LEGG MASON GLOBAL ASSET MANAGEMENT TRUST
SUPPLEMENT DATED NOVEMBER 19, 2012
TO THE
SUMMARY PROSPECTUS, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION, EACH DATED FEBRUARY 29, 2012, OF
LEGG MASON CAPITAL MANAGEMENT
DISCIPLINED EQUITY RESEARCH FUND
The last sentence of the legend on the cover of the fund’s Summary Prospectus is deleted and replaced with the following:
The fund’s Prospectus, dated February 29, 2012, as supplemented on May 31, 2012 and November 19, 2012 and as may be amended or further
supplemented, the fund’s statement of additional information, dated February 29, 2012, as supplemented on May 31, 2012 and November 19, 2012 and as may be amended or further supplemented, and the independent registered public
accounting firm’s report and financial statements in the fund’s annual report to shareholders, dated October 31, 2011, are incorporated by reference into this Summary Prospectus.
The following text is added to the fund’s Summary Prospectus, Prospectus and Statement of Additional Information:
The Fund’s Board of Trustees has determined that it is in the best interests of the Fund and its shareholders to terminate the Fund. The Fund is expected to
cease operations on or about December 28, 2012. Before that date, at the discretion of the Fund’s portfolio management, in preparation for the termination of the Fund, the assets of the Fund will be liquidated and the Fund will cease to pursue
its investment objective.
Shares of the Fund are closed to purchases and incoming exchanges, except for the reinvestment of dividends and
distributions, if any, and except that current shareholders who invest in the Fund through a systematic investment plan or payroll deduction will be permitted to purchase additional shares for a limited period of time in order to permit them to
select an investment alternative.
Fund shareholders who elect to redeem their shares prior to the completion of the termination will be redeemed in the
ordinary course at the Fund’s net asset value per share. Fund shareholders may exchange their shares for shares of another fund in the Legg Mason mutual fund complex in accordance with the terms of the fund’s prospectus at any time prior
to the fund’s cessation of operations. Each shareholder who remains in the Fund will receive a liquidating distribution equal to the aggregate net asset value of the shares of the Fund that such shareholder then holds. Fund shareholders are
encouraged to consider options that may be suitable for the reinvestment of their liquidation proceeds, including exchanging into another fund within the Legg Mason mutual fund complex.
The liquidation of the Fund will result in one or more taxable events for shareholders subject to federal income tax. An exchange or redemption of Fund shares prior to the termination will generally give rise to a
capital gain or loss for federal income tax purposes. In connection with the liquidation, the Fund may declare taxable distributions of its net investment income and net capital gain in advance of its regular annual distribution schedule. All
liquidation proceeds paid to shareholders will generally be treated as received by those shareholders in exchange for their shares and will therefore generally give rise to a capital gain or loss depending on the shareholder’s tax basis.
Shareholders who hold their shares through an individual retirement account and who do not exchange their shares prior to the cessation of operations
will receive a check representing their liquidation proceeds, which will be treated as a distribution from the individual retirement account. A premature distribution from your individual retirement account may be subject to a penalty tax.
Shareholders who
hold
their shares through an individual retirement account should
consult their tax advisers
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prior to the fund’s expected cessation of operations on or about December 28, 2012
concerning the tax implications of a distribution, their eligibility to roll over a
distribution and the procedures
applicable to such rollovers.
Please retain this supplement for future reference.
LMFX015071
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