2026-05-20LMA2300_ClearBridgeSmallCapFund_ClassA



ClearBridge Small Cap Fund
Class A [LMSAX]	Semi-Annual Shareholder Report \| April 30, 2026

This semi-annual shareholder report contains important information about ClearBridge Small Cap Fund for the period November 1, 2025, to April 30, 2026.
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 SIX MONTHS? (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	$57	1.07%

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

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2026)


Total Net Assets	$731,479,745
Total Number of Portfolio Holdings	89
Portfolio Turnover Rate	15%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)



ClearBridge Small Cap Fund
Class C [LMASX]	Semi-Annual Shareholder Report \| April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$98	1.85%

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

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2026)


Total Net Assets	$731,479,745
Total Number of Portfolio Holdings	89
Portfolio Turnover Rate	15%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)



ClearBridge Small Cap Fund
Class FI [LGASX]	Semi-Annual Shareholder Report \| April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$57	1.07%

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

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2026)


Total Net Assets	$731,479,745
Total Number of Portfolio Holdings	89
Portfolio Turnover Rate	15%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)



ClearBridge Small Cap Fund
Class R [LMARX]	Semi-Annual Shareholder Report \| April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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 R	$77	1.45%

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

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2026)


Total Net Assets	$731,479,745
Total Number of Portfolio Holdings	89
Portfolio Turnover Rate	15%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)



ClearBridge Small Cap Fund
Class I [LMNSX]	Semi-Annual Shareholder Report \| April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$45	0.85%

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

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2026)


Total Net Assets	$731,479,745
Total Number of Portfolio Holdings	89
Portfolio Turnover Rate	15%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)



ClearBridge Small Cap Fund
Class IS [LISGX]	Semi-Annual Shareholder Report \| April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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	$39	0.74%

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

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2026)


Total Net Assets	$731,479,745
Total Number of Portfolio Holdings	89
Portfolio Turnover Rate	15%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)

Schedule of Investments (unaudited)

April 30, 2026

ClearBridge Small Cap Fund

(Percentages shown based on Fund net assets)

Security	Shares	Value
Common Stocks — 97.7%
Communication Services — 1.0%
Media — 1.0%
Criteo SA, ADR	243,900	$4,619,466 *
Gambling.com Group Ltd.	623,000	2,398,550 *

Total Communication Services		7,018,016
Consumer Discretionary — 10.0%
Automobile Components — 1.0%
Visteon Corp.	64,398	7,193,901
Hotels, Restaurants & Leisure — 0.7%
First Watch Restaurant Group Inc.	408,000	5,352,960 *
Household Durables — 1.5%
Meritage Homes Corp.	156,600	10,545,444
Leisure Products — 0.9%
YETI Holdings Inc.	170,540	6,729,508 *
Specialty Retail — 5.9%
Academy Sports & Outdoors Inc.	143,600	7,875,024
Camping World Holdings Inc., Class A Shares	548,110	4,489,021
Murphy USA Inc.	30,885	18,160,380
Signet Jewelers Ltd.	69,600	6,196,488
Valvoline Inc.	195,500	6,496,465 *
Total Specialty Retail		43,217,378

Total Consumer Discretionary		73,039,191
Consumer Staples — 2.7%
Food Products — 2.7%
Freshpet Inc.	95,320	6,422,662 *
Utz Brands Inc.	872,922	6,948,459
Vital Farms Inc.	476,780	6,508,047 *

Total Consumer Staples		19,879,168
Energy — 7.6%
Energy Equipment & Services — 2.0%
Weatherford International PLC	132,800	14,654,480
Oil, Gas & Consumable Fuels — 5.6%
California Resources Corp.	138,940	9,484,044
International Seaways Inc.	171,540	14,229,243
Matador Resources Co.	268,040	17,004,458
Total Oil, Gas & Consumable Fuels		40,717,745

Total Energy		55,372,225

See Notes to Financial Statements.

ClearBridge Small Cap Fund 2026 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

April 30, 2026

ClearBridge Small Cap Fund

(Percentages shown based on Fund net assets)

Security	Shares	Value

Financials — 18.7%
Banks — 10.2%
Bank OZK	229,867	$11,070,395
Columbia Banking System Inc.	412,960	12,223,616
Prosperity Bancshares Inc.	130,530	9,091,414
Texas Capital Bancshares Inc.	96,710	9,738,697 *
UMB Financial Corp.	66,500	8,390,305
Wintrust Financial Corp.	74,561	11,226,650
WSFS Financial Corp.	182,580	13,140,283
Total Banks		74,881,360
Consumer Finance — 4.5%
Encore Capital Group Inc.	117,436	9,720,178 *
Jefferson Capital Inc.	314,979	6,532,664
OneMain Holdings Inc.	145,360	8,542,807
PROG Holdings Inc.	222,990	7,989,732
Total Consumer Finance		32,785,381
Financial Services — 2.7%
Essent Group Ltd.	137,000	8,291,240
Euronet Worldwide Inc.	154,860	11,208,767 *
Total Financial Services		19,500,007
Insurance — 1.3%
Assured Guaranty Ltd.	114,646	9,389,507

Total Financials		136,556,255
Health Care — 13.3%
Biotechnology — 7.5%
Arrowhead Pharmaceuticals Inc.	192,210	14,123,591 *
Bicara Therapeutics Inc.	275,000	5,934,500 *
Celcuity Inc.	86,440	10,489,494 *
CG oncology Inc.	85,900	5,732,966 *
Palvella Therapeutics Inc.	56,480	7,247,513 *
Scholar Rock Holding Corp.	238,129	11,099,193 *
Total Biotechnology		54,627,257
Health Care Providers & Services — 3.2%
Guardian Pharmacy Services Inc., Class A Shares	192,813	7,153,362 *
HealthEquity Inc.	99,465	8,159,114 *
Privia Health Group Inc.	341,800	8,493,730 *
Total Health Care Providers & Services		23,806,206
Pharmaceuticals — 2.6%
Axsome Therapeutics Inc.	42,160	8,758,740 *
Prestige Consumer Healthcare Inc.	108,000	6,082,560 *

See Notes to Financial Statements.

ClearBridge Small Cap Fund 2026 Semi-Annual Report

ClearBridge Small Cap Fund

(Percentages shown based on Fund net assets)

Security	Shares	Value

Pharmaceuticals — continued
Tarsus Pharmaceuticals Inc.	66,920	$4,256,781 *
Total Pharmaceuticals		19,098,081

Total Health Care		97,531,544
Industrials — 17.2%
Building Products — 0.5%
Tecnoglass Inc.	88,900	3,829,812
Commercial Services & Supplies — 1.0%
OPENLANE Inc.	233,850	7,352,244 *
Construction & Engineering — 1.6%
Primoris Services Corp.	66,204	11,992,854
Ground Transportation — 1.8%
Landstar System Inc.	71,290	13,122,350
Machinery — 2.5%
Hillman Solutions Corp.	913,073	7,450,676 *
Terex Corp.	167,600	10,424,720
Total Machinery		17,875,396
Passenger Airlines — 1.9%
Allegiant Travel Co.	75,270	5,693,423 *
SkyWest Inc.	95,300	7,826,036 *
Total Passenger Airlines		13,519,459
Professional Services — 2.9%
ICF International Inc.	73,354	5,256,548
Korn Ferry	116,340	7,729,629
Parsons Corp.	92,200	4,647,802 *
Upwork Inc.	373,200	3,862,620 *
Total Professional Services		21,496,599
Trading Companies & Distributors — 5.0%
Custom Truck One Source Inc.	1,338,068	13,179,970 *
GATX Corp.	64,042	12,547,109
Rush Enterprises Inc., Class A Shares	147,873	10,947,038
Total Trading Companies & Distributors		36,674,117

Total Industrials		125,862,831
Information Technology — 10.6%
Communications Equipment — 1.5%
Extreme Networks Inc.	486,100	10,737,949 *
Electronic Equipment, Instruments & Components — 1.7%
Arlo Technologies Inc.	492,340	6,917,377 *
Itron Inc.	69,880	5,855,944 *
Total Electronic Equipment, Instruments & Components		12,773,321

See Notes to Financial Statements.

ClearBridge Small Cap Fund 2026 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

April 30, 2026

ClearBridge Small Cap Fund

(Percentages shown based on Fund net assets)

Security	Shares	Value

Semiconductors & Semiconductor Equipment — 1.4%
Penguin Solutions Inc.	329,830	$10,030,130 *
Software — 6.0%
Commvault Systems Inc.	65,328	6,459,633 *
Descartes Systems Group Inc.	63,200	4,557,352 *
nCino Inc.	307,100	5,368,108 *
PAR Technology Corp.	215,560	2,897,126 *
Q2 Holdings Inc.	130,650	6,630,488 *
Terawulf Inc.	483,210	10,500,153 *
Zeta Global Holdings Corp., Class A Shares	398,500	7,340,370 *
Total Software		43,753,230

Total Information Technology		77,294,630
Materials — 8.2%
Chemicals — 2.5%
Eastman Chemical Co.	24,800	1,812,632
Quaker Chemical Corp.	55,400	7,528,306
Solstice Advanced Materials Inc.	111,240	9,116,118
Total Chemicals		18,457,056
Construction Materials — 1.2%
Eagle Materials Inc.	42,400	8,908,664
Containers & Packaging — 1.2%
Silgan Holdings Inc.	210,070	8,518,339
Metals & Mining — 3.3%
Commercial Metals Co.	111,590	7,695,246
MP Materials Corp.	138,715	9,160,739 *
Warrior Met Coal Inc.	83,130	7,469,230
Total Metals & Mining		24,325,215

Total Materials		60,209,274
Real Estate — 5.3%
Hotel & Resort REITs — 1.1%
Apple Hospitality REIT Inc.	609,590	8,211,177
Office REITs — 0.8%
Piedmont Realty Trust Inc.	743,200	6,213,152 *
Retail REITs — 1.4%
Kite Realty Group Trust	398,736	10,430,934
Specialized REITs — 2.0%
Rayonier Inc.	376,065	7,976,339
Smartstop Self Storage REIT Inc.	201,431	6,341,048
Total Specialized REITs		14,317,387

Total Real Estate		39,172,650

See Notes to Financial Statements.

ClearBridge Small Cap Fund 2026 Semi-Annual Report

ClearBridge Small Cap Fund

(Percentages shown based on Fund net assets)

Security		Shares	Value

Utilities — 3.1%
Electric Utilities — 1.3%
Portland General Electric Co.		183,883	$9,549,044
Gas Utilities — 0.9%
ONE Gas Inc.		75,890	6,770,906
Independent Power and Renewable Electricity Producers — 0.9%
Talen Energy Corp.		18,000	6,703,560 *

Total Utilities			23,023,510
Total Common Stocks (Cost — $491,064,898)			714,959,294
Investments in Underlying Funds — 0.5%
abrdn Physical Precious Metals Basket Shares ETF (Cost — $4,381,597)		17,110	3,688,060 *
Total Investments before Short-Term Investments (Cost — $495,446,495)			718,647,354
	Rate
Short-Term Investments — 1.3%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class	3.497%	4,612,534	4,612,534 (a)
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	3.565%	4,612,533	4,612,533 (a)(b)

Total Short-Term Investments (Cost — $9,225,067)			9,225,067
Total Investments — 99.5% (Cost — $504,671,562)			727,872,421
Other Assets in Excess of Liabilities — 0.5%			3,607,324
Total Net Assets — 100.0%			$731,479,745

*	Non-income producing security.
(a)	Rate shown is one-day yield as of the end of the reporting period.
(b)	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 April 30, 2026, the total market value of investments in Affiliated Companies was $4,612,533 and the cost was $4,612,533 (Note 8).

Abbreviation(s) used in this schedule:
ADR	—	American Depositary Receipts
ETF	—	Exchange-Traded Fund
REIT	—	Real Estate Investment Trust

See Notes to Financial Statements.

ClearBridge Small Cap Fund 2026 Semi-Annual Report

Statement of Assets and Liabilities (unaudited)

April 30, 2026

Assets:
Investments in unaffiliated securities, at value (Cost — $500,059,029)	$723,259,888
Investments in affiliated securities, at value (Cost — $4,612,533)	4,612,533
Cash	87
Receivable for securities sold	6,144,343
Receivable for Fund shares sold	241,722
Dividends receivable from unaffiliated investments	112,594
Dividends receivable from affiliated investments	13,254
Other assets	10,303
Prepaid expenses	50,955
Total Assets	734,445,679
Liabilities:
Payable for securities purchased	1,795,573
Investment management fee payable	376,131
Payable for Fund shares repurchased	349,440
Transfer agent fees payable	173,791
Service and/or distribution fees payable	102,828
Trustees’ fees payable	547
Accrued expenses	167,624
Total Liabilities	2,965,934
Total Net Assets	$731,479,745
Net Assets:
Par value (Note 7)	$147
Paid-in capital in excess of par value	464,377,403
Total distributable earnings (loss)	267,102,195
Total Net Assets	$731,479,745

See Notes to Financial Statements.

ClearBridge Small Cap Fund 2026 Semi-Annual Report

Net Assets:
Class A	$466,169,861
Class C	$11,417,229
Class FI	$1,673,592
Class R	$3,449,046
Class I	$216,923,830
Class IS	$31,846,187
Shares Outstanding:
Class A	11,120,097
Class C	311,529
Class FI	23,393
Class R	50,478
Class I	2,800,853
Class IS	409,450
Net Asset Value:
Class A (and redemption price)	$41.92
Class C*	$36.65
Class FI (and redemption price)	$71.54
Class R (and redemption price)	$68.33
Class I (and redemption price)	$77.45
Class IS (and redemption price)	$77.78
Maximum Public Offering Price Per Share:
Class A (based on maximum initial sales charge of 5.50%)	$44.36

*	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.

ClearBridge Small Cap Fund 2026 Semi-Annual Report

Statement of Operations (unaudited)

For the Six Months Ended April 30, 2026

Investment Income:
Dividends from unaffiliated investments	$4,492,572
Dividends from affiliated investments	73,460
Total Investment Income	4,566,032
Expenses:
Investment management fee (Note 2)	2,458,968
Service and/or distribution fees (Notes 2 and 5)	618,530
Transfer agent fees (Notes 2 and 5)	397,717
Registration fees	51,062
Fund accounting fees	38,647
Shareholder reports	29,467
Legal fees	27,203
Audit and tax fees	25,842
Trustees’ fees	16,878
Custody fees	6,336
Commitment fees (Note 9)	2,875
Insurance	2,374
Miscellaneous expenses	7,346
Total Expenses	3,683,245
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)	(163,844 )
Net Expenses	3,519,401
Net Investment Income	1,046,631
Realized and Unrealized Gain on Investments (Notes 1 and 3):
Net Realized Gain From Unaffiliated Investment Transactions	46,759,808
Change in Net Unrealized Appreciation (Depreciation) From Unaffiliated Investments	52,178,605
Net Gain on Investments	98,938,413
Increase in Net Assets From Operations	$99,985,044

See Notes to Financial Statements.

ClearBridge Small Cap Fund 2026 Semi-Annual Report

Statements of Changes in Net Assets

For the Six Months Ended April 30, 2026 (unaudited) and the Year Ended October 31, 2025	2026	2025
Operations:
Net investment income	$1,046,631	$3,273,847
Net realized gain	46,759,808	73,549,350
Change in net unrealized appreciation (depreciation)	52,178,605	(44,270,201 )
Increase in Net Assets From Operations	99,985,044	32,552,996
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings	(59,596,726 )	(50,186,054 )
Decrease in Net Assets From Distributions to Shareholders	(59,596,726 )	(50,186,054 )
Fund Share Transactions (Note 7):
Net proceeds from sale of shares	24,507,465	56,988,842
Reinvestment of distributions	56,280,682	40,485,543
Cost of shares repurchased	(89,820,851 )	(357,101,225 )
Decrease in Net Assets From Fund Share Transactions	(9,032,704 )	(259,626,840 )
Increase (Decrease) in Net Assets	31,355,614	(277,259,898 )
Net Assets:
Beginning of period	700,124,131	977,384,029
End of period	$731,479,745	$700,124,131

See Notes to Financial Statements.

ClearBridge Small Cap Fund 2026 Semi-Annual Report

Financial Highlights

For a share of each class of beneficial interest outstanding throughout each year ended October 31, unless otherwise noted:
Class A Shares1	20262	2025	2024	2023	2022	2021
Net asset value, beginning of period	$40.22	$41.35	$33.84	$35.78	$50.63	$33.09
Income (loss) from operations:
Net investment income (loss)	0.04	0.13	0.12	0.16	(0.07 )	(0.02 )
Net realized and unrealized gain (loss)	5.77	1.44	8.28	(2.06 )	(7.71 )	17.78
Total income (loss) from operations	5.81	1.57	8.40	(1.90)	(7.78)	17.76
Less distributions from:
Net investment income	(0.18 )	(0.40 )	(0.25 )	(0.04 )	—	(0.22 )
Net realized gains	(3.93 )	(2.30 )	(0.64 )	—	(7.07 )	—
Total distributions	(4.11 )	(2.70 )	(0.89 )	(0.04 )	(7.07 )	(0.22 )
Net asset value, end of period	$41.92	$40.22	$41.35	$33.84	$35.78	$50.63
Total return3	15.00 %	3.59 %	25.08 %	(5.30 )%	(17.12 )%	53.75 %
Net assets, end of period (millions)	$466	$437	$475	$334	$386	$507
Ratios to average net assets:
Gross expenses	1.13 %4	1.13 %	1.10 %	1.10 %	1.10 %	1.08 %
Net expenses5,6	1.07 4	1.07	1.07	1.07	1.07	1.06
Net investment income (loss)	0.23 4	0.33	0.31	0.45	(0.19 )	(0.05 )
Portfolio turnover rate	15 %	33 %	33 %	37 %	36 %	42 %7

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended April 30, 2026 (unaudited).
3	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. Total returns for periods of less than one year are not annualized.
4	Annualized.
5	As a result of an expense limitation arrangement, effective May 21, 2021, 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 1.07%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 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.
6	Reflects fee waivers and/or expense reimbursements.
7	Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

ClearBridge Small Cap Fund 2026 Semi-Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended October 31, unless otherwise noted:
Class C Shares1	20262	2025	2024	2023	2022	2021
Net asset value, beginning of period	$35.60	$36.92	$30.31	$32.25	$46.67	$30.58
Income (loss) from operations:
Net investment loss	(0.09 )	(0.16 )	(0.16 )	(0.10 )	(0.34 )	(0.36 )
Net realized and unrealized gain (loss)	5.07	1.28	7.41	(1.84 )	(7.01 )	16.45
Total income (loss) from operations	4.98	1.12	7.25	(1.94)	(7.35)	16.09
Less distributions from:
Net investment income	—	(0.14 )	—	—	—	—
Net realized gains	(3.93 )	(2.30 )	(0.64 )	—	(7.07 )	—
Total distributions	(3.93 )	(2.44 )	(0.64 )	—	(7.07 )	—
Net asset value, end of period	$36.65	$35.60	$36.92	$30.31	$32.25	$46.67
Total return3	14.55 %	2.79 %	24.13 %	(6.05 )%	(17.74 )%	52.56 %
Net assets, end of period (000s)	$11,417	$11,224	$14,787	$14,324	$21,042	$34,349
Ratios to average net assets:
Gross expenses	1.90 %4	1.89 %	1.86 %	1.86 %	1.85 %	1.84 %
Net expenses5,6	1.85 4	1.85	1.85	1.84	1.84	1.82
Net investment loss	(0.55 )4	(0.45 )	(0.46 )	(0.32 )	(0.96 )	(0.83 )
Portfolio turnover rate	15 %	33 %	33 %	37 %	36 %	42 %7

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended April 30, 2026 (unaudited).
3	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. Total returns for periods of less than one year are not annualized.
4	Annualized.
5	As a result of an expense limitation arrangement, effective April 1, 2024, 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 1.85%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 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.
6	Reflects fee waivers and/or expense reimbursements.
7	Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

ClearBridge Small Cap Fund 2026 Semi-Annual Report

Financial Highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended October 31, unless otherwise noted:
Class FI Shares1	20262	2025	2024	2023	2022	2021
Net asset value, beginning of period	$65.89	$66.05	$53.50	$56.50	$75.92	$49.48
Income (loss) from operations:
Net investment income (loss)	0.07	0.22	0.20	0.26	(0.37 )	(0.13 )
Net realized and unrealized gain (loss)	9.59	2.22	13.15	(3.26 )	(11.98 )	26.65
Total income (loss) from operations	9.66	2.44	13.35	(3.00)	(12.35)	26.52
Less distributions from:
Net investment income	(0.08 )	(0.30 )	(0.16 )	—	—	(0.08 )
Net realized gains	(3.93 )	(2.30 )	(0.64 )	—	(7.07 )	—
Total distributions	(4.01 )	(2.60 )	(0.80 )	—	(7.07 )	(0.08 )
Net asset value, end of period	$71.54	$65.89	$66.05	$53.50	$56.50	$75.92
Total return3	14.99 %	3.58 %	25.10 %	(5.31 )%	(17.48 )%	53.61 %
Net assets, end of period (000s)	$1,674	$1,568	$2,358	$2,222	$2,767	$3,427
Ratios to average net assets:
Gross expenses	1.44 %4	1.40 %	1.32 %	1.21 %	1.50 %	1.18 %
Net expenses5,6	1.07 4	1.07	1.07	1.07	1.48	1.17
Net investment income (loss)	0.22 4	0.34	0.32	0.45	(0.60 )	(0.18 )
Portfolio turnover rate	15 %	33 %	33 %	37 %	36 %	42 %7

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended April 30, 2026 (unaudited).
3	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. Total returns for periods of less than one year are not annualized.
4	Annualized.
5	As a result of an expense limitation arrangement, effective August 5, 2022, 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 1.07%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 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.
6	Reflects fee waivers and/or expense reimbursements.
7	Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

ClearBridge Small Cap Fund 2026 Semi-Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended October 31, unless otherwise noted:
Class R Shares1	20262	2025	2024	2023	2022	2021
Net asset value, beginning of period	$63.13	$63.41	$51.43	$54.52	$73.50	$47.98
Income (loss) from operations:
Net investment income (loss)	(0.05 )	(0.03 )	(0.02 )	0.04	(0.34 )	(0.31 )
Net realized and unrealized gain (loss)	9.18	2.13	12.64	(3.13 )	(11.57 )	25.83
Total income (loss) from operations	9.13	2.10	12.62	(3.09)	(11.91)	25.52
Less distributions from:
Net investment income	—	(0.08 )	—	—	—	—
Net realized gains	(3.93 )	(2.30 )	(0.64 )	—	(7.07 )	—
Total distributions	(3.93 )	(2.38 )	(0.64 )	—	(7.07 )	—
Net asset value, end of period	$68.33	$63.13	$63.41	$51.43	$54.52	$73.50
Total return3	14.79 %	3.19 %	24.64 %	(5.67 )%	(17.45 )%	53.16 %
Net assets, end of period (000s)	$3,449	$3,139	$3,687	$3,437	$4,200	$5,720
Ratios to average net assets:
Gross expenses	1.47 %4	1.48 %	1.43 %	1.46 %	1.46 %	1.47 %
Net expenses5,6	1.45 4	1.45	1.42	1.45	1.45	1.45
Net investment income (loss)	(0.15 )4	(0.05 )	(0.04 )	0.07	(0.57 )	(0.46 )
Portfolio turnover rate	15 %	33 %	33 %	37 %	36 %	42 %7

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended April 30, 2026 (unaudited).
3	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. Total returns for periods of less than one year are not annualized.
4	Annualized.
5	As a result of an expense limitation arrangement, effective April 1, 2024, 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 R shares did not exceed 1.45%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 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.
6	Reflects fee waivers and/or expense reimbursements.
7	Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

ClearBridge Small Cap Fund 2026 Semi-Annual Report

Financial Highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended October 31, unless otherwise noted:
Class I Shares1	20262	2025	2024	2023	2022	2021
Net asset value, beginning of period	$71.09	$71.05	$57.49	$60.68	$80.51	$52.43
Income (loss) from operations:
Net investment income	0.16	0.41	0.36	0.41	0.03	0.11
Net realized and unrealized gain (loss)	10.37	2.38	14.14	(3.50 )	(12.79 )	28.22
Total income (loss) from operations	10.53	2.79	14.50	(3.09)	(12.76)	28.33
Less distributions from:
Net investment income	(0.24 )	(0.45 )	(0.30 )	(0.10 )	—	(0.25 )
Net realized gains	(3.93 )	(2.30 )	(0.64 )	—	(7.07 )	—
Total distributions	(4.17 )	(2.75 )	(0.94 )	(0.10 )	(7.07 )	(0.25 )
Net asset value, end of period	$77.45	$71.09	$71.05	$57.49	$60.68	$80.51
Total return3	15.13 %	3.83 %	25.37 %	(5.11 )%	(16.94 )%	54.10 %
Net assets, end of period (millions)	$217	$212	$429	$329	$362	$517
Ratios to average net assets:
Gross expenses	0.87 %4	0.86 %	0.85 %	0.86 %	0.85 %	0.86 %
Net expenses5,6	0.85 4	0.84	0.84	0.85	0.84	0.84
Net investment income	0.45 4	0.59	0.54	0.66	0.04	0.15
Portfolio turnover rate	15 %	33 %	33 %	37 %	36 %	42 %7

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended April 30, 2026 (unaudited).
3	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. Total returns for periods of less than one year are not annualized.
4	Annualized.
5	As a result of an expense limitation arrangement, effective April 1, 2024, 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 0.85%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 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.
6	Reflects fee waivers and/or expense reimbursements.
7	Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

ClearBridge Small Cap Fund 2026 Semi-Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended October 31, unless otherwise noted:
Class IS Shares1	20262	2025	2024	2023	2022	2021
Net asset value, beginning of period	$71.41	$71.36	$57.74	$60.95	$80.75	$52.60
Income (loss) from operations:
Net investment income	0.21	0.46	0.41	0.48	0.10	0.19
Net realized and unrealized gain (loss)	10.41	2.42	14.22	(3.52 )	(12.83 )	28.30
Total income (loss) from operations	10.62	2.88	14.63	(3.04)	(12.73)	28.49
Less distributions from:
Net investment income	(0.32 )	(0.53 )	(0.37 )	(0.17 )	—	(0.34 )
Net realized gains	(3.93 )	(2.30 )	(0.64 )	—	(7.07 )	—
Total distributions	(4.25 )	(2.83 )	(1.01 )	(0.17 )	(7.07 )	(0.34 )
Net asset value, end of period	$77.78	$71.41	$71.36	$57.74	$60.95	$80.75
Total return3	15.18 %	3.93 %	25.53 %	(5.01 )%	(16.84 )%	54.29 %
Net assets, end of period (000s)	$31,846	$35,529	$52,924	$63,477	$69,087	$136,865
Ratios to average net assets:
Gross expenses	0.76 %4	0.76 %	0.75 %	0.75 %	0.74 %	0.74 %
Net expenses5,6	0.74 4	0.74	0.74	0.74	0.73	0.72
Net investment income	0.59 4	0.65	0.62	0.78	0.15	0.26
Portfolio turnover rate	15 %	33 %	33 %	37 %	36 %	42 %7

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended April 30, 2026 (unaudited).
3	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. Total returns for periods of less than one year are not annualized.
4	Annualized.
5	As a result of an expense limitation arrangement, effective April 1, 2024, 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 0.74%. 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. This expense limitation arrangement cannot be terminated prior to December 31, 2027 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.
6	Reflects fee waivers and/or expense reimbursements.
7	Excludes securities delivered as a result of a redemption in-kind.

See Notes to Financial Statements.

ClearBridge Small Cap Fund 2026 Semi-Annual Report

Notes to Financial Statements (unaudited)

1. Organization and significant accounting policies

ClearBridge Small Cap Fund (the “Fund”) is a separate 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 adviser to be unreliable, the market price may be determined by the adviser 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 adviser has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s adviser 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 adviser and the Board. When determining the reliability of third party pricing information for

ClearBridge Small Cap Fund 2026 Semi-Annual Report

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.

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.

ClearBridge Small Cap Fund 2026 Semi-Annual Report

Notes to Financial Statements (unaudited) (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	$714,959,294	—	—	$714,959,294
Investments in Underlying Funds	3,688,060	—	—	3,688,060
Total Long-Term Investments	718,647,354	—	—	718,647,354
Short-Term Investments†	9,225,067	—	—	9,225,067
Total Investments	$727,872,421	—	—	$727,872,421

†	See Schedule of Investments for additional detailed categorizations.

(b) 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.

(c) 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.

(d) REIT distributions. The character of distributions received from Real Estate Investment Trusts (‘‘REITs’’) held by the Fund is generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Fund to estimate the character of distributions received from underlying REITs based on historical data provided by the REITs. After each calendar year end, REITs report the actual tax character of these distributions. Differences between the estimated and actual amounts reported by the REITs are reflected

ClearBridge Small Cap Fund 2026 Semi-Annual Report

in the Fund’s records in the year in which they are reported by the REITs by adjusting related investment cost basis, capital gains and income, as necessary.

(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) 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, as amended (the “Code”), 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 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 October 31, 2025, 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 the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.

In some cases, the Fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as a dividend receivable in the Statement of Assets and Liabilities and dividend income in the Statement of Operations. In many cases, however, the Fund may not receive such amounts for an extended period of time, depending on the country of investment.

(h) 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.

2. Investment management agreement and other transactions with affiliates

Franklin Templeton Fund Adviser, LLC (“FTFA”) is the Fund’s investment manager and ClearBridge Investments, LLC (“ClearBridge”) 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, ClearBridge and Western Asset are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”).

ClearBridge Small Cap Fund 2026 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

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	0.700 %
Next $1 billion	0.680
Next $3 billion	0.650
Next $5 billion	0.620
Over $10 billion	0.590

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 ClearBridge a fee monthly, at an annual rate 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 R, Class I and Class IS shares did not exceed 1.07%, 1.85%, 1.07%, 1.45%, 0.85% and 0.74%, 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, 2027 without the Board’s 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 six months ended April 30, 2026, fees waived and/or expenses reimbursed amounted to $163,844, which included an affiliated money market fund waiver of $2,324.

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.

ClearBridge Small Cap Fund 2026 Semi-Annual Report

Pursuant to these arrangements, at April 30, 2026, the Fund had remaining fee waivers and/or expense reimbursements subject to recapture by FTFA and respective dates of expiration as follows:

	Class A	Class C	Class FI	Class R	Class I	Class IS
Expires October 31, 2026	$59,767	—	$3,421	—	—	—
Expires October 31, 2027	97,536	$648	5,589	$177	$19,228	$3,785
Expires October 31, 2028	282,700	4,844	5,610	1,107	41,490	6,495
Expires October 31, 2029	133,533	2,760	2,842	329	18,813	3,243
Total fee waivers/expense reimbursements subject to recapture	$573,536	$8,252	$17,462	$1,613	$79,531	$13,523

For the six months ended April 30, 2026, 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 reimburses Investor Services for out of pocket expenses incurred. For the six months ended April 30, 2026, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $19,956 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%, 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 in the aggregate. These purchases do not incur an initial sales charge.

For the six months ended April 30, 2026, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:

	Class A	Class C
Sales charges	$10,385	—
CDSCs	193	$60

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 approved an amendment to

ClearBridge Small Cap Fund 2026 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

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 six months ended April 30, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

Purchases	$105,775,416
Sales	178,537,027

At April 30, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

	Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
Securities	$507,607,086	$254,142,313	$(33,876,978)	$220,265,335

4. Derivative instruments and hedging activities

During the six months ended April 30, 2026, the Fund did not invest in derivative instruments.

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, Class FI and Class R shares calculated at the annual rate of 0.25%, 1.00%, 0.25% and 0.50% of the average daily net assets of each class, respectively. Service and/or distribution fees are accrued daily and paid monthly.

For the six months ended April 30, 2026, class specific expenses were as follows:

	Service and/or Distribution Fees	Transfer Agent Fees
Class A	$553,076	$267,310
Class C	55,402	7,782
Class FI	1,940	3,313
Class R	8,112	3,418
Class I	—	115,664
Class IS	—	230
Total	$618,530	$397,717

ClearBridge Small Cap Fund 2026 Semi-Annual Report

For the six months ended April 30, 2026, waivers and/or expense reimbursements by class were as follows:

	Waivers/Expense Reimbursements
Class A	$134,997
Class C	2,797
Class FI	2,847
Class R	340
Class I	19,509
Class IS	3,354
Total	$163,844

6. Distributions to shareholders by class

	Six Months Ended April 30, 2026	Year Ended October 31, 2025
Net Investment Income:
Class A	$1,904,293	$4,604,073
Class C	—	55,337
Class FI	1,792	10,840
Class R	—	4,975
Class I	689,214	2,713,798
Class IS	151,942	321,434
Total	$2,747,241	$7,710,457
Net Realized Gains:
Class A	$41,949,665	$26,159,298
Class C	1,211,658	909,153
Class FI	86,851	81,908
Class R	202,608	134,721
Class I	11,508,594	13,782,329
Class IS	1,890,109	1,408,188
Total	$56,849,485	$42,475,597

7. Shares of beneficial interest

At April 30, 2026, 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.

ClearBridge Small Cap Fund 2026 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

Transactions in shares of each class were as follows:

	Six Months Ended April 30, 2026		Year Ended October 31, 2025
	Shares	Amount	Shares	Amount
Class A
Shares sold	252,494	$10,032,494	459,185	$18,179,579
Shares issued on reinvestment	1,076,789	42,780,823	721,035	30,031,097
Shares repurchased	(1,076,265 )	(42,678,546 )	(1,794,517 )	(70,305,197 )
Net increase (decrease)	253,018	$10,134,771	(614,297 )	$(22,094,521 )
Class C
Shares sold	12,347	$427,723	25,718	$901,496
Shares issued on reinvestment	34,052	1,186,378	25,083	931,089
Shares repurchased	(50,157 )	(1,743,783 )	(136,076 )	(4,726,774 )
Net decrease	(3,758 )	$(129,682 )	(85,275 )	$(2,894,189 )
Class FI
Shares sold	922	$61,820	2,900	$185,484
Shares issued on reinvestment	1,307	88,643	1,359	92,748
Shares repurchased	(2,638 )	(179,451 )	(16,156 )	(1,015,336 )
Net decrease	(409 )	$(28,988 )	(11,897 )	$(737,104 )
Class R
Shares sold	6,461	$422,461	7,997	$492,973
Shares issued on reinvestment	3,124	202,593	2,128	139,630
Shares repurchased	(8,827 )	(566,115 )	(18,541 )	(1,116,859 )
Net increase (decrease)	758	$58,939	(8,416 )	$(484,256 )
Class I
Shares sold	161,172	$11,737,809	465,885	$32,306,623
Shares issued on reinvestment	144,999	10,634,226	111,804	8,215,340
Shares repurchased	(481,624 )	(35,168,924 )	(3,636,927 )	(255,976,899 )
Net decrease	(175,453 )	$(12,796,889 )	(3,059,238 )	$(215,454,936 )
Class IS
Shares sold	24,885	$1,825,158	73,776	$4,922,687
Shares issued on reinvestment	18,854	1,388,019	14,587	1,075,639
Shares repurchased	(131,797 )	(9,484,032 )	(332,537 )	(23,960,160 )
Net decrease	(88,058 )	$(6,270,855 )	(244,174 )	$(17,961,834 )

8. 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

ClearBridge Small Cap Fund 2026 Semi-Annual Report

all or some portion of the six months ended April 30, 2026. The following transactions were effected in such company for the six months ended April 30, 2026.

	Affiliate Value at October 31, 2025	Purchased		Sold
	Affiliate Value at October 31, 2025	Cost	Shares	Proceeds	Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	$3,830,270	$37,582,558	37,582,558	$36,800,295	36,800,295

(cont’d)	Realized Gain (Loss)	Dividend Income	Net Increase (Decrease) in Unrealized Appreciation (Depreciation)	Affiliate Value at April 30, 2026
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	—	$73,460	—	$4,612,533

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 $2.995 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 29, 2027.

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 six months ended April 30, 2026.

10. Operating segments

The Fund operates as a single operating segment, which is an investment portfolio. A management group assigned to the Fund within the Fund’s investment manager serves as the Chief Operating Decision Maker (“CODM”) and is responsible for evaluating the Fund’s operating results and allocating resources in accordance with the Fund’s investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with

ClearBridge Small Cap Fund 2026 Semi-Annual Report

ClearBridge

Small Cap Fund

Trustees

Andrew L. Breech

Stephen R. Gross

Susan M. Heilbron

Arnold L. Lehman

Robin J. W. Masters

G. Peter O’Brien
Chair

Thomas F. Schlafly

Jane Trust

Investment manager

Franklin Templeton Fund Adviser, LLC

Subadviser

ClearBridge Investments, LLC

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

ClearBridge Small Cap Fund

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

ClearBridge Small Cap Fund
Legg Mason Funds
One Madison Avenue, 17th Floor
New York, NY 10010

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 ClearBridge Small Cap 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

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.

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.

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.

Changes in and Disagreements with Accountants	For the period covered by this report
Not applicable.
Results of Meeting(s) of Shareholders	For the period covered by this report
Not applicable.
Remuneration Paid to Directors, Officers and Others	For the period covered by this report
Refer to the financial statements included herein.

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

Date:	June 24, 2026


	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

Schedule of Investments	1
Statement of Assets and Liabilities	6
Statement of Operations	8
Statements of Changes in Net Assets	9
Financial Highlights	10
Notes to Financial Statements	16
Changes in and Disagreements with Accountants	27
Results of Meeting(s) of Shareholders	27
Remuneration Paid to Directors, Officers and Others	27