Legg Mason Global Asset Management Trust
05/26/2026 | Press release | Distributed by Public on 05/26/2026 12:15
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
|
Franklin International Equity Fund
|
||
|
Class A [LMEAX]
|
||
|
Semi-Annual Shareholder Report | March 31, 2026
|
||
This semi-annual shareholder report contains important information about Franklin International Equity 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
|
$63
|
1.23%
|
| * | 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
|
$290,993,051
|
|
Total Number of Portfolio Holdings
|
166
|
|
Portfolio Turnover Rate
|
25%
|
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
|
| Franklin International Equity Fund | PAGE 1 | 7193-STSR-0526 |
|
Franklin International Equity Fund
|
||
|
Class C [LMGEX]
|
||
|
Semi-Annual Shareholder Report | March 31, 2026
|
||
This semi-annual shareholder report contains important information about Franklin International Equity 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
|
$102
|
2.00%
|
| * | 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
|
$290,993,051
|
|
Total Number of Portfolio Holdings
|
166
|
|
Portfolio Turnover Rate
|
25%
|
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
|
| Franklin International Equity Fund | PAGE 1 | 7080-STSR-0526 |
|
Franklin International Equity Fund
|
||
|
Class FI [LGFEX]
|
||
|
Semi-Annual Shareholder Report | March 31, 2026
|
||
This semi-annual shareholder report contains important information about Franklin International Equity 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 FI
|
$64
|
1.25%
|
| * | 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
|
$290,993,051
|
|
Total Number of Portfolio Holdings
|
166
|
|
Portfolio Turnover Rate
|
25%
|
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
|
| Franklin International Equity Fund | PAGE 1 | 7139-STSR-0526 |
|
Franklin International Equity Fund
|
||
|
Class R [LMIRX]
|
||
|
Semi-Annual Shareholder Report | March 31, 2026
|
||
This semi-annual shareholder report contains important information about Franklin International Equity 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
|
$79
|
1.55%
|
| * | 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
|
$290,993,051
|
|
Total Number of Portfolio Holdings
|
166
|
|
Portfolio Turnover Rate
|
25%
|
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
|
| Franklin International Equity Fund | PAGE 1 | 7263-STSR-0526 |
|
Franklin International Equity Fund
|
||
|
Class I [LGIEX]
|
||
|
Semi-Annual Shareholder Report | March 31, 2026
|
||
This semi-annual shareholder report contains important information about Franklin International Equity 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
|
$49
|
0.95%
|
| * | 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
|
$290,993,051
|
|
Total Number of Portfolio Holdings
|
166
|
|
Portfolio Turnover Rate
|
25%
|
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
|
| Franklin International Equity Fund | PAGE 1 | 7350-STSR-0526 |
|
Franklin International Equity Fund
|
||
|
Class IS [LIESX]
|
||
|
Semi-Annual Shareholder Report | March 31, 2026
|
||
This semi-annual shareholder report contains important information about Franklin International Equity 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
|
$44
|
0.85%
|
| * | 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
|
$290,993,051
|
|
Total Number of Portfolio Holdings
|
166
|
|
Portfolio Turnover Rate
|
25%
|
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
|
| Franklin International Equity Fund | PAGE 1 | 7270-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. |
Franklin
International Equity Fund
International Equity 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
|
20
|
|
Changes in and Disagreements with Accountants
|
33
|
|
Results of Meeting(s) of Shareholders
|
33
|
|
Remuneration Paid to Directors, Officers and Others
|
33
|
franklintempleton.com
Financial Statements and Other Important Information - Semi-Annual
Schedule of Investments (unaudited) March 31, 2026
Franklin International Equity Fund
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
Common Stocks - 96.2%
|
|||||
|
Communication Services - 3.0%
|
|||||
|
Diversified Telecommunication Services - 1.5%
|
|||||
|
Deutsche Telekom AG, Registered Shares
|
79,175
|
$2,955,070
(a)
|
|||
|
Telstra Group Ltd.
|
379,421
|
1,400,674
(a)
|
|||
|
Total Diversified Telecommunication Services
|
4,355,744
|
||||
|
Entertainment - 0.3%
|
|||||
|
Spotify Technology SA
|
1,603
|
777,311
*
|
|||
|
Interactive Media & Services - 0.5%
|
|||||
|
Autotrader Group PLC
|
89,023
|
557,202
(a)(b)
|
|||
|
LY Corp.
|
442,800
|
1,067,650
(a)
|
|||
|
Total Interactive Media & Services
|
1,624,852
|
||||
|
Wireless Telecommunication Services - 0.7%
|
|||||
|
Vodafone Group PLC
|
1,373,736
|
2,072,077
(a)
|
|||
|
|
|||||
|
Total Communication Services
|
8,829,984
|
||||
|
Consumer Discretionary - 9.7%
|
|||||
|
Automobile Components - 0.1%
|
|||||
|
Aisin Corp.
|
15,700
|
221,183
(a)
|
|||
|
Automobiles - 2.1%
|
|||||
|
Mercedes-Benz Group AG
|
29,597
|
1,819,117
(a)
|
|||
|
Subaru Corp.
|
72,300
|
1,164,854
(a)
|
|||
|
Suzuki Motor Corp.
|
143,900
|
1,753,958
(a)
|
|||
|
Toyota Motor Corp.
|
72,700
|
1,511,240
(a)
|
|||
|
Total Automobiles
|
6,249,169
|
||||
|
Broadline Retail - 1.8%
|
|||||
|
Next PLC
|
10,478
|
1,770,246
(a)
|
|||
|
Ryohin Keikaku Co. Ltd.
|
77,100
|
1,645,284
(a)
|
|||
|
Wesfarmers Ltd.
|
36,163
|
1,846,337
(a)
|
|||
|
Total Broadline Retail
|
5,261,867
|
||||
|
Hotels, Restaurants & Leisure - 0.6%
|
|||||
|
Galaxy Entertainment Group Ltd.
|
106,000
|
479,109
(a)
|
|||
|
InterContinental Hotels Group PLC
|
9,500
|
1,252,811
(a)
|
|||
|
Total Hotels, Restaurants & Leisure
|
1,731,920
|
||||
|
Household Durables - 1.3%
|
|||||
|
Panasonic Holdings Corp.
|
58,100
|
974,416
(a)
|
|||
|
Sony Group Corp.
|
139,900
|
2,915,899
(a)
|
|||
|
Total Household Durables
|
3,890,315
|
||||
|
Leisure Products - 0.4%
|
|||||
|
Bandai Namco Holdings Inc.
|
45,100
|
1,112,635
(a)
|
|||
|
Specialty Retail - 1.0%
|
|||||
|
Industria de Diseno Textil SA
|
24,571
|
1,430,248
(a)
|
|||
See Notes to Financial Statements.
Franklin International Equity Fund 2026 Semi-Annual Report
1
Schedule of Investments (unaudited) (cont'd) March 31, 2026
Franklin International Equity Fund
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Specialty Retail - continued
|
|||||
|
Kingfisher PLC
|
361,242
|
$1,373,564
(a)
|
|||
|
Total Specialty Retail
|
2,803,812
|
||||
|
Textiles, Apparel & Luxury Goods - 2.4%
|
|||||
|
Asics Corp.
|
63,300
|
1,701,828
(a)
|
|||
|
Cie Financiere Richemont SA, Registered Shares
|
9,798
|
1,729,995
(a)
|
|||
|
LVMH Moet Hennessy Louis Vuitton SE
|
5,448
|
2,978,147
(a)
|
|||
|
Pandora A/S
|
9,350
|
668,281
(a)
|
|||
|
Total Textiles, Apparel & Luxury Goods
|
7,078,251
|
||||
|
|
|||||
|
Total Consumer Discretionary
|
28,349,152
|
||||
|
Consumer Staples - 6.0%
|
|||||
|
Consumer Staples Distribution & Retail - 1.3%
|
|||||
|
Koninklijke Ahold Delhaize NV
|
43,801
|
2,039,777
|
|||
|
Loblaw Cos. Ltd.
|
15,612
|
711,748
|
|||
|
Tesco PLC
|
151,831
|
954,263
(a)
|
|||
|
Total Consumer Staples Distribution & Retail
|
3,705,788
|
||||
|
Food Products - 2.2%
|
|||||
|
Nestle SA, Registered Shares
|
46,949
|
4,605,277
(a)
|
|||
|
WH Group Ltd.
|
1,379,000
|
1,812,608
(a)(b)
|
|||
|
Total Food Products
|
6,417,885
|
||||
|
Personal Care Products - 2.1%
|
|||||
|
Kao Corp.
|
32,500
|
1,265,146
|
|||
|
L'Oreal SA
|
6,124
|
2,500,371
(a)
|
|||
|
Unilever PLC
|
43,645
|
2,396,084
(a)
|
|||
|
Total Personal Care Products
|
6,161,601
|
||||
|
Tobacco - 0.4%
|
|||||
|
Imperial Brands PLC
|
25,041
|
1,015,358
(a)
|
|||
|
|
|||||
|
Total Consumer Staples
|
17,300,632
|
||||
|
Energy - 3.5%
|
|||||
|
Oil, Gas & Consumable Fuels - 3.5%
|
|||||
|
ENEOS Holdings Inc.
|
203,200
|
1,830,860
(a)
|
|||
|
Equinor ASA
|
41,426
|
1,764,929
(a)
|
|||
|
Inpex Corp.
|
70,700
|
2,091,271
(a)
|
|||
|
Parex Resources Inc.
|
60,200
|
1,183,141
|
|||
|
Repsol SA
|
15,386
|
433,092
(a)
|
|||
|
Shell PLC
|
37,345
|
1,729,635
(a)
|
|||
|
Suncor Energy Inc.
|
5,100
|
337,324
|
|||
|
TotalEnergies SE
|
8,810
|
808,530
(a)
|
|||
|
|
|||||
|
Total Energy
|
10,178,782
|
||||
See Notes to Financial Statements.
2
Franklin International Equity Fund 2026 Semi-Annual Report
Franklin International Equity Fund
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Financials - 22.3%
|
|||||
|
Banks - 12.3%
|
|||||
|
AIB Group PLC
|
195,825
|
$2,090,454
(a)
|
|||
|
Banco Santander SA
|
361,834
|
4,056,419
(a)
|
|||
|
Barclays PLC
|
422,576
|
2,211,545
(a)
|
|||
|
BNP Paribas SA
|
26,438
|
2,518,580
(a)
|
|||
|
Commonwealth Bank of Australia
|
9,318
|
1,091,201
(a)
|
|||
|
Credit Agricole SA
|
80,419
|
1,500,968
(a)
|
|||
|
HSBC Holdings PLC
|
330,106
|
5,421,197
(a)
|
|||
|
ING Groep NV
|
84,801
|
2,201,152
(a)
|
|||
|
Intesa Sanpaolo SpA
|
383,063
|
2,316,721
(a)
|
|||
|
Lloyds Banking Group PLC
|
205,716
|
254,972
(a)
|
|||
|
Mitsubishi UFJ Financial Group Inc.
|
52,700
|
892,418
(a)
|
|||
|
National Australia Bank Ltd.
|
19,895
|
575,476
(a)
|
|||
|
NatWest Group PLC
|
291,216
|
2,157,313
(a)
|
|||
|
Societe Generale SA
|
29,621
|
2,162,834
(a)
|
|||
|
Standard Chartered PLC
|
87,518
|
1,823,862
(a)
|
|||
|
Sumitomo Mitsui Financial Group Inc.
|
9,300
|
305,787
(a)
|
|||
|
Toronto-Dominion Bank
|
15,300
|
1,428,924
|
|||
|
UniCredit SpA
|
40,171
|
2,882,020
(a)
|
|||
|
Total Banks
|
35,891,843
|
||||
|
Capital Markets - 2.7%
|
|||||
|
3i Group PLC
|
54,940
|
1,790,550
(a)
|
|||
|
Deutsche Bank AG, Registered Shares
|
77,966
|
2,320,275
(a)
|
|||
|
IGM Financial Inc.
|
30,700
|
1,462,724
|
|||
|
Singapore Exchange Ltd.
|
97,400
|
1,485,850
(a)
|
|||
|
UBS Group AG, Registered Shares
|
18,979
|
740,056
(a)
|
|||
|
Total Capital Markets
|
7,799,455
|
||||
|
Financial Services - 0.9%
|
|||||
|
Industrivarden AB, Class A Shares
|
29,274
|
1,458,026
(a)
|
|||
|
ORIX Corp.
|
37,600
|
1,115,643
(a)
|
|||
|
Total Financial Services
|
2,573,669
|
||||
|
Insurance - 6.4%
|
|||||
|
Aegon Ltd.
|
200,736
|
1,468,028
(a)
|
|||
|
AIA Group Ltd.
|
73,800
|
820,016
(a)
|
|||
|
Allianz SE, Registered Shares
|
8,008
|
3,381,927
(a)
|
|||
|
AXA SA
|
56,849
|
2,612,300
(a)
|
|||
|
Japan Post Holdings Co. Ltd.
|
139,100
|
1,606,113
(a)
|
|||
|
Japan Post Insurance Co. Ltd.
|
153,000
|
1,543,097
(a)
|
|||
|
MS&AD Insurance Group Holdings Inc.
|
76,800
|
2,004,140
(a)
|
|||
See Notes to Financial Statements.
Franklin International Equity Fund 2026 Semi-Annual Report
3
Schedule of Investments (unaudited) (cont'd) March 31, 2026
Franklin International Equity Fund
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Insurance - continued
|
|||||
|
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen,
Registered Shares
|
2,871
|
$1,813,155
(a)
|
|||
|
NN Group NV
|
19,440
|
1,518,185
(a)
|
|||
|
Sompo Holdings Inc.
|
44,600
|
1,736,200
(a)
|
|||
|
Total Insurance
|
18,503,161
|
||||
|
|
|||||
|
Total Financials
|
64,768,128
|
||||
|
Health Care - 11.6%
|
|||||
|
Health Care Equipment & Supplies - 0.9%
|
|||||
|
Hoya Corp.
|
5,700
|
988,155
(a)
|
|||
|
Olympus Corp.
|
51,200
|
487,799
(a)
|
|||
|
Smith & Nephew PLC
|
79,701
|
1,262,784
(a)
|
|||
|
Total Health Care Equipment & Supplies
|
2,738,738
|
||||
|
Health Care Technology - 0.1%
|
|||||
|
Pro Medicus Ltd.
|
4,426
|
364,777
(a)
|
|||
|
Pharmaceuticals - 10.6%
|
|||||
|
Astellas Pharma Inc.
|
129,100
|
2,104,564
(a)
|
|||
|
AstraZeneca PLC
|
29,143
|
5,698,622
(a)
|
|||
|
Chugai Pharmaceutical Co. Ltd.
|
29,800
|
1,643,425
(a)
|
|||
|
GSK PLC
|
115,986
|
3,194,890
(a)
|
|||
|
Ipsen SA
|
8,585
|
1,604,396
(a)
|
|||
|
Novartis AG, Registered Shares
|
36,898
|
5,663,638
(a)
|
|||
|
Novo Nordisk A/S, Class B Shares
|
15,286
|
559,383
(a)
|
|||
|
Roche Holding AG
|
14,407
|
5,749,702
(a)
|
|||
|
Sanofi SA
|
30,000
|
2,897,095
(a)
|
|||
|
Shionogi & Co. Ltd.
|
74,100
|
1,639,162
(a)
|
|||
|
Total Pharmaceuticals
|
30,754,877
|
||||
|
|
|||||
|
Total Health Care
|
33,858,392
|
||||
|
Industrials - 18.1%
|
|||||
|
Aerospace & Defense - 3.0%
|
|||||
|
Airbus SE
|
2,648
|
500,665
(a)
|
|||
|
BAE Systems PLC
|
68,317
|
2,002,953
(a)
|
|||
|
Rolls-Royce Holdings PLC
|
221,094
|
3,358,954
(a)
|
|||
|
Safran SA
|
8,715
|
2,851,804
(a)
|
|||
|
Total Aerospace & Defense
|
8,714,376
|
||||
|
Air Freight & Logistics - 0.7%
|
|||||
|
Deutsche Post AG
|
39,149
|
2,063,424
(a)
|
|||
|
Building Products - 1.4%
|
|||||
|
Cie de Saint-Gobain SA
|
10,410
|
861,890
(a)
|
|||
|
Daikin Industries Ltd.
|
14,900
|
1,787,209
(a)
|
|||
See Notes to Financial Statements.
4
Franklin International Equity Fund 2026 Semi-Annual Report
Franklin International Equity Fund
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Building Products - continued
|
|||||
|
Geberit AG, Registered Shares
|
2,033
|
$1,372,337
(a)
|
|||
|
Total Building Products
|
4,021,436
|
||||
|
Commercial Services & Supplies - 0.4%
|
|||||
|
Brambles Ltd.
|
66,486
|
1,043,450
(a)
|
|||
|
Construction & Engineering - 1.4%
|
|||||
|
ACS Actividades de Construccion y Servicios SA
|
18,594
|
2,267,638
(a)
|
|||
|
Bouygues SA
|
11,394
|
660,359
(a)
|
|||
|
Eiffage SA
|
5,594
|
857,939
(a)
|
|||
|
Taisei Corp.
|
2,500
|
259,004
(a)
|
|||
|
Total Construction & Engineering
|
4,044,940
|
||||
|
Electrical Equipment - 2.5%
|
|||||
|
ABB Ltd., Registered Shares
|
39,788
|
3,235,081
(a)
|
|||
|
Mitsubishi Electric Corp.
|
40,300
|
1,318,096
(a)
|
|||
|
Schneider Electric SE
|
3,196
|
870,532
(a)
|
|||
|
Vestas Wind Systems A/S
|
65,459
|
1,974,960
(a)
|
|||
|
Total Electrical Equipment
|
7,398,669
|
||||
|
Ground Transportation - 0.7%
|
|||||
|
Central Japan Railway Co.
|
56,600
|
1,471,668
(a)
|
|||
|
Seibu Holdings Inc.
|
23,300
|
650,973
(a)
|
|||
|
Total Ground Transportation
|
2,122,641
|
||||
|
Industrial Conglomerates - 0.6%
|
|||||
|
Hitachi Ltd.
|
26,300
|
771,524
(a)
|
|||
|
Siemens AG, Registered Shares
|
4,279
|
1,042,510
(a)
|
|||
|
Total Industrial Conglomerates
|
1,814,034
|
||||
|
Machinery - 3.2%
|
|||||
|
Atlas Copco AB, Class A Shares
|
32,781
|
578,481
(a)
|
|||
|
GEA Group AG
|
19,912
|
1,428,043
(a)
|
|||
|
Kone oyj, Class B Shares
|
15,001
|
957,675
(a)
|
|||
|
Makita Corp.
|
37,300
|
1,225,915
(a)
|
|||
|
Mitsubishi Heavy Industries Ltd.
|
16,800
|
461,608
(a)
|
|||
|
Schindler Holding AG
|
3,546
|
1,168,027
(a)
|
|||
|
Wartsila oyj Abp
|
49,293
|
1,836,065
(a)
|
|||
|
Yangzijiang Shipbuilding Holdings Ltd.
|
558,800
|
1,659,855
(a)
|
|||
|
Total Machinery
|
9,315,669
|
||||
|
Marine Transportation - 0.6%
|
|||||
|
SITC International Holdings Co. Ltd.
|
375,000
|
1,641,946
(a)
|
|||
|
Passenger Airlines - 0.6%
|
|||||
|
International Consolidated Airlines Group SA
|
340,363
|
1,615,469
(a)
|
|||
|
Professional Services - 1.3%
|
|||||
|
Recruit Holdings Co. Ltd.
|
56,300
|
2,452,990
(a)
|
|||
See Notes to Financial Statements.
Franklin International Equity Fund 2026 Semi-Annual Report
5
Schedule of Investments (unaudited) (cont'd) March 31, 2026
Franklin International Equity Fund
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Professional Services - continued
|
|||||
|
RELX PLC
|
25,160
|
$824,301
(a)
|
|||
|
Wolters Kluwer NV
|
6,511
|
486,295
(a)
|
|||
|
Total Professional Services
|
3,763,586
|
||||
|
Trading Companies & Distributors - 1.1%
|
|||||
|
AerCap Holdings NV
|
12,184
|
1,671,401
|
|||
|
Mitsubishi Corp.
|
12,600
|
432,255
(a)
|
|||
|
Toyota Tsusho Corp.
|
32,000
|
1,240,217
(a)
|
|||
|
Total Trading Companies & Distributors
|
3,343,873
|
||||
|
Transportation Infrastructure - 0.6%
|
|||||
|
Aena SME SA
|
59,646
|
1,759,395
(b)
|
|||
|
|
|||||
|
Total Industrials
|
52,662,908
|
||||
|
Information Technology - 10.1%
|
|||||
|
Communications Equipment - 0.5%
|
|||||
|
Telefonaktiebolaget LM Ericsson, Class B Shares
|
134,368
|
1,531,827
(a)
|
|||
|
Electronic Equipment, Instruments & Components - 0.5%
|
|||||
|
Yokogawa Electric Corp.
|
43,600
|
1,347,404
(a)
|
|||
|
Semiconductors & Semiconductor Equipment - 6.3%
|
|||||
|
Advantest Corp.
|
23,900
|
3,298,360
(a)
|
|||
|
ASML Holding NV
|
6,857
|
9,118,141
(a)
|
|||
|
Kioxia Holdings Corp.
|
4,700
|
613,821
*(a)
|
|||
|
Lasertec Corp.
|
7,300
|
1,624,787
(a)
|
|||
|
SCREEN Holdings Co. Ltd.
|
7,200
|
428,951
(a)
|
|||
|
Tokyo Electron Ltd.
|
13,600
|
3,378,933
(a)
|
|||
|
Total Semiconductors & Semiconductor Equipment
|
18,462,993
|
||||
|
Software - 2.2%
|
|||||
|
Check Point Software Technologies Ltd.
|
8,191
|
1,170,084
*
|
|||
|
Nice Ltd.
|
10,854
|
1,198,375
*(a)
|
|||
|
Sage Group PLC
|
70,991
|
795,482
(a)
|
|||
|
SAP SE
|
18,255
|
3,112,161
(a)
|
|||
|
Total Software
|
6,276,102
|
||||
|
Technology Hardware, Storage & Peripherals - 0.6%
|
|||||
|
Logitech International SA, Registered Shares
|
17,517
|
1,626,708
(a)
|
|||
|
|
|||||
|
Total Information Technology
|
29,245,034
|
||||
|
Materials - 5.9%
|
|||||
|
Chemicals - 2.1%
|
|||||
|
Air Liquide SA
|
1,553
|
321,003
(a)
|
|||
|
Asahi Kasei Corp.
|
155,000
|
1,516,594
(a)
|
|||
|
Mitsubishi Chemical Group Corp.
|
199,300
|
1,165,134
(a)
|
|||
|
Nitto Denko Corp.
|
51,400
|
1,028,217
(a)
|
|||
See Notes to Financial Statements.
6
Franklin International Equity Fund 2026 Semi-Annual Report
Franklin International Equity Fund
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Chemicals - continued
|
|||||
|
Yara International ASA
|
33,002
|
$1,929,113
(a)
|
|||
|
Total Chemicals
|
5,960,061
|
||||
|
Construction Materials - 0.6%
|
|||||
|
Holcim AG
|
21,917
|
1,811,702
(a)
|
|||
|
Metals & Mining - 3.2%
|
|||||
|
BHP Group Ltd.
|
112,155
|
4,058,051
(a)
|
|||
|
Evolution Mining Ltd.
|
28,377
|
255,527
(a)
|
|||
|
Evraz PLC
|
161,909
|
0
*(a)(c)(d)
|
|||
|
Fortescue Ltd.
|
109,320
|
1,562,139
(a)
|
|||
|
Fresnillo PLC
|
11,065
|
490,467
(a)
|
|||
|
Kinross Gold Corp.
|
56,000
|
1,712,084
|
|||
|
OceanaGold Corp.
|
43,433
|
1,369,399
|
|||
|
Total Metals & Mining
|
9,447,667
|
||||
|
|
|||||
|
Total Materials
|
17,219,430
|
||||
|
Real Estate - 0.5%
|
|||||
|
Real Estate Management & Development - 0.5%
|
|||||
|
Altus Group Ltd.
|
32,400
|
1,112,142
|
|||
|
CK Asset Holdings Ltd.
|
57,500
|
329,003
(a)
|
|||
|
|
|||||
|
Total Real Estate
|
1,441,145
|
||||
|
Utilities - 5.5%
|
|||||
|
Electric Utilities - 3.2%
|
|||||
|
Acciona SA
|
4,831
|
1,270,372
(a)
|
|||
|
Endesa SA
|
43,210
|
1,801,990
|
|||
|
Enel SpA
|
238,016
|
2,602,188
(a)
|
|||
|
Iberdrola SA
|
153,020
|
3,503,265
(a)
|
|||
|
Total Electric Utilities
|
9,177,815
|
||||
|
Gas Utilities - 1.1%
|
|||||
|
Osaka Gas Co. Ltd.
|
37,200
|
1,506,768
(a)
|
|||
|
Tokyo Gas Co. Ltd.
|
37,300
|
1,756,683
(a)
|
|||
|
Total Gas Utilities
|
3,263,451
|
||||
|
Independent Power and Renewable Electricity Producers - 0.5%
|
|||||
|
RWE AG
|
23,488
|
1,580,246
(a)
|
|||
|
Multi-Utilities - 0.7%
|
|||||
|
Centrica PLC
|
690,744
|
1,955,798
(a)
|
|||
|
|
|||||
|
Total Utilities
|
15,977,310
|
||||
|
Total Investments before Short-Term Investments (Cost - $230,073,064)
|
279,830,897
|
||||
See Notes to Financial Statements.
Franklin International Equity Fund 2026 Semi-Annual Report
7
Schedule of Investments (unaudited) (cont'd) March 31, 2026
Franklin International Equity Fund
(Percentages shown based on Fund net assets)
|
Security
|
|
Rate
|
|
Shares
|
Value
|
|
Short-Term Investments - 1.2%
|
|||||
|
Invesco Treasury Portfolio, Institutional Class
(Cost - $3,525,884)
|
3.562%
|
3,525,884
|
$3,525,884
(e)
|
||
|
Total Investments - 97.4% (Cost - $233,598,948)
|
283,356,781
|
||||
|
Other Assets in Excess of Liabilities - 2.6%
|
7,636,270
|
||||
|
Total Net Assets - 100.0%
|
$290,993,051
|
||||
|
*
|
Non-income producing security.
|
|
(a)
|
Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).
|
|
(b)
|
Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in
transactions that are exempt from registration, normally to qualified institutional buyers. This security has been
deemed liquid pursuant to guidelines approved by the Board of Trustees.
|
|
(c)
|
Security is valued using significant unobservable inputs (Note 1).
|
|
(d)
|
Value is less than $1.
|
|
(e)
|
Rate shown is one-day yield as of the end of the reporting period.
|
See Notes to Financial Statements.
8
Franklin International Equity Fund 2026 Semi-Annual Report
Franklin International Equity Fund
|
Summary of Investments by Country#
|
|
|
Japan
|
23.0
%
|
|
United Kingdom
|
14.6
|
|
United States
|
10.6
|
|
France
|
8.0
|
|
Germany
|
7.6
|
|
Spain
|
5.8
|
|
Netherlands
|
5.4
|
|
Australia
|
4.8
|
|
Switzerland
|
3.5
|
|
Canada
|
2.8
|
|
Italy
|
2.8
|
|
Ireland
|
1.3
|
|
Sweden
|
1.3
|
|
China
|
1.2
|
|
Denmark
|
1.1
|
|
Hong Kong
|
1.0
|
|
Finland
|
1.0
|
|
Israel
|
0.8
|
|
Brazil
|
0.7
|
|
Norway
|
0.6
|
|
Singapore
|
0.5
|
|
Mexico
|
0.2
|
|
Macau
|
0.2
|
|
Russia
|
0.0
‡
|
|
Short-Term Investments
|
1.2
|
|
|
100.0
%
|
|
#
|
As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2026, and are subject
to change.
|
|
‡
|
Represents less than 0.1%.
|
See Notes to Financial Statements.
Franklin International Equity Fund 2026 Semi-Annual Report
9
Statement of Assets and Liabilities (unaudited) March 31, 2026
|
Assets:
|
|
|
Investments, at value (Cost - $233,598,948)
|
$283,356,781
|
|
Foreign currency, at value (Cost - $50,851)
|
51,186
|
|
Cash
|
54
|
|
Receivable for Fund shares sold
|
6,430,603
|
|
Dividends receivable
|
1,626,881
|
|
European Union tax reclaims receivable (Note 1)
|
139,631
|
|
Prepaid expenses
|
55,051
|
|
Total Assets
|
291,660,187
|
|
Liabilities:
|
|
|
Payable for Fund shares repurchased
|
288,980
|
|
Investment management fee payable
|
173,254
|
|
Fund accounting fees payable
|
67,399
|
|
European Union tax reclaim contingent fees payable (Note 1)
|
33,875
|
|
Service and/or distribution fees payable
|
21,083
|
|
Accrued expenses
|
82,545
|
|
Total Liabilities
|
667,136
|
|
Total Net Assets
|
$290,993,051
|
|
Net Assets:
|
|
|
Par value (Note 7)
|
$140
|
|
Paid-in capital in excess of par value
|
219,286,327
|
|
Total distributable earnings (loss)
|
71,706,584
|
|
Total Net Assets
|
$290,993,051
|
See Notes to Financial Statements.
10
Franklin International Equity Fund 2026 Semi-Annual Report
|
Net Assets:
|
|
|
Class A
|
$73,982,686
|
|
Class C
|
$4,130,650
|
|
Class FI
|
$2,795,145
|
|
Class R
|
$2,988,001
|
|
Class I
|
$75,304,539
|
|
Class IS
|
$131,792,030
|
|
Shares Outstanding:
|
|
|
Class A
|
3,696,446
|
|
Class C
|
200,419
|
|
Class FI
|
131,385
|
|
Class R
|
140,271
|
|
Class I
|
3,550,502
|
|
Class IS
|
6,232,897
|
|
Net Asset Value:
|
|
|
Class A (and redemption price)
|
$20.01
|
|
Class C*
|
$20.61
|
|
Class FI (and redemption price)
|
$21.27
|
|
Class R (and redemption price)
|
$21.30
|
|
Class I (and redemption price)
|
$21.21
|
|
Class IS (and redemption price)
|
$21.14
|
|
Maximum Public Offering Price Per Share:
|
|
|
Class A (based on maximum initial sales charge of 5.50%)
|
$21.17
|
|
*
|
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.
Franklin International Equity Fund 2026 Semi-Annual Report
11
Statement of Operations (unaudited) For the Six Months Ended March 31, 2026
|
Investment Income:
|
|
|
Dividends
|
$3,383,512
|
|
European Union tax reclaims (Note 1)
|
444
|
|
Less: Foreign taxes withheld
|
(282,218
)
|
|
Total Investment Income
|
3,101,738
|
|
Expenses:
|
|
|
Investment management fee (Note 2)
|
1,116,726
|
|
Service and/or distribution fees (Notes 2 and 5)
|
113,058
|
|
Transfer agent fees (Notes 2 and 5)
|
96,689
|
|
Fund accounting fees
|
49,144
|
|
Registration fees
|
48,368
|
|
Legal fees
|
22,760
|
|
Audit and tax fees
|
21,822
|
|
Shareholder reports
|
14,865
|
|
Custody fees
|
10,694
|
|
Trustees' fees
|
7,687
|
|
Commitment fees (Note 8)
|
1,222
|
|
Insurance
|
987
|
|
Fees recaptured by investment manager (Note 2)
|
41
|
|
Miscellaneous expenses
|
24,167
|
|
Total Expenses
|
1,528,230
|
|
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)
|
(60,710
)
|
|
Net Expenses
|
1,467,520
|
|
Net Investment Income
|
1,634,218
|
|
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency
Transactions (Notes 1, 3 and 4):
|
|
|
Net Realized Gain (Loss) From:
|
|
|
Investment transactions
|
25,698,008
|
|
Futures contracts
|
231,017
|
|
Foreign currency transactions
|
(8,713
)
|
|
Net Realized Gain
|
25,920,312
|
|
Change in Net Unrealized Appreciation (Depreciation) From:
|
|
|
Investments
|
(11,212,262
)
|
|
Futures contracts
|
(64,328
)
|
|
Foreign currencies
|
(11,363
)
|
|
Change in Net Unrealized Appreciation (Depreciation)
|
(11,287,953
)
|
|
Net Gain on Investments, Futures Contracts and Foreign Currency Transactions
|
14,632,359
|
|
Increase in Net Assets From Operations
|
$16,266,577
|
See Notes to Financial Statements.
12
Franklin International Equity 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
|
$1,634,218
|
$5,218,468
|
|
Net realized gain
|
25,920,312
|
18,462,679
|
|
Change in net unrealized appreciation (depreciation)
|
(11,287,953
)
|
23,539,568
|
|
Increase in Net Assets From Operations
|
16,266,577
|
47,220,715
|
|
Distributions to Shareholders From (Notes 1 and 6):
|
||
|
Total distributable earnings
|
(25,540,855
)
|
(15,111,970
)
|
|
Decrease in Net Assets From Distributions to Shareholders
|
(25,540,855
)
|
(15,111,970
)
|
|
Fund Share Transactions (Note 7):
|
||
|
Net proceeds from sale of shares
|
38,267,180
|
63,814,814
|
|
Reinvestment of distributions
|
25,433,420
|
15,054,836
|
|
Cost of shares repurchased
|
(64,170,132
)
|
(62,823,897
)
|
|
Increase (Decrease) in Net Assets From Fund Share
Transactions
|
(469,532
)
|
16,045,753
|
|
Increase (Decrease) in Net Assets
|
(9,743,810
)
|
48,154,498
|
|
Net Assets:
|
||
|
Beginning of period
|
300,736,861
|
252,582,363
|
|
End of period
|
$290,993,051
|
$300,736,861
|
See Notes to Financial Statements.
Franklin International Equity 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
|
$20.82
|
$18.80
|
$15.61
|
$12.51
|
$17.51
|
$14.16
|
|
Income (loss) from operations:
|
||||||
|
Net investment income
|
0.10
|
0.32
|
0.33
|
0.32
|
0.42
|
0.28
|
|
Net realized and unrealized gain (loss)
|
0.93
|
2.80
|
3.29
|
3.35
|
(4.36
)
|
3.31
|
|
Total income (loss) from
operations
|
1.03
|
3.12
|
3.62
|
3.67
|
(3.94)
|
3.59
|
|
Less distributions from:
|
||||||
|
Net investment income
|
(0.38
)
|
(0.37
)
|
(0.43
)
|
(0.55
)
|
(0.33
)
|
(0.24
)
|
|
Net realized gains
|
(1.46
)
|
(0.73
)
|
-
|
(0.02
)
|
(0.73
)
|
-
|
|
Total distributions
|
(1.84
)
|
(1.10
)
|
(0.43
)
|
(0.57
)
|
(1.06
)
|
(0.24
)
|
|
Net asset value, end of period
|
$20.01
|
$20.82
|
$18.80
|
$15.61
|
$12.51
|
$17.51
|
|
Total return3
|
5.12
%
|
18.06
%
|
23.66
%
|
29.73
%
|
(23.94
)%
|
25.53
%
|
|
Net assets, end of period (000s)
|
$73,983
|
$60,393
|
$39,345
|
$25,935
|
$19,460
|
$26,636
|
|
Ratios to average net assets:
|
||||||
|
Gross expenses
|
1.26
%4
|
1.29
%5
|
1.29
%5
|
1.38
%5
|
1.28
%
|
1.29
%
|
|
Net expenses6,7
|
1.23
4
|
1.24
5
|
1.24
5
|
1.26
5
|
1.24
|
1.24
|
|
Net investment income
|
0.98
|
1.74
|
1.92
|
2.14
|
2.70
|
1.68
|
|
Portfolio turnover rate
|
25
%
|
44
%
|
63
%
|
34
%
|
33
%8
|
41
%
|
|
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
|
Annualized.
|
|
5
|
Included in the expense ratios are certain non-recurring European Union tax reclaim contingent fees that were
incurred by the Fund during the year. Without these fees, the gross and net expense ratios would have been 1.29%
and 1.24%, respectively, for the year ended September 30, 2025, 1.26% and 1.22%, respectively, for the year
ended September 30, 2024 and 1.32% and 1.20%, respectively, for the year ended September 30, 2023.
|
|
6
|
As a result of an expense limitation arrangement, effective May 21, 2021, the ratio of total annual fund operating
expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary
expenses and acquired fund fees and expenses, to average net assets of Class A shares did not exceed 1.28%.
This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of
Trustees' consent. Prior to May 21, 2021, the expense limitation was 1.30%.
|
|
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.
14
Franklin International Equity 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
|
$21.32
|
$19.21
|
$15.91
|
$12.73
|
$17.76
|
$14.35
|
|
Income (loss) from operations:
|
||||||
|
Net investment income
|
0.03
|
0.17
|
0.18
|
0.19
|
0.30
|
0.13
|
|
Net realized and unrealized gain (loss)
|
0.95
|
2.89
|
3.38
|
3.42
|
(4.44
)
|
3.37
|
|
Total income (loss) from operations
|
0.98
|
3.06
|
3.56
|
3.61
|
(4.14)
|
3.50
|
|
Less distributions from:
|
||||||
|
Net investment income
|
(0.23
)
|
(0.22
)
|
(0.26
)
|
(0.41
)
|
(0.16
)
|
(0.09
)
|
|
Net realized gains
|
(1.46
)
|
(0.73
)
|
-
|
(0.02
)
|
(0.73
)
|
-
|
|
Total distributions
|
(1.69
)
|
(0.95
)
|
(0.26
)
|
(0.43
)
|
(0.89
)
|
(0.09
)
|
|
Net asset value, end of period
|
$20.61
|
$21.32
|
$19.21
|
$15.91
|
$12.73
|
$17.76
|
|
Total return3
|
4.74
%
|
17.13
%
|
22.61
%
|
28.59
%
|
(24.50
)%
|
24.49
%
|
|
Net assets, end of period (000s)
|
$4,131
|
$3,159
|
$2,267
|
$2,013
|
$2,057
|
$3,132
|
|
Ratios to average net assets:
|
||||||
|
Gross expenses
|
2.03
%4,5
|
2.09
%5,6
|
2.14
%6
|
2.22
%5,6
|
2.11
%
|
2.09
%
|
|
Net expenses7,8
|
2.00
4,5
|
2.05
5,6
|
2.08
6
|
2.11
5,6
|
2.05
|
2.04
|
|
Net investment income
|
0.27
|
0.89
|
0.99
|
1.20
|
1.87
|
0.75
|
|
Portfolio turnover rate
|
25
%
|
44
%
|
63
%
|
34
%
|
33
%9
|
41
%
|
|
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
|
Annualized.
|
|
5
|
Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
|
|
6
|
Included in the expense ratios are certain non-recurring European Union tax reclaim contingent fees that were
incurred by the Fund during the year. Without these fees, the gross and net expense ratios would have been 2.09%
and 2.05%, respectively, for the year ended September 30, 2025, 2.11% and 2.05%, respectively, for the year
ended September 30, 2024 and 2.17% and 2.05%, respectively, for the year ended September 30, 2023.
|
|
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 2.05%. This expense limitation
arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent.
|
|
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.
Franklin International Equity 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 FI Shares1
|
20262
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
Net asset value, beginning of period
|
$22.01
|
$19.79
|
$16.40
|
$13.11
|
$18.30
|
$14.77
|
|
Income (loss) from operations:
|
||||||
|
Net investment income
|
0.09
|
0.32
|
0.33
|
0.33
|
0.43
|
0.27
|
|
Net realized and unrealized gain (loss)
|
0.99
|
2.99
|
3.48
|
3.51
|
(4.57
)
|
3.47
|
|
Total income (loss) from operations
|
1.08
|
3.31
|
3.81
|
3.84
|
(4.14)
|
3.74
|
|
Less distributions from:
|
||||||
|
Net investment income
|
(0.36
)
|
(0.36
)
|
(0.42
)
|
(0.53
)
|
(0.32
)
|
(0.21
)
|
|
Net realized gains
|
(1.46
)
|
(0.73
)
|
-
|
(0.02
)
|
(0.73
)
|
-
|
|
Total distributions
|
(1.82
)
|
(1.09
)
|
(0.42
)
|
(0.55
)
|
(1.05
)
|
(0.21
)
|
|
Net asset value, end of period
|
$21.27
|
$22.01
|
$19.79
|
$16.40
|
$13.11
|
$18.30
|
|
Total return3
|
5.13
%
|
18.02
%
|
23.62
%
|
29.68
%
|
(23.98
)%
|
25.52
%
|
|
Net assets, end of period (000s)
|
$2,795
|
$2,840
|
$2,710
|
$2,127
|
$1,808
|
$2,897
|
|
Ratios to average net assets:
|
||||||
|
Gross expenses
|
1.28
%4
|
1.30
%5
|
1.33
%5
|
1.43
%5
|
1.33
%
|
1.31
%
|
|
Net expenses6,7
|
1.25
4
|
1.26
5
|
1.28
5
|
1.31
5
|
1.28
|
1.26
|
|
Net investment income
|
0.85
|
1.64
|
1.79
|
2.08
|
2.62
|
1.57
|
|
Portfolio turnover rate
|
25
%
|
44
%
|
63
%
|
34
%
|
33
%8
|
41
%
|
|
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
|
Annualized.
|
|
5
|
Included in the expense ratios are certain non-recurring European Union tax reclaim contingent fees that were
incurred by the Fund during the year. Without these fees, the gross and net expense ratios would have been
1.30%and 1.26%, respectively, for the year ended September 30, 2025, 1.30% and 1.26%, respectively, for the
year ended September 30, 2024 and 1.37% and 1.25%, respectively, for the year ended September 30, 2023.
|
|
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 FI shares did not exceed 1.30%. This expense limitation
arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent.
|
|
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.
16
Franklin International Equity 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 R Shares1
|
20262
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
Net asset value, beginning of period
|
$22.01
|
$19.82
|
$16.42
|
$13.14
|
$18.17
|
$14.69
|
|
Income (loss) from operations:
|
||||||
|
Net investment income
|
0.06
|
0.30
|
0.29
|
0.28
|
0.37
|
0.20
|
|
Net realized and unrealized gain (loss)
|
1.00
|
2.96
|
3.47
|
3.52
|
(4.55
)
|
3.46
|
|
Total income (loss) from operations
|
1.06
|
3.26
|
3.76
|
3.80
|
(4.18)
|
3.66
|
|
Less distributions from:
|
||||||
|
Net investment income
|
(0.31
)
|
(0.34
)
|
(0.36
)
|
(0.50
)
|
(0.12
)
|
(0.18
)
|
|
Net realized gains
|
(1.46
)
|
(0.73
)
|
-
|
(0.02
)
|
(0.73
)
|
-
|
|
Total distributions
|
(1.77
)
|
(1.07
)
|
(0.36
)
|
(0.52
)
|
(0.85
)
|
(0.18
)
|
|
Net asset value, end of period
|
$21.30
|
$22.01
|
$19.82
|
$16.42
|
$13.14
|
$18.17
|
|
Total return3
|
4.95
%
|
17.73
%
|
23.24
%
|
29.29
%
|
(24.13
)%
|
25.08
%
|
|
Net assets, end of period (000s)
|
$2,988
|
$3,000
|
$1,725
|
$1,094
|
$919
|
$1,136
|
|
Ratios to average net assets:
|
||||||
|
Gross expenses
|
1.60
%4
|
1.58
%5
|
1.62
%5,6
|
1.73
%5,6
|
1.60
%6
|
1.62
%
|
|
Net expenses7,8
|
1.55
4
|
1.53
5
|
1.57
5,6
|
1.61
5,6
|
1.55
6
|
1.55
|
|
Net investment income
|
0.59
|
1.50
|
1.59
|
1.74
|
2.28
|
1.16
|
|
Portfolio turnover rate
|
25
%
|
44
%
|
63
%
|
34
%
|
33
%9
|
41
%
|
|
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
|
Annualized.
|
|
5
|
Included in the expense ratios are certain non-recurring European Union tax reclaim contingent fees that were
incurred by the Fund during the year. Without these fees, the gross and net expense ratios would have been
1.58%and 1.53%, respectively, for the year ended September 30, 2025, 1.60% and 1.55%, respectively, for the
year ended September 30, 2024 and 1.67% and 1.55%, respectively, for the year ended September 30, 2023.
|
|
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 R shares did not exceed 1.55%. This expense limitation
arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent.
|
|
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.
Franklin International Equity 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 I Shares1
|
20262
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
Net asset value, beginning of period
|
$21.97
|
$19.77
|
$16.39
|
$13.11
|
$18.30
|
$14.78
|
|
Income (loss) from operations:
|
||||||
|
Net investment income
|
0.13
|
0.38
|
0.42
|
0.39
|
0.49
|
0.28
|
|
Net realized and unrealized gain (loss)
|
1.00
|
2.97
|
3.43
|
3.50
|
(4.57
)
|
3.52
|
|
Total income (loss) from
operations
|
1.13
|
3.35
|
3.85
|
3.89
|
(4.08)
|
3.80
|
|
Less distributions from:
|
||||||
|
Net investment income
|
(0.43
)
|
(0.42
)
|
(0.47
)
|
(0.59
)
|
(0.38
)
|
(0.28
)
|
|
Net realized gains
|
(1.46
)
|
(0.73
)
|
-
|
(0.02
)
|
(0.73
)
|
-
|
|
Total distributions
|
(1.89
)
|
(1.15
)
|
(0.47
)
|
(0.61
)
|
(1.11
)
|
(0.28
)
|
|
Net asset value, end of period
|
$21.21
|
$21.97
|
$19.77
|
$16.39
|
$13.11
|
$18.30
|
|
Total return3
|
5.30
%
|
18.41
%
|
23.98
%
|
30.09
%
|
(23.73
)%
|
25.92
%
|
|
Net assets, end of period (000s)
|
$75,305
|
$74,522
|
$54,683
|
$9,397
|
$5,897
|
$9,397
|
|
Ratios to average net assets:
|
||||||
|
Gross expenses
|
1.01
%4
|
1.01
%5
|
1.03
%5
|
1.12
%5,6
|
1.00
%6
|
1.01
%
|
|
Net expenses7,8
|
0.95
4
|
0.95
5
|
0.97
5
|
1.00
5,6
|
0.95
6
|
0.95
|
|
Net investment income
|
1.18
|
1.96
|
2.28
|
2.46
|
2.96
|
1.60
|
|
Portfolio turnover rate
|
25
%
|
44
%
|
63
%
|
34
%
|
33
%9
|
41
%
|
|
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
|
Annualized.
|
|
5
|
Included in the expense ratios are certain non-recurring European Union tax reclaim contingent fees that were
incurred by the Fund during the year. Without these fees, the gross and net expense ratios would have been
1.01%and 0.95%, respectively, for the year ended September 30, 2025, 1.01% and 0.95%, respectively, for the
year ended September 30, 2024 and 1.07% and 0.95%, respectively, for the year ended September 30, 2023.
|
|
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 I shares did not exceed 0.95%. This expense limitation
arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees' consent.
|
|
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.
18
Franklin International Equity 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 IS Shares1
|
20262
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
Net asset value, beginning of period
|
$21.92
|
$19.72
|
$16.35
|
$13.08
|
$18.27
|
$14.76
|
|
Income (loss) from operations:
|
||||||
|
Net investment income
|
0.12
|
0.40
|
0.42
|
0.39
|
0.49
|
0.37
|
|
Net realized and unrealized gain
(loss)
|
1.01
|
2.96
|
3.44
|
3.51
|
(4.55
)
|
3.43
|
|
Total income (loss) from
operations
|
1.13
|
3.36
|
3.86
|
3.90
|
(4.06)
|
3.80
|
|
Less distributions from:
|
||||||
|
Net investment income
|
(0.45
)
|
(0.43
)
|
(0.49
)
|
(0.61
)
|
(0.40
)
|
(0.29
)
|
|
Net realized gains
|
(1.46
)
|
(0.73
)
|
-
|
(0.02
)
|
(0.73
)
|
-
|
|
Total distributions
|
(1.91
)
|
(1.16
)
|
(0.49
)
|
(0.63
)
|
(1.13
)
|
(0.29
)
|
|
Net asset value, end of period
|
$21.14
|
$21.92
|
$19.72
|
$16.35
|
$13.08
|
$18.27
|
|
Total return3
|
5.31
%
|
18.54
%
|
24.14
%
|
30.14
%
|
(23.65
)%
|
26.02
%
|
|
Net assets, end of period (millions)
|
$132
|
$157
|
$151,853
|
$137,675
|
$99,750
|
$206,307
|
|
Ratios to average net assets:
|
||||||
|
Gross expenses
|
0.88
%4
|
0.89
%5
|
0.92
%5
|
1.03
%5
|
0.90
%
|
0.90
%
|
|
Net expenses6,7
|
0.85
4
|
0.85
5
|
0.88
5
|
0.91
5
|
0.85
|
0.85
|
|
Net investment income
|
1.14
|
2.05
|
2.31
|
2.44
|
2.94
|
2.11
|
|
Portfolio turnover rate
|
25
%
|
44
%
|
63
%
|
34
%
|
33
%8
|
41
%
|
|
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
|
Annualized.
|
|
5
|
Included in the expense ratios are certain non-recurring European Union tax reclaim contingent fees that were
incurred by the Fund during the year. Without these fees, the gross and net expense ratios would have been
0.89%and 0.85%, respectively, for the year ended September 30, 2025, 0.90% and 0.85%, respectively, for the
year ended September 30, 2024 and 0.97% and 0.85%, respectively, for the year ended September 30, 2023.
|
|
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 0.85%. 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.
|
|
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.
Franklin International Equity Fund 2026 Semi-Annual Report
19
Notes to Financial Statements (unaudited)
1. Organization and significant accounting policies
Franklin International Equity Fund (the "Fund") is a separate diversified investment series of Legg Mason Global Asset Management Trust (the "Trust"). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.
The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services - Investment Companies("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.
(a) Investment valuation. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. 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"). 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).
20
Franklin International Equity Fund 2026 Semi-Annual Report
Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund's pricing policies, and reporting to the Fund's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
Franklin International Equity Fund 2026 Semi-Annual Report
21
Notes to Financial Statements (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:
|
||||
|
Communication Services
|
$777,311
|
$8,052,673
|
-
|
$8,829,984
|
|
Consumer Staples
|
4,016,671
|
13,283,961
|
-
|
17,300,632
|
|
Energy
|
1,520,465
|
8,658,317
|
-
|
10,178,782
|
|
Financials
|
2,891,648
|
61,876,480
|
-
|
64,768,128
|
|
Industrials
|
3,430,796
|
49,232,112
|
-
|
52,662,908
|
|
Information Technology
|
1,170,084
|
28,074,950
|
-
|
29,245,034
|
|
Materials
|
3,081,483
|
14,137,947
|
$0
**
|
17,219,430
|
|
Real Estate
|
1,112,142
|
329,003
|
-
|
1,441,145
|
|
Utilities
|
1,801,990
|
14,175,320
|
-
|
15,977,310
|
|
Other Common Stocks
|
-
|
62,207,544
|
-
|
62,207,544
|
|
Total Long-Term Investments
|
19,802,590
|
260,028,307
|
0
**
|
279,830,897
|
|
Short-Term Investments†
|
3,525,884
|
-
|
-
|
3,525,884
|
|
Total Investments
|
$23,328,474
|
$260,028,307
|
$0
**
|
$283,356,781
|
|
*
|
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.
|
|
**
|
Amount represents less than $1.
|
(b) Futures contracts. The Fund uses futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in
22
Franklin International Equity Fund 2026 Semi-Annual Report
certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.
Upon entering into a futures contract, the Fund is required to deposit cash or securities with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ''initial margin'' and subsequent payments (''variation margin'') are made or received by the Fund each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. The daily changes in contract value are recorded as unrealized appreciation or depreciation in the Statement of Operations and the Fund recognizes a realized gain or loss when the contract is closed.
Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.
(c) Foreign currency translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.
The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.
Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.
Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.
Franklin International Equity Fund 2026 Semi-Annual Report
23
Notes to Financial Statements (unaudited) (cont'd)
(d) Foreign investment risks. The Fund's investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.
(e) 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.
(f) 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.
(g) 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.
(h) 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.
(i) 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
24
Franklin International Equity Fund 2026 Semi-Annual Report
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 received such amounts for an extended period of time, depending on the country of investment.
As a result of several court cases, in certain countries across the European Union, the Fund filed additional tax reclaims for previously withheld taxes on dividends earned in those countries ("EU reclaims"). Income recognized, if any, for EU reclaims is reflected as European Union tax reclaims in the Statement of Operations and any related receivable is reflected as European Union tax reclaims receivable in the Statement of Assets and Liabilities. Any fees associated with these filings are reflected as European Union tax reclaim contingent fees in the Statement of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by the Fund, if any, reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns.
(j) 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 Franklin Advisers, Inc. ("Franklin Advisers") is the Fund's subadviser. Western Asset Management Company, LLC ("Western Asset") manages the portion of the Fund's cash and short-term instruments allocated to it. FTFA, Franklin Advisers and Western Asset are wholly-owned subsidiaries of Franklin Resources, Inc. ("Franklin Resources").
Franklin International Equity Fund 2026 Semi-Annual Report
25
Notes to Financial Statements (unaudited) (cont'd)
Under the investment management agreement, the Fund pays an investment management fee, calculated daily and paid monthly, in accordance with the following breakpoint schedule:
|
Average Daily Net Assets
|
Annual Rate
|
|
First $1 billion
|
0.750
%
|
|
Next $1 billion
|
0.700
|
|
Next $3 billion
|
0.650
|
|
Next $5 billion
|
0.600
|
|
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, except for the management of the portion of the cash and short-term instruments allocated to Western Asset. For its services, FTFA pays Franklin Advisers a fee monthly, at an annual rate equal to 66 2/3% of the net management fee it receives from the Fund. For Western Asset's services to the Fund, FTFA pays Western Asset monthly 0.02% of the portion of the Fund's average daily net assets that are allocated to Western Asset by FTFA.
As a result of expense limitation arrangements between the Fund and FTFA, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A, Class C, Class FI, Class R, Class I and Class IS shares did not exceed 1.28%, 2.05%, 1.30%, 1.55%, 0.95% and 0.85%, 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.
During the six months ended March 31, 2026, fees waived and/or expenses reimbursed amounted to $60,710.
FTFA is permitted to recapture amounts waived and/or reimbursed to a class within three years after the fiscal year in which FTFA earned the fee or incurred the expense if the class' total annual fund operating expenses have fallen to a level below the expense limitation ("expense cap") in effect at the time the fees were earned or the expenses incurred. In no case will FTFA recapture any amount that would result, on any particular business day of the Fund, in the class' total annual fund operating expenses exceeding the expense cap or any other lower limit then in effect.
26
Franklin International Equity Fund 2026 Semi-Annual Report
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 FI
|
Class R
|
Class I
|
Class IS
|
|
Expires September 30, 2026
|
$28,720
|
$2,686
|
$2,585
|
$1,295
|
$9,679
|
$146,026
|
|
Expires September 30, 2027
|
15,127
|
936
|
1,097
|
589
|
16,869
|
79,754
|
|
Expires September 30, 2028
|
19,626
|
1,062
|
1,089
|
982
|
35,669
|
67,080
|
|
Expires September 30, 2029
|
11,545
|
616
|
496
|
704
|
22,050
|
25,299
|
|
Total fee waivers/expense
reimbursements subject to
recapture
|
$75,018
|
$5,300
|
$5,267
|
$3,570
|
$84,267
|
$318,159
|
For the six months ended March 31, 2026, fee waivers and/or expense reimbursements recaptured by FTFA were as follows:
|
|
Class C
|
|
FTFA recaptured
|
$41
|
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 $7,131 was earned by Investor Services.
There is a maximum initial sales charge of 5.50% for Class A shares. There is a contingent deferred sales charge ("CDSC") of 1.00% on Class C shares, which applies if redemption occurs within 12 months from purchase payment. In certain cases, Class A shares have a 1.00%, which applies if redemption occurs within 18 months from purchase payment. This CDSC only applies to those purchases of Class A shares, which, when combined with current holdings of other shares of funds sold by Franklin Distributors, equal or exceed $1,000,000 in the aggregate. These purchases do not incur an initial sales charge.
Franklin International Equity Fund 2026 Semi-Annual Report
27
Notes to Financial Statements (unaudited) (cont'd)
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
|
$23,330
|
-
|
|
CDSCs
|
-
|
$1
|
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 and are included in Trustees' fees payable on the Statement of Assets and Liabilities. 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.
As of March 31, 2026, Franklin Resources and its affiliates owned 33% of the Fund.
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
|
$72,886,603
|
|
Sales
|
99,050,969
|
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
|
$235,644,143
|
$61,887,199
|
$(14,174,561)
|
$47,712,638
|
4. Derivative instruments and hedging activities
At March 31, 2026, the Fund did not have any derivative instruments outstanding.
28
Franklin International Equity Fund 2026 Semi-Annual Report
The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.
|
AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED
|
|
|
|
Interest
Rate Risk
|
|
Futures contracts
|
$231,017
|
|
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED
|
|
|
|
Equity
Risk
|
|
Futures contracts
|
$(64,328
)
|
During the six months ended March 31, 2026, the volume of derivative activity for the Fund was as follows:
|
|
Average Market
Value*
|
|
Futures contracts (to buy)†
|
$6,431,122
|
|
*
|
Based on the average of the market values at each month-end during the period.
|
|
†
|
At March 31, 2026, there were no open positions held in this derivative.
|
5. Class specific expenses, waivers and/or expense reimbursements
The Fund has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan the Fund pays service and/or distribution fees with respect to its Class A, Class C, Class FI and Class R shares calculated at the annual rate of 0.25%, 1.00%, 0.25% and 0.50% of the average daily net assets of each class, respectively. Service and/or distribution fees are accrued daily and paid monthly.
For the six months ended March 31, 2026, class specific expenses were as follows:
|
|
Service and/or
Distribution Fees
|
Transfer Agent
Fees
|
|
Class A
|
$84,134
|
$42,655
|
|
Class C
|
17,951
|
2,612
|
|
Class FI
|
3,618
|
2,152
|
|
Class R
|
7,355
|
3,117
|
|
Class I
|
-
|
45,936
|
|
Class IS
|
-
|
217
|
|
Total
|
$113,058
|
$96,689
|
Franklin International Equity Fund 2026 Semi-Annual Report
29
Notes to Financial Statements (unaudited) (cont'd)
For the six months ended March 31, 2026, waivers and/or expense reimbursements by class were as follows:
|
|
Waivers/Expense
Reimbursements
|
|
Class A
|
$11,545
|
|
Class C
|
616
|
|
Class FI
|
496
|
|
Class R
|
704
|
|
Class I
|
22,050
|
|
Class IS
|
25,299
|
|
Total
|
$60,710
|
6. Distributions to shareholders by class
|
|
Six Months Ended
March 31, 2026
|
Year Ended
September 30, 2025
|
|
Net Investment Income:
|
||
|
Class A
|
$1,157,212
|
$795,472
|
|
Class C
|
35,366
|
26,162
|
|
Class FI
|
46,265
|
45,142
|
|
Class R
|
39,414
|
33,594
|
|
Class I
|
1,395,690
|
1,186,923
|
|
Class IS
|
3,050,420
|
3,412,713
|
|
Total
|
$5,724,367
|
$5,500,006
|
|
Net Realized Gains:
|
||
|
Class A
|
$4,451,112
|
$1,556,229
|
|
Class C
|
222,125
|
85,371
|
|
Class FI
|
186,294
|
92,356
|
|
Class R
|
186,697
|
73,106
|
|
Class I
|
4,779,545
|
2,052,676
|
|
Class IS
|
9,990,715
|
5,752,226
|
|
Total
|
$19,816,488
|
$9,611,964
|
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 rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.
30
Franklin International Equity Fund 2026 Semi-Annual Report
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
|
826,940
|
$17,116,049
|
1,142,204
|
$21,417,967
|
|
Shares issued on reinvestment
|
281,184
|
5,528,086
|
138,551
|
2,312,420
|
|
Shares repurchased
|
(312,225
)
|
(6,383,380
)
|
(473,367
)
|
(8,629,513
)
|
|
Net increase
|
795,899
|
$16,260,755
|
807,388
|
$15,100,874
|
|
Class C
|
||||
|
Shares sold
|
53,008
|
$1,132,232
|
44,338
|
$868,874
|
|
Shares issued on reinvestment
|
12,689
|
257,461
|
6,469
|
111,259
|
|
Shares repurchased
|
(13,422
)
|
(285,729
)
|
(20,660
)
|
(397,547
)
|
|
Net increase
|
52,275
|
$1,103,964
|
30,147
|
$582,586
|
|
Class FI
|
||||
|
Shares sold
|
4,220
|
$95,287
|
4,069
|
$78,353
|
|
Shares issued on reinvestment
|
10,817
|
226,071
|
7,571
|
133,549
|
|
Shares repurchased
|
(12,718
)
|
(282,047
)
|
(19,526
)
|
(373,145
)
|
|
Net increase (decrease)
|
2,319
|
$39,311
|
(7,886
)
|
$(161,243
)
|
|
Class R
|
||||
|
Shares sold
|
12,989
|
$285,447
|
77,451
|
$1,464,537
|
|
Shares issued on reinvestment
|
10,793
|
226,110
|
6,035
|
106,700
|
|
Shares repurchased
|
(19,797
)
|
(440,888
)
|
(34,243
)
|
(663,056
)
|
|
Net increase
|
3,985
|
$70,669
|
49,243
|
$908,181
|
|
Class I
|
||||
|
Shares sold
|
429,877
|
$9,410,801
|
1,280,527
|
$25,289,063
|
|
Shares issued on reinvestment
|
295,608
|
6,154,558
|
183,667
|
3,227,037
|
|
Shares repurchased
|
(566,349
)
|
(12,397,670
)
|
(838,757
)
|
(15,960,935
)
|
|
Net increase
|
159,136
|
$3,167,689
|
625,437
|
$12,555,165
|
|
Class IS
|
||||
|
Shares sold
|
474,448
|
$10,227,364
|
762,071
|
$14,696,020
|
|
Shares issued on reinvestment
|
628,488
|
13,041,134
|
523,351
|
9,163,871
|
|
Shares repurchased
|
(2,024,120
)
|
(44,380,418
)
|
(1,832,261
)
|
(36,799,701
)
|
|
Net decrease
|
(921,184
)
|
$(21,111,920
)
|
(546,839
)
|
$(12,939,810
)
|
8. 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
Franklin International Equity Fund 2026 Semi-Annual Report
31
Notes to Financial Statements (unaudited) (cont'd)
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.
9. Operating segments
The Fund operates as a single operating segment, which is an investment portfolio. A management group assigned to the Fund within the Fund's investment manager serves as 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.
32
Franklin International Equity Fund 2026 Semi-Annual Report
|
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.
|
|
Franklin International Equity Fund
33
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(This page intentionally left blank.)
(This page intentionally left blank.)
Franklin
International Equity 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
Franklin Advisers, Inc.
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
Franklin International Equity Fund
The Fund is a separate investment series of Legg Mason Global Asset Management Trust, a Maryland statutory trust.
Franklin International Equity 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 Franklin International Equity 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.
90067-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 18:15 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]