bank.

(h) Federal and other taxes. It is the Fund’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the “Code”), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing

Martin Currie Emerging Markets Fund 2024 Annual Report

Notes to Financial Statements (cont’d)

requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund’s financial statements.

Management has analyzed the Fund’s tax positions taken on income tax returns for all open tax years and has concluded that as of September 30, 2024, no provision for income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates. Realized gains upon disposition of securities issued in or by certain foreign countries are subject to capital gains tax imposed by those countries. As of September 30, 2024, there were $2,525,507 of capital gains tax liabilities accrued on unrealized gains.

(i) Reclassification. GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. During the current year, the following reclassifications have been made:

	Total Distributable Earnings (Loss)	Paid-in Capital
(a)	$(303,557)	$303,557

(a)

Reclassifications are due to distributions paid in connection with the redemption of Fund shares.

2. Investment management agreement and other transactions with affiliates

Franklin Templeton Fund Adviser, LLC (“FTFA”) (formerly known as Legg Mason Partners Fund Advisor, LLC prior to November 30, 2023) is the Fund’s investment manager and Martin Currie Inc. (“Martin Currie”) is the Fund’s subadviser. Western Asset Management Company, LLC (“Western Asset”) manages the portion of the Fund’s cash and short-term instruments allocated to it. FTFA, Martin Currie and Western Asset are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”).

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

Average Daily Net Assets	Annual Rate
First $1 billion	0.750 %
Next $1 billion	0.700
Next $3 billion	0.650
Next $5 billion	0.600
Over $10 billion	0.550

FTFA provides administrative and certain oversight services to the Fund. FTFA delegates to the subadviser the day-to-day portfolio management of the Fund, except for the management of the portion of the Fund’s cash and short-term instruments allocated to Western Asset. For its services, FTFA pays Martin Currie a fee monthly, at an annual rate

Martin Currie Emerging Markets Fund 2024 Annual Report

equal to 70% of the net management fee it receives from the Fund. For Western Asset’s services to the Fund, FTFA pays Western Asset monthly 0.02% of the portion of the Fund’s average daily net assets that are allocated to Western Asset by FTFA.

As a result of expense limitation arrangements between the Fund and FTFA, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A, Class C, Class FI, Class I and Class IS shares did not exceed 1.30%, 2.05%, 1.30%, 0.95% and 0.85%, 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, 2025 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the “affiliated money market fund waiver”). The affiliated money market fund waiver is not subject to the recapture provision discussed below.
During the year ended September 30, 2024, fees waived and/or expenses reimbursed amounted to $6,041, which included an affiliated money market fund waiver of $1,915.

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

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

	Class A
Expires September 30, 2025	—
Expires September 30, 2026	—
Expires September 30, 2027	$4,126
Total fee waivers/expense reimbursements subject to recapture	$4,126

For the year ended September 30, 2024, FTFA did not recapture any fees.

Franklin Distributors, LLC (“Franklin Distributors”) serves as the Fund’s sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources. Franklin Templeton Investor Services, LLC (“Investor Services”) serves as the Fund’s shareholder servicing agent and acts as the Fund’s transfer agent and dividend-paying agent. Investor Services is an indirect, wholly-owned subsidiary of Franklin Resources. Each class of shares of the Fund pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. Investor Services charges account-based fees based on the number of individual shareholder accounts, as well as a fixed percentage fee based on the total account-based fees charged. In addition, each class

Martin Currie Emerging Markets Fund 2024 Annual Report

Notes to Financial Statements (cont’d)

reimburses Investor Services for out of pocket expenses incurred. For the year ended September 30, 2024, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $4,996 was earned by Investor Services.

There is a maximum initial sales charge of 5.50% for Class A shares. There is a contingent deferred sales charge (“CDSC”) of 1.00% on Class C shares, which applies if redemption occurs within 12 months from purchase payment. In certain cases, Class A shares have a 1.00% CDSC, which applies if redemption occurs within 18 months from purchase payment. This CDSC only applies to those purchases of Class A shares, which, when combined with current holdings of other shares of funds sold by Franklin Distributors, equal or exceed $1,000,000 in the aggregate. These purchases do not incur an initial sales charge.

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

	Class A	Class C
Sales charges	$476	—
CDSCs	404	$1,307

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

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

3. Investments

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

Purchases	$95,393,199
Sales	304,747,442

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

	Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
Securities	$397,421,598	$115,559,011	$(45,212,146)	$70,346,865

4. Derivative instruments and hedging activities

During the year ended September 30, 2024, the Fund did not invest in derivative instruments.

Martin Currie Emerging Markets Fund 2024 Annual Report

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

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

For the year ended September 30, 2024, class specific expenses were as follows:

	Service and/or Distribution Fees	Transfer Agent Fees
Class A	$16,894	$19,031
Class C	40,732	4,304
Class FI	1,118	464
Class I	—	350,193
Class IS	—	1,620
Total	$58,744	$375,612

For the year ended September 30, 2024, waivers and/or expense reimbursements by class were as follows:

	Waivers/Expense Reimbursements
Class A	$4,155
Class C	11
Class FI	2
Class I	1,279
Class IS	594
Total	$6,041

6. Distributions to shareholders by class

	Year Ended September 30, 2024	Year Ended September 30, 2023
Net Investment Income:
Class A	$62,721	$29,925
Class C	19,007	—
Class FI	4,399	2,347
Class I	4,127,752	2,714,652
Class IS	2,286,183	1,153,124
Total	$6,500,062	$3,900,048

7. Shares of beneficial interest

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

Martin Currie Emerging Markets Fund 2024 Annual Report

Notes to Financial Statements (cont’d)

Transactions in shares of each class were as follows:

	Year Ended September 30, 2024		Year Ended September 30, 2023
	Shares	Amount	Shares	Amount
Class A
Shares sold	341,144	$4,091,860	409,662	$4,841,657
Shares issued on reinvestment	4,468	53,122	2,133	24,620
Shares repurchased	(254,169 )	(3,065,503 )	(463,785 )	(5,591,179 )
Net increase (decrease)	91,443	$1,079,479	(51,990 )	$(724,902 )
Class C
Shares sold	26,545	$312,741	386,029	$4,505,611
Shares issued on reinvestment	1,413	16,503	—	—
Shares repurchased	(414,971 )	(4,858,265 )	(102,186 )	(1,198,284 )
Net increase (decrease)	(387,013 )	$(4,529,021 )	283,843	$3,307,327
Class FI
Shares sold	7	$85	89,833	$1,005,939
Shares issued on reinvestment	364	4,354	202	2,336
Shares repurchased	(16,348 )	(192,310 )	(131,378 )	(1,557,079 )
Net decrease	(15,977 )	$(187,871 )	(41,343 )	$(548,804 )
Class I
Shares sold	9,167,015	$110,106,215	22,129,451	$264,393,775
Shares issued on reinvestment	274,791	3,297,494	213,460	2,482,537
Shares repurchased	(23,044,532 )	(274,181,033 )	(19,128,867 )	(231,822,537 )
Net increase (decrease)	(13,602,726 )	$(160,777,324 )	3,214,044	$35,053,775
Class IS
Shares sold	1,883,916	$22,685,753	4,183,363	$50,031,436
Shares issued on reinvestment	162,966	1,962,106	86,287	1,007,829
Shares repurchased	(5,939,582 )	(74,335,156 )	(5,030,444 )	(60,194,285 )
Net decrease	(3,892,700 )	$(49,687,297 )	(760,794 )	$(9,155,020 )

8. Transactions with affiliated companies

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 year ended September 30, 2024. The following transactions were effected in such company for the year ended September 30, 2024.

	Affiliate Value at September 30, 2023	Purchased		Sold
	Affiliate Value at September 30, 2023	Cost	Shares	Proceeds	Shares
Western Asset Institutional U.S. Treasury Reserves, Institutional Shares	—	$57,016,957	57,016,957	$55,179,559	55,179,559

Martin Currie Emerging Markets Fund 2024 Annual Report

(cont’d)	Realized Gain (Loss)	Dividend Income	Net Increase (Decrease) in Unrealized Appreciation (Depreciation)	Affiliate Value at September 30, 2024
Western Asset Institutional U.S. Treasury Reserves, Institutional Shares	—	$59,298	—	$1,837,398

9. Redemption facility

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

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

10. Income tax information and distributions to shareholders

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

	2024	2023
Distributions paid from:
Ordinary income	$6,500,062	$3,900,048

As of September 30, 2024, the components of distributable earnings (loss) on a tax basis were as follows:

Undistributed ordinary income — net	$2,433,394
Deferred capital losses*	(168,846,294)
Unrealized appreciation (depreciation)(a)	67,817,361
Total distributable earnings (loss) — net	$(98,595,539)

*	These capital losses have been deferred in the current year as either short-term or long-term losses. The losses will be deemed to occur on the first day of the next taxable year in the same character as they were originally deferred and will be available to offset future taxable capital gains.
(a)	The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales; the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

Martin Currie Emerging Markets Fund 2024 Annual Report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Legg Mason Global Asset Management Trust and Shareholders of Martin Currie Emerging Markets Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Martin Currie Emerging Markets Fund (one of the funds constituting Legg Mason Global Asset Management Trust, referred to hereafter as the “Fund”) as of September 30, 2024, the related statement of operations for the year ended September 30, 2024, the statement of changes in net assets for each of the two years in the period ended September 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2024 and the financial highlights for each of the five years in the period ended September 30, 2024 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2024 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Baltimore, Maryland
November 14, 2024

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

Martin Currie Emerging Markets Fund 2024 Annual Report

Important Tax Information (unaudited)

By mid-February, tax information related to a shareholder’s proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Fund is required to be furnished to shareholders with respect to income earned and distributions paid during its fiscal year.

The Fund hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended September 30, 2024:

	Pursuant to:	Amount Reported
Qualified Dividend Income Earned (QDI)	§854(b)(1)(B)	$7,460,479
Qualified Net Interest Income (QII)	§871(k)(1)(C)	$28,460
Section 163(j) Interest Earned	§163(j)	$59,298

Under Section 853 of the Internal Revenue Code, the Fund intends to elect to pass through to its shareholders the following amounts, or amounts as finally determined, of foreign taxes paid and foreign source income earned by the Fund during the fiscal year ended September 30, 2024:

Foreign Taxes Paid	$2,255,818
Foreign Source Income Earned	$5,831,466

Martin Currie Emerging Markets Fund

Changes in and Disagreements with AccountantsFor the period covered by this report

Not applicable.

Results of Meeting(s) of ShareholdersFor the period covered by this report

Not applicable.

Remuneration Paid to Directors, Officers and OthersFor the period covered by this report

Refer to the financial statements included herein.

Martin Currie Emerging Markets Fund

Board Approval of Management and

Subadvisory Agreements (unaudited)

At an in-person meeting of the Board of Trustees of Legg Mason Global Asset Management Trust (the “Trust”) held on May 2-3, 2024, the Board, including the Trustees who are not considered to be “interested persons” of the Trust (the “Independent Trustees”) under the Investment Company Act of 1940, as amended (the “1940 Act”), approved for an annual period the continuation of the management agreement (the “Management Agreement”) between the Trust and Franklin Templeton Fund Adviser, LLC (formerly Legg Mason Partners Fund Advisor, LLC) (the “Manager”) with respect to Martin Currie Emerging Markets Fund, a series of the Trust (the “Fund”), and the sub-advisory agreement pursuant to which Martin Currie Inc. (“Martin Currie”) provides day-to-day management of the Fund’s portfolio, and the sub-advisory agreement pursuant to which Western Asset Management Company, LLC (“Western Asset” and, together with Martin Currie, the “Sub-Advisers”) provides day-to-day management of the Fund’s cash and short-term instruments allocated to it by the Manager. The management agreement and sub-advisory agreements 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-Advisers, 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-Advisers, as well as the management, advisory and sub-advisory arrangements for the Fund and other funds overseen by the Board, certain portions of which are discussed below. The information received and considered by the Board both in conjunction with the May 2024 meeting and throughout the year was both written and oral. The contractual arrangements discussed below are the product of multiple years of review and negotiation and information received and considered by the Board during those years.

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

Board approval of management agreement and sub-advisory agreements

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

Martin Currie Emerging Markets Fund

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont’d)

proposed continuation of the Agreements. The Independent Trustees also reviewed the proposed continuation of the Management Agreement and the Sub-Advisory Agreements in private sessions with their independent legal counsel at which no representatives of the Manager and Sub-Advisers were present. The Independent Trustees considered the Management Agreement and each Sub-Advisory Agreement separately in the course of their review. In doing so, they noted the respective roles of the Manager and the Sub-Advisers in providing services to the Fund.

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

The Board received and considered information regarding the nature, extent and quality of services provided to the Fund by the Manager and the Sub-Advisers under the Management Agreement and the Sub-Advisory Agreements, 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-Advisers 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-Advisers, 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-Advisers, and of the undertakings required of the Manager and Sub-Advisers in connection with those services, including maintaining and monitoring their own and the Fund’s compliance programs, liquidity risk management programs, derivatives risk management programs, cybersecurity programs and valuation-related policies, had expanded over time as a result of regulatory, market and other developments. The Board also noted that on a regular basis it received and reviewed information from the Manager regarding the Fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board also considered the risks

Martin Currie Emerging Markets Fund

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 each Sub-Adviser’s risk management processes.

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

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

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

The information comparing the Fund’s performance to that of its Performance Universe, consisting of funds (including the Fund) classified as emerging markets funds by Lipper, showed, among other data, that the performance of the Fund’s Class I shares for the 1-, 3- and 5-year periods ended December 31, 2023 and since inception of the Fund’s Class I shares (May 29, 2015) through December 31, 2023 was below the median performance of the funds in the Performance Universe for the 1-, 3- and 5-year periods and above the median performance of the funds in the Performance Universe for the since inception

Martin Currie Emerging Markets Fund

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont’d)

period. The Board noted the explanations from the Manager and Martin Currie concerning 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 each 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-Advisers, 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-Advisers is the responsibility and expense of the Manager, not the Fund.

The Board received and considered information provided by Broadridge comparing the Contractual Management Fee and the Actual Management Fee and the Fund’s total actual expenses with those of funds in both the relevant expense group and a broader group of funds, each selected by Broadridge based on classifications provided by Lipper. It was noted that while the Board found the Broadridge data generally useful, they recognized its limitations, including that the data may vary depending on the selection of the peer group. The Board also reviewed information regarding fees charged by the Manager and/or the Sub-Advisers 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 fees of each of the Sub-Advisers and the amount of the management fee retained by the Manager after payment of the sub-advisory fees, in each case in light of the services rendered for those amounts. The Board

Martin Currie Emerging Markets Fund

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 14 emerging markets 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 emerging markets 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 below the median of the total expense ratios of the funds in the Expense Group and below the median of the actual total expense ratios of the funds in the Expense Universe. The Board also considered that the current limitation on the Fund’s expenses is expected to continue until and expire on December 31, 2025.

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

Manager profitability

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

Economies of scale

The Board received and discussed information concerning whether the Manager realizes economies of scale with respect to the management of the Fund as the Fund’s assets grow. The Board noted that the Manager had previously agreed to institute breakpoints in the Fund’s Contractual Management Fee, reflecting the potential for reducing the blended rate of the Contractual Management Fee as the Fund grows. The Board considered whether the breakpoint fee structure was a reasonable means of sharing with Fund investors any economies of scale or other efficiencies that might accrue from increases in the Fund’s

Martin Currie Emerging Markets Fund

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont’d)

asset levels. The Board noted that the Fund had not reached the specified asset level at which a breakpoint to its Contractual Management Fee would be triggered.

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

Other benefits to the manager and the sub-advisers

The Board considered other benefits received by the Manager, the Sub-Advisers 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-Advisers to the Fund, the Board considered that the ancillary benefits that the Manager, the Sub-Advisers and their affiliates received were reasonable.

Martin Currie Emerging Markets Fund

(This page intentionally left blank.)

Martin Currie

Emerging Markets Fund

Trustees

Andrew L. Breech

Stephen R. Gross

Susan M. Heilbron

Arnold L. Lehman

Robin J. W. Masters

Ken Miller

G. Peter O’Brien*
Chair

Thomas F. Schlafly

Jane Trust

Investment manager

Franklin Templeton Fund Adviser, LLC**

Subadviser

Martin Currie Inc.

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

Effective February 7, 2024, Mr. O’Brien became Chair of the Board.

Formerly known as Legg Mason Partners Fund Advisor, LLC.

Martin Currie Emerging Markets Fund

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

Martin Currie Emerging Markets Fund
Legg Mason Funds
100 International Drive
Baltimore, MD 21202

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

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

This report is submitted for the general information of the shareholders of Martin Currie Emerging Markets Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

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

www.franklintempleton.com

Franklin Templeton Funds Privacy and Security Notice

Your Privacy Is Our Priority

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

Information We Collect

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

•

Information we receive from you or your financial intermediary on applications or other

forms, whether we receive the form in writing or electronically. For example, this

information may include your name, address, tax identification number, birth date,

investment selection, beneficiary information, and your personal bank account information

and/or email address if you have provided that information.

•

Information about your transactions and account history with us, or with other companies

that are part of Franklin Templeton, including transactions you request on our website or in

our app. This category also includes your communications to us concerning your

investments.

•

Information we receive from third parties (for example, to update your address if you move,

obtain or verify your email address or obtain additional information to verify your identity).

•

Information collected from you online, such as your IP address or device ID and data

gathered from your browsing activity and location. (For example, we may use cookies to

collect device and browser information so our website recognizes your online preferences

and device information.) Our website contains more information about cookies and similar

technologies and ways you may limit them.

•

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

Disclosure Policy

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

We will only share non-public personal information with outside parties in the limited circumstances permitted by law. For example, this includes situations where we need to share information with companies who work on our behalf to service or maintain your account or process transactions you requested, when the disclosure is to companies assisting us with our own marketing efforts, when the disclosure is to a party representing you, or when required by law (for example, in response to legal process). Additionally, we will ensure that any outside

NOT PART OF THE ANNUAL REPORT

Franklin Templeton Funds Privacy and Security Notice

(cont’d)

companies working on our behalf, or with whom we have joint marketing agreements, are under contractual obligations to protect the confidentiality of your information, and to use it only to provide the services we asked them to perform.

Confidentiality and Security

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

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

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

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

Franklin Advisers, Inc.

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

Franklin Mutual Advisers, LLC

Franklin, Templeton and Mutual Series Funds

Franklin Templeton Institutional, LLC

Franklin Templeton Investments Corp., Canada

Franklin Templeton Investments Management, Limited UK

Legg Mason Funds

Templeton Asset Management, Limited

Templeton Global Advisors, Limited

Templeton Investment Counsel, LLC

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

NOT PART OF THE ANNUAL REPORT

90093-AFSOI 11/24

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.

Not applicable.

ITEM 16.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the 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) Code of Ethics attached hereto.

Exhibit 99.CODE ETH

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

Exhibit 99.CERT

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

Exhibit 99.906CERT

SIGNATURES

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

Legg Mason Global Asset Management Trust

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

Date:	November 21, 2024

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

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

Date:	November 21, 2024

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

Date:	November 21, 2024

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