0001474103 2011-11-01 2012-10-31 0001474103 lmgamt11:S000027987Member 2011-11-01 2012-10-31 2012-10-31 Legg Mason Global Asset Management Trust 0001474103 2012-12-21 2012-12-21 2012-11-30 false Other LEGG MASON GLOBAL ASSET MANAGEMENT TRUST SUPPLEMENT DATED DECEMBER 21, 2012 TO THE SUMMARY PROSPECTUS, PROSPECTUS, AND STATEMENT OF ADDITIONAL INFORMATION, EACH DATED OCTOBER 31, 2012, OF LEGG MASON STRATEGIC REAL RETURN FUND The following text replaces: (i) the text of the fund's summary prospectus and prospectus under the heading "Certain risks — Regulatory risk"; (ii) the text of the fund's prospectus under the heading "More on risks of investing in the fund — Regulatory risk"; and (iii) the fourth paragraph of the fund's statement of additional information under the heading "INVESTMENT STRATEGIES AND RISKS — Financial Instruments": On February 9, 2012, the CFTC adopted amendments to its rules effective January 1, 2013. Based on the fund's current investment strategies, the fund is deemed a "commodity pool" and the fund's manager is considered a "commodity pool operator" with respect to the fund under the Commodity Exchange Act. Compliance with applicable CFTC disclosure, reporting and recordkeeping regulations is expected to increase fund expenses. In addition, until SEC regulations relating to investment companies and CFTC regulations relating to commodity pools are harmonized, the nature and extent to which CFTC regulations may affect the fund is uncertain. The CFTC or the SEC could at any time alter the regulatory requirements governing the use of commodity futures (which include futures on broad-based securities indexes and interest rate futures) or options on commodity futures or swaps transactions by investment companies. The fund and the manager are continuing to analyze the effect of these rules changes on the fund. LEGG MASON GLOBAL ASSET MANAGEMENT TRUST SUPPLEMENT DATED DECEMBER 21, 2012 TO THE SUMMARY PROSPECTUS, PROSPECTUS, AND STATEMENT OF ADDITIONAL INFORMATION, EACH DATED OCTOBER 31, 2012, OF LEGG MASON STRATEGIC REAL RETURN FUND The following text replaces: (i) the text of the fund's summary prospectus and prospectus under the heading "Certain risks — Regulatory risk"; (ii) the text of the fund's prospectus under the heading "More on risks of investing in the fund — Regulatory risk"; and (iii) the fourth paragraph of the fund's statement of additional information under the heading "INVESTMENT STRATEGIES AND RISKS — Financial Instruments": On February 9, 2012, the CFTC adopted amendments to its rules effective January 1, 2013. Based on the fund's current investment strategies, the fund is deemed a "commodity pool" and the fund's manager is considered a "commodity pool operator" with respect to the fund under the Commodity Exchange Act. Compliance with applicable CFTC disclosure, reporting and recordkeeping regulations is expected to increase fund expenses. In addition, until SEC regulations relating to investment companies and CFTC regulations relating to commodity pools are harmonized, the nature and extent to which CFTC regulations may affect the fund is uncertain. The CFTC or the SEC could at any time alter the regulatory requirements governing the use of commodity futures (which include futures on broad-based securities indexes and interest rate futures) or options on commodity futures or swaps transactions by investment companies. The fund and the manager are continuing to analyze the effect of these rules changes on the fund.