Legg Mason Global Asset Management Trust
05/26/2026 | Press release | Distributed by Public on 05/26/2026 12:34
Semi-Annual Report by Investment Company (Form N-CSRS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22338
Legg Mason Global Asset Management Trust
(Exact name of registrant as specified in charter)
One Madison Avenue, 17th Floor, New York, NY 10010
(Address of principal executive offices) (Zip code)
Marc A. De Oliveira
Franklin Templeton
100 First Stamford Place
Stamford, CT 06902
(Name and address of agent for service)
Registrant's telephone number, including area code: 877-6LM-FUND/656-3863
Date of fiscal year end: September 30
Date of reporting period: March 31, 2026
| ITEM 1. | REPORT TO STOCKHOLDERS. |
| (a) | The Report to Shareholders is filed herewith |
|
BrandywineGLOBAL - Diversified US Large Cap Value Fund
|
|
|
Class A [LBWAX]
|
Semi-Annual Shareholder Report | March 31, 2026
|
This semi-annual shareholder report contains important information about BrandywineGLOBAL - Diversified US Large Cap Value Fund for the period October 1, 2025, to March 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.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*,†
|
|
Class A
|
$57
|
1.10%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY FUND STATISTICS (as of March 31, 2026)
|
Total Net Assets
|
$102,212,888
|
|
Total Number of Portfolio Holdings
|
222
|
|
Portfolio Turnover Rate
|
44%
|
WHAT DID THE FUND INVEST IN? (as of March 31, 2026)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
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
|
| BrandywineGLOBAL - Diversified US Large Cap Value Fund | PAGE 1 | 7014-STSR-0526 |
|
BrandywineGLOBAL - Diversified US Large Cap Value Fund
|
|
|
Class C [LBWCX]
|
Semi-Annual Shareholder Report | March 31, 2026
|
This semi-annual shareholder report contains important information about BrandywineGLOBAL - Diversified US Large Cap Value Fund for the period October 1, 2025, to March 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.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*,†
|
|
Class C
|
$93
|
1.81%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY FUND STATISTICS (as of March 31, 2026)
|
Total Net Assets
|
$102,212,888
|
|
Total Number of Portfolio Holdings
|
222
|
|
Portfolio Turnover Rate
|
44%
|
WHAT DID THE FUND INVEST IN? (as of March 31, 2026)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
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
|
| BrandywineGLOBAL - Diversified US Large Cap Value Fund | PAGE 1 | 7015-STSR-0526 |
|
BrandywineGLOBAL - Diversified US Large Cap Value Fund
|
|
|
Class R [LBDRX]
|
Semi-Annual Shareholder Report | March 31, 2026
|
This semi-annual shareholder report contains important information about BrandywineGLOBAL - Diversified US Large Cap Value Fund for the period October 1, 2025, to March 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.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*,†
|
|
Class R
|
$70
|
1.35%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY FUND STATISTICS (as of March 31, 2026)
|
Total Net Assets
|
$102,212,888
|
|
Total Number of Portfolio Holdings
|
222
|
|
Portfolio Turnover Rate
|
44%
|
WHAT DID THE FUND INVEST IN? (as of March 31, 2026)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
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
|
| BrandywineGLOBAL - Diversified US Large Cap Value Fund | PAGE 1 | 7128-STSR-0526 |
|
BrandywineGLOBAL - Diversified US Large Cap Value Fund
|
|
|
Class I [LBWIX]
|
Semi-Annual Shareholder Report | March 31, 2026
|
This semi-annual shareholder report contains important information about BrandywineGLOBAL - Diversified US Large Cap Value Fund for the period October 1, 2025, to March 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.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*,†
|
|
Class I
|
$41
|
0.80%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY FUND STATISTICS (as of March 31, 2026)
|
Total Net Assets
|
$102,212,888
|
|
Total Number of Portfolio Holdings
|
222
|
|
Portfolio Turnover Rate
|
44%
|
WHAT DID THE FUND INVEST IN? (as of March 31, 2026)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
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
|
| BrandywineGLOBAL - Diversified US Large Cap Value Fund | PAGE 1 | 7018-STSR-0526 |
|
BrandywineGLOBAL - Diversified US Large Cap Value Fund
|
|
|
Class IS [LBISX]
|
Semi-Annual Shareholder Report | March 31, 2026
|
This semi-annual shareholder report contains important information about BrandywineGLOBAL - Diversified US Large Cap Value Fund for the period October 1, 2025, to March 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.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*,†
|
|
Class IS
|
$36
|
0.70%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY FUND STATISTICS (as of March 31, 2026)
|
Total Net Assets
|
$102,212,888
|
|
Total Number of Portfolio Holdings
|
222
|
|
Portfolio Turnover Rate
|
44%
|
WHAT DID THE FUND INVEST IN? (as of March 31, 2026)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
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
|
| BrandywineGLOBAL - Diversified US Large Cap Value Fund | PAGE 1 | 7025-STSR-0526 |
| (b) | Not applicable |
| ITEM 2. | CODE OF ETHICS. |
Not applicable.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
| ITEM 6. | SCHEDULE OF INVESTMENTS. |
| (a) | Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR. |
| (b) | Not applicable. |
| ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
BrandywineGLOBAL -
Diversified US Large Cap Value Fund
Diversified US Large Cap Value Fund
Financial Statements and Other Important Information
Semi-Annual | March 31, 2026
If you need assistance accessing this content, please reach out to your sales representative or send an email to [email protected].
Table of Contents
|
Schedule of Investments
|
1
|
|
Statement of Assets and Liabilities
|
10
|
|
Statement of Operations
|
12
|
|
Statements of Changes in Net Assets
|
13
|
|
Financial Highlights
|
14
|
|
Notes to Financial Statements
|
19
|
|
Changes in and Disagreements with Accountants
|
30
|
|
Results of Meeting(s) of Shareholders
|
30
|
|
Remuneration Paid to Directors, Officers and Others
|
30
|
franklintempleton.com
Financial Statements and Other Important Information - Semi-Annual
Schedule of Investments (unaudited) March 31, 2026
BrandywineGLOBAL - Diversified US Large Cap Value Fund
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
Common Stocks - 98.0%
|
|||||
|
Communication Services - 8.2%
|
|||||
|
Diversified Telecommunication Services - 3.9%
|
|||||
|
AT&T Inc.
|
63,200
|
$1,832,168
|
|||
|
Comcast Corp., Class A Shares
|
10,100
|
289,971
|
|||
|
Verizon Communications Inc.
|
37,500
|
1,882,500
|
|||
|
Total Diversified Telecommunication Services
|
4,004,639
|
||||
|
Entertainment - 2.1%
|
|||||
|
Walt Disney Co.
|
21,900
|
2,110,722
|
|||
|
Interactive Media & Services - 0.8%
|
|||||
|
Match Group Inc.
|
2,600
|
79,846
|
|||
|
Meta Platforms Inc., Class A Shares
|
1,350
|
772,375
|
|||
|
Total Interactive Media & Services
|
852,221
|
||||
|
Media - 0.3%
|
|||||
|
Fox Corp., Class A Shares
|
2,800
|
163,520
|
|||
|
News Corp., Class A Shares
|
4,600
|
114,678
|
|||
|
Total Media
|
278,198
|
||||
|
Wireless Telecommunication Services - 1.1%
|
|||||
|
T-Mobile US Inc.
|
5,500
|
1,155,165
|
|||
|
|
|||||
|
Total Communication Services
|
8,400,945
|
||||
|
Consumer Discretionary - 6.9%
|
|||||
|
Automobile Components - 0.1%
|
|||||
|
BorgWarner Inc.
|
2,200
|
119,372
|
|||
|
Automobiles - 1.3%
|
|||||
|
Ford Motor Co.
|
49,400
|
570,076
|
|||
|
General Motors Co.
|
10,100
|
752,450
|
|||
|
Total Automobiles
|
1,322,526
|
||||
|
Broadline Retail - 0.6%
|
|||||
|
Dillard's Inc., Class A Shares
|
160
|
91,538
|
|||
|
eBay Inc.
|
5,500
|
500,610
|
|||
|
Total Broadline Retail
|
592,148
|
||||
|
Distributors - 0.2%
|
|||||
|
Genuine Parts Co.
|
1,600
|
169,200
|
|||
|
Diversified Consumer Services - 0.1%
|
|||||
|
Service Corp. International
|
1,700
|
140,267
|
|||
|
Hotels, Restaurants & Leisure - 0.6%
|
|||||
|
Darden Restaurants Inc.
|
1,400
|
274,456
|
|||
|
Expedia Group Inc.
|
1,400
|
323,246
|
|||
|
Total Hotels, Restaurants & Leisure
|
597,702
|
||||
|
Household Durables - 1.3%
|
|||||
|
DR Horton Inc.
|
3,600
|
493,992
|
|||
See Notes to Financial Statements.
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
1
Schedule of Investments (unaudited) (cont'd) March 31, 2026
BrandywineGLOBAL - Diversified US Large Cap Value Fund
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Household Durables - continued
|
|||||
|
Lennar Corp., Class A Shares
|
2,700
|
$234,468
|
|||
|
NVR Inc.
|
16
|
105,437
*
|
|||
|
PulteGroup Inc.
|
2,400
|
282,264
|
|||
|
Toll Brothers Inc.
|
1,100
|
150,117
|
|||
|
TopBuild Corp.
|
280
|
98,364
*
|
|||
|
Total Household Durables
|
1,364,642
|
||||
|
Leisure Products - 0.1%
|
|||||
|
Hasbro Inc.
|
1,100
|
102,960
|
|||
|
Specialty Retail - 2.3%
|
|||||
|
AutoNation Inc.
|
700
|
136,682
*
|
|||
|
Best Buy Co. Inc.
|
2,600
|
166,920
|
|||
|
GameStop Corp., Class A Shares
|
2,200
|
50,688
*
|
|||
|
Gap Inc.
|
4,600
|
111,320
|
|||
|
Lowe's Cos. Inc.
|
6,300
|
1,488,564
|
|||
|
Penske Automotive Group Inc.
|
800
|
119,616
|
|||
|
Williams-Sonoma Inc.
|
1,300
|
237,029
|
|||
|
Total Specialty Retail
|
2,310,819
|
||||
|
Textiles, Apparel & Luxury Goods - 0.3%
|
|||||
|
Deckers Outdoor Corp.
|
700
|
70,063
*
|
|||
|
Tapestry Inc.
|
2,100
|
296,331
|
|||
|
Total Textiles, Apparel & Luxury Goods
|
366,394
|
||||
|
|
|||||
|
Total Consumer Discretionary
|
7,086,030
|
||||
|
Consumer Staples - 7.9%
|
|||||
|
Beverages - 1.9%
|
|||||
|
Coca-Cola Consolidated Inc.
|
900
|
172,566
|
|||
|
Constellation Brands Inc., Class A Shares
|
800
|
120,000
|
|||
|
Molson Coors Beverage Co., Class B Shares
|
900
|
38,754
|
|||
|
PepsiCo Inc.
|
10,600
|
1,646,074
|
|||
|
Total Beverages
|
1,977,394
|
||||
|
Consumer Staples Distribution & Retail - 2.0%
|
|||||
|
BJ's Wholesale Club Holdings Inc.
|
600
|
59,052
*
|
|||
|
Dollar General Corp.
|
1,100
|
130,603
|
|||
|
Dollar Tree Inc.
|
2,100
|
229,971
*
|
|||
|
Kroger Co.
|
7,000
|
506,520
|
|||
|
Sysco Corp.
|
5,800
|
413,714
|
|||
|
Target Corp.
|
5,500
|
666,600
|
|||
|
Total Consumer Staples Distribution & Retail
|
2,006,460
|
||||
|
Food Products - 1.0%
|
|||||
|
Hormel Foods Corp.
|
900
|
20,385
|
|||
|
Ingredion Inc.
|
600
|
67,596
|
|||
See Notes to Financial Statements.
2
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
BrandywineGLOBAL - Diversified US Large Cap Value Fund
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Food Products - continued
|
|||||
|
JM Smucker Co.
|
500
|
$48,220
|
|||
|
Mondelez International Inc., Class A Shares
|
11,800
|
680,152
|
|||
|
Tyson Foods Inc., Class A Shares
|
3,100
|
198,617
|
|||
|
Total Food Products
|
1,014,970
|
||||
|
Household Products - 1.7%
|
|||||
|
Procter & Gamble Co.
|
11,600
|
1,675,504
|
|||
|
Tobacco - 1.3%
|
|||||
|
Altria Group Inc.
|
20,700
|
1,365,993
|
|||
|
|
|||||
|
Total Consumer Staples
|
8,040,321
|
||||
|
Energy - 10.4%
|
|||||
|
Energy Equipment & Services - 0.4%
|
|||||
|
Halliburton Co.
|
10,300
|
401,597
|
|||
|
Oil, Gas & Consumable Fuels - 10.0%
|
|||||
|
Antero Midstream Corp.
|
5,800
|
132,240
|
|||
|
Antero Resources Corp.
|
3,400
|
144,296
*
|
|||
|
APA Corp.
|
4,400
|
186,736
|
|||
|
ConocoPhillips
|
3,500
|
462,000
|
|||
|
Devon Energy Corp.
|
7,700
|
387,464
|
|||
|
Diamondback Energy Inc.
|
3,600
|
712,044
|
|||
|
EOG Resources Inc.
|
5,700
|
824,049
|
|||
|
Exxon Mobil Corp.
|
29,900
|
5,072,834
|
|||
|
HF Sinclair Corp.
|
2,200
|
137,258
|
|||
|
Kinder Morgan Inc.
|
27,600
|
925,428
|
|||
|
Marathon Petroleum Corp.
|
800
|
195,344
|
|||
|
Phillips 66
|
5,000
|
910,900
|
|||
|
Range Resources Corp.
|
3,000
|
135,540
|
|||
|
Total Oil, Gas & Consumable Fuels
|
10,226,133
|
||||
|
|
|||||
|
Total Energy
|
10,627,730
|
||||
|
Financials - 29.4%
|
|||||
|
Banks - 13.4%
|
|||||
|
Bank of America Corp.
|
53,800
|
2,622,750
|
|||
|
Citigroup Inc.
|
12,700
|
1,440,307
|
|||
|
Citizens Financial Group Inc.
|
3,300
|
197,901
|
|||
|
Cullen/Frost Bankers Inc.
|
400
|
54,832
|
|||
|
East-West Bancorp Inc.
|
900
|
96,084
|
|||
|
First Citizens BancShares Inc., Class A Shares
|
110
|
207,313
|
|||
|
First Horizon Corp.
|
3,100
|
70,556
|
|||
|
JPMorgan Chase & Co.
|
16,702
|
4,913,060
|
|||
|
KeyCorp
|
6,600
|
132,330
|
|||
|
M&T Bank Corp.
|
1,000
|
206,720
|
|||
See Notes to Financial Statements.
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
3
Schedule of Investments (unaudited) (cont'd) March 31, 2026
BrandywineGLOBAL - Diversified US Large Cap Value Fund
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Banks - continued
|
|||||
|
PNC Financial Services Group Inc.
|
3,000
|
$624,270
|
|||
|
Popular Inc.
|
400
|
53,668
|
|||
|
Regions Financial Corp.
|
6,600
|
172,392
|
|||
|
Truist Financial Corp.
|
7,800
|
358,566
|
|||
|
US Bancorp
|
9,600
|
499,296
|
|||
|
Wells Fargo & Co.
|
25,300
|
2,014,133
|
|||
|
Western Alliance Bancorp
|
500
|
35,425
|
|||
|
Zions Bancorp NA
|
700
|
40,334
|
|||
|
Total Banks
|
13,739,937
|
||||
|
Capital Markets - 7.4%
|
|||||
|
Ameriprise Financial Inc.
|
870
|
386,628
|
|||
|
Bank of New York Mellon Corp.
|
5,900
|
699,917
|
|||
|
Carlyle Group Inc.
|
1,800
|
87,102
|
|||
|
Charles Schwab Corp.
|
8,800
|
827,024
|
|||
|
Goldman Sachs Group Inc.
|
2,560
|
2,165,735
|
|||
|
Invesco Ltd.
|
2,300
|
55,867
|
|||
|
Morgan Stanley
|
13,200
|
2,172,324
|
|||
|
Northern Trust Corp.
|
1,700
|
237,269
|
|||
|
Raymond James Financial Inc.
|
1,800
|
260,622
|
|||
|
SEI Investments Co.
|
1,000
|
78,470
|
|||
|
State Street Corp.
|
2,600
|
329,056
|
|||
|
Stifel Financial Corp.
|
1,050
|
77,616
|
|||
|
T. Rowe Price Group Inc.
|
1,500
|
135,210
|
|||
|
Total Capital Markets
|
7,512,840
|
||||
|
Consumer Finance - 1.3%
|
|||||
|
Ally Financial Inc.
|
1,800
|
70,614
|
|||
|
American Express Co.
|
3,500
|
1,058,680
|
|||
|
Synchrony Financial
|
3,500
|
238,070
|
|||
|
Total Consumer Finance
|
1,367,364
|
||||
|
Financial Services - 0.3%
|
|||||
|
Block Inc.
|
3,400
|
204,612
*
|
|||
|
Corpay Inc.
|
300
|
87,297
*
|
|||
|
Total Financial Services
|
291,909
|
||||
|
Insurance - 7.0%
|
|||||
|
Aflac Inc.
|
4,800
|
526,608
|
|||
|
Allstate Corp.
|
1,500
|
311,010
|
|||
|
American Financial Group Inc.
|
500
|
63,855
|
|||
|
American International Group Inc.
|
5,200
|
391,300
|
|||
|
Aon PLC, Class A Shares
|
1,000
|
322,780
|
|||
|
Arch Capital Group Ltd.
|
2,600
|
249,574
*
|
|||
See Notes to Financial Statements.
4
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
BrandywineGLOBAL - Diversified US Large Cap Value Fund
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Insurance - continued
|
|||||
|
Assurant Inc.
|
400
|
$87,124
|
|||
|
Axis Capital Holdings Ltd.
|
700
|
70,987
|
|||
|
Chubb Ltd.
|
3,600
|
1,173,348
|
|||
|
Cincinnati Financial Corp.
|
1,300
|
204,555
|
|||
|
Everest Group Ltd.
|
410
|
134,008
|
|||
|
Fidelity National Financial Inc.
|
1,900
|
88,122
|
|||
|
Globe Life Inc.
|
500
|
69,585
|
|||
|
Hartford Insurance Group Inc.
|
2,600
|
351,598
|
|||
|
Loews Corp.
|
1,900
|
202,806
|
|||
|
Markel Group Inc.
|
84
|
160,782
*
|
|||
|
MetLife Inc.
|
6,100
|
431,392
|
|||
|
Old Republic International Corp.
|
2,200
|
87,780
|
|||
|
Primerica Inc.
|
200
|
50,096
|
|||
|
Principal Financial Group Inc.
|
1,900
|
171,209
|
|||
|
Prudential Financial Inc.
|
2,600
|
253,994
|
|||
|
Reinsurance Group of America Inc.
|
500
|
102,080
|
|||
|
RenaissanceRe Holdings Ltd.
|
400
|
118,892
|
|||
|
Travelers Cos. Inc.
|
3,200
|
933,376
|
|||
|
Unum Group
|
1,500
|
109,545
|
|||
|
Willis Towers Watson PLC
|
780
|
226,746
|
|||
|
WR Berkley Corp.
|
3,400
|
225,352
|
|||
|
Total Insurance
|
7,118,504
|
||||
|
|
|||||
|
Total Financials
|
30,030,554
|
||||
|
Health Care - 15.3%
|
|||||
|
Biotechnology - 3.6%
|
|||||
|
Amgen Inc.
|
4,300
|
1,512,955
|
|||
|
Exelixis Inc.
|
3,000
|
128,670
*
|
|||
|
Gilead Sciences Inc.
|
9,400
|
1,310,078
|
|||
|
Halozyme Therapeutics Inc.
|
1,200
|
77,556
*
|
|||
|
Regeneron Pharmaceuticals Inc.
|
500
|
386,320
|
|||
|
United Therapeutics Corp.
|
490
|
290,560
*
|
|||
|
Total Biotechnology
|
3,706,139
|
||||
|
Health Care Equipment & Supplies - 1.6%
|
|||||
|
Cooper Cos. Inc.
|
1,000
|
71,500
*
|
|||
|
GE HealthCare Technologies Inc.
|
2,700
|
192,186
|
|||
|
Medtronic PLC
|
13,300
|
1,152,445
|
|||
|
Zimmer Biomet Holdings Inc.
|
2,100
|
189,882
|
|||
|
Total Health Care Equipment & Supplies
|
1,606,013
|
||||
|
Health Care Providers & Services - 3.7%
|
|||||
|
Cencora Inc.
|
2,000
|
628,280
|
|||
See Notes to Financial Statements.
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
5
Schedule of Investments (unaudited) (cont'd) March 31, 2026
BrandywineGLOBAL - Diversified US Large Cap Value Fund
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Health Care Providers & Services - continued
|
|||||
|
CVS Health Corp.
|
11,200
|
$804,384
|
|||
|
DaVita Inc.
|
300
|
46,107
*
|
|||
|
Encompass Health Corp.
|
300
|
29,019
|
|||
|
HCA Healthcare Inc.
|
3,000
|
1,419,720
|
|||
|
Henry Schein Inc.
|
1,200
|
88,440
*
|
|||
|
Labcorp Holdings Inc.
|
900
|
240,129
|
|||
|
Quest Diagnostics Inc.
|
1,200
|
235,176
|
|||
|
Tenet Healthcare Corp.
|
900
|
169,839
*
|
|||
|
Universal Health Services Inc., Class B Shares
|
700
|
125,279
|
|||
|
Total Health Care Providers & Services
|
3,786,373
|
||||
|
Life Sciences Tools & Services - 0.2%
|
|||||
|
Bio-Rad Laboratories Inc., Class A Shares
|
200
|
55,750
*
|
|||
|
IQVIA Holdings Inc.
|
500
|
85,270
*
|
|||
|
Revvity Inc.
|
500
|
43,805
|
|||
|
Total Life Sciences Tools & Services
|
184,825
|
||||
|
Pharmaceuticals - 6.2%
|
|||||
|
Jazz Pharmaceuticals PLC
|
500
|
94,525
*
|
|||
|
Johnson & Johnson
|
16,500
|
4,033,260
|
|||
|
Merck & Co. Inc.
|
12,400
|
1,491,596
|
|||
|
Pfizer Inc.
|
19,700
|
553,176
|
|||
|
Viatris Inc.
|
12,100
|
163,471
|
|||
|
Total Pharmaceuticals
|
6,336,028
|
||||
|
|
|||||
|
Total Health Care
|
15,619,378
|
||||
|
Industrials - 7.6%
|
|||||
|
Aerospace & Defense - 1.0%
|
|||||
|
General Dynamics Corp.
|
2,400
|
823,728
|
|||
|
Textron Inc.
|
2,100
|
183,876
|
|||
|
Total Aerospace & Defense
|
1,007,604
|
||||
|
Air Freight & Logistics - 1.9%
|
|||||
|
FedEx Corp.
|
3,000
|
1,068,540
|
|||
|
United Parcel Service Inc., Class B Shares
|
9,100
|
895,258
|
|||
|
Total Air Freight & Logistics
|
1,963,798
|
||||
|
Building Products - 0.5%
|
|||||
|
Allegion PLC
|
1,000
|
145,290
|
|||
|
AO Smith Corp.
|
1,300
|
85,722
|
|||
|
Carlisle Cos. Inc.
|
400
|
133,448
|
|||
|
Masco Corp.
|
2,400
|
144,888
|
|||
|
Total Building Products
|
509,348
|
||||
|
Construction & Engineering - 0.1%
|
|||||
|
AECOM
|
1,500
|
127,230
|
|||
See Notes to Financial Statements.
6
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
BrandywineGLOBAL - Diversified US Large Cap Value Fund
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Electrical Equipment - 0.3%
|
|||||
|
Acuity Inc.
|
340
|
$95,275
|
|||
|
Regal Rexnord Corp.
|
800
|
149,808
|
|||
|
Total Electrical Equipment
|
245,083
|
||||
|
Ground Transportation - 0.1%
|
|||||
|
Ryder System Inc.
|
200
|
40,942
|
|||
|
Industrial Conglomerates - 0.9%
|
|||||
|
3M Co.
|
6,500
|
943,995
|
|||
|
Machinery - 0.9%
|
|||||
|
AGCO Corp.
|
900
|
104,283
|
|||
|
Allison Transmission Holdings Inc.
|
300
|
35,118
|
|||
|
CNH Industrial NV
|
3,500
|
38,500
|
|||
|
Dover Corp.
|
900
|
187,605
|
|||
|
Mueller Industries Inc.
|
1,100
|
121,880
|
|||
|
Oshkosh Corp.
|
700
|
103,047
|
|||
|
Snap-on Inc.
|
600
|
217,932
|
|||
|
Toro Co.
|
1,200
|
112,128
|
|||
|
Total Machinery
|
920,493
|
||||
|
Passenger Airlines - 0.9%
|
|||||
|
Delta Air Lines Inc.
|
5,400
|
358,992
|
|||
|
Southwest Airlines Co.
|
5,600
|
210,392
|
|||
|
United Airlines Holdings Inc.
|
4,000
|
368,280
*
|
|||
|
Total Passenger Airlines
|
937,664
|
||||
|
Professional Services - 0.3%
|
|||||
|
CACI International Inc., Class A Shares
|
200
|
108,774
*
|
|||
|
Leidos Holdings Inc.
|
1,500
|
233,280
|
|||
|
Total Professional Services
|
342,054
|
||||
|
Trading Companies & Distributors - 0.7%
|
|||||
|
Core & Main Inc., Class A Shares
|
2,000
|
98,800
*
|
|||
|
United Rentals Inc.
|
650
|
473,564
|
|||
|
WESCO International Inc.
|
500
|
136,810
|
|||
|
Total Trading Companies & Distributors
|
709,174
|
||||
|
|
|||||
|
Total Industrials
|
7,747,385
|
||||
|
Information Technology - 4.4%
|
|||||
|
Communications Equipment - 0.1%
|
|||||
|
F5 Inc.
|
200
|
57,866
*
|
|||
|
Electronic Equipment, Instruments & Components - 0.2%
|
|||||
|
TD SYNNEX Corp.
|
1,000
|
168,710
|
|||
|
IT Services - 0.1%
|
|||||
|
Twilio Inc., Class A Shares
|
900
|
113,238
*
|
|||
See Notes to Financial Statements.
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
7
Schedule of Investments (unaudited) (cont'd) March 31, 2026
BrandywineGLOBAL - Diversified US Large Cap Value Fund
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Semiconductors & Semiconductor Equipment - 3.1%
|
|||||
|
First Solar Inc.
|
1,100
|
$216,986
*
|
|||
|
Micron Technology Inc.
|
3,800
|
1,283,792
|
|||
|
QUALCOMM Inc.
|
13,100
|
1,687,018
|
|||
|
Skyworks Solutions Inc.
|
300
|
16,065
|
|||
|
Total Semiconductors & Semiconductor Equipment
|
3,203,861
|
||||
|
Technology Hardware, Storage & Peripherals - 0.9%
|
|||||
|
Dell Technologies Inc., Class C Shares
|
4,100
|
672,933
|
|||
|
NetApp Inc.
|
2,300
|
235,497
|
|||
|
Total Technology Hardware, Storage & Peripherals
|
908,430
|
||||
|
|
|||||
|
Total Information Technology
|
4,452,105
|
||||
|
Materials - 4.7%
|
|||||
|
Chemicals - 1.4%
|
|||||
|
Albemarle Corp.
|
1,200
|
215,436
|
|||
|
CF Industries Holdings Inc.
|
1,600
|
207,744
|
|||
|
Corteva Inc.
|
7,200
|
602,712
|
|||
|
PPG Industries Inc.
|
2,700
|
288,576
|
|||
|
RPM International Inc.
|
1,500
|
149,100
|
|||
|
Total Chemicals
|
1,463,568
|
||||
|
Construction Materials - 0.3%
|
|||||
|
CRH PLC
|
3,400
|
357,408
|
|||
|
Containers & Packaging - 0.7%
|
|||||
|
Avery Dennison Corp.
|
900
|
155,412
|
|||
|
Ball Corp.
|
3,400
|
200,974
|
|||
|
Crown Holdings Inc.
|
1,400
|
140,350
|
|||
|
Packaging Corp. of America
|
900
|
190,998
|
|||
|
Total Containers & Packaging
|
687,734
|
||||
|
Metals & Mining - 2.3%
|
|||||
|
Alcoa Corp.
|
2,800
|
185,724
|
|||
|
Newmont Corp.
|
11,000
|
1,190,750
|
|||
|
Nucor Corp.
|
2,800
|
473,480
|
|||
|
Reliance Inc.
|
500
|
151,960
|
|||
|
Steel Dynamics Inc.
|
1,800
|
324,000
|
|||
|
Total Metals & Mining
|
2,325,914
|
||||
|
|
|||||
|
Total Materials
|
4,834,624
|
||||
|
Real Estate - 0.1%
|
|||||
|
Real Estate Management & Development - 0.1%
|
|||||
|
Jones Lang LaSalle Inc.
|
400
|
121,728
*
|
|||
See Notes to Financial Statements.
8
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
BrandywineGLOBAL - Diversified US Large Cap Value Fund
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Utilities - 3.1%
|
|||||
|
Electric Utilities - 2.0%
|
|||||
|
Alliant Energy Corp.
|
3,200
|
$229,632
|
|||
|
Duke Energy Corp.
|
6,500
|
851,110
|
|||
|
Evergy Inc.
|
2,800
|
229,376
|
|||
|
FirstEnergy Corp.
|
7,000
|
354,620
|
|||
|
Southern Co.
|
4,200
|
405,384
|
|||
|
Total Electric Utilities
|
2,070,122
|
||||
|
Gas Utilities - 0.1%
|
|||||
|
UGI Corp.
|
2,600
|
94,692
|
|||
|
Independent Power and Renewable Electricity Producers - 0.1%
|
|||||
|
AES Corp.
|
8,800
|
123,992
|
|||
|
Multi-Utilities - 0.9%
|
|||||
|
DTE Energy Co.
|
2,100
|
307,062
|
|||
|
Public Service Enterprise Group Inc.
|
6,100
|
493,795
|
|||
|
WEC Energy Group Inc.
|
1,100
|
127,347
|
|||
|
Total Multi-Utilities
|
928,204
|
||||
|
|
|||||
|
Total Utilities
|
3,217,010
|
||||
|
Total Common Stocks (Cost - $71,750,766)
|
100,177,810
|
||||
|
Investments in Underlying Funds - 1.5%
|
|||||
|
iShares Trust - iShares Russell 1000 Value ETF
(Cost - $1,508,262)
|
7,400
|
1,581,158
|
|||
|
Total Investments before Short-Term Investments (Cost - $73,259,028)
|
101,758,968
|
||||
|
|
|
Rate
|
|
|
|
|
Short-Term Investments - 0.5%
|
|||||
|
Western Asset Premier Institutional U.S. Treasury Reserves,
Premium Shares (Cost - $486,475)
|
3.578%
|
486,475
|
486,475
(a)(b)
|
||
|
Total Investments - 100.0% (Cost - $73,745,503)
|
102,245,443
|
||||
|
Liabilities in Excess of Other Assets - (0.0)%††
|
(32,555
)
|
||||
|
Total Net Assets - 100.0%
|
$102,212,888
|
||||
|
††
|
Represents less than 0.1%.
|
|
*
|
Non-income producing security.
|
|
(a)
|
Rate shown is one-day yield as of the end of the reporting period.
|
|
(b)
|
In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund
ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common
ownership or control with the Fund. At March 31, 2026, the total market value of investments in Affiliated
Companies was $486,475 and the cost was $486,475 (Note 8).
|
|
Abbreviation(s) used in this schedule:
|
||
|
ETF
|
-
|
Exchange-Traded Fund
|
See Notes to Financial Statements.
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
9
Statement of Assets and Liabilities (unaudited) March 31, 2026
|
Assets:
|
|
|
Investments in unaffiliated securities, at value (Cost - $73,259,028)
|
$101,758,968
|
|
Investments in affiliated securities, at value (Cost - $486,475)
|
486,475
|
|
Receivable for securities sold
|
84,541
|
|
Dividends receivable from unaffiliated investments
|
83,809
|
|
Receivable for Fund shares sold
|
62,450
|
|
Dividends receivable from affiliated investments
|
1,943
|
|
Prepaid expenses
|
33,676
|
|
Total Assets
|
102,511,862
|
|
Liabilities:
|
|
|
Payable for Fund shares repurchased
|
66,127
|
|
Due to custodian
|
54,088
|
|
Fund accounting fees payable
|
40,008
|
|
Investment management fee payable
|
39,929
|
|
Service and/or distribution fees payable
|
19,988
|
|
Audit and tax fees payable
|
19,462
|
|
Legal fees payable
|
18,144
|
|
Transfer agent fees payable
|
17,461
|
|
Payable for securities purchased
|
8,126
|
|
Accrued expenses
|
15,641
|
|
Total Liabilities
|
298,974
|
|
Total Net Assets
|
$102,212,888
|
|
Net Assets:
|
|
|
Par value (Note 7)
|
$48
|
|
Paid-in capital in excess of par value
|
69,537,246
|
|
Total distributable earnings (loss)
|
32,675,594
|
|
Total Net Assets
|
$102,212,888
|
See Notes to Financial Statements.
10
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
|
Net Assets:
|
|
|
Class A
|
$81,744,714
|
|
Class C
|
$2,491,406
|
|
Class R
|
$894,871
|
|
Class I
|
$3,098,602
|
|
Class IS
|
$13,983,295
|
|
Shares Outstanding:
|
|
|
Class A
|
3,811,451
|
|
Class C
|
117,827
|
|
Class R
|
41,921
|
|
Class I
|
143,870
|
|
Class IS
|
653,489
|
|
Net Asset Value:
|
|
|
Class A (and redemption price)
|
$21.45
|
|
Class C*
|
$21.14
|
|
Class R (and redemption price)
|
$21.35
|
|
Class I (and redemption price)
|
$21.54
|
|
Class IS (and redemption price)
|
$21.40
|
|
Maximum Public Offering Price Per Share:
|
|
|
Class A (based on maximum initial sales charge of 5.50%)
|
$22.70
|
|
*
|
Redemption price per share is NAV of Class C shares reduced by a 1.00% CDSC if shares are redeemed within
one year from purchase payment (Note 2).
|
See Notes to Financial Statements.
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
11
Statement of Operations (unaudited) For the Six Months Ended March 31, 2026
|
Investment Income:
|
|
|
Dividends from unaffiliated investments
|
$1,213,010
|
|
Dividends from affiliated investments
|
10,789
|
|
Less: Foreign taxes withheld
|
(38
)
|
|
Total Investment Income
|
1,223,761
|
|
Expenses:
|
|
|
Investment management fee (Note 2)
|
317,965
|
|
Service and/or distribution fees (Notes 2 and 5)
|
112,021
|
|
Transfer agent fees (Notes 2 and 5)
|
53,997
|
|
Registration fees
|
40,305
|
|
Fund accounting fees
|
35,075
|
|
Audit and tax fees
|
18,688
|
|
Shareholder reports
|
17,500
|
|
Legal fees
|
15,501
|
|
Fees recaptured by investment manager (Note 2)
|
8,845
|
|
Trustees' fees
|
2,783
|
|
Custody fees
|
501
|
|
Commitment fees (Note 9)
|
356
|
|
Insurance
|
90
|
|
Miscellaneous expenses
|
5,129
|
|
Total Expenses
|
628,756
|
|
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)
|
(112,706
)
|
|
Net Expenses
|
516,050
|
|
Net Investment Income
|
707,711
|
|
Realized and Unrealized Gain on Investments (Notes 1, 3 and 10):
|
|
|
Net Realized Gain From Unaffiliated Investment Transactions
|
4,926,518
|
|
Change in Net Unrealized Appreciation (Depreciation) From Unaffiliated
Investments
|
722,749
|
|
Net Gain on Investments
|
5,649,267
|
|
Increase in Net Assets From Operations
|
$6,356,978
|
See Notes to Financial Statements.
12
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
Statements of Changes in Net Assets
|
For the Six Months Ended March 31, 2026 (unaudited)
and the Year Ended September 30, 2025
|
2026
|
2025
|
|
Operations:
|
||
|
Net investment income
|
$707,711
|
$2,280,555
|
|
Net realized gain
|
4,926,518
|
57,277,182
|
|
Change in net unrealized appreciation (depreciation)
|
722,749
|
(43,648,466
)
|
|
Increase in Net Assets From Operations
|
6,356,978
|
15,909,271
|
|
Distributions to Shareholders From (Notes 1 and 6):
|
||
|
Total distributable earnings
|
(10,822,010
)
|
(20,888,714
)
|
|
Decrease in Net Assets From Distributions to Shareholders
|
(10,822,010
)
|
(20,888,714
)
|
|
Fund Share Transactions (Note 7):
|
||
|
Net proceeds from sale of shares
|
13,348,550
|
26,209,510
|
|
Reinvestment of distributions
|
10,817,072
|
20,884,892
|
|
Cost of shares repurchased
|
(15,497,693
)
|
(68,573,931
)
|
|
Shares redeemed in-kind (Note 10)
|
-
|
(123,943,591
)
|
|
Increase (Decrease) in Net Assets From Fund Share
Transactions
|
8,667,929
|
(145,423,120
)
|
|
Increase (Decrease) in Net Assets
|
4,202,897
|
(150,402,563
)
|
|
Net Assets:
|
||
|
Beginning of period
|
98,009,991
|
248,412,554
|
|
End of period
|
$102,212,888
|
$98,009,991
|
See Notes to Financial Statements.
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
13
Financial Highlights
|
For a share of each class of beneficial interest outstanding throughout each year ended September 30,
unless otherwise noted:
|
||||||
|
Class A Shares1
|
20262
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
Net asset value, beginning of period
|
$22.55
|
$22.26
|
$17.65
|
$17.35
|
$21.65
|
$16.66
|
|
Income (loss) from operations:
|
||||||
|
Net investment income
|
0.15
|
0.29
|
0.31
|
0.31
|
0.29
|
0.25
|
|
Net realized and unrealized gain (loss)
|
1.33
|
2.19
|
4.61
|
2.41
|
(2.08
)
|
6.00
|
|
Total income (loss) from
operations
|
1.48
|
2.48
|
4.92
|
2.72
|
(1.79)
|
6.25
|
|
Less distributions from:
|
||||||
|
Net investment income
|
(0.33
)
|
(0.33
)
|
(0.29
)
|
(0.31
)
|
(0.16
)
|
(0.37
)
|
|
Net realized gains
|
(2.25
)
|
(1.86
)
|
(0.02
)
|
(2.11
)
|
(2.35
)
|
(0.89
)
|
|
Total distributions
|
(2.58
)
|
(2.19
)
|
(0.31
)
|
(2.42
)
|
(2.51
)
|
(1.26
)
|
|
Net asset value, end of period
|
$21.45
|
$22.55
|
$22.26
|
$17.65
|
$17.35
|
$21.65
|
|
Total return3
|
6.82
%
|
12.05
%4
|
28.20
%
|
15.31
%
|
(9.62
)%
|
38.09
%
|
|
Net assets, end of period (000s)
|
$81,745
|
$75,569
|
$67,801
|
$57,178
|
$43,784
|
$44,626
|
|
Ratios to average net assets:
|
||||||
|
Gross expenses
|
1.33
%5,6
|
1.24
%5
|
1.16
%5
|
1.21
%
|
1.18
%
|
1.18
%
|
|
Net expenses7,8,9
|
1.10
5,6
|
1.10
5
|
1.10
5
|
1.10
|
1.10
|
1.09
|
|
Net investment income
|
1.40
6
|
1.36
|
1.56
|
1.72
|
1.45
|
1.16
|
|
Portfolio turnover rate
|
44
%
|
57
%10
|
75
%
|
58
%
|
62
%10
|
75
%10
|
|
1
|
Per share amounts have been calculated using the average shares method.
|
|
2
|
For the six months ended March 31, 2026 (unaudited).
|
|
3
|
Performance figures, exclusive of sales charges, may reflect compensating balance arrangements, fee waivers
and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or
expense reimbursements, the total return would have been lower. Past performance is no guarantee of future
results. Total returns for periods of less than one year are not annualized.
|
|
4
|
The total return includes gains from settlement of investment litigations. Without these gains, the total
return would have been 11.80% for the year ended September 30, 2025.
|
|
5
|
Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
|
|
6
|
Annualized.
|
|
7
|
As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than
interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired
fund fees and expenses, to average net assets of Class A shares did not exceed 1.15%. This expense limitation
arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. In addition,
the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management
fee payable in connection with any investment in an affiliated money market fund.
|
|
8
|
As a result of a voluntary expense limitation arrangement, the ratio of total annual fund operating expenses, other
than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and
acquired fund fees and expenses, to average net assets of Class A shares did not exceed 1.10%. This expense
limitation arrangement is expected to continue until December 31, 2027, but may be terminated at any time by the
manager.
|
|
9
|
Reflects fee waivers and/or expense reimbursements.
|
|
10
|
Excludes securities delivered as a result of a redemption in-kind.
|
See Notes to Financial Statements.
14
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
|
For a share of each class of beneficial interest outstanding throughout each year ended September 30,
unless otherwise noted:
|
||||||
|
Class C Shares1
|
20262
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
Net asset value, beginning of period
|
$22.20
|
$21.94
|
$17.33
|
$17.18
|
$21.48
|
$16.61
|
|
Income (loss) from operations:
|
||||||
|
Net investment income
|
0.07
|
0.12
|
0.16
|
0.18
|
0.15
|
0.10
|
|
Net realized and unrealized gain (loss)
|
1.30
|
2.16
|
4.55
|
2.39
|
(2.07
)
|
5.96
|
|
Total income (loss) from operations
|
1.37
|
2.28
|
4.71
|
2.57
|
(1.92)
|
6.06
|
|
Less distributions from:
|
||||||
|
Net investment income
|
(0.18
)
|
(0.16
)
|
(0.08
)
|
(0.31
)
|
(0.03
)
|
(0.30
)
|
|
Net realized gains
|
(2.25
)
|
(1.86
)
|
(0.02
)
|
(2.11
)
|
(2.35
)
|
(0.89
)
|
|
Total distributions
|
(2.43
)
|
(2.02
)
|
(0.10
)
|
(2.42
)
|
(2.38
)
|
(1.19
)
|
|
Net asset value, end of period
|
$21.14
|
$22.20
|
$21.94
|
$17.33
|
$17.18
|
$21.48
|
|
Total return3
|
6.40
%
|
11.23
%4
|
27.21
%
|
14.44
%
|
(10.22
)%
|
37.16
%
|
|
Net assets, end of period (000s)
|
$2,491
|
$2,033
|
$1,297
|
$1,780
|
$411
|
$127
|
|
Ratios to average net assets:
|
||||||
|
Gross expenses
|
2.04
%5
|
1.99
%
|
1.91
%
|
1.94
%6
|
1.98
%
|
2.21
%
|
|
Net expenses7,8,9
|
1.81
5
|
1.85
|
1.84
|
1.85
6
|
1.85
|
1.85
|
|
Net investment income
|
0.69
5
|
0.59
|
0.83
|
1.01
|
0.76
|
0.50
|
|
Portfolio turnover rate
|
44
%
|
57
%10
|
75
%
|
58
%
|
62
%10
|
75
%10
|
|
1
|
Per share amounts have been calculated using the average shares method.
|
|
2
|
For the six months ended March 31, 2026 (unaudited).
|
|
3
|
Performance figures, exclusive of CDSC, may reflect compensating balance arrangements, fee waivers and/or
expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense
reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total
returns for periods of less than one year are not annualized.
|
|
4
|
The total return includes gains from settlement of investment litigations. Without these gains, the total
return would have been 11.03% for the year ended September 30, 2025.
|
|
5
|
Annualized.
|
|
6
|
Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
|
|
7
|
As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than
interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired
fund fees and expenses, to average net assets of Class C shares did not exceed 1.90%. This expense limitation
arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. In addition,
the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management
fee payable in connection with any investment in an affiliated money market fund.
|
|
8
|
As a result of a voluntary expense limitation arrangement, the ratio of total annual fund operating expenses, other
than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and
acquired fund fees and expenses, to average net assets of Class C shares did not exceed 1.85%. This expense
limitation arrangement is expected to continue until December 31, 2027, but may be terminated at any time by the
manager.
|
|
9
|
Reflects fee waivers and/or expense reimbursements.
|
|
10
|
Excludes securities delivered as a result of a redemption in-kind.
|
See Notes to Financial Statements.
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
15
Financial Highlights (cont'd)
|
For a share of each class of beneficial interest outstanding throughout each year ended September 30,
unless otherwise noted:
|
||||||
|
Class R Shares1
|
20262
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
Net asset value, beginning of period
|
$22.49
|
$22.22
|
$17.62
|
$17.33
|
$21.53
|
$16.58
|
|
Income (loss) from operations:
|
||||||
|
Net investment income
|
0.13
|
0.23
|
0.26
|
0.26
|
0.24
|
0.20
|
|
Net realized and unrealized gain (loss)
|
1.32
|
2.18
|
4.61
|
2.41
|
(2.09
)
|
5.97
|
|
Total income (loss) from operations
|
1.45
|
2.41
|
4.87
|
2.67
|
(1.85)
|
6.17
|
|
Less distributions from:
|
||||||
|
Net investment income
|
(0.34
)
|
(0.28
)
|
(0.25
)
|
(0.27
)
|
(0.00
)3
|
(0.33
)
|
|
Net realized gains
|
(2.25
)
|
(1.86
)
|
(0.02
)
|
(2.11
)
|
(2.35
)
|
(0.89
)
|
|
Total distributions
|
(2.59
)
|
(2.14
)
|
(0.27
)
|
(2.38
)
|
(2.35
)
|
(1.22
)
|
|
Net asset value, end of period
|
$21.35
|
$22.49
|
$22.22
|
$17.62
|
$17.33
|
$21.53
|
|
Total return4
|
6.70
%
|
11.73
%5
|
27.93
%
|
14.98
%
|
(9.83
)%
|
37.74
%
|
|
Net assets, end of period (000s)
|
$895
|
$769
|
$281
|
$209
|
$146
|
$198
|
|
Ratios to average net assets:
|
||||||
|
Gross expenses
|
1.60
%6
|
1.54
%
|
1.52
%
|
1.57
%
|
1.59
%
|
1.62
%
|
|
Net expenses7,8,9
|
1.35
6
|
1.35
|
1.35
|
1.35
|
1.35
|
1.35
|
|
Net investment income
|
1.16
6
|
1.09
|
1.30
|
1.46
|
1.19
|
0.97
|
|
Portfolio turnover rate
|
44
%
|
57
%10
|
75
%
|
58
%
|
62
%10
|
75
%10
|
|
1
|
Per share amounts have been calculated using the average shares method.
|
|
2
|
For the six months ended March 31, 2026 (unaudited).
|
|
3
|
Amount represents less than $0.005 or greater than $(0.005) per share.
|
|
4
|
Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements.
In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total
return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less
than one year are not annualized.
|
|
5
|
The total return includes gains from settlement of investment litigations. Without these gains, the total return
would have been 11.63% for the year ended September 30, 2025.
|
|
6
|
Annualized.
|
|
7
|
As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than
interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired
fund fees and expenses, to average net assets of Class R shares did not exceed 1.40%. This expense limitation
arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. In addition,
the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management
fee payable in connection with any investment in an affiliated money market fund.
|
|
8
|
As a result of a voluntary expense limitation arrangement, the ratio of total annual fund operating expenses, other
than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and
acquired fund fees and expenses, to average net assets of Class R shares did not exceed 1.35%. This expense
limitation arrangement is expected to continue until December 31, 2027, but may be terminated at any time by the
manager.
|
|
9
|
Reflects fee waivers and/or expense reimbursements.
|
|
10
|
Excludes securities delivered as a result of a redemption in-kind.
|
See Notes to Financial Statements.
16
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
|
For a share of each class of beneficial interest outstanding throughout each year ended September 30,
unless otherwise noted:
|
||||||
|
Class I Shares1
|
20262
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
Net asset value, beginning of period
|
$22.62
|
$22.31
|
$17.69
|
$17.37
|
$21.66
|
$16.70
|
|
Income (loss) from operations:
|
||||||
|
Net investment income
|
0.19
|
0.35
|
0.37
|
0.36
|
0.35
|
0.32
|
|
Net realized and unrealized gain (loss)
|
1.33
|
2.20
|
4.61
|
2.43
|
(2.09
)
|
6.00
|
|
Total income (loss) from
operations
|
1.52
|
2.55
|
4.98
|
2.79
|
(1.74)
|
6.32
|
|
Less distributions from:
|
||||||
|
Net investment income
|
(0.35
)
|
(0.38
)
|
(0.34
)
|
(0.36
)
|
(0.20
)
|
(0.47
)
|
|
Net realized gains
|
(2.25
)
|
(1.86
)
|
(0.02
)
|
(2.11
)
|
(2.35
)
|
(0.89
)
|
|
Total distributions
|
(2.60
)
|
(2.24
)
|
(0.36
)
|
(2.47
)
|
(2.55
)
|
(1.36
)
|
|
Net asset value, end of period
|
$21.54
|
$22.62
|
$22.31
|
$17.69
|
$17.37
|
$21.66
|
|
Total return3
|
6.99
%
|
12.38
%4
|
28.56
%
|
15.65
%
|
(9.34
)%
|
38.51
%
|
|
Net assets, end of period (000s)
|
$3,099
|
$7,165
|
$7,118
|
$28,570
|
$20,648
|
$9,048
|
|
Ratios to average net assets:
|
||||||
|
Gross expenses
|
1.03
%5,6
|
0.94
%5
|
0.88
%
|
0.89
%5
|
0.88
%
|
0.84
%
|
|
Net expenses7,8
|
0.80
5,6
|
0.80
5
|
0.80
|
0.80
5
|
0.80
|
0.80
|
|
Net investment income
|
1.69
6
|
1.67
|
1.91
|
1.99
|
1.77
|
1.54
|
|
Portfolio turnover rate
|
44
%
|
57
%9
|
75
%
|
58
%
|
62
%9
|
75
%9
|
|
1
|
Per share amounts have been calculated using the average shares method.
|
|
2
|
For the six months ended March 31, 2026 (unaudited).
|
|
3
|
Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements.
In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total
return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less
than one year are not annualized.
|
|
4
|
The total return includes gains from settlement of investment litigations. Without these gains, the total
return would have been 12.13% for the year ended September 30, 2025.
|
|
5
|
Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
|
|
6
|
Annualized.
|
|
7
|
As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than
interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired
fund fees and expenses, to average net assets of Class I shares did not exceed 0.80%. This expense limitation
arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent. In addition,
the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management
fee payable in connection with any investment in an affiliated money market fund.
|
|
8
|
Reflects fee waivers and/or expense reimbursements.
|
|
9
|
Excludes securities delivered as a result of a redemption in-kind.
|
See Notes to Financial Statements.
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
17
Financial Highlights (cont'd)
|
For a share of each class of beneficial interest outstanding throughout each year ended September 30,
unless otherwise noted:
|
||||||
|
Class IS Shares1
|
20262
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
Net asset value, beginning of
period
|
$22.61
|
$22.33
|
$17.70
|
$17.39
|
$21.66
|
$16.71
|
|
Income (loss) from operations:
|
||||||
|
Net investment income
|
0.20
|
0.40
|
0.39
|
0.38
|
0.36
|
0.33
|
|
Net realized and unrealized gain
(loss)
|
1.33
|
2.15
|
4.62
|
2.42
|
(2.07
)
|
6.01
|
|
Total income (loss) from
operations
|
1.53
|
2.55
|
5.01
|
2.80
|
(1.71)
|
6.34
|
|
Less distributions from:
|
||||||
|
Net investment income
|
(0.49
)
|
(0.41
)
|
(0.36
)
|
(0.38
)
|
(0.21
)
|
(0.50
)
|
|
Net realized gains
|
(2.25
)
|
(1.86
)
|
(0.02
)
|
(2.11
)
|
(2.35
)
|
(0.89
)
|
|
Total distributions
|
(2.74
)
|
(2.27
)
|
(0.38
)
|
(2.49
)
|
(2.56
)
|
(1.39
)
|
|
Net asset value, end of period
|
$21.40
|
$22.61
|
$22.33
|
$17.70
|
$17.39
|
$21.66
|
|
Total return3
|
7.04
%
|
12.42
%4
|
28.74
%
|
15.77
%
|
(9.25
)%
|
38.64
%
|
|
Net assets, end of period (000s)
|
$13,983
|
$12,475
|
$171,915
|
$116,667
|
$93,704
|
$257,706
|
|
Ratios to average net assets:
|
||||||
|
Gross expenses
|
0.93
%5
|
0.84
%
|
0.76
%
|
0.79
%
|
0.75
%
|
0.72
%
|
|
Net expenses6,7
|
0.70
5
|
0.70
|
0.70
|
0.70
|
0.70
|
0.70
|
|
Net investment income
|
1.81
5
|
1.85
|
1.95
|
2.12
|
1.73
|
1.62
|
|
Portfolio turnover rate
|
44
%
|
57
%8
|
75
%
|
58
%
|
62
%8
|
75
%8
|
|
1
|
Per share amounts have been calculated using the average shares method.
|
|
2
|
For the six months ended March 31, 2026 (unaudited).
|
|
3
|
Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements.
In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total
return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less
than one year are not annualized.
|
|
4
|
The total return includes gains from settlement of investment litigations. Without these gains, the total
return would have been 10.43% for the year ended September 30, 2025.
|
|
5
|
Annualized.
|
|
6
|
As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than
interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired
fund fees and expenses, to average net assets of Class IS shares did not exceed 0.70%. In addition, the ratio of
total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating
expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31,
2027 without the Board of Trustees' consent. In addition, the manager has agreed to waive the Fund's management
fee to an extent sufficient to offset the net management fee payable in connection with any investment in an
affiliated money market fund.
|
|
7
|
Reflects fee waivers and/or expense reimbursements.
|
|
8
|
Excludes securities delivered as a result of a redemption in-kind.
|
See Notes to Financial Statements.
18
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
Notes to Financial Statements (unaudited)
1. Organization and significant accounting policies
BrandywineGLOBAL - Diversified US Large Cap 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. 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, including exchange-traded funds, 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 on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").
Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
19
Notes to Financial Statements (unaudited) (cont'd)
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.
20
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
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
|
$100,177,810
|
-
|
-
|
$100,177,810
|
|
Investments in Underlying
Funds
|
1,581,158
|
-
|
-
|
1,581,158
|
|
Total Long-Term Investments
|
101,758,968
|
-
|
-
|
101,758,968
|
|
Short-Term Investments†
|
486,475
|
-
|
-
|
486,475
|
|
Total Investments
|
$102,245,443
|
-
|
-
|
$102,245,443
|
|
†
|
See Schedule of Investments for additional detailed categorizations.
|
(b) 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.
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
21
Notes to Financial Statements (unaudited) (cont'd)
(c) 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.
(d) Share class accounting. Investment income, common expenses and realized/unrealized gains (losses) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that share class.
(e) Compensating balance arrangements. The Fund had an arrangement with its custodian bank whereby a portion of the custodian's fees was paid indirectly by credits earned on the Fund's cash on deposit with the bank. Effective April 1, 2025, any cash on deposit with the bank will earn interest and be recognized as interest income on the Statement of Operations.
(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 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund's financial statements.
Management has analyzed the Fund's tax positions taken on income tax returns for all open tax years and has concluded that as of September 30, 2025, no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.
Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates. 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.
2. Investment management agreement and other transactions with affiliates
Franklin Templeton Fund Adviser, LLC ("FTFA") is the Fund's investment manager and Brandywine Global Investment Management, LLC ("Brandywine Global") is the Fund's
22
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
subadviser. FTFA and Brandywine Global are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. ("Franklin Resources").
Under the investment management agreement, the Fund pays an investment management fee, calculated daily and paid monthly, in accordance with the following breakpoint schedule:
|
Average Daily Net Assets
|
Annual Rate
|
|
First $1 billion
|
0.650
%
|
|
Next $1 billion
|
0.625
|
|
Next $3 billion
|
0.600
|
|
Next $5 billion
|
0.575
|
|
Over $10 billion
|
0.550
|
FTFA provides administrative and certain oversight services to the Fund. FTFA delegates to the subadviser the day-to-day portfolio management of the Fund. For its services, FTFA pays Brandywine Global a fee monthly, at an annual rate equal to 90% of the net management fee it receives from the Fund.
As a result of expense limitation arrangements between the Fund and FTFA, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A, Class C, Class R, Class I and Class IS shares did not exceed 1.15%, 1.90%, 1.40%, 0.80% and 0.70%, respectively. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2027 without the Board's consent. In addition, the manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the "affiliated money market fund waiver"). The affiliated money market fund waiver is not subject to the recapture provision discussed below.
As a result of voluntary expense limitation arrangements, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A, Class C and Class R shares did not exceed 1.10%, 1.85% and 1.35%, respectively. These arrangements are expected to continue until December 31, 2027, but may be terminated at any time by FTFA.
During the six months ended March 31, 2026, fees waived and/or expenses reimbursed amounted to $112,706, which included an affiliated money market fund waiver of $338.
As a result of voluntary expense limitation arrangements, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A, Class C and Class R shares did not exceed 1.10%, 1.85% and 1.35%, respectively. These arrangements are expected to continue until December 31, 2027, but may be terminated at any time by FTFA.
During the six months ended March 31, 2026, fees waived and/or expenses reimbursed amounted to $112,706, which included an affiliated money market fund waiver of $338.
FTFA is permitted to recapture amounts waived and/or reimbursed to a class within three years after the fiscal year in which FTFA earned the fee or incurred the expense if the class' total annual fund operating expenses have fallen to a level below the expense limitation
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
23
Notes to Financial Statements (unaudited) (cont'd)
("expense cap") in effect at the time the fees were earned or the expenses incurred. In no case will FTFA recapture any amount that would result, on any particular business day of the Fund, in the class' total annual fund operating expenses exceeding the expense cap or any other lower limit then in effect.
Pursuant to these arrangements, at March 31, 2026, the Fund had remaining fee waivers and/or expense reimbursements subject to recapture by FTFA and respective dates of expiration as follows:
|
|
Class A
|
Class C
|
Class R
|
Class I
|
Class IS
|
|
Expires September 30, 2026
|
$51,604
|
$1,699
|
$417
|
$22,298
|
$95,939
|
|
Expires September 30, 2027
|
38,521
|
866
|
416
|
15,409
|
96,536
|
|
Expires September 30, 2028
|
98,065
|
2,313
|
616
|
10,592
|
90,530
|
|
Expires September 30, 2029
|
90,489
|
2,561
|
1,113
|
3,957
|
14,248
|
|
Total fee waivers/expense reimbursements
subject to recapture
|
$278,679
|
$7,439
|
$2,562
|
$52,256
|
$297,253
|
For the six months ended March 31, 2026, fee waivers and/or expense reimbursements recaptured by FTFA were as follows:
|
|
Class A
|
Class I
|
|
FTFA recaptured
|
$8,806
|
$39
|
Franklin Distributors, LLC ("Franklin Distributors") serves as the Fund's sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources. Franklin Templeton Investor Services, LLC ("Investor Services") serves as the Fund's shareholder servicing agent and acts as the Fund's transfer agent and dividend-paying agent. Investor Services is an indirect, wholly-owned subsidiary of Franklin Resources. Each class of shares of the Fund pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. Investor Services charges account-basedfees based on the number of individual shareholder accounts, as well as a fixed percentage fee based on the total account-based fees charged. In addition, each class reimburses Investor Services for out of pocket expenses incurred. For the six months ended March 31, 2026, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $6,035 was earned by Investor Services.
There is a maximum initial sales charge of 5.50% for Class A shares. There is a contingent deferred sales charge ("CDSC") of 1.00% on Class C shares, which applies if redemption occurs within 12 months from purchase payment. In certain cases, Class A shares have a 1.00% CDSC, which applies if redemption occurs within 18 months from purchase payment. This CDSC only applies to those purchases of Class A shares, which, when combined with current holdings of other shares of funds sold by Franklin Distributors, equal or exceed $1,000,000 in the aggregate. These purchases do not incur an initial sales charge.
24
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
For the six months ended March 31, 2026, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:
|
|
Class A
|
Class C
|
|
Sales charges
|
$14,870
|
-
|
|
CDSCs
|
52
|
$463
|
Under a Deferred Compensation Plan (the "Plan"), Trustees may have elected to defer receipt of all or a specified portion of their compensation. A participating Trustee selected one or more funds managed by FTFA or an affiliate of FTFA in which his or her deferred trustee's fees were deemed to be invested. Until distributed in accordance with the Plan, deferred amounts remain in the Fund. In May 2015, the Board approved an amendment to the Plan so that effective January 1, 2016, no compensation earned after that date may be deferred under the Plan.
All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.
3. Investments
During the six months ended March 31, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:
|
Purchases
|
$42,968,630
|
|
Sales
|
44,406,991
|
At March 31, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:
|
|
Cost
|
Gross
Unrealized
Appreciation
|
Gross
Unrealized
Depreciation
|
Net
Unrealized
Appreciation
|
|
Securities
|
$73,829,759
|
$30,113,357
|
$(1,697,673)
|
$28,415,684
|
4. Derivative instruments and hedging activities
During the six months ended March 31, 2026, the Fund did not invest in derivative instruments.
5. Class specific expenses, waivers and/or expense reimbursements
The Fund has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan the Fund pays service and/or distribution fees with respect to its Class A, Class C and Class R shares calculated at the annual rate of 0.25%, 1.00% and 0.50% of the average daily net assets of each class, respectively. Service and/or distribution fees are accrued daily and paid monthly.
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
25
Notes to Financial Statements (unaudited) (cont'd)
For the six months ended March 31, 2026, class specific expenses were as follows:
|
|
Service and/or
Distribution Fees
|
Transfer Agent
Fees
|
|
Class A
|
$98,650
|
$50,246
|
|
Class C
|
11,169
|
1,263
|
|
Class R
|
2,202
|
769
|
|
Class I
|
-
|
1,631
|
|
Class IS
|
-
|
88
|
|
Total
|
$112,021
|
$53,997
|
For the six months ended March 31, 2026, waivers and/or expense reimbursements by class were as follows:
|
|
Waivers/Expense
Reimbursements
|
|
Class A
|
$90,762
|
|
Class C
|
2,569
|
|
Class R
|
1,115
|
|
Class I
|
3,969
|
|
Class IS
|
14,291
|
|
Total
|
$112,706
|
6. Distributions to shareholders by class
|
|
Six Months Ended
March 31, 2026
|
Year Ended
September 30, 2025
|
|
Net Investment Income:
|
||
|
Class A
|
$1,108,358
|
$999,940
|
|
Class C
|
16,598
|
9,303
|
|
Class R
|
13,589
|
3,625
|
|
Class I
|
46,279
|
152,356
|
|
Class IS
|
268,615
|
2,395,481
|
|
Total
|
$1,453,439
|
$3,560,705
|
|
Net Realized Gains:
|
||
|
Class A
|
$7,546,468
|
$5,676,587
|
|
Class C
|
202,450
|
109,929
|
|
Class R
|
89,013
|
23,965
|
|
Class I
|
296,681
|
748,896
|
|
Class IS
|
1,233,959
|
10,768,632
|
|
Total
|
$9,368,571
|
$17,328,009
|
7. Shares of beneficial interest
At March 31, 2026, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. The Fund has the ability to issue multiple classes of shares. Each class of shares represents an identical interest and has the same
26
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.
Transactions in shares of each class were as follows:
|
|
Six Months Ended
March 31, 2026
|
Year Ended
September 30, 2025
|
||
|
|
Shares
|
Amount
|
Shares
|
Amount
|
|
Class A
|
||||
|
Shares sold
|
369,021
|
$8,063,846
|
576,985
|
$12,196,808
|
|
Shares issued on reinvestment
|
411,899
|
8,649,888
|
323,290
|
6,672,705
|
|
Shares repurchased
|
(320,765
)
|
(7,007,576
)
|
(594,696
)
|
(12,529,041
)
|
|
Net increase
|
460,155
|
$9,706,158
|
305,579
|
$6,340,472
|
|
Class C
|
||||
|
Shares sold
|
37,518
|
$808,436
|
44,134
|
$904,741
|
|
Shares issued on reinvestment
|
10,557
|
219,048
|
5,833
|
119,232
|
|
Shares repurchased
|
(21,807
)
|
(474,472
)
|
(17,556
)
|
(363,826
)
|
|
Net increase
|
26,268
|
$553,012
|
32,411
|
$660,147
|
|
Class R
|
||||
|
Shares sold
|
7,964
|
$177,232
|
29,857
|
$629,949
|
|
Shares issued on reinvestment
|
4,905
|
102,602
|
1,337
|
27,590
|
|
Shares repurchased
|
(5,159
)
|
(113,265
)
|
(9,637
)
|
(198,417
)
|
|
Net increase
|
7,710
|
$166,569
|
21,557
|
$459,122
|
|
Class I
|
||||
|
Shares sold
|
7,653
|
$167,664
|
209,366
|
$4,854,817
|
|
Shares issued on reinvestment
|
16,277
|
342,960
|
43,623
|
901,252
|
|
Shares repurchased
|
(196,773
)
|
(4,397,831
)
|
(255,281
)
|
(5,455,976
)
|
|
Net increase (decrease)
|
(172,843
)
|
$(3,887,207
)
|
(2,292
)
|
$300,093
|
|
Class IS
|
||||
|
Shares sold
|
194,350
|
$4,131,372
|
363,840
|
$7,623,195
|
|
Shares issued on reinvestment
|
71,790
|
1,502,574
|
637,796
|
13,164,113
|
|
Shares repurchased
|
(164,318
)
|
(3,504,549
)
|
(2,236,720
)
|
(50,026,671
)
|
|
Shares redeemed in-kind
|
-
|
-
|
(5,913,339
)
|
(123,943,591
)
|
|
Net increase (decrease)
|
101,822
|
$2,129,397
|
(7,148,423
)
|
$(153,182,954
)
|
8. Transactions with affiliated company
As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
27
Notes to Financial Statements (unaudited) (cont'd)
all or some portion of the six months ended March 31, 2026. The following transactions were effected in such company for the six months ended March 31, 2026.
|
|
Affiliate
Value at
September 30,
2025
|
Purchased
|
Sold
|
||
|
Cost
|
Shares
|
Proceeds
|
Shares
|
||
|
Western Asset
Premier
Institutional U.S.
Treasury Reserves,
Premium Shares
|
$634,745
|
$9,770,509
|
9,770,509
|
$9,918,779
|
9,918,779
|
|
(cont'd)
|
Realized
Gain (Loss)
|
Dividend
Income
|
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
|
Affiliate
Value at
March 31,
2026
|
|
Western Asset Premier
Institutional U.S.
Treasury Reserves,
Premium Shares
|
-
|
$10,789
|
-
|
$486,475
|
9. Redemption facility
The Fund, together with other U.S. registered and foreign investment funds (collectively, the "Borrowers") managed by Franklin Resources or its affiliates, is a borrower in a joint syndicated senior unsecured credit facility totaling $2.995 billion (the "Global Credit Facility"). The Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Unless renewed, the Global Credit Facility will terminate on January 29, 2027.
Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in the Statement of Operations. The Fund did not utilize the Global Credit Facility during the six months ended March 31, 2026.
10. Redemptions in-kind
The Fund may make payment for Fund shares redeemed wholly or in part by distributing portfolio securities to shareholders. For the six months ended March 31, 2026, the Fund had no redemptions in-kind. For the year ended September 30, 2025, the Fund had redemptions in-kind with total proceeds in the amount of $123,943,591. The net realized gain on these redemptions in-kind amounted to $39,711,299, which was not realized for tax purposes.
28
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
11. Operating segments
The Fund operates as a single operating segment, which is an investment portfolio. A management group assigned to the Fund within the Fund's investment manager serves as the Chief Operating Decision Maker ("CODM") and is responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.
For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with 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.
BrandywineGLOBAL - Diversified US Large Cap Value Fund 2026 Semi-Annual Report
29
|
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.
|
|
30
BrandywineGLOBAL - Diversified US Large Cap Value Fund
(This page intentionally left blank.)
(This page intentionally left blank.)
(This page intentionally left blank.)
(This page intentionally left blank.)
(This page intentionally left blank.)
(This page intentionally left blank.)
BrandywineGLOBAL -
Diversified US Large Cap Value Fund
Trustees
Andrew L. Breech
Stephen R. Gross
Susan M. Heilbron
Arnold L. Lehman
Robin J. W. Masters
G. Peter O'Brien
Chair
Chair
Thomas F. Schlafly
Jane Trust
Investment manager
Franklin Templeton Fund Adviser, LLC
Subadviser
Brandywine Global Investment Management, LLC
Distributor
Franklin Distributors, LLC
Custodian
The Bank of New York Mellon
Transfer agent
Franklin Templeton Investor
Services, LLC
3344 Quality Drive
Rancho Cordova, CA 95670-7313
Services, LLC
3344 Quality Drive
Rancho Cordova, CA 95670-7313
Independent registered public accounting firm
PricewaterhouseCoopers LLP
Baltimore, MD
Baltimore, MD
BrandywineGLOBAL - Diversified US Large Cap Value Fund
The Fund is a separate investment series of Legg Mason Global Asset Management Trust, a Maryland statutory trust.
BrandywineGLOBAL - Diversified US Large Cap Value Fund
Legg Mason Funds
One Madison Avenue, 17th Floor
New York, NY 10010
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 BrandywineGLOBAL - Diversified US Large Cap Value Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.
Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. Theprospectus contains this and other important information about the Fund. Please read the prospectuscarefully before investing.
www.franklintempleton.com
© 2026 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.
90756-SFSOI 5/26
© 2026 Franklin Templeton. All rights reserved.
| ITEM 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 9. | PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 10. | REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 11. | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.
| ITEM 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 13. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 14. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
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.
| ITEM 16. | CONTROLS AND PROCEDURES. |
| (a) | The Registrants acknowledge the Staff's comment. In future filings on Form N-CSR, the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations "principal executive officer" and "principal financial officer" in the signature blocks, reflecting the capacity in which each signatory executes the certification, in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory's actual title with respect to the Funds alongside the required designation. |
| (b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected or are likely to materially affect the Registrant's internal control over financial reporting. |
| ITEM 17. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
| (a) | Not applicable. |
| (b) | Not applicable. |
| ITEM 19. | EXHIBITS. |
(a) (1) Not applicable.
Exhibit 99.CODE ETH
Exhibit 99.CERT
Exhibit 99.906CERT
SIGNATURES
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.
Legg Mason Global Asset Management Trust
| By: | /s/ Jane Trust | |
| Jane Trust | ||
| Chief Executive Officer | ||
| Date: | May 26, 2026 |
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.
| By: | /s/ Jane Trust | |
| Jane Trust | ||
| Chief Executive Officer | ||
| Date: | May 26, 2026 |
| By: | /s/ Christopher Berarducci | |
| Christopher Berarducci | ||
| Principal Financial Officer | ||
| Date: | May 26, 2026 |
Legg Mason Global Asset Management Trust published this content on May 26, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 26, 2026 at 18:34 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]