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Legg Mason Global Asset Management Trust
2026-07-31
ClearBridge SMASh Series EM Fund
ClearBridge SMASh Series EM Fund
2026-07-31
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">This </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">annual shareholder report</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;"> contains important information about </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">ClearBridge SMASh Series EM Fund for the period </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">August 1, 2025, to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">July 31, 2026.</span>
annual shareholder report
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">You can find additional information about the Fund at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">https://www.franklintempleton.com/regulatory-fund-documents</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">. You can also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">request this information by contacting us at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">877-6LM-FUND/656-3863</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">.</span>
https://www.franklintempleton.com/regulatory-fund-documents
877-6LM-FUND/656-3863
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;"><b><i>This report describes changes to the Fund that occurred during the reporting period.</i></b></span></div>
<div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#1447FF;;"><b>HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?</b></span></span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">For the twelve months ended July 31, 2026, ClearBridge SMASh Series EM Fund returned </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">79.66%. The Fund compares its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">performance to the MSCI Emerging Markets Index-NR, which returned 36.44% for the same period.</span></div><div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#161616;;"><b>PERFORMANCE HIGHLIGHTS</b></span></span></div><div>
<table cellspacing="0" style="width:98%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:7.75pt;">
<tr style="height:1px;">
<td style="height:1px;width:1.8507194244604317%;"></td>
<td style="height:1px;width:98.14928057553956%;"></td>
</tr>
<tr>
<td colspan="2" style="vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top contributors to performance:</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#30DB87;;">↑</span></div>
</td>
<td colspan="1" style="vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">SK Hynix, in the information technology (IT) sector, manufactures and supplies semiconductor memory products—including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">DRAM and NAND flash—for use in computing, mobile, and server applications globally. The company benefited from an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">advantageous market for DRAM and NAND, and in particular high-bandwidth memory, as supply constraints amid high artificial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">intelligence (AI) demand have supported higher prices, robust revenue, and earnings.</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#30DB87;;">↑</span></div>
</td>
<td colspan="1" style="vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Samsung Electronics, in the IT sector, is a South Korean consumer electronics, IT, mobile communications and device solutions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">business. Shares were boosted by an advantageous market for DRAM and NAND, and in particular high-bandwidth memory, as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">supply constraints amid high AI demand have supported higher prices. The stock was also supported by progress in its foundry </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">business due to overwhelming demand for semiconductor manufacturing.</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#30DB87;;">↑</span></div>
</td>
<td colspan="1" style="vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Delta Electronics, in the IT sector, is a provider of power and thermal management solutions. The company’s products remained </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">in high demand as critical components in the buildout of data centers globally.</span></div>
</td>
</tr>
</table></div><div>
<table cellspacing="0" style="width:98%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:7.75pt;">
<tr style="height:1px;">
<td style="height:1px;width:1.8507194244604317%;"></td>
<td style="height:1px;width:98.14928057553956%;"></td>
</tr>
<tr>
<td colspan="2" style="vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top detractors from performance:</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#CA0046;;">↓</span></div>
</td>
<td colspan="1" style="vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Taiwan Semiconductor Manufacturing, in the IT sector, operates the world’s largest semiconductor foundries, manufacturing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">leading edge chips for Nvidia and other leading chip designers. The stock was up strongly for the reporting period as it </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">continued to gain pricing power due to its near monopoly on production and advanced technology. Being underweight the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">stock compared to the benchmark detracted from relative performance.</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#CA0046;;">↓</span></div>
</td>
<td colspan="1" style="vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Reliance Industries, in the energy sector, is an oil & gas refiner and operates related retail businesses in India. The stock was </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">pressured by volatile oil prices that impacted its refinery business, a slowdown in its retail businesses as well as negative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">reaction to increased capital spending.</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#CA0046;;">↓</span></div>
</td>
<td colspan="1" style="vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Mercado Libre, in the consumer discretionary sector, operates an e-commerce platform and offers financial services and related </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">logistics services in Latin America. The stock was pressured by growing competition in its core market of Brazil as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">increased capital spending to expand into new areas like logistics.</span></div>
</td>
</tr>
</table></div>
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future.
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">The graph and table </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares, or the effect of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">fees and expenses borne by investors at the separately managed account level.</span>
<div><img alt="image" src="ts8114img004.jpg" style="width:88.88888888888889%"/></div>
<div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#161616;;"><b>AVERAGE ANNUAL TOTAL RETURNS (%) </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">Period Ended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">July 31, 2026</span></div><div>
<table cellspacing="0" style="width:98%;cellspacing:0;margin-left:7.75pt;border-bottom:1.5pt solid #778B8B;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:47.530575539568346%;"></td>
<td style="height:1px;width:17.489208633093526%;"></td>
<td style="height:1px;width:17.140287769784173%;"></td>
<td style="height:1px;width:17.83992805755396%;"></td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>5 Year</b></span></div>
</td>
<td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Since Inception</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>(1/10/2018)</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #778B8B;vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>ClearBridge SMASh Series EM Fund</b></span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">79.66</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">8.08</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">8.50</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>MSCI Emerging Markets Index-NR</b></span>
</div>
</td>
<td colspan="1" style="white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">36.44</span></div>
</td>
<td colspan="1" style="white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">8.03</span></div>
</td>
<td colspan="1" style="white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">6.44</span></div>
</td>
</tr>
</table></div>
ClearBridge SMASh Series EM Fund
0.7966
0.0808
0.0850
MSCI Emerging Markets Index-NR
0.3644
0.0803
0.0644
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">For current month-end performance, please call Franklin Templeton at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">877-6LM-FUND/656-3863 or visit</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">https://www.franklintempleton.com/investments/options/mutual-funds</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">. </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Important data provider notices and terms available at www.franklintempletondatasources.com.</span></div>
<div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#1447FF;;"><b>KEY FUND STATISTICS </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">July 31, 2026)</span></div><div>
<table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #6B6B6B;margin-left:7.75pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:74.41007194244604%;"></td>
<td style="height:1px;width:25.58992805755396%;"></td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Total Net Assets</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$1,385,049,805</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Total Number of Portfolio Holdings</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">36</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Total Management Fee Paid</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$0</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:top">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Portfolio Turnover Rate</b></span></div>
</td>
<td colspan="1" style="white-space:nowrap;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">21%</span></div>
</td>
</tr>
</table></div>
1385049805
36
0
0.21
<div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#1447FF;;"><b>HOW HAS THE FUND CHANGED?</b></span></span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Although the addition was not driven by a change in investment strategy, the prospectus was amended to identify information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">technology sector risk as a principal risk based on the Fund’s current portfolio holdings.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Effective May 1, 2026, Paul Sloane retired from the Fund’s portfolio management team and Robbie McNab, CFA, was appointed as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">portfolio manager.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">This is a summary of certain changes to the Fund since </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">August 1, 2025</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">. For more complete information, you may review the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">current prospectus and any applicable supplements, at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">https://www.franklintempleton.com/regulatory-fund-documents</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"> or upon </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">request at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">877-6LM-FUND/656-3863</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"> or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">prospectus.us.franklintempleton@fisglobal.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">This is a summary of certain changes to the Fund since </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">August 1, 2025</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">. For more complete information, you may review the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">current prospectus and any applicable supplements, at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">https://www.franklintempleton.com/regulatory-fund-documents</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"> or upon </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">request at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">877-6LM-FUND/656-3863</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"> or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">prospectus.us.franklintempleton@fisglobal.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">.</span>
2025-08-01
https://www.franklintempleton.com/regulatory-fund-documents
877-6LM-FUND/656-3863
prospectus.us.franklintempleton@fisglobal.com
true
10000
9250
8272
9258
13632
10059
11116
11169
11188
20100
10000
8806
8614
9178
11072
8848
9586
10187
11938
16288
0.499
0.145
0.089
0.071
0.048
0.046
0.044
0.025
0.011
0.022
*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
1Does 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.
*Does not include derivatives, except purchased options, if any.