Schedule of Investments (unaudited)
July 31, 2026
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 ClearBridge Value Fund

(Percentages shown based on Fund net assets) 
Security
 
 
 
Shares
Value
Common Stocks — 99.3%
Communication Services — 2.9%
Entertainment — 1.5%
Walt Disney Co.
650,000
 $62,523,500
 
Interactive Media & Services — 1.4%
Alphabet Inc., Class A Shares
175,000
62,322,750
 
 
Total Communication Services
124,846,250
Consumer Discretionary — 10.2%
Broadline Retail — 7.6%
Amazon.com Inc.
1,200,000
325,896,000
 *
Distributors — 1.2%
Genuine Parts Co.
400,000
49,748,000
 
Specialty Retail — 1.4%
Murphy USA Inc.
100,000
60,776,000
 
 
Total Consumer Discretionary
436,420,000
Consumer Staples — 3.2%
Beverages — 2.0%
Celsius Holdings Inc.
1,250,000
36,512,500
 *
Keurig Dr Pepper Inc.
1,600,000
49,792,000
 
Total Beverages
86,304,500
Consumer Staples Distribution & Retail — 1.2%
Performance Food Group Co.
425,000
48,615,750
 *
 
Total Consumer Staples
134,920,250
Energy — 13.9%
Energy Equipment & Services — 2.8%
SLB Ltd.
1,500,000
74,385,000
 
TGS ASA
3,200,000
43,365,155
 (a)
Total Energy Equipment & Services
117,750,155
Oil, Gas & Consumable Fuels — 11.1%
Chevron Corp.
600,000
118,098,000
 
ConocoPhillips
825,000
99,396,000
 
Diamondback Energy Inc.
400,000
81,180,000
 
Energy Transfer LP
3,500,000
71,260,000
 
EQT Corp.
1,250,000
66,612,500
 
Kinetik Holdings Inc.
750,000
37,927,500
 
Total Oil, Gas & Consumable Fuels
474,474,000
 
Total Energy
592,224,155
Financials — 20.3%
Banks — 7.3%
Bank of America Corp.
2,700,000
167,265,000
 
Fifth Third Bancorp
1,400,000
79,100,000
 
First Horizon Corp.
2,500,000
64,100,000
 
Total Banks
310,465,000
Capital Markets — 3.0%
Blackstone Inc.
350,000
44,712,500
 
Intercontinental Exchange Inc.
400,000
60,992,000
 
Rice Acquisition Corp. 3 Units
2,000,000
21,260,000
 *
Total Capital Markets
126,964,500
See Notes to Schedule of Investments.
1
ClearBridge Value Fund 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
July 31, 2026
 ClearBridge Value Fund
(Percentages shown based on Fund net assets)
Security
 
 
 
Shares
Value
 
Consumer Finance — 2.3%
Capital One Financial Corp.
285,000
 $59,567,850
 
OneMain Holdings Inc.
625,000
39,112,500
 
Total Consumer Finance
98,680,350
Financial Services — 4.9%
Block Inc.
1,000,000
81,240,000
 *
Corebridge Financial Inc.
2,000,000
62,380,000
 
Global Payments Inc.
800,000
67,264,000
 
Total Financial Services
210,884,000
Insurance — 2.8%
Fairfax Financial Holdings Ltd., OTC US Market
28,968
48,337,453
 
Fairfax Financial Holdings Ltd., Toronto Stock Exchange
11,032
18,474,360
 
Marsh & McLennan Cos. Inc.
275,000
52,164,750
 
Total Insurance
118,976,563
 
Total Financials
865,970,413
Health Care — 15.4%
Biotechnology — 3.6%
Alnylam Pharmaceuticals Inc.
180,000
36,993,600
 *
Argenx SE, ADR
60,000
51,229,200
 *
Gilead Sciences Inc.
500,000
65,105,000
 
Total Biotechnology
153,327,800
Health Care Equipment & Supplies — 0.9%
Boston Scientific Corp.
800,000
37,384,000
 *
Health Care Providers & Services — 4.1%
CVS Health Corp.
800,000
83,544,000
 
UnitedHealth Group Inc.
225,000
93,240,000
 
Total Health Care Providers & Services
176,784,000
Life Sciences Tools & Services — 1.3%
Danaher Corp.
275,000
53,619,500
 
Pharmaceuticals — 5.5%
Elanco Animal Health Inc.
1,400,000
36,918,000
 *
Eli Lilly & Co.
60,000
68,930,400
 
Johnson & Johnson
500,000
128,175,000
 
Total Pharmaceuticals
234,023,400
 
Total Health Care
655,138,700
Industrials — 10.9%
Aerospace & Defense — 1.6%
L3Harris Technologies Inc.
240,000
66,494,400
 
Building Products — 1.4%
Johnson Controls International PLC
400,000
58,664,000
 
Commercial Services & Supplies — 1.5%
Clean Harbors Inc.
200,000
62,576,000
 *
Electrical Equipment — 1.1%
Contemporary Amperex Technology Co. Ltd., Class H Shares
600,000
47,498,862
 (a)
Ground Transportation — 2.6%
Canadian Pacific Kansas City Ltd.
750,000
66,667,500
 
Fedex Freight Holding Co. Inc.
300,000
42,159,000
 *
Total Ground Transportation
108,826,500
See Notes to Schedule of Investments.
2
ClearBridge Value Fund 2026 Quarterly Report
 ClearBridge Value Fund
(Percentages shown based on Fund net assets)
Security
 
 
 
Shares
Value
 
Industrial Conglomerates — 1.6%
Siemens AG, Registered Shares
215,000
 $70,444,014
 (a)
Trading Companies & Distributors — 1.1%
Marubeni Corp.
1,500,000
48,481,028
 (a)
 
Total Industrials
462,984,804
Information Technology — 10.0%
Electronic Equipment, Instruments & Components — 0.2%
Celestica Inc.
30,000
9,943,200
 *
IT Services — 0.3%
Globant SA
300,000
10,980,000
 *
Semiconductors & Semiconductor Equipment — 4.6%
Advanced Micro Devices Inc.
125,000
59,518,750
 *
Microchip Technology Inc.
550,000
40,859,500
 
Micron Technology Inc.
50,000
41,151,500
 
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
140,000
56,595,000
 
Total Semiconductors & Semiconductor Equipment
198,124,750
Technology Hardware, Storage & Peripherals — 4.9%
Apple Inc.
675,000
208,514,250
 
 
Total Information Technology
427,562,200
Materials — 7.9%
Chemicals — 3.3%
CF Industries Holdings Inc.
325,000
40,686,750
 
Corteva Inc.
750,000
59,032,500
 
International Flavors & Fragrances Inc.
500,000
39,610,000
 
Total Chemicals
139,329,250
Construction Materials — 0.8%
Vulcan Materials Co.
125,000
33,571,250
 
Metals & Mining — 3.8%
Freeport-McMoRan Inc.
800,000
50,104,000
 
Newmont Corp.
700,000
65,597,000
 
Teck Resources Ltd., Class B Shares
800,000
48,192,000
 
Total Metals & Mining
163,893,000
 
Total Materials
336,793,500
Utilities — 4.6%
Electric Utilities — 1.4%
PPL Corp.
1,700,000
59,857,000
 
Gas Utilities — 1.0%
Brookfield Infrastructure Corp., Class A Shares
950,000
40,185,000
 
Independent Power and Renewable Electricity Producers — 2.2%
Talen Energy Corp.
165,000
55,126,500
 *
Vistra Corp.
260,000
38,529,400
 
Total Independent Power and Renewable Electricity Producers
93,655,900
 
Total Utilities
193,697,900
Total Investments before Short-Term Investments (Cost — $3,180,696,637)
4,230,558,172
See Notes to Schedule of Investments.
3
ClearBridge Value Fund 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
July 31, 2026
 ClearBridge Value Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
 
Shares
Value
Short-Term Investments — 0.5%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class
3.559%
10,695,575
 $10,695,575
 (b)
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares
3.646%
10,695,574
10,695,574
 (b)(c)
 
Total Short-Term Investments (Cost — $21,391,149)
21,391,149
Total Investments — 99.8% (Cost — $3,202,087,786)
4,251,949,321
Other Assets in Excess of Liabilities — 0.2%
6,658,200
Total Net Assets — 100.0%
$4,258,607,521
 
*
Non-income producing security.
(a)
Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).
(b)
Rate shown is one-day yield as of the end of the reporting period.
(c)
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 $10,695,574 and the cost was $10,695,574 (Note 2).
 
Abbreviation(s) used in this schedule:
ADR
—
American Depositary Receipts
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedule of Investments.
4
ClearBridge Value Fund 2026 Quarterly Report
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
ClearBridge Value Fund (the “Fund”) is a separate diversified investment series of Legg Mason Global Asset Management Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.
(a) Investment valuation. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the adviser to be unreliable, the market price may be determined by the adviser using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees (the “Board”). 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 adviser has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s adviser is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s adviser and the Board. When determining the reliability of third party pricing information for 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.
5
ClearBridge Value Fund 2026 Quarterly Report
Notes to Schedule of Investments (unaudited) (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:
Energy
 $548,859,000
 $43,365,155
—
 $592,224,155
Industrials
296,560,900
166,423,904
—
462,984,804
Other Common Stocks
3,175,349,213
—
—
3,175,349,213
Total Long-Term Investments
4,020,769,113
209,789,059
—
4,230,558,172
Short-Term Investments†
21,391,149
—
—
21,391,149
Total Investments
$4,042,160,262
$209,789,059
—
$4,251,949,321
 
*
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.
2. Transactions with affiliated company
As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended July 31, 2026. The following transactions were effected in such company for the period ended July 31, 2026.
 
 
Affiliate
Value at

October 31,
2025
Purchased
Sold
Cost
Shares
Proceeds
Shares
Western Asset Premier
Institutional U.S.
Treasury Reserves,
Premium Shares
 $11,825,917
 $397,294,120
397,294,120
 $398,424,463
398,424,463

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
July 31,
2026
Western Asset Premier
Institutional U.S. Treasury
Reserves, Premium Shares
—
 $520,396
—
 $10,695,574
6
ClearBridge Value Fund 2026 Quarterly Report