NPORT-EX 2 LMA5100LM063025.htm EDGAR HTML
Schedule of Investments (unaudited)
June 30, 2025
 Franklin International Equity Fund
(Percentages shown based on Fund net assets) 
Security
 
 
 
Shares
Value
Common Stocks — 98.5%
Communication Services — 4.7%
Diversified Telecommunication Services — 2.4%
Deutsche Telekom AG, Registered Shares
89,991
 $3,293,995
 (a)
Koninklijke KPN NV
260,018
1,268,417
 (a)
Telefonica SA
239,181
1,258,829
 (a)
Telenor ASA
67,198
1,046,421
 (a)
Total Diversified Telecommunication Services
6,867,662
Entertainment — 1.9%
Konami Group Corp.
13,600
2,150,184
 (a)
Sea Ltd., ADR
12,929
2,067,864
 *
Spotify Technology SA
1,802
1,382,747
 *
Total Entertainment
5,600,795
Interactive Media & Services — 0.4%
Auto Trader Group PLC
107,101
1,213,111
 (a)
 
Total Communication Services
13,681,568
Consumer Discretionary — 11.2%
Automobile Components — 0.5%
Continental AG
17,478
1,525,440
 (a)
Automobiles — 1.8%
Isuzu Motors Ltd.
32,300
409,174
 (a)
Mercedes-Benz Group AG
25,157
1,465,651
 (a)
Subaru Corp.
84,900
1,471,860
 (a)
Toyota Motor Corp.
104,200
1,794,636
 (a)
Total Automobiles
5,141,321
Broadline Retail — 0.7%
Next PLC
12,133
2,072,243
 (a)
Diversified Consumer Services — 0.3%
Pearson PLC
53,537
788,654
 (a)
Hotels, Restaurants & Leisure — 0.9%
Aristocrat Leisure Ltd.
30,736
1,316,877
 (a)
InterContinental Hotels Group PLC
11,169
1,277,010
 (a)
Total Hotels, Restaurants & Leisure
2,593,887
Household Durables — 1.9%
Panasonic Holdings Corp.
143,900
1,539,633
 (a)
Sony Group Corp.
148,800
3,868,848
 (a)
Total Household Durables
5,408,481
Leisure Products — 0.6%
Bandai Namco Holdings Inc.
52,700
1,888,727
 (a)
Specialty Retail — 0.5%
Industria de Diseno Textil SA
28,806
1,502,716
 (a)
Textiles, Apparel & Luxury Goods — 4.0%
adidas AG
8,030
1,874,442
 (a)
Asics Corp.
73,400
1,871,728
 (a)
Cie Financiere Richemont SA, Registered Shares
11,197
2,118,840
 (a)
Hermes International SCA
1,024
2,775,927
 (a)
LVMH Moet Hennessy Louis Vuitton SE
2,394
1,252,972
 (a)
See Notes to Schedule of Investments.
1
Franklin International Equity Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2025
 Franklin International Equity Fund
(Percentages shown based on Fund net assets)
Security
 
 
 
Shares
Value
 
Textiles, Apparel & Luxury Goods — continued
Pandora A/S
10,516
 $1,852,871
 (a)
Total Textiles, Apparel & Luxury Goods
11,746,780
 
Total Consumer Discretionary
32,668,249
Consumer Staples — 9.8%
Beverages — 0.8%
Coca-Cola HBC AG
34,115
1,782,258
 (a)
Kirin Holdings Co. Ltd.
38,400
538,123
 (a)
Total Beverages
2,320,381
Consumer Staples Distribution & Retail — 2.8%
Carrefour SA
79,139
1,116,353
 (a)
Empire Co. Ltd., Class A Shares
39,300
1,630,874
 
George Weston Ltd.
2,433
487,958
 
Koninklijke Ahold Delhaize NV
51,409
2,147,172
 (a)
Loblaw Cos. Ltd.
4,353
720,039
 
Marks & Spencer Group PLC
220,888
1,075,067
 (a)
Tesco PLC
183,040
1,009,196
 (a)
Total Consumer Staples Distribution & Retail
8,186,659
Food Products — 3.0%
Associated British Foods PLC
24,610
695,340
 (a)
Kerry Group PLC, Class A Shares
11,954
1,320,754
 (a)
Nestle SA, Registered Shares
53,778
5,346,952
 (a)
WH Group Ltd.
1,547,500
1,491,468
 (a)
Total Food Products
8,854,514
Personal Care Products — 2.7%
Kao Corp.
38,600
1,729,496
 (a)
L’Oreal SA
6,046
2,589,825
 (a)
Unilever PLC
56,797
3,466,109
 (a)
Total Personal Care Products
7,785,430
Tobacco — 0.5%
Imperial Brands PLC
38,286
1,512,686
 (a)
 
Total Consumer Staples
28,659,670
Energy — 3.2%
Oil, Gas & Consumable Fuels — 3.2%
ENEOS Holdings Inc.
194,800
965,591
 (a)
Equinor ASA
40,574
1,024,658
 (a)
Idemitsu Kosan Co. Ltd.
150,800
914,509
 (a)
Inpex Corp.
63,000
884,342
 (a)
MEG Energy Corp.
35,300
666,986
 
Shell PLC
43,637
1,522,475
 (a)
TotalEnergies SE
54,285
3,318,044
 (a)
 
Total Energy
9,296,605
Financials — 21.7%
Banks — 12.1%
AIB Group PLC
223,520
1,844,677
 (a)
Banco de Sabadell SA
455,707
1,450,767
 (a)
Banco Santander SA
424,635
3,516,351
 (a)
Barclays PLC
482,195
2,228,113
 (a)
See Notes to Schedule of Investments.
2
Franklin International Equity Fund 2025 Quarterly Report
 Franklin International Equity Fund
(Percentages shown based on Fund net assets)
Security
 
 
 
Shares
Value
 
Banks — continued
BNP Paribas SA
29,524
 $2,648,353
 (a)
Commonwealth Bank of Australia
21,111
2,569,383
 (a)
DNB Bank ASA
48,257
1,334,527
 (a)
HSBC Holdings PLC
375,579
4,543,075
 (a)
ING Groep NV
97,206
2,130,531
 (a)
Intesa Sanpaolo SpA
433,505
2,497,167
 (a)
Lloyds Banking Group PLC
494,943
520,442
 (a)
Mitsubishi UFJ Financial Group Inc.
41,800
569,884
 (a)
NatWest Group PLC
332,395
2,334,395
 (a)
Standard Chartered PLC
98,249
1,625,878
 (a)
Sumitomo Mitsui Financial Group Inc.
43,800
1,102,926
 (a)
UniCredit SpA
51,814
3,475,858
 (a)
Westpac Banking Corp.
51,751
1,153,350
 (a)
Total Banks
35,545,677
Capital Markets — 2.8%
3i Group PLC
43,793
2,478,343
 (a)
Deutsche Bank AG, Registered Shares
96,636
2,864,816
 (a)
Onex Corp.
9,616
791,594
 
Singapore Exchange Ltd.
112,400
1,316,117
 (a)
UBS Group AG, Registered Shares
21,485
729,454
 (a)
Total Capital Markets
8,180,324
Financial Services — 0.8%
EXOR NV
16,398
1,655,338
 (a)
Investor AB, Class B Shares
20,601
610,477
 (a)
Total Financial Services
2,265,815
Insurance — 6.0%
Aegon Ltd.
203,375
1,473,800
 (a)
AIA Group Ltd.
52,200
472,851
 (a)
Allianz SE, Registered Shares
9,184
3,727,175
 (a)
Dai-ichi Life Holdings Inc.
242,300
1,842,112
 (a)
Japan Post Holdings Co. Ltd.
71,600
663,175
 (a)
Japan Post Insurance Co. Ltd.
42,100
953,155
 (a)
MS&AD Insurance Group Holdings Inc.
70,300
1,571,599
 (a)
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares
3,230
2,097,350
 (a)
NN Group NV
22,021
1,465,257
 (a)
Sompo Holdings Inc.
49,900
1,503,727
 (a)
Suncorp Group Ltd.
129,052
1,839,203
 (a)
Total Insurance
17,609,404
 
Total Financials
63,601,220
Health Care — 11.1%
Biotechnology — 0.3%
Genmab A/S
3,774
783,741
 *(a)
Health Care Equipment & Supplies — 0.8%
Hoya Corp.
6,600
783,830
 (a)
Olympus Corp.
61,000
724,577
 (a)
Sonova Holding AG, Registered Shares
2,806
836,821
 (a)
Total Health Care Equipment & Supplies
2,345,228
See Notes to Schedule of Investments.
3
Franklin International Equity Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2025
 Franklin International Equity Fund
(Percentages shown based on Fund net assets)
Security
 
 
 
Shares
Value
 
Health Care Providers & Services — 0.1%
Fresenius SE & Co. KGaA
7,917
 $398,405
 (a)
Health Care Technology — 0.3%
Pro Medicus Ltd.
5,136
961,124
 (a)
Pharmaceuticals — 9.6%
AstraZeneca PLC
14,316
1,992,346
 (a)
Chugai Pharmaceutical Co. Ltd.
35,200
1,838,067
 (a)
Daiichi Sankyo Co. Ltd.
55,900
1,295,097
 (a)
GSK PLC
132,826
2,532,523
 (a)
Hikma Pharmaceuticals PLC
24,270
662,305
 (a)
Ipsen SA
5,750
684,927
 (a)
Novartis AG, Registered Shares
42,220
5,124,542
 (a)
Novo Nordisk A/S, Class B Shares
48,996
3,395,131
 (a)
Otsuka Holdings Co. Ltd.
21,900
1,085,787
 (a)
Roche Holding AG
15,476
5,051,674
 (a)
Sanofi SA
28,091
2,719,594
 (a)
Shionogi & Co. Ltd.
86,200
1,551,797
 (a)
Total Pharmaceuticals
27,933,790
 
Total Health Care
32,422,288
Industrials — 17.6%
Aerospace & Defense — 3.4%
Airbus SE
2,901
606,891
 (a)
BAE Systems PLC
105,642
2,741,715
 (a)
Leonardo SpA
36,456
2,057,098
 (a)
Rolls-Royce Holdings PLC
251,608
3,334,472
 (a)
Safran SA
3,710
1,209,921
 (a)
Total Aerospace & Defense
9,950,097
Building Products — 1.6%
Cie de Saint-Gobain SA
23,061
2,709,097
 (a)
Geberit AG, Registered Shares
2,317
1,824,741
 (a)
Total Building Products
4,533,838
Commercial Services & Supplies — 0.4%
Brambles Ltd.
76,594
1,182,902
 (a)
Construction & Engineering — 1.7%
ACS Actividades de Construccion y Servicios SA
27,268
1,895,333
 (a)
Bouygues SA
35,296
1,596,252
 (a)
Eiffage SA
10,904
1,532,157
 (a)
Total Construction & Engineering
5,023,742
Electrical Equipment — 1.1%
ABB Ltd., Registered Shares
37,429
2,243,077
 (a)
Schneider Electric SE
3,809
1,022,659
 (a)
Total Electrical Equipment
3,265,736
Industrial Conglomerates — 1.5%
Hitachi Ltd.
109,900
3,194,172
 (a)
Siemens AG, Registered Shares
4,951
1,271,705
 (a)
Total Industrial Conglomerates
4,465,877
Machinery — 4.3%
Atlas Copco AB, Class A Shares
54,912
887,708
 (a)
See Notes to Schedule of Investments.
4
Franklin International Equity Fund 2025 Quarterly Report
 Franklin International Equity Fund
(Percentages shown based on Fund net assets)
Security
 
 
 
Shares
Value
 
Machinery — continued
GEA Group AG
22,198
 $1,556,082
 (a)
Knorr-Bremse AG
11,472
1,112,749
 (a)
Makita Corp.
42,600
1,311,993
 (a)
Mitsubishi Heavy Industries Ltd.
117,300
2,935,361
 (a)
Rational AG
846
710,892
 (a)
Schindler Holding AG
4,161
1,549,432
 (a)
Wartsila oyj Abp
57,277
1,353,706
 (a)
Yangzijiang Shipbuilding Holdings Ltd.
632,000
1,102,903
 (a)
Total Machinery
12,520,826
Marine Transportation — 0.5%
A.P. Moller - Maersk A/S, Class B Shares
811
1,508,216
 (a)
Professional Services — 2.2%
Recruit Holdings Co. Ltd.
39,300
2,311,101
 (a)
RELX PLC
51,066
2,767,659
 (a)
Wolters Kluwer NV
7,500
1,254,286
 (a)
Total Professional Services
6,333,046
Trading Companies & Distributors — 0.3%
Mitsubishi Corp.
48,900
977,114
 (a)
Transportation Infrastructure — 0.6%
Aena SME SA
66,420
1,773,001
 (a)
 
Total Industrials
51,534,395
Information Technology — 8.8%
Electronic Equipment, Instruments & Components — 0.8%
TDK Corp.
96,300
1,124,067
 (a)
Yokogawa Electric Corp.
50,500
1,349,050
 (a)
Total Electronic Equipment, Instruments & Components
2,473,117
IT Services — 0.3%
Wix.com Ltd.
5,856
927,942
 *
Semiconductors & Semiconductor Equipment — 4.0%
Advantest Corp.
29,500
2,186,866
 (a)
ASML Holding NV
8,016
6,423,516
 (a)
Tokyo Electron Ltd.
15,600
2,987,548
 (a)
Total Semiconductors & Semiconductor Equipment
11,597,930
Software — 3.4%
Check Point Software Technologies Ltd.
9,460
2,093,025
 *
Sage Group PLC
82,683
1,419,899
 (a)
SAP SE
20,770
6,351,040
 (a)
Total Software
9,863,964
Technology Hardware, Storage & Peripherals — 0.3%
Ricoh Co. Ltd.
94,600
892,778
 (a)
 
Total Information Technology
25,755,731
Materials — 5.2%
Chemicals — 1.2%
Air Liquide SA
4,607
949,969
 (a)
Asahi Kasei Corp.
74,100
527,501
 (a)
Givaudan SA, Registered Shares
217
1,052,347
 (a)
See Notes to Schedule of Investments.
5
Franklin International Equity Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2025
 Franklin International Equity Fund
(Percentages shown based on Fund net assets)
Security
 
 
 
Shares
Value
 
Chemicals — continued
Nitto Denko Corp.
59,300
 $1,145,170
 (a)
Total Chemicals
3,674,987
Construction Materials — 0.9%
Heidelberg Materials AG
11,480
2,703,503
 (a)
Metals & Mining — 3.1%
BHP Group Ltd.
75,284
1,811,152
 (a)
BlueScope Steel Ltd.
56,538
861,556
 (a)
Dundee Precious Metals Inc.
88,358
1,419,698
 
Evraz PLC
161,909
0
 *(a)(b)(c)
Fortescue Ltd.
92,453
929,359
 (a)
Kinross Gold Corp.
99,400
1,553,319
 
OceanaGold Corp.
73,733
1,040,682
 
Rio Tinto PLC
24,160
1,406,211
 (a)
Total Metals & Mining
9,021,977
 
Total Materials
15,400,467
Real Estate — 1.1%
Real Estate Management & Development — 0.8%
CK Asset Holdings Ltd.
63,500
280,595
 (a)
Daiwa House Industry Co. Ltd.
30,900
1,061,811
 (a)
Mitsubishi Estate Co. Ltd.
46,600
873,616
 (a)
Total Real Estate Management & Development
2,216,022
Retail REITs — 0.3%
Klepierre SA
24,915
985,122
 (a)
 
Total Real Estate
3,201,144
Utilities — 4.1%
Electric Utilities — 1.6%
Endesa SA
38,919
1,232,762
 
Iberdrola SA
176,227
3,390,261
 (a)
Total Electric Utilities
4,623,023
Gas Utilities — 0.8%
Osaka Gas Co. Ltd.
43,300
1,110,642
 (a)
Tokyo Gas Co. Ltd.
42,500
1,413,639
 (a)
Total Gas Utilities
2,524,281
Independent Power and Renewable Electricity Producers — 0.4%
RWE AG
26,325
1,100,074
 (a)
Multi-Utilities — 1.3%
Centrica PLC
795,148
1,764,253
 (a)
Engie SA
82,966
1,949,934
 (a)
Total Multi-Utilities
3,714,187
 
Total Utilities
11,961,565
Total Investments before Short-Term Investments (Cost — $228,188,664)
288,182,902
See Notes to Schedule of Investments.
6
Franklin International Equity Fund 2025 Quarterly Report
 Franklin International Equity Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
 
Shares
Value
Short-Term Investments — 1.1%
Invesco Treasury Portfolio, Institutional Class (Cost — $3,248,291)  
4.226%
3,248,291
 
 $3,248,291
 (d)
Total Investments — 99.6% (Cost — $231,436,955)
291,431,193
Other Assets in Excess of Liabilities — 0.4%
1,231,015
Total Net Assets — 100.0%
$292,662,208
 
*
Non-income producing security.
(a)
Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).
(b)
Security is valued using significant unobservable inputs (Note 1).
(c)
Value is less than $1.
(d)
Rate shown is one-day yield as of the end of the reporting period.
 
Abbreviation(s) used in this schedule:
ADR
—
American Depositary Receipts
At June 30, 2025, the Fund had the following open futures contracts:  
 
 
 
Number of
Contracts
 
Expiration
Date
 
Notional
Amount
 
Market
Value
 
Unrealized
Appreciation
Contracts to Buy:
MSCI EAFE Index
17
9/25
 $2,266,214
 $2,279,445
 $13,231
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedule of Investments.
7
Franklin International Equity Fund 2025 Quarterly Report
Notes to Schedule of Investments (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.
(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).
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.
8
Franklin International Equity Fund 2025 Quarterly Report
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
•
Level 1 — unadjusted quoted prices in active markets for identical investments
•
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:
 
ASSETS
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)*
Significant
Unobservable
Inputs
(Level 3)
Total
Long-Term Investments†:
Common Stocks:
Communication Services
 $3,450,611
 $10,230,957
—
 $13,681,568
Consumer Staples
2,838,871
25,820,799
—
28,659,670
Energy
666,986
8,629,619
—
9,296,605
Financials
791,594
62,809,626
—
63,601,220
Information Technology
3,020,967
22,734,764
—
25,755,731
Materials
4,013,699
11,386,768
 $0
**
15,400,467
Utilities
1,232,762
10,728,803
—
11,961,565
Other Common Stocks
—
119,826,076
—
119,826,076
Total Long-Term Investments
16,015,490
272,167,412
0
**
288,182,902
Short-Term Investments†
3,248,291
—
—
3,248,291
Total Investments
$19,263,781
$272,167,412
$0
**
$291,431,193
Other Financial Instruments:
Futures Contracts††
 $13,231
—
—
 $13,231
Total
$19,277,012
$272,167,412
$0
**
$291,444,424
 
*
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.
††
Reflects the unrealized appreciation (depreciation) of the instruments.
9
Franklin International Equity Fund 2025 Quarterly Report