2026-08-17LMF7300_ClearBridgeSMAShSeriesEMFund_SingleClass



ClearBridge SMASh Series EM Fund
	Annual Shareholder Report \| July 31, 2026

This annual shareholder report contains important information about ClearBridge SMASh Series EM Fund for the period August 1, 2025, to July 31, 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.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
ClearBridge SMASh Series EM Fund¹	$0	0.00%

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

1	Does not reflect the effect of fees and expenses associated with a separately managed account, or a management fee or other operating expenses of the Fund.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, ClearBridge SMASh Series EM Fund returned 79.66%. The Fund compares its performance to the MSCI Emerging Markets Index-NR, which returned 36.44% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	SK Hynix, in the information technology (IT) sector, manufactures and supplies semiconductor memory products—including DRAM and NAND flash—for use in computing, mobile, and server applications globally. The company benefited from an advantageous market for DRAM and NAND, and in particular high-bandwidth memory, as supply constraints amid high artificial intelligence (AI) demand have supported higher prices, robust revenue, and earnings.
↑	Samsung Electronics, in the IT sector, is a South Korean consumer electronics, IT, mobile communications and device solutions business. Shares were boosted by an advantageous market for DRAM and NAND, and in particular high-bandwidth memory, as supply constraints amid high AI demand have supported higher prices. The stock was also supported by progress in its foundry business due to overwhelming demand for semiconductor manufacturing.
↑	Delta Electronics, in the IT sector, is a provider of power and thermal management solutions. The company’s products remained in high demand as critical components in the buildout of data centers globally.


Top detractors from performance:
↓	Taiwan Semiconductor Manufacturing, in the IT sector, operates the world’s largest semiconductor foundries, manufacturing leading edge chips for Nvidia and other leading chip designers. The stock was up strongly for the reporting period as it continued to gain pricing power due to its near monopoly on production and advanced technology. Being underweight the stock compared to the benchmark detracted from relative performance.
↓	Reliance Industries, in the energy sector, is an oil & gas refiner and operates related retail businesses in India. The stock was pressured by volatile oil prices that impacted its refinery business, a slowdown in its retail businesses as well as negative reaction to increased capital spending.
↓	Mercado Libre, in the consumer discretionary sector, operates an e-commerce platform and offers financial services and related logistics services in Latin America. The stock was pressured by growing competition in its core market of Brazil as well as increased capital spending to expand into new areas like logistics.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares, or the effect of fees and expenses borne by investors at the separately managed account level.

VALUE OF A $10,000 INVESTMENT – ClearBridge SMASh Series EM Fund 1/10/2018 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	Since Inception (1/10/2018)
ClearBridge SMASh Series EM Fund	79.66	8.08	8.50
MSCI Emerging Markets Index-NR	36.44	8.03	6.44

Performance figures do not reflect the effect of fees and expenses associated with a separately managed account or a management fee or other operating expenses of the Fund, which if reflected, would reduce performance of the Fund.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at 877-6LM-FUND/656-3863 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$1,385,049,805
Total Number of Portfolio Holdings	36
Total Management Fee Paid	$0
Portfolio Turnover Rate	21%

HOW HAS THE FUND CHANGED?

Although the addition was not driven by a change in investment strategy, the prospectus was amended to identify information technology sector risk as a principal risk based on the Fund’s current portfolio holdings.

Effective May 1, 2026, Paul Sloane retired from the Fund’s portfolio management team and Robbie McNab, CFA, was appointed as a portfolio manager.

This is a summary of certain changes to the Fund since August 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at 877-6LM-FUND/656-3863 or prospectus.us.franklintempleton@fisglobal.com.


	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

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial officer.

(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

The Board of Trustees of the Registrant has determined that Stephen R. Gross, possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as an “audit committee financial expert,” and has designated Stephen R. Gross as the Audit Committee’s financial expert. Stephen R. Gross is an “independent” Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

a) Audit Fees. The aggregate fees billed in the last two fiscal years ending July 31, 2025 and July 31, 2026 (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $27,640 in July 31, 2025 and $27,916 in July 31, 2026.

b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant’s financial statements were $0 in July 31, 2025 and $0 in July 31, 2026.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $10,000 in July 31, 2025 and $10,000 in July 31, 2026. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Auditors to the Registrant’s investment manager and any entity controlling, controlled by, or under common control with the investment manager that provides ongoing services to the Registrant (“Service Affiliates”) during the Reporting Periods that required pre-approval by the Audit Committee.

d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in July 31, 2025 and $0 in July 31, 2026.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

(e) Audit Committee’s pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

(1) The Charter for the Audit Committee (the “Committee”) of the Board of each registered investment company (the “Fund”) advised by the Registrant’s investment manager or one of their affiliates (each, an “Adviser”) requires that the Committee shall approve (a) all audit and permissible non-audit services to be provided to the Fund and (b) all permissible non-audit services to be provided by the Fund’s independent auditors to the Adviser and any service providers controlling, controlled by or under common control with the Adviser that provide ongoing services to the Fund (“Covered Service Providers”) if the engagement relates directly to the operations and financial reporting of the Fund. The Committee may implement policies and procedures by which such services are approved other than by the full Committee.

The Committee shall not approve non-audit services that the Committee believes may impair the independence of the auditors. As of the date of the approval of this Audit Committee Charter, permissible non-audit services include any professional services (including tax services), that are not prohibited services as described below, provided to the Fund by the independent auditors, other than those provided to the Fund in connection with an audit or a review of the financial statements of the Fund. Permissible non-audit services may not include: (i) bookkeeping or other services related to the accounting records or financial statements of the Fund; (ii) financial information systems design and implementation; (iii) appraisal or valuation services, fairness opinions or contribution-in-kind reports; (iv) actuarial services; (v) internal audit outsourcing services; (vi) management functions or human resources; (vii) broker or dealer, investment adviser or investment banking services; (viii) legal services and expert services unrelated to the audit; and (ix) any other service the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the Fund, the Adviser and the Covered Service Providers constitutes not more than 5% of the total amount of revenues paid to the independent auditors during the fiscal year in which the permissible non-audit services are provided to (a) the Fund, (b) the Adviser and (c) any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund during the fiscal year in which the services are provided that would have to be approved by the Committee; (ii) the permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.

(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $430,946 in July 31, 2025 and $344,935 in July 31, 2026.

(h) Yes. The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor’s independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

Schedule of Investments

July 31, 2026

ClearBridge SMASh Series EM Fund

(Percentages shown based on Fund net assets)

Security	Shares	Value
Common Stocks — 98.2%
Communication Services — 1.1%
Wireless Telecommunication Services — 1.1%
Etihad Etisalat Co.	931,624	$15,417,503

Consumer Discretionary — 7.1%
Automobiles — 2.2%
Mahindra & Mahindra Ltd.	870,413	30,993,349 (a)
Broadline Retail — 1.2%
MercadoLibre Inc.	8,593	16,137,224 *
Textiles, Apparel & Luxury Goods — 3.7%
Titan Co. Ltd.	1,005,129	51,316,991 (a)

Total Consumer Discretionary		98,447,564
Consumer Staples — 2.5%
Beverages — 1.0%
Eastroc Beverage Group Co. Ltd., Class A Shares	617,310	12,429,312 (a)
Eastroc Beverage Group Co. Ltd., Class H Shares	143,908	2,293,749
Total Beverages		14,723,061
Consumer Staples Distribution & Retail — 1.5%
Raia Drogasil SA	5,592,568	20,498,489

Total Consumer Staples		35,221,550
Energy — 4.8%
Oil, Gas & Consumable Fuels — 4.8%
PRIO SA	2,322,639	27,972,562 *
Reliance Industries Ltd.	2,821,782	38,634,305 (a)

Total Energy		66,606,867
Financials — 9.0%
Banks — 9.0%
Al Rajhi Bank	1,790,767	29,885,719 (a)
Kotak Mahindra Bank Ltd.	5,681,387	23,225,278 (a)
Shinhan Financial Group Co. Ltd.	1,023,512	71,052,178 (a)

Total Financials		124,163,175
Health Care — 4.6%
Health Care Providers & Services — 4.6%
Apollo Hospitals Enterprise Ltd.	471,464	44,231,505 (a)
Dr Sulaiman Al Habib Medical Services Group Co.	322,448	20,177,148

Total Health Care		64,408,653
Industrials — 14.5%
Electrical Equipment — 8.1%
Contemporary Amperex Technology Co. Ltd., Class A Shares	791,078	46,376,717 (a)
Harbin Electric Co. Ltd., Class H Shares	3,483,053	7,001,888 (a)

See Notes to Financial Statements.

ClearBridge SMASh Series EM Fund 2026 Annual Report

Schedule of Investments (cont’d)

July 31, 2026

ClearBridge SMASh Series EM Fund

(Percentages shown based on Fund net assets)

Security	Shares	Value

Electrical Equipment — continued
HD Hyundai Electric Co. Ltd.	43,820	$20,263,645 (a)
Sieyuan Electric Co. Ltd., Class A Shares	1,628,144	37,738,127 (a)
Total Electrical Equipment		111,380,377
Ground Transportation — 1.6%
Localiza Rent a Car SA	2,918,142	21,748,696
Industrial Conglomerates — 1.9%
SK Square Co. Ltd.	39,075	26,868,501 (a)
Machinery — 2.9%
Samsung Heavy Industries Co. Ltd.	1,270,316	18,887,185 *(a)
Shenzhen Inovance Technology Co. Ltd., Class A Shares	2,261,498	21,471,666 (a)
Total Machinery		40,358,851

Total Industrials		200,356,425
Information Technology — 50.1%
Communications Equipment — 2.8%
Accton Technology Corp.	361,581	23,436,595 (a)
Zhongji Innolight Co. Ltd., Class A Shares	114,243	15,213,185 (a)
Total Communications Equipment		38,649,780
Electronic Equipment, Instruments & Components — 6.3%
Delta Electronics Inc.	1,215,388	59,794,191 (a)
Elite Material Co. Ltd.	188,125	27,005,854 (a)
Total Electronic Equipment, Instruments & Components		86,800,045
Semiconductors & Semiconductor Equipment — 20.0%
MediaTek Inc.	567,381	60,441,808 (a)
NAURA Technology Group Co. Ltd., Class A Shares	156,628	15,912,305 (a)
SK hynix Inc.	177,485	201,561,856 (a)
Total Semiconductors & Semiconductor Equipment		277,915,969
Technology Hardware, Storage & Peripherals — 21.0%
Quanta Computer Inc.	2,457,709	21,863,551 (a)
Samsung Electronics Co. Ltd.	506,141	88,096,284 (a)
Samsung Electronics Co. Ltd., Registered Shares, GDR	42,154	180,467,629 (a)
Total Technology Hardware, Storage & Peripherals		290,427,464

Total Information Technology		693,793,258
Materials — 4.5%
Construction Materials — 1.7%
UltraTech Cement Ltd.	190,838	23,798,956 (a)
Metals & Mining — 2.8%
Antofagasta PLC	761,163	37,936,965 (a)

Total Materials		61,735,921
Total Common Stocks (Cost — $734,059,684)		1,360,150,916

See Notes to Financial Statements.

ClearBridge SMASh Series EM Fund 2026 Annual Report

ClearBridge SMASh Series EM Fund

(Percentages shown based on Fund net assets)

Security	Rate	Shares	Value
Preferred Stocks — 0.1%
Industrials — 0.1%
Ground Transportation — 0.1%
Localiza Rent a Car SA (Cost — $1,117,406)	1.214%	141,472	$1,014,750 (b)
Total Investments before Short-Term Investments (Cost — $735,177,090)			1,361,165,666

Short-Term Investments — 2.2%
Western Asset Institutional U.S. Treasury Reserves, Institutional Shares (Cost — $30,225,309)	3.597%	30,225,309	30,225,309 (c)(d)
Total Investments — 100.5% (Cost — $765,402,399)			1,391,390,975
Liabilities in Excess of Other Assets — (0.5)%			(6,341,170 )
Total Net Assets — 100.0%			$1,385,049,805

*	Non-income producing security.
(a)	Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).
(b)	The rate shown represents the yield as of July 31, 2026.
(c)	Rate shown is one-day yield as of the end of the reporting period.
(d)	In this instance, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), 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, 2026, the total market value of investments in Affiliated Companies was $30,225,309 and the cost was $30,225,309 (Note 6).

Abbreviation(s) used in this schedule:
GDR	—	Global Depositary Receipts

Summary of Investments by Country# (unaudited)
South Korea	43.6 %
India	15.3
Taiwan	13.8
China	11.4
Brazil	6.3
Saudi Arabia	4.7
Chile	2.7
Short-Term Investments	2.2
	100.0 %

#	As a percentage of total investments. Please note that the Fund holdings are as of July 31, 2026, and are subject to change.

See Notes to Financial Statements.

ClearBridge SMASh Series EM Fund 2026 Annual Report

Statement of Assets and Liabilities

July 31, 2026

Assets:
Investments in unaffiliated securities, at value (Cost — $735,177,090)	$1,361,165,666
Investments in affiliated securities, at value (Cost — $30,225,309)	30,225,309
Foreign currency, at value (Cost — $167,441)	167,368
Cash	100,000
Dividends receivable from unaffiliated investments	3,039,205
Receivable for Fund shares sold	905,497
Receivable from investment manager	191,250
Dividends receivable from affiliated investments	63,934
Prepaid expenses	11,596
Total Assets	1,395,869,825
Liabilities:
Accrued foreign capital gains tax	9,520,592
Custody fees payable	780,610
Payable for Fund shares repurchased	421,157
Trustees’ fees payable	237
Accrued expenses	97,424
Total Liabilities	10,820,020
Total Net Assets	$1,385,049,805
Net Assets:
Par value (Note 5)	$767
Paid-in capital in excess of par value	695,824,522
Total distributable earnings (loss)	689,224,516
Total Net Assets	$1,385,049,805
Shares Outstanding	76,693,613
Net Asset Value	$18.06

See Notes to Financial Statements.

ClearBridge SMASh Series EM Fund 2026 Annual Report

Statement of Operations

For the Year Ended July 31, 2026

Investment Income:
Dividends from unaffiliated investments	$20,557,202
Dividends from affiliated investments	538,781
Interest	175
Other income	23,818
Less: Foreign taxes withheld	(2,999,557 )
Total Investment Income	18,120,419
Expenses:
Custody fees	751,088
Legal fees	93,838
Fund accounting fees	89,558
Trustees’ fees	60,569
Registration fees	43,973
Audit and tax fees	32,666
Excise tax (Note 1)	23,153
Shareholder reports	15,215
Commitment fees (Note 7)	11,841
Interest expense	5,762
Transfer agent fees (Note 2)	1,079
Miscellaneous expenses	18,607
Total Expenses	1,147,349
Less: Fee waivers and/or expense reimbursements (Note 2)	(1,124,196 )
Net Expenses	23,153
Net Investment Income	18,097,266
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1 and 3):
Net Realized Gain (Loss) From:
Investment transactions in unaffiliated securities	419,827,404 †
Foreign currency transactions	(1,970,937 )
Net Realized Gain	417,856,467
Change in Net Unrealized Appreciation (Depreciation) From:
Investments in unaffiliated securities	419,165,191 ‡
Foreign currencies	50,057
Change in Net Unrealized Appreciation (Depreciation)	419,215,248
Net Gain on Investments and Foreign Currency Transactions	837,071,715
Increase in Net Assets From Operations	$855,168,981

†	Net of foreign capital gains tax of $116,255.
‡	Net of change in accrued foreign capital gains tax of $(618,453).

See Notes to Financial Statements.

ClearBridge SMASh Series EM Fund 2026 Annual Report

Statements of Changes in Net Assets

For the Years Ended July 31,	2026	2025
Operations:
Net investment income	$18,097,266	$17,871,408
Net realized gain (loss)	417,856,467	(84,736,838 )
Change in net unrealized appreciation (depreciation)	419,215,248	68,961,471
Increase in Net Assets From Operations	855,168,981	2,096,041
Distributions to Shareholders From (Note 1):
Total distributable earnings	(13,448,905 )	(12,000,062 )
Decrease in Net Assets From Distributions to Shareholders	(13,448,905 )	(12,000,062 )
Fund Share Transactions (Note 5):
Net proceeds from sale of shares	260,038,673	459,408,411
Cost of shares repurchased	(942,711,815 )	(585,829,337 )
Decrease in Net Assets From Fund Share Transactions	(682,673,142 )	(126,420,926 )
Increase (Decrease) in Net Assets	159,046,934	(136,324,947 )
Net Assets:
Beginning of year	1,226,002,871	1,362,327,818
End of year	$1,385,049,805	$1,226,002,871

See Notes to Financial Statements.

ClearBridge SMASh Series EM Fund 2026 Annual Report

Financial Highlights

For a share of beneficial interest outstanding throughout each year ended July 31:
	20261	20251	20241	20231	20221
Net asset value, beginning of year	$10.17	$10.27	$10.35	$9.47	$13.23
Income (loss) from operations:
Net investment income	0.19	0.15	0.14	0.14	0.16
Net realized and unrealized gain (loss)	7.83	(0.14 )	(0.10 )	0.84	(3.54 )
Total income (loss) from operations	8.02	0.01	0.04	0.98	(3.38)
Less distributions from:
Net investment income	(0.13 )	(0.11 )	(0.12 )	(0.05 )	(0.11 )
Net realized gains	—	—	—	(0.05 )	(0.27 )
Total distributions	(0.13 )	(0.11 )	(0.12 )	(0.10 )	(0.38 )
Net asset value, end of year	$18.06	$10.17	$10.27	$10.35	$9.47
Total return2	79.66 %	0.17 %	0.47 %	10.51 %	(26.21 )%
Net assets, end of year (millions)	$1,385	$1,226	$1,362	$1,268	$1,100
Ratios to average net assets:
Gross expenses3	0.08 %	0.12 %	0.06 %4	0.10 %5	0.09 %
Net expenses6,7	0.00 8	0.00 9	0.00 4,9	0.00 5	0.00
Net investment income	1.27 9	1.60	1.45 4	1.45 5	1.43
Portfolio turnover rate	21 %	49 %	26 %	12 %	27 %

1	Per share amounts have been calculated using the average shares method.
2	Performance figures do not reflect the effect of fees and expenses associated with a separately managed account, nor a management fee or other operating expenses of the Fund. Such management fees are paid directly or indirectly by the separately managed account sponsor to the Fund’s manager or subadviser. All operating expenses of the Fund were reimbursed by the manager, pursuant to an expense reimbursement arrangement between the Fund and the manager. If such fees were included, the total return would have been lower. Past performance is no guarantee of future results.
3	Gross expenses do not include management fees paid to the manager and subadviser. Management fees are paid directly or indirectly by the separately managed account sponsor.
4	Ratio includes the impact of fees paid indirectly. In the absence of these fees, the gross and net expense ratios and the net investment income ratio would have been 0.03%, 0.00% and 1.45%, respectively.
5	Ratio includes the impact of fees paid indirectly. In the absence of these fees, the gross and net expense ratios and the net investment income ratio would have been 0.06%, 0.00% and 1.45%, respectively.
6	The Fund’s manager has entered into an expense reimbursement arrangement with the Fund, pursuant to which the Fund’s manager has agreed to reimburse 100% of the Fund’s ordinary operating expenses. The expense reimbursement arrangement does not cover interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses. This arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees’ consent.
7	Reflects fee waivers and/or expense reimbursements.
8	Amount represents less than 0.005% or greater than (0.005)%.
9	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.

See Notes to Financial Statements.

ClearBridge SMASh Series EM Fund 2026 Annual Report

Notes to Financial Statements

1. Organization and significant accounting policies

ClearBridge SMASh Series EM Fund (formerly Martin Currie SMASh Series EM 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.

Shares of the Fund may be purchased only by or on behalf of separately managed account clients where an affiliate of Franklin Templeton Fund Adviser, LLC (“FTFA”) has an agreement to serve as investment adviser or subadviser (each affiliate, a “Managed Account Adviser”) to the account with the managed account program sponsor (the “Program Sponsor”) (typically, a registered investment adviser or broker/dealer) or directly with the client. Shareholders of the Fund pay fees to their separately managed account sponsor, some of which are paid to affiliates of FTFA. FTFA and the subadvisers do not charge investment management fees to the Fund.

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 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

ClearBridge SMASh Series EM Fund 2026 Annual Report

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”). This may include using an independent third party pricing service to adjust the value of such securities to the latest indications of fair value at 4:00 p.m. (Eastern Time).

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.

ClearBridge SMASh Series EM Fund 2026 Annual Report

Notes to Financial Statements (cont’d)

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 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:
Communication Services	$15,417,503	—	—	$15,417,503
Consumer Discretionary	16,137,224	$82,310,340	—	98,447,564
Consumer Staples	22,792,238	12,429,312	—	35,221,550
Energy	27,972,562	38,634,305	—	66,606,867
Health Care	20,177,148	44,231,505	—	64,408,653
Industrials	21,748,696	178,607,729	—	200,356,425
Other Common Stocks	—	879,692,354	—	879,692,354
Preferred Stocks	1,014,750	—	—	1,014,750
Total Long-Term Investments	125,260,121	1,235,905,545	—	1,361,165,666
Short-Term Investments†	30,225,309	—	—	30,225,309
Total Investments	$155,485,430	$1,235,905,545	—	$1,391,390,975

*	As a result of the fair value pricing procedures for international equities utilized by the Fund, which account for events occurring after the close of the principal market of the security but prior to the calculation of the Fund’s net asset value, certain securities were classified as Level 2 within the fair value hierarchy.
†	See Schedule of Investments for additional detailed categorizations.

(b) Foreign currency translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from

ClearBridge SMASh Series EM Fund 2026 Annual Report

changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

(c) 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.

(d) 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.

(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) 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”),

ClearBridge SMASh Series EM Fund 2026 Annual Report

Notes to Financial Statements (cont’d)

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.

However, due to the timing of when distributions are made by the Funds, the Funds may be subject to an excise tax of 4% of the amount by which 98% of the Funds’ annual taxable income and 98.2% of net realized gains exceed the distributions from such taxable income and realized gains for the calendar year. During the year ended July 31, 2026, the Fund paid $23,153 of federal excise taxes attributable to calendar year 2025.

Management has analyzed the Fund’s tax positions taken on income tax returns for all open tax years and has concluded that as of July 31, 2026, 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.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates. Realized gains upon disposition of securities issued in or by certain foreign countries are subject to capital gains tax imposed by those countries. As of July 31, 2026, there were $9,520,592 of capital gains tax liabilities accrued on unrealized gains. 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.

(g) 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. During the current year, the following reclassifications have been made:

	Total Distributable Earnings (Loss)	Paid-in Capital
(a)	$(5,924,490)	$5,924,490

(a)

Reclassifications are due to non-deductible expenses and distributions paid in connection with the redemption of Fund shares.

2. Investment management agreement and other transactions with affiliates

FTFA is the Fund’s investment manager and ClearBridge Investment Management Limited (formerly known as Martin Currie Inc. prior to September 30, 2025) 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 Investment Management Limited and Western Asset are indirect, wholly-owned subsidiaries of Franklin Templeton, Inc. (“Franklin Templeton”) (prior to August 17, 2026, known as Franklin Resources, Inc.).

On September 30, 2025 (the “Effective Date”), in connection with the cessation of operations of Martin Currie Inc. (“MCI”), the Fund’s subadviser, MCI transferred its rights

ClearBridge SMASh Series EM Fund 2026 Annual Report

and obligations under an existing subadvisory agreement between MCI and FTFA, to its affiliate, Martin Currie Investment Management Limited (“MCIM”), and MCIM became a subadviser to the Fund. MCIM is an indirect, wholly-owned subsidiary of Franklin Templeton. As of the Effective Date, MCIM was renamed ClearBridge Investment Management Limited (“CIML”).

The transfer will not result in any change in the nature or amount of services provided under the subadvisory agreement. In addition, the transfer will not result in any change to the manner in which the Fund’s portfolio is managed. The Fund’s current portfolio managers will continue to manage the Fund.

FTFA and the subadviser do not charge investment management fees to the Fund. However, the Fund is an integral part of the separately managed account program, and FTFA and the subadviser will be compensated directly or indirectly by separately managed account program sponsors. FTFA provides administrative and certain oversight services to the Fund. FTFA delegates to the subadviser the day-to-day portfolio management of the Fund.

FTFA has entered into an expense reimbursement arrangement with the Fund, pursuant to which FTFA has agreed to reimburse 100% of the Fund’s ordinary operating expenses. The expense reimbursement arrangement does not cover interest, brokerage commissions, taxes, extraordinary expenses and acquired fund fees and expenses. This expense reimbursement arrangement 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 year ended July 31, 2026, fees waived and/or expenses reimbursed amounted to $1,124,196. The affiliated money market fund waiver of $23,818 is reflected as other income in the Statement of Operations.

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 Templeton. 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 Templeton. 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, the Fund reimburses Investor Services for out of pocket expenses incurred. For the year ended July 31, 2026, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $1,029 was earned by Investor Services.

All officers and one Trustee of the Trust are employees of Franklin Templeton or its affiliates and do not receive compensation from the Trust.

ClearBridge SMASh Series EM Fund 2026 Annual Report

Notes to Financial Statements (cont’d)

3. Investments

During the year ended July 31, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

Purchases	$296,856,436
Sales	994,348,577

At July 31, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

	Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
Investments	$791,811,158	$658,889,895	$(59,310,078)	$599,579,817

4. Derivative instruments and hedging activities

During the year ended July 31, 2026, the Fund did not invest in derivative instruments.

5. Shares of beneficial interest

At July 31, 2026, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. Each share represents an identical interest and has the same rights.

Transactions in shares of the Fund were as follows:

	Year Ended July 31, 2026	Year Ended July 31, 2025
Shares sold	17,638,373	49,727,877
Shares repurchased	(61,546,777 )	(61,841,643 )
Net decrease	(43,908,404 )	(12,113,766 )

6. 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 year ended July 31, 2026. The following transactions were effected in such company for the year ended July 31, 2026.

	Affiliate Value at July 31, 2025	Purchased		Sold
	Affiliate Value at July 31, 2025	Cost	Shares	Proceeds	Shares
Western Asset Institutional U.S. Treasury Reserves, Institutional Shares	$12,698,669	$582,368,285	582,368,285	$564,841,645	564,841,645

ClearBridge SMASh Series EM Fund 2026 Annual Report

(cont’d)	Realized Gain (Loss)	Dividend Income	Net Increase (Decrease) in Unrealized Appreciation (Depreciation)	Affiliate Value at July 31, 2026
Western Asset Institutional U.S. Treasury Reserves, Institutional Shares	—	$538,781	—	$30,225,309

7. Redemption facility

The Fund, together with other U.S. registered and foreign investment funds (collectively, the “Borrowers”) managed by Franklin Templeton 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 year ended July 31, 2026.

8. Income tax information and distributions to shareholders

The tax character of distributions paid during the fiscal years ended July 31, was as follows:

	2026	2025
Distributions paid from:
Ordinary income	$13,448,905	$12,000,062

As of July 31, 2026, the components of distributable earnings (loss) on a tax basis were as follows:

Undistributed ordinary income — net	$8,858,778
Undistributed long-term capital gains — net	90,284,203
Total undistributed earnings	$99,142,981
Unrealized appreciation (depreciation)(a)	590,081,535
Total distributable earnings (loss) — net	$689,224,516

(a)	The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to wash sales.

9. 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

ClearBridge SMASh Series EM Fund 2026 Annual Report

Notes to Financial Statements (cont’d)

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 the related Notes to Financial Statements. The Fund’s Schedule of Investments provides details of the Fund’s investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

ClearBridge SMASh Series EM Fund 2026 Annual Report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Legg Mason Global Asset Management Trust and Shareholders of Clearbridge SMASh Series EM Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Clearbridge SMASh Series EM Fund (one of the funds constituting Legg Mason Global Asset Management Trust, referred to hereafter as the “Fund”) as of July 31, 2026, the related statement of operations for the year ended July 31, 2026, the statement of changes in net assets for each of the two years in the period ended July 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2026 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2026 and the financial highlights for each of the five years in the period ended July 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2026 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland
September 17, 2026

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

ClearBridge SMASh Series EM Fund 2026 Annual Report

Important Tax Information (unaudited)

By mid-February, tax information related to a shareholder’s proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Fund is required to be furnished to shareholders with respect to income earned and distributions paid during its fiscal year.

The Fund hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended July 31, 2026:

	Pursuant to:	Amount Reported
Long-Term Capital Gain Dividends Distributed	§852(b)(3)(C)	$4,032,738
Qualified Dividend Income Earned (QDI)	§854(b)(1)(B)	$10,164,859

Under Section 853 of the Internal Revenue Code, the Fund intends to elect to pass through to its shareholders the following amounts, or amounts as finally determined, of foreign taxes paid and foreign source income earned by the Fund during the fiscal year ended July 31, 2026:

Foreign Taxes Paid	$3,115,812
Foreign Source Income Earned	$20,687,903

ClearBridge SMASh Series EM Fund

Board Approval of Management and

Subadvisory Agreements (unaudited)

At an in-person meeting of the Board of Trustees of Legg Mason Global Asset Management Trust (the “Trust”) held on May 6-7, 2026, the Board, including the Trustees who are not considered to be “interested persons” of the Trust (the “Independent Trustees”) under the Investment Company Act of 1940, as amended (the “1940 Act”), approved for an annual period the continuation of the management agreement (the “Management Agreement”) between the Trust and Franklin Templeton Fund Adviser, LLC (the “Manager”) with respect to ClearBridge SMASh Series EM Fund (formerly, Martin Currie SMASh Series EM Fund), a series of the Trust (the “Fund”), and the sub-advisory agreement pursuant to which ClearBridge Investment Management Limited (“ClearBridge”) provides day-to-day management of the Fund’s portfolio, and the sub-advisory agreement pursuant to which Western Asset Management Company, LLC (“Western Asset” and, together with ClearBridge, the “Sub-Advisers”) provides day-to-day management of the Fund’s cash and short-term instruments allocated to it by the Manager. The management agreement and sub-advisory agreements are collectively referred to as the “Agreements.”

Background

The Board received extensive information in advance of the meeting to assist it in its consideration of the Agreements and asked questions and requested additional information from management. Throughout the year the Board (including its various committees) had met with representatives of the Manager and the Sub-Advisers and had received information relevant to the renewal of the Agreements. Prior to the meeting the Independent Trustees met with their independent legal counsel to discuss and consider the information provided and submitted questions to management, and they considered the responses provided. The Board received and considered a variety of information about the Manager and the Sub-Advisers, as well as the management and sub-advisory arrangements for the Fund and other funds overseen by the Board, certain portions of which are discussed below. The information received and considered by the Board both in conjunction with the May 2026 meeting and throughout the year was both written and oral. The contractual arrangements discussed below are the product of multiple years of review and negotiation and information received and considered by the Board during those years.

The information provided and presentations made to the Board encompassed the Fund and all funds for which the Board has responsibility. The discussion below covers both the advisory and the administrative functions being rendered by the Manager, both of which functions are encompassed by the Management Agreement, as well as the advisory functions rendered by the Sub-Advisers pursuant to the Sub-Advisory Agreements.

Board approval of management agreement and sub-advisory agreements

The Independent Trustees were advised by separate independent legal counsel throughout the process. Prior to voting, the Independent Trustees received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the

ClearBridge SMASh Series EM Fund

proposed continuation of the Agreements. The Independent Trustees also reviewed the proposed continuation of the Management Agreement and the Sub-Advisory Agreements in private sessions with their independent legal counsel at which no representatives of the Manager and Sub-Advisers were present. The Independent Trustees considered the Management Agreement and each Sub-Advisory Agreement separately in the course of their review. In doing so, they noted the respective roles of the Manager and the Sub-Advisers in providing services to the Fund.

In approving the Agreements, the Board, including the Independent Trustees, considered a variety of factors, including those factors discussed below. No single factor reviewed by the Board was identified by the Board as the principal factor in determining whether to approve the Management Agreement and the Sub-Advisory Agreements. Each Trustee may have attributed different weight to the various factors in evaluating the Management Agreement and each Sub-Advisory Agreement.

After considering all relevant factors and information, the Board, exercising its business judgment, determined that the continuation of the Agreements was in the best interests of the Fund and its shareholders and approved the continuation of each such agreement for another year.

Nature, extent and quality of the services under the management agreement and sub-advisory agreements

The Board received and considered information regarding the nature, extent and quality of services provided to the Fund by the Manager and the Sub-Advisers under the Management Agreement and the Sub-Advisory Agreements, respectively, during the past year. The Board noted information received at regular meetings throughout the year related to the services rendered by the Manager in its management of the Fund’s affairs and the Manager’s role in coordinating the activities of the Fund’s other service providers. The Board’s evaluation of the services provided by the Manager and the Sub-Advisers took into account the Board’s knowledge gained as Trustees of funds in the fund complex overseen by the Trustees, including knowledge gained regarding the scope and quality of the investment management and other capabilities of the Manager and the Sub-Advisers, and the quality of the Manager’s administrative and other services. The Board observed that the scope of services provided by the Manager and the Sub-Advisers, and of the undertakings required of the Manager and Sub-Advisers in connection with those services, including maintaining and monitoring their own and the Fund’s compliance programs, liquidity risk management programs, derivatives risk management programs, cybersecurity programs and valuation-related policies, had expanded over time as a result of regulatory, market and other developments. The Board also noted that on a regular basis it received and reviewed information from the Manager regarding the Fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board also considered the risks

ClearBridge SMASh Series EM Fund

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont’d)

associated with the Fund borne by the Manager and its affiliates (such as entrepreneurial, operational, reputational, litigation and regulatory risk), as well as the Manager’s and each Sub-Adviser’s risk management processes.

The Board reviewed the qualifications, backgrounds and responsibilities of the Manager’s and each Sub-Adviser’s senior personnel and the team of investment professionals primarily responsible for the day-to-day portfolio management of the Fund. The Board also considered, based on its knowledge of the Manager and the Manager’s affiliates, the financial resources of Franklin Templeton, Inc. (prior to August 17, 2026, known as Franklin Resources, Inc.), the parent organization of the Manager and the Sub-Advisers. The Board recognized the importance of having a fund manager with significant resources.

The Board considered the division of responsibilities among the Manager and the Sub-Advisers and the oversight provided by the Manager. The Board also considered the policies and practices of the Manager and the Sub-Advisers regarding the selection of brokers and dealers and the execution of portfolio transactions. The Board considered management’s periodic reports to the Board on, among other things, its business plans, any organizational changes and portfolio manager compensation.

The Board received and considered performance information for the Fund as well as for a group of funds (the “Performance Universe”) selected by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, based on classifications provided by Thomson Reuters Lipper (“Lipper”). The Board was provided with a description of the methodology used to determine the similarity of the Fund with the funds included in the Performance Universe. It was noted that while the Board found the Broadridge data generally useful, they recognized its limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group and its composition over time. In considering the Fund’s performance, the Board took into account that the Fund is not intended as a complete investment program and is offered only to participants in separately managed account programs who pay costs and expenses, including fees for advice and portfolio execution, at the level of such programs rather than at the Fund level. The Board also noted that it had received and discussed with management throughout the year at periodic intervals information comparing the Fund’s performance against its benchmark and against the Fund’s peers. The Board also considered the Fund’s performance in light of overall financial market conditions.

The information comparing the Fund’s performance to that of its Performance Universe, consisting of funds (including the Fund) classified as emerging markets funds by Lipper, showed, among other data, that the performance of the Fund’s shares was above the median performance of the funds in the Performance Universe for the 1-year and since inception (January 10, 2018) periods ended December 31, 2025 and was below the median

ClearBridge SMASh Series EM Fund

performance of the funds in the Performance Universe for the 3- and 5-year periods ended December 31, 2025. The Board noted the explanations from the Manager and ClearBridge concerning the reasons for the Fund’s relative performance versus the peer group for the various periods.

The Board concluded that, overall, the nature, extent and quality of services provided (and expected to be provided), including performance, under the Management Agreement and each Sub-Advisory Agreement were sufficient for renewal.

Management fees and expense ratios

The Board noted that the Fund does not pay a management fee. The Board also recognized that the Manager had agreed to pay all operating expenses of the Fund, except interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses. The Board considered that this arrangement is expected to continue until and expire on December 31, 2027. The Board recognized that shareholders of the Fund are participants in separately managed account programs and pay fees to the program sponsors for the costs and expenses of the program, including fees for advice and portfolio execution. When a program participant, alone or with his or her program sponsor, elects to allocate assets to the investment strategy managed or advised by an affiliate of the Manager, that affiliate receives a fee from the program sponsor for managing or advising those assets, including assets that may be invested in the Fund. In certain cases, a participant will pay a fee for investment advice directly to an affiliate of the Manager in its capacity as adviser or sub-adviser to the participant’s account.

Taking all of the above into consideration, as well as the factors identified below, the Board determined that the fee and expense arrangements for the Fund were reasonable in light of the nature, extent and quality of the services provided to the Fund under the Management Agreement and the Sub-Advisory Agreements.

Manager profitability

The Board received and considered an analysis of the profitability of the Manager and its affiliates in providing services to the Fund. The Board also received profitability information with respect to Franklin Templeton’s investment management business. The Board received information with respect to the Manager’s allocation methodologies used in preparing this profitability data. It was noted that the allocation methodologies had been reviewed by an outside consultant. The profitability of the Manager and its affiliates was considered by the Board not excessive in light of the nature, extent and quality of the services provided to the Fund.

Economies of scale

The Board received and discussed information concerning whether the Manager realizes economies of scale with respect to the management of the Fund as the Fund’s assets grow.

ClearBridge SMASh Series EM Fund

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont’d)

The Board considered that the Fund pays no management fee to the Manager and that the Manager has agreed to pay all operating expenses of the Fund, except interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses.

The Board determined that the management fee structure for the Fund was reasonable.

Other benefits to the manager and the sub-advisers

The Board considered other benefits received by the Manager, the Sub-Advisers and their affiliates as a result of their relationship with the Fund, including the opportunity to offer additional products and services to Fund shareholders, including the appointment of an affiliate of the Manager as the transfer agent of the Fund.

In light of the costs of providing investment management and other services to the Fund and the ongoing commitment of the Manager and the Sub-Advisers to the Fund, the Board considered that the ancillary benefits that the Manager, the Sub-Advisers and their affiliates received were reasonable.

ClearBridge SMASh Series EM Fund

ClearBridge

SMASh Series EM 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 Investment Management Limited†

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

† Formerly known as Martin Currie Inc.

ClearBridge SMASh Series EM Fund

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

ClearBridge SMASh Series EM 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 SMASh Series EM Fund and is not intended for distribution to prospective investors.

This report must be preceded or accompanied by a free 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:	September 23, 2026

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

Date:	September 23, 2026

By:	/s/ Christopher Berarducci
	Christopher Berarducci
	Principal Financial Officer

Date:	September 23, 2026