Schedule of Investments (unaudited)
July 31, 2025
 BrandywineGLOBAL — Multi-Sector Opportunities Fund
(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount
Value
Collateralized Mortgage Obligations(a) — 30.5%
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5473 FN (30 Day Average
SOFR + 1.250%)
5.600%
11/25/54
 $2,196,618
 
 $2,190,481
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2022-DNA4 M2 (30 Day Average SOFR + 5.250%)
9.600%
5/25/42
890,000
 
951,446
 (b)(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2022-HQA1 M2 (30 Day Average SOFR + 5.250%)
9.600%
3/25/42
1,010,000
 
1,073,227
 (b)(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2022-HQA2 M2 (30 Day Average SOFR + 6.000%)
10.350%
7/25/42
1,273,000
 
1,383,406
 (b)(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2022-HQA3 M1B (30 Day Average SOFR + 3.550%)
7.900%
8/25/42
1,320,000
 
1,384,612
 (b)(c)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2023-DNA2 M1B (30 Day Average SOFR + 3.250%)
7.600%
4/25/43
1,590,000
 
1,666,712
 (b)(c)
Federal National Mortgage Association (FNMA) — CAS, 2022-R02 2M2 (30 Day
Average SOFR + 3.000%)
7.350%
1/25/42
601,000
 
615,875
 (b)(c)
Federal National Mortgage Association (FNMA) — CAS, 2022-R09 2B1 (30 Day
Average SOFR + 6.750%)
11.100%
9/25/42
1,230,000
 
1,362,132
 (b)(c)
Federal National Mortgage Association (FNMA) — CAS, 2023-R03 2M2 (30 Day
Average SOFR + 3.900%)
8.250%
4/25/43
1,180,000
 
1,255,570
 (b)(c)
Federal National Mortgage Association (FNMA) REMIC, 2024-79 FA (30 Day
Average SOFR + 1.100%)
5.450%
11/25/54
2,546,149
 
2,533,903
 (b)
Federal National Mortgage Association (FNMA) STRIPS, 445 F6 (30 Day Average
SOFR + 1.250%)
5.600%
3/25/55
2,808,156
 
2,799,777
 (b)
Federal National Mortgage Association (FNMA) STRIPS, 445 F7 (30 Day Average
SOFR + 1.300%)
5.650%
3/25/55
2,191,077
 
2,188,589
 (b)
Greystone CRE Notes Ltd., 2021-HC2 A (1 mo. Term SOFR + 1.914%)
6.256%
12/15/39
566,033
 
567,257
 (b)(c)
TRTX Issuer Ltd., 2021-FL4 A (1 mo. Term SOFR + 1.314%)
5.658%
3/15/38
665,864
 
665,439
 (b)(c)
TRTX Issuer Ltd., 2025-FL6 C (1 mo. Term SOFR + 2.396%)
6.746%
9/18/42
1,190,000
 
1,178,729
 (b)(c)
 
Total Collateralized Mortgage Obligations (Cost — $21,838,564)
21,817,155
U.S. Government & Agency Obligations — 19.9%
U.S. Government Obligations — 19.9%
U.S. Treasury Notes (3 mo. U.S. Treasury Money Market Yield + 0.098%)
4.379%
1/31/27
5,450,000
5,449,330
 (b)
U.S. Treasury Notes (3 mo. U.S. Treasury Money Market Yield + 0.160%)
4.441%
4/30/27
8,760,000
8,765,910
 (b)
 
Total U.S. Government & Agency Obligations (Cost — $14,214,364)
14,215,240
Corporate Bonds & Notes — 19.8%
Consumer Discretionary — 5.9%
Automobiles — 4.1%
General Motors Financial Co. Inc., Senior Notes
5.400%
4/6/26
1,430,000
 
1,436,857
 
Toyota Motor Credit Corp., Senior Notes
4.450%
5/18/26
1,510,000
 
1,510,686
 
Total Automobiles
2,947,543
Hotels, Restaurants & Leisure — 0.5%
Travel + Leisure Co., Senior Secured Notes
6.625%
7/31/26
375,000
 
377,996
 (c)
Household Durables — 1.1%
Century Communities Inc., Senior Notes
6.750%
6/1/27
375,000
 
375,548
 
Dream Finders Homes Inc., Senior Notes
8.250%
8/15/28
375,000
 
388,477
 (c)
Total Household Durables
764,025
See Notes to Schedule of Investments.
1
BrandywineGLOBAL — Multi-Sector Opportunities Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
July 31, 2025
 BrandywineGLOBAL — Multi-Sector Opportunities Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Textiles, Apparel & Luxury Goods — 0.2%
Saks Global Enterprises LLC, Senior Secured Notes
11.000%
12/15/29
 $470,000
 
 $108,100
 (c)
 
Total Consumer Discretionary
4,197,664
Energy — 2.7%
Oil, Gas & Consumable Fuels — 2.7%
BP Capital Markets PLC, Senior Notes (4.375% to 9/22/25 then 5 year Treasury
Constant Maturity Rate + 4.036%)
4.375%
9/22/25
430,000
 
430,447
 (b)(d)
NFE Financing LLC, Senior Secured Notes
12.000%
11/15/29
969,000
 
344,247
 (c)
Petroleos Mexicanos, Senior Notes
6.500%
3/13/27
780,000
 
780,795
 
Petroleos Mexicanos, Senior Notes
6.950%
1/28/60
490,000
 
378,533
 
 
Total Energy
1,934,022
Financials — 9.4%
Banks — 5.1%
Citigroup Inc., Junior Subordinated Notes (3.875% to 2/18/26 then 5 year
Treasury Constant Maturity Rate + 3.417%)
3.875%
2/18/26
1,590,000
 
1,575,283
 (b)(d)
Toronto-Dominion Bank, Senior Notes
4.568%
12/17/26
1,330,000
 
1,332,504
 
Wells Fargo & Co., Junior Subordinated Notes (3.900% to 3/15/26 then 5 year
Treasury Constant Maturity Rate + 3.453%)
3.900%
3/15/26
739,000
 
732,567
 (b)(d)
Total Banks
3,640,354
Capital Markets — 2.0%
Blue Owl Credit Income Corp., Senior Notes
7.750%
9/16/27
980,000
 
1,024,626
 
Charles Schwab Corp., Junior Subordinated Notes (4.000% to 6/1/26 then 5 year
Treasury Constant Maturity Rate + 3.168%)
4.000%
6/1/26
410,000
 
404,673
 (b)(d)
Total Capital Markets
1,429,299
Consumer Finance — 2.3%
Ally Financial Inc., Junior Subordinated Notes (4.700% to 5/15/26 then 5 year
Treasury Constant Maturity Rate + 3.868%)
4.700%
5/15/26
830,000
 
808,298
 (b)(d)
American Express Co., Junior Subordinated Notes (3.550% to 9/15/26 then 5 year
Treasury Constant Maturity Rate + 2.854%)
3.550%
9/15/26
820,000
 
803,504
 (b)(d)
Total Consumer Finance
1,611,802
 
Total Financials
6,681,455
Industrials — 0.7%
Trading Companies & Distributors — 0.7%
Aircastle Ltd., Junior Subordinated Notes (5.250% to 9/15/26 then 5 year
Treasury Constant Maturity Rate + 4.410%)
5.250%
6/15/26
521,000
 
518,697
 (b)(c)(d)
 
Information Technology — 0.7%
Electronic Equipment, Instruments & Components — 0.7%
Jabil Inc., Senior Notes
3.000%
1/15/31
590,000
 
536,370
 
 
Real Estate — 0.4%
Diversified REITs — 0.4%
Trust Fibra Uno, Senior Notes
7.700%
1/23/32
270,000
 
285,519
 (c)
 
Total Corporate Bonds & Notes (Cost — $14,966,422)
14,153,727
Mortgage-Backed Securities — 6.1%
GNMA — 6.1%
Government National Mortgage Association (GNMA) II
(Cost — $4,304,969)
6.000%
11/20/53-
2/20/55
4,259,990
4,325,682
 
 
Asset-Backed Securities — 3.8%
Cogent Ipv4 LLC, 2025-1A A2
6.646%
4/25/55
930,000
 
952,249
 (c)
See Notes to Schedule of Investments.
2
BrandywineGLOBAL — Multi-Sector Opportunities Fund 2025 Quarterly Report
 BrandywineGLOBAL — Multi-Sector Opportunities Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Asset-Backed Securities — continued
Invesco CLO Ltd., 2022-1A D (3 mo. Term SOFR + 3.050%)
7.375%
4/20/35
 $370,000
 
 $371,209
 (b)(c)
Zayo Issuer LLC, 2025-2A A2
5.953%
6/20/55
1,380,000
 
1,411,162
 (c)
 
Total Asset-Backed Securities (Cost — $2,713,370)
2,734,620
Total Investments before Short-Term Investments (Cost — $58,037,689)
57,246,424
 
 
 
 
Shares
 
Short-Term Investments — 13.9%
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares
(Cost — $9,918,904)  
4.219%
9,918,904
 
9,918,904
 (e)(f)
Total Investments — 94.0% (Cost — $67,956,593)
67,165,328
Other Assets in Excess of Liabilities — 6.0%
4,267,282
Total Net Assets — 100.0%
$71,432,610
 
(a)
Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct
payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or
more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.
(b)
Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published
reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a
reference rate and spread in their description above.
(c)
Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from
registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.
(d)
Security has no maturity date. The date shown represents the next call date.
(e)
Rate shown is one-day yield as of the end of the reporting period.
(f)
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 July 31, 2025, the total market value of
investments in Affiliated Companies was $9,918,904 and the cost was $9,918,904 (Note 2).
 
Abbreviation(s) used in this schedule:
CAS
—
Connecticut Avenue Securities
CLO
—
Collateralized Loan Obligation
REMIC
—
Real Estate Mortgage Investment Conduit
SOFR
—
Secured Overnight Financing Rate
STRIPS
—
Separate Trading of Registered Interest and Principal Securities
At July 31, 2025, the Fund had the following open forward foreign currency contracts:  
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
8,081,280
EUR
6,900,000
Goldman Sachs Group Inc.
8/5/25
 $204,408
EUR
4,400,000
USD
5,036,218
JPMorgan Chase & Co.
8/5/25
(13,285)
USD
3,835,304
EUR
3,280,000
JPMorgan Chase & Co.
8/5/25
90,936
USD
4,204,213
EUR
3,590,000
JPMorgan Chase & Co.
8/5/25
105,957
USD
4,987,224
EUR
4,400,000
JPMorgan Chase & Co.
8/5/25
(35,709)
EUR
16,760,000
USD
19,434,320
Morgan Stanley & Co. Inc.
8/5/25
(301,511)
USD
3,935,553
EUR
3,370,000
UBS Securities LLC
8/5/25
88,443
EUR
380,000
USD
441,529
Wells Fargo Securities LLC
8/5/25
(7,730)
USD
899,031
ZAR
16,500,000
HSBC Securities Inc.
8/7/25
(6,317)
USD
3,417,685
ZAR
61,100,000
HSBC Securities Inc.
8/7/25
65,156
ZAR
8,800,000
USD
494,313
HSBC Securities Inc.
8/7/25
(11,461)
ZAR
13,900,000
USD
781,755
HSBC Securities Inc.
8/7/25
(19,069)
ZAR
16,100,000
USD
905,471
HSBC Securities Inc.
8/7/25
(22,072)
See Notes to Schedule of Investments.
3
BrandywineGLOBAL — Multi-Sector Opportunities Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
July 31, 2025
 BrandywineGLOBAL — Multi-Sector Opportunities Fund
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
ZAR
29,700,000
USD
1,658,107
HSBC Securities Inc.
8/7/25
 $(28,482)
ZAR
1,500,000
USD
83,489
Morgan Stanley & Co. Inc.
8/7/25
(1,185)
ZAR
7,600,000
USD
430,763
UBS Securities LLC
8/7/25
(13,755)
USD
167,843
CNH
1,200,000
HSBC Securities Inc.
8/27/25
1,073
CNH
92,540,000
USD
12,985,009
JPMorgan Chase & Co.
8/27/25
(124,251)
USD
12,757,340
CNH
91,340,000
JPMorgan Chase & Co.
8/27/25
63,352
USD
175,252
SEK
1,670,000
Citibank N.A.
9/12/25
4,175
AUD
12,010,000
USD
7,919,634
Goldman Sachs Group Inc.
9/12/25
(195,096)
SEK
10,200,000
USD
1,082,181
HSBC Securities Inc.
9/12/25
(37,280)
SEK
48,780,000
USD
5,144,728
HSBC Securities Inc.
9/12/25
(147,643)
SEK
48,790,000
USD
5,136,519
HSBC Securities Inc.
9/12/25
(138,410)
USD
15,148,493
SEK
144,300,000
HSBC Securities Inc.
9/12/25
366,218
SEK
37,200,000
USD
3,895,410
JPMorgan Chase & Co.
9/12/25
(84,595)
AUD
6,140,000
USD
4,048,962
Morgan Stanley & Co. Inc.
9/12/25
(99,864)
AUD
7,910,000
USD
5,159,772
Morgan Stanley & Co. Inc.
9/12/25
(72,253)
USD
227,030
SEK
2,200,000
Morgan Stanley & Co. Inc.
9/12/25
1,660
USD
11,557,200
SEK
110,800,000
Morgan Stanley & Co. Inc.
9/12/25
206,708
USD
482,537
AUD
740,000
Standard Chartered PLC
9/12/25
6,587
USD
1,145,627
AUD
1,740,000
Standard Chartered PLC
9/12/25
26,502
SEK
37,600,000
USD
3,927,864
UBS Securities LLC
9/12/25
(76,072)
SEK
76,400,000
USD
8,081,988
UBS Securities LLC
9/12/25
(255,475)
USD
15,374,177
AUD
23,580,000
Wells Fargo Securities LLC
9/12/25
208,097
USD
3,818,814
CHF
3,030,000
Barclays Bank PLC
9/22/25
63,254
CHF
12,190,000
USD
15,279,436
Morgan Stanley & Co. Inc.
9/22/25
(170,435)
CHF
910,000
USD
1,158,716
UBS Securities LLC
9/22/25
(30,809)
USD
5,120,252
CHF
4,160,000
UBS Securities LLC
9/22/25
(35,896)
USD
7,963,336
CHF
6,290,000
UBS Securities LLC
9/22/25
167,141
CHF
100,000
USD
126,878
Wells Fargo Securities LLC
9/22/25
(2,932)
CHF
280,000
USD
352,229
Wells Fargo Securities LLC
9/22/25
(5,180)
JPY
565,000,000
USD
3,851,119
Barclays Bank PLC
9/26/25
(79,841)
USD
14,976,898
JPY
2,210,000,000
Barclays Bank PLC
9/26/25
225,528
JPY
2,897,000,000
USD
20,272,918
Citibank N.A.
9/26/25
(935,941)
USD
4,867,828
JPY
697,000,000
Citibank N.A.
9/26/25
215,473
USD
5,230,411
JPY
758,000,000
Citibank N.A.
9/26/25
170,891
USD
318,200
JPY
47,000,000
Morgan Stanley & Co. Inc.
9/26/25
4,483
USD
2,141,965
JPY
306,000,000
Morgan Stanley & Co. Inc.
9/26/25
99,468
JPY
575,000,000
USD
3,925,054
Standard Chartered PLC
9/26/25
(87,028)
USD
130,941
JPY
19,000,000
UBS Securities LLC
9/26/25
4,119
USD
2,646,373
GBP
1,940,000
HSBC Securities Inc.
9/30/25
82,739
GBP
80,000
USD
107,195
JPMorgan Chase & Co.
9/30/25
(1,478)
GBP
70,000
USD
93,704
Morgan Stanley & Co. Inc.
9/30/25
(1,202)
GBP
4,770,000
USD
6,375,126
Morgan Stanley & Co. Inc.
9/30/25
(71,757)
USD
4,007,075
GBP
2,980,000
Standard Chartered PLC
9/30/25
69,121
USD
5,487,459
MXN
102,900,000
Citibank N.A.
10/29/25
86,309
MXN
102,900,000
USD
5,434,289
Morgan Stanley & Co. Inc.
10/29/25
(33,140)
USD
2,334,174
PLN
8,560,000
Citibank N.A.
10/30/25
53,112
PLN
8,560,000
USD
2,324,341
UBS Securities LLC
10/30/25
(43,278)
Net unrealized depreciation on open forward foreign currency contracts
$(509,522)
 
Abbreviation(s) used in this table:
AUD
—
Australian Dollar
See Notes to Schedule of Investments.
4
BrandywineGLOBAL — Multi-Sector Opportunities Fund 2025 Quarterly Report
 BrandywineGLOBAL — Multi-Sector Opportunities Fund
CHF
—
Swiss Franc
CNH
—
Chinese Offshore Yuan
EUR
—
Euro
GBP
—
British Pound
JPY
—
Japanese Yen
MXN
—
Mexican Peso
PLN
—
Polish Zloty
SEK
—
Swedish Krona
USD
—
United States Dollar
ZAR
—
South African Rand
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedule of Investments.
5
BrandywineGLOBAL — Multi-Sector Opportunities Fund 2025 Quarterly Report
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
BrandywineGLOBAL — Multi-Sector Opportunities Fund (formerly BrandywineGLOBAL — Global Unconstrained Bond Fund) (the “Fund”) is a separate non-diversified investment series of Legg Mason Global Asset Management Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.
(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees (the “Board”).  
Pursuant to policies adopted by the Board, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
6
BrandywineGLOBAL — Multi-Sector Opportunities Fund 2025 Quarterly Report
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
•
Level 1 — unadjusted quoted prices in active markets for identical investments
•
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities carried at fair value:
 
ASSETS
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Long-Term Investments†:
Collateralized Mortgage Obligations
—
 $21,817,155
—
 $21,817,155
U.S. Government & Agency Obligations
—
14,215,240
—
14,215,240
Corporate Bonds & Notes
—
14,153,727
—
14,153,727
Mortgage-Backed Securities
—
4,325,682
—
4,325,682
Asset-Backed Securities
—
2,734,620
—
2,734,620
Total Long-Term Investments
—
57,246,424
—
57,246,424
Short-Term Investments†
 $9,918,904
—
—
9,918,904
Total Investments
$9,918,904
$57,246,424
—
$67,165,328
Other Financial Instruments:
Forward Foreign Currency Contracts††
—
 $2,680,910
—
 $2,680,910
Total
$9,918,904
$59,927,334
—
$69,846,238
LIABILITIES
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Other Financial Instruments:
Forward Foreign Currency Contracts††
—
 $3,190,432
—
 $3,190,432
 
†
See Schedule of Investments for additional detailed categorizations.
††
Reflects the unrealized appreciation (depreciation) of the instruments.
2. Transactions with affiliated company
As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended July 31, 2025. The following transactions were effected in such company for the period ended July 31, 2025.
 
 
Affiliate
Value at

October 31,
2024
Purchased
Sold
Cost
Shares
Proceeds
Shares
Western Asset Premier
Institutional U.S.
Treasury Reserves,
Premium Shares
 $4,669,045
 $108,501,993
108,501,993
 $103,252,134
103,252,134
7
BrandywineGLOBAL — Multi-Sector Opportunities Fund 2025 Quarterly Report
Notes to Schedule of Investments (unaudited) (cont’d)

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
July 31,
2025
Western Asset Premier
Institutional U.S. Treasury
Reserves, Premium Shares
—
 $124,295
—
 $9,918,904
8
BrandywineGLOBAL — Multi-Sector Opportunities Fund 2025 Quarterly Report