0001474103 lmgamt12:S000029727Member 2012-02-02 2013-02-01 0001474103 2012-02-02 2013-02-01 0001474103 lmgamt12:S000029727Member lmgamt12:C000091408Member 2012-02-02 2013-02-01 0001474103 lmgamt12:S000029727Member lmgamt12:C000119611Member 2012-02-02 2013-02-01 0001474103 lmgamt12:S000029727Member lmgamt12:C000091409Member 2012-02-02 2013-02-01 0001474103 lmgamt12:S000029727Member lmgamt12:C000091410Member 2012-02-02 2013-02-01 0001474103 lmgamt12:S000029727Member lmgamt12:C000091411Member 2012-02-02 2013-02-01 0001474103 lmgamt12:S000029727Member lmgamt12:C000091412Member 2012-02-02 2013-02-01 0001474103 lmgamt12:S000029727Member lmgamt12:C000091413Member 2012-02-02 2013-02-01 0001474103 lmgamt12:S000029727Member lmgamt12:C000091414Member 2012-02-02 2013-02-01 0001474103 lmgamt12:S000029727Member rr:AfterTaxesOnDistributionsMember lmgamt12:C000091408Member 2012-02-02 2013-02-01 0001474103 lmgamt12:S000029727Member rr:AfterTaxesOnDistributionsAndSalesMember lmgamt12:C000091408Member 2012-02-02 2013-02-01 0001474103 lmgamt12:S000029727Member lmgamt12:RussellTenHundredValueIndexMember 2012-02-02 2013-02-01 pure iso4217:USD <div style="display:none">~ http://www.leggmason.com/role/ScheduleShareholderFeesLeggMasonBWDiversifiedLargeCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleAnnualFundOperatingExpensesLeggMasonBWDiversifiedLargeCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleExpenseExampleTransposedLeggMasonBWDiversifiedLargeCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleAverageAnnualTotalReturnsTransposedLeggMasonBWDiversifiedLargeCapValueFund column period compact * ~</div> 2013-01-25 Legg Mason Global Asset Management Trust 0001474103 485BPOS 2013-02-01 false 2012-09-30 Legg Mason BW Diversified Large Cap Value Fund Investment objective Long-term capital appreciation. <a name="tx465234_2"></a>Fees and expenses of the fund The accompanying table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in funds sold by Legg Mason Investor Services, LLC (“LMIS”), the fund’s distributor. More information about these and other discounts is available from your financial intermediary, in this Prospectus on page 18 under the heading “Sales charges” and in the fund’s statement of additional information (“SAI”) on page 36 under the heading “Sales Charge Waivers and Reductions.” The fund no longer offers Class R1 shares for purchase by new or existing investors. Shareholder fees (paid directly from your investment) Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes: <ul type="square"><li style="margin-left:-20px"><blockquote>You invest $10,000 in the fund for the time periods indicated</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>Your investment has a 5% return each year and the fund’s operating expenses remain the same</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>You reinvest all distributions and dividends without a sales charge</blockquote></li></ul>Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio turnover. The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate indicates higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 38% of the average value of its portfolio. Principal investment strategies <a name="tx465234_4"></a>Certain risks Risk is inherent in all investing. There is no assurance that the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of certain risks of investing in the fund. Stock market and equity securities risk. The securities markets are volatile and the market prices of the fund’s securities may decline generally. Securities fluctuate in price based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the fund fall, the value of your investment in the fund will decline. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. In response to the crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts to respond to the crisis, or investor perception that such efforts are not succeeding could also negatively affect financial markets generally as well as the value and liquidity of certain securities. In addition, policy and legislative changes in the United States and in other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. Issuer risk. The value of a security can go up or down more than the market as a whole and can perform differently from the value of the market as a whole, often due to disappointing earnings reports by the issuer, unsuccessful products or services, loss of major customers, major litigation against the issuer or changes in government regulations affecting the issuer or the competitive environment. The fund may experience a substantial or complete loss on an individual security. Historically, the prices of securities of small and medium capitalization companies have generally gone up or down more than those of large capitalization companies, although even large capitalization companies may fall out of favor with investors. Portfolio selection risk. The value of your investment may decrease if the adviser's judgment about the attractiveness or value of or market trends affecting a particular security, industry, sector, or region, or about interest rates is incorrect. Model risk. The adviser’s investment models may not adequately take into account certain factors and may result in the fund having a lower return than if the fund were managed using another model or investment strategy. Value investing risk. The value approach to investing involves the risk that stocks may remain undervalued or decline in price. Value stocks may underperform the overall equity market while the market concentrates on growth stocks. Although the fund will not concentrate its investments in any one industry or industry group, it may, like many value funds, weight its investments toward certain industries, thus increasing its exposure to factors adversely affecting issuers within those industries. Market sector risk. The fund may be significantly overweight or underweight certain companies, industries or market sectors, which may cause the fund’s performance to be more sensitive to developments affecting those companies, industries or sectors. Large capitalization company risk. Large capitalization companies may fall out of favor with investors. Foreign investments risk. The fund’s investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability. Lack of information may also affect the value of these securities. The risks of foreign investments are heightened when investing in issuers in emerging market countries. Because the value of a depositary receipt is dependent upon the market price of an underlying foreign security, depositary receipts are subject to most of the risks associated with investing in foreign securities directly. Currency risk. The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls and speculation. Special risks of companies undergoing reorganization or restructuring. Investing in companies undergoing reorganization or restructuring involves special risks including that the transaction may not be completed on the terms or time frame contemplated (if at all), it may be difficult to obtain information on the financial condition of such companies, the issuer’s management may be addressing a type of situation with which it has little experience, and the fact that the market prices of such securities are subject to above-average price volatility. Cash management and defensive investing risk. The value of the investments held by the fund for cash management or defensive investing purposes can fluctuate. Like other fixed income securities, they are subject to risk, including market, interest rate, and credit risk. If the fund holds cash uninvested it will be subject to the credit risk of the depository institution holding the cash. If the fund holds cash uninvested, the fund will not earn income on the cash. If a significant amount of the fund’s assets are used for cash management or defensive investing purposes, it may not achieve its investment objective. Valuation risk. The sales price the fund could receive for any particular portfolio investment may differ from the fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued the security or had used a different valuation methodology. Risk of increase in expenses. Your actual costs of investing in the fund may be higher than the expenses shown in “Annual fund operating expenses” for a variety of reasons. For example, expense ratios may be higher than those shown if a fee limitation is changed or terminated or if average net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile. Funds of funds investments risk. The fund may be an investment option for other Legg Mason-advised mutual funds that are managed as “funds of funds.” As a result, from time to time, the fund may experience relatively large redemptions or investments and could be required to sell securities or to invest cash at a time when it is not advantageous to do so. <center>* * *</center> These risks are discussed in more detail later in this Prospectus or in the SAI. <a name="tx465234_5"></a>Performance Total returns (before taxes) (%) Average annual total returns (for periods ended December 31, 2012) (%) The after-tax returns are shown only for Class A shares, are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class A will vary from returns shown for Class A. Calendar Years ended December 31 Best quarter (ended 12/31/2011): 13.10 Worst quarter (ended 09/30/2011): (13.65) Number of years you own your shares ($) Number of years you own your shares ($) 0.38 December 31, 2014 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in funds sold by Legg Mason Investor Services, LLC (“LMIS”), the fund’s distributor. 25000 “Other expenses” for Class A2, FI, R and R1 are based on estimated amounts for the current fiscal year. Actual expenses may differ from estimates. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of an index or other benchmark. 1-877-721-1926 http://www.leggmason.com/individualinvestors/products/mutual-funds/annualized_performance (select share class) The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Best quarter 2011-12-31 0.131 Worst quarter 2011-09-30 -0.1365 The after-tax returns are shown only for Class A shares, are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class A will vary from returns shown for Class A. 0.0575 0.0575 0 0 0 0 0 0 0.01 0 0 0 0 0 15 15 15 0 0 0 0 0 0 0 0.0075 0.0075 0.0075 0.0075 0.0075 0.0075 0.0075 0.0075 0.0025 0.0025 0.01 0.0025 0.005 0.01 0 0 0.0038 0.0036 0.0019 0.0009 0.0058 0.0058 0.0058 0.0058 0.0138 0.0158 0.0211 0.0158 0.0183 0.0233 0.0094 0.0084 -0.0008 -0.0008 -0.0006 -0.0028 -0.0028 -0.0028 0.013 0.015 0.0205 0.013 0.0155 0.0205 0.0094 0.0084 700 719 308 132 158 208 97 86 979 1038 655 471 548 701 301 268 1279 1379 1128 833 964 1220 466 521 2130 2338 2436 1854 2125 2644 1156 1038 700 719 208 132 158 208 97 86 979 1038 655 471 548 701 301 268 1279 1379 1128 833 964 1220 521 466 2130 2338 2436 1854 2125 2644 1156 1038 0.0543 0.1476 0.0813 0.0649 0.0567 0.1287 0.151 0.1751 0.1509 0.1175 0.1065 0.0952 0.1378 0.1502 0.1511 0.1396 2010-09-07 <div style="display:none">~ http://www.leggmason.com/role/ScheduleExpenseExampleNoRedemptionTransposedLeggMasonBWDiversifiedLargeCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleAnnualTotalReturnsLeggMasonBWDiversifiedLargeCapValueFundBarChart column period compact * ~</div> 2013-01-28 The fund normally invests at least 80% of its net assets in equity securities of large capitalization companies. Large capitalization companies are those companies with market capitalizations similar to companies in the Russell 1000® Index (the “Index”). The size of the companies in the Index changes with market conditions and the composition of the Index. As of November 30, 2012, the median market capitalization of a company in the Index was approximately $5.634 billion and the dollar-weighted average market capitalization of the companies in the Index was approximately $98.862 billion. The fund invests primarily in equity securities that, in the investment adviser’s opinion, are undervalued or out of favor. The investment adviser invests in securities that meet its value criteria, primarily, price-to-earnings, price-to-book, price momentum and share change and quality, based on both quantitative and fundamental analysis. The fund expects to hold approximately 150-250 stocks under normal market conditions. The fund may invest in foreign equity securities, either directly or through depositary receipts. The fund may take temporary defensive and cash management positions; in such a case, the fund will not be pursuing its principal investment strategies and may not achieve its investment objective. The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of an index or other benchmark. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information available at the fund’s website, http://www.leggmason.com/individualinvestors/products/mutual-funds/annualized_performance (select share class), or by calling the fund at 1-877-721-1926. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Generally, If your shares are held in a direct account and the value of your account is below $1,000 ($250 for retirement plans that are not employer-sponsored), the fund may charge you a fee of $3.75 per account that is determined and assessed quarterly (with an annual maximum of $15.00 per account). Direct accounts generally include accounts held in the name of the individual investor on the fund's books and records. "Other expenses" for Class A2, FI, R and R1 are based on estimated amounts for the current fiscal year. Actual expenses may differ from estimates. The manager has agreed to waive fees and/or reimburse operating expenses (other than interest, taxes, extraordinary expenses, brokerage commissions and acquired fund fees and expenses) so that total annual operating expenses are not expected to exceed 1.30%, 1.50%, 2.05%, 1.30%, 1.55%, 2.05%, 0.95% and 0.85% for Class A, A2, C, FI, R, R1, I and IS shares, respectively, subject to recapture as described below. In addition, total annual fund operating expenses for Class IS shares will not exceed total annual fund operating expenses for Class I shares, subject to recapture as described below. These arrangements cannot be terminated prior to December 31, 2014 without the Board's consent. The manager currently intends to voluntarily waive fees and/or reimburse operating expenses (other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses) so that total annual operating expenses are not expected to exceed 1.10%, 1.30%, 1.85%, 1.10%, 1.35% and 0.85% for Class A, A2, C, FI, R and I shares, respectively. These arrangements are expected to continue until December 31, 2014 but may be terminated at any time by the manager. The manager is permitted to recapture amounts waived and/or reimbursed to a class within three years after the fiscal year in which the manager earned the fee or incurred the expense if the class' total annual operating expenses have fallen to a level below the limits described above.