Legg Mason Global Asset Management Trust NPORT-P Franklin U.S. Small Cap Equity Fund (Mar 2024 report)

FRANKLIN U.S. SMALL CAP EQUITY FUND

Schedule of investments (unaudited) March 31, 2024

(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
COMMON STOCKS - 99.0%
COMMUNICATION SERVICES - 2.8%
Entertainment - 0.2%
Marcus Corp.		14,879	$	212,175
Interactive Media & Services - 2.2%
Cargurus Inc.		9,416		217,321	*
EverQuote Inc., Class A Shares		19,634		364,407	*
MediaAlpha Inc., Class A Shares		11,008		224,233	*
TrueCar Inc.		97,444		330,335	*
Vimeo Inc.		62,161		254,238	*
Yelp Inc.		13,602		535,919	*
ZipRecruiter Inc., Class A Shares		18,995		218,253	*
Total Interactive Media & Services				2,144,706
Media - 0.1%
Gannett Co. Inc.		41,855		102,126	*
Wireless Telecommunication Services - 0.3%
Spok Holdings Inc.		18,000		287,100
TOTAL COMMUNICATION SERVICES				2,746,107
CONSUMER DISCRETIONARY - 10.6%
Automobile Components - 1.8%
Goodyear Tire & Rubber Co.		29,758		408,577	*
Modine Manufacturing Co.		10,378		987,882	*
Patrick Industries Inc.		3,140		375,136
Total Automobile Components				1,771,595
Automobiles - 0.2%
Winnebago Industries Inc.		3,191		236,134
Broadline Retail - 0.6%
Dillard’s Inc., Class A Shares		803		378,727
Macy’s Inc.		10,463		209,155
Total Broadline Retail				587,882
Diversified Consumer Services - 1.3%
Chegg Inc.		12,529		94,845	*
Duolingo Inc.		2,300		507,334	*
Graham Holdings Co., Class B Shares		510		391,517
Perdoceo Education Corp.		14,649		257,236
Total Diversified Consumer Services				1,250,932
Hotels, Restaurants & Leisure - 1.6%
Carrols Restaurant Group Inc.		45,000		427,950
Cracker Barrel Old Country Store Inc.		629		45,747
International Game Technology PLC		15,662		353,804

See Notes to Schedule of Investments.

Franklin U.S. Small Cap Equity Fund 2024 Quarterly Report      1

FRANKLIN U.S. SMALL CAP EQUITY FUND

Schedule of investments (unaudited) (cont’d) March 31, 2024

(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
Hotels, Restaurants & Leisure - (continued)
Light & Wonder Inc.		4,621	$	471,758	*
United Parks & Resorts Inc.		4,698		264,075	*
Total Hotels, Restaurants & Leisure				1,563,334
Household Durables - 1.7%
Ethan Allen Interiors Inc.		9,939		343,591
M/I Homes Inc.		5,442		741,690	*
MDC Holdings Inc.		3,661		230,314
Meritage Homes Corp.		2,326		408,120
Total Household Durables				1,723,715
Leisure Products - 0.3%
JAKKS Pacific Inc.		13,312		328,807	*
Specialty Retail - 2.6%
Abercrombie & Fitch Co., Class A Shares		4,537		568,623	*
American Eagle Outfitters Inc.		21,600		557,064
Dick’s Sporting Goods Inc.		2,257		507,509
Genesco Inc.		3,244		91,286	*
Signet Jewelers Ltd.		6,802		680,676
Stitch Fix Inc., Class A Shares		81,472		215,086	*
Total Specialty Retail				2,620,244
Textiles, Apparel & Luxury Goods - 0.5%
G-III Apparel Group Ltd.		10,000		290,100	*
Movado Group Inc.		7,324		204,559
Total Textiles, Apparel & Luxury Goods				494,659
TOTAL CONSUMER DISCRETIONARY				10,577,302
CONSUMER STAPLES - 4.1%
Beverages - 0.8%
Coca-Cola Consolidated Inc.		943		798,165
Consumer Staples Distribution & Retail - 1.0%
Andersons Inc.		5,873		336,934
Sprouts Farmers Market Inc.		10,180		656,406	*
Total Consumer Staples Distribution & Retail				993,340
Food Products - 0.4%
Cal-Maine Foods Inc.		1,488		87,569
John B Sanfilippo & Son Inc.		3,140		332,589
Total Food Products				420,158
Personal Care Products - 1.7%
e.l.f. Beauty Inc.		4,400		862,532	*
Edgewell Personal Care Co.		6,656		257,188

See Notes to Schedule of Investments.

    2  Franklin U.S. Small Cap Equity Fund 2024 Quarterly Report

FRANKLIN U.S. SMALL CAP EQUITY FUND

Schedule of investments (unaudited) (cont’d) March 31, 2024

(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
Personal Care Products - (continued)
Nature’s Sunshine Products Inc.		17,228	$	357,825	*
USANA Health Sciences Inc.		3,800		184,300	*
Total Personal Care Products				1,661,845
Tobacco - 0.2%
Turning Point Brands Inc.		5,755		168,622
TOTAL CONSUMER STAPLES				4,042,130
ENERGY - 7.0%
Energy Equipment & Services - 1.6%
Helmerich & Payne Inc.		8,065		339,214
Nabors Industries Ltd.		1,567		134,966	*
Newpark Resources Inc.		42,000		303,240	*
RPC Inc.		25,059		193,956
Weatherford International PLC		5,800		669,436	*
Total Energy Equipment & Services				1,640,812
Oil, Gas & Consumable Fuels - 5.4%
California Resources Corp.		8,614		474,632
DHT Holdings Inc.		31,324		360,226
Gulfport Energy Corp.		2,000		320,240	*
Murphy Oil Corp.		15,695		717,262
Par Pacific Holdings Inc.		8,500		315,010	*
PBF Energy Inc., Class A Shares		9,397		540,985
Peabody Energy Corp.		14,100		342,066
SandRidge Energy Inc.		32,849		478,610
Scorpio Tankers Inc.		4,698		336,142
SM Energy Co.		18,311		912,803
Teekay Tankers Ltd., Class A Shares		8,927		521,426
Total Oil, Gas & Consumable Fuels				5,319,402
TOTAL ENERGY				6,960,214
FINANCIALS - 15.3%
Banks - 6.7%
Amalgamated Financial Corp.		8,970		215,280
Associated Banc-Corp.		14,879		320,047
Axos Financial Inc.		8,967		484,577	*
Bancorp Inc.		7,000		234,220	*
BankUnited Inc.		12,529		350,812
Berkshire Hills Bancorp Inc.		14,649		335,755
Central Pacific Financial Corp.		8,998		177,710
CrossFirst Bankshares Inc.		15,662		216,762	*
Customers Bancorp Inc.		8,065		427,929	*
Eagle Bancorp Inc.		8,100		190,269

See Notes to Schedule of Investments.

Franklin U.S. Small Cap Equity Fund 2024 Quarterly Report      3

FRANKLIN U.S. SMALL CAP EQUITY FUND

Schedule of investments (unaudited) (cont’d) March 31, 2024

(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
Banks - (continued)
Equity Bancshares Inc., Class A Shares		7,481	$	257,122
Financial Institutions Inc.		7,847		147,681
First BanCorp		42,880		752,115
First Financial Corp.		5,179		198,511
Flushing Financial Corp.		15,695		197,914
HarborOne Bancorp Inc.		12,000		127,920
Hilltop Holdings Inc.		9,086		284,573
HomeStreet Inc.		5,755		86,613
HomeTrust Bancshares Inc.		6,278		171,641
Hope Bancorp Inc.		25,270		290,858
Independent Bank Corp.		6,000		152,100
Midland States Bancorp Inc.		11,136		279,848
Northeast Community Bancorp Inc.		14,000		220,220
OFG Bancorp		14,461		532,309
Total Banks				6,652,786
Capital Markets - 0.6%
Artisan Partners Asset Management Inc., Class A Shares		9,860		451,292
Evercore Inc., Class A Shares		1,047		201,642
Total Capital Markets				652,934
Consumer Finance - 1.1%
Bread Financial Holdings Inc.		2,877		107,139
Enova International Inc.		12,529		787,197	*
Navient Corp.		12,529		218,005
Total Consumer Finance				1,112,341
Financial Services - 4.7%
Essent Group Ltd.		8,000		476,080
International Money Express Inc.		14,095		321,789	*
Jackson Financial Inc., Class A Shares		11,746		776,880
MGIC Investment Corp.		35,054		783,808
Mr. Cooper Group Inc.		6,801		530,138	*
NMI Holdings Inc., Class A Shares		10,463		338,373	*
Radian Group Inc.		27,476		919,622
StoneCo Ltd., Class A Shares		28,974		481,258	*
Total Financial Services				4,627,948
Insurance - 2.0%
Ambac Financial Group Inc.		18,794		293,750	*
Employers Holdings Inc.		6,264		284,323
Enstar Group Ltd.		1,253		389,382	*
Genworth Financial Inc., Class A Shares		78,479		504,620	*

See Notes to Schedule of Investments.

    4  Franklin U.S. Small Cap Equity Fund 2024 Quarterly Report

FRANKLIN U.S. SMALL CAP EQUITY FUND

Schedule of investments (unaudited) (cont’d) March 31, 2024

(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
Insurance - (continued)
Greenlight Capital Re Ltd., Class A Shares		15,000	$	187,050	*
HCI Group Inc.		2,479		287,763
Total Insurance				1,946,888
Mortgage Real Estate Investment Trusts (REITs) - 0.2%
Ladder Capital Corp.		22,710		252,762
TOTAL FINANCIALS				15,245,659
HEALTH CARE - 15.0%
Biotechnology - 7.2%
2seventy bio Inc.		9,397		50,274	*
ACADIA Pharmaceuticals Inc.		14,252		263,520	*
Achillion Pharmaceuticals Inc., CVR		89,796		0	*(a)(b)(c)
ADMA Biologics Inc.		20,810		137,346	*
Aeglea BioTherapeutics Inc., CVR		30,064		0	*(a)(b)(c)
Agios Pharmaceuticals Inc.		2,774		81,112	*
Alkermes PLC		12,529		339,160	*
Amicus Therapeutics Inc.		17,541		206,633	*
Anika Therapeutics Inc.		3,923		99,644	*
Aptevo Therapeutics Inc.		232		1,088	*
Arcellx Inc.		4,150		288,633	*
Arcturus Therapeutics Holdings Inc.		5,873		198,331	*
Ardelyx Inc.		52,997		386,878	*
Arrowhead Pharmaceuticals Inc.		1,307		37,380	*
Aurinia Pharmaceuticals Inc.		18,794		94,158	*
Blueprint Medicines Corp.		3,400		322,524	*
CareDx Inc.		9,000		95,310	*
Caribou Biosciences Inc.		10,986		56,468	*
Catalyst Pharmaceuticals Inc.		9,000		143,460	*
Deciphera Pharmaceuticals Inc.		6,801		106,980	*
Dynavax Technologies Corp.		9,000		111,690	*
Eagle Pharmaceuticals Inc.		4,287		22,464	*
Editas Medicine Inc.		6,264		46,479	*
Enanta Pharmaceuticals Inc.		2,271		39,652	*
Entrada Therapeutics Inc.		4,000		56,680	*
Fate Therapeutics Inc.		14,879		109,212	*
Halozyme Therapeutics Inc.		8,500		345,780	*
Heron Therapeutics Inc.		21,926		60,735	*
Ironwood Pharmaceuticals Inc.		19,698		171,570	*
Kiniksa Pharmaceuticals Ltd., Class A Shares		9,788		193,117	*
MacroGenics Inc.		25,059		368,869	*
MannKind Corp.		27,062		122,591	*

See Notes to Schedule of Investments.

Franklin U.S. Small Cap Equity Fund 2024 Quarterly Report      5

FRANKLIN U.S. SMALL CAP EQUITY FUND

Schedule of investments (unaudited) (cont’d) March 31, 2024

(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
Biotechnology - (continued)
MiMedx Group Inc.		26,884	$	207,007	*
Myriad Genetics Inc.		6,776		144,464	*
Nuvalent Inc., Class A Shares		1,993		149,654	*
Organogenesis Holdings Inc.		17,172		48,768	*
PDL BioPharma Inc.		152,500		24,791	*(a)(b)
Poseida Therapeutics Inc.		20,702		66,039	*
Precigen Inc.		26,159		37,931	*
Protagonist Therapeutics Inc.		5,000		144,650	*
Protalix BioTherapeutics Inc.		30,000		37,800	*
Rhythm Pharmaceuticals Inc.		4,471		193,728	*
Rigel Pharmaceuticals Inc.		66,563		98,513	*
Surface Oncology Inc., CVR		43,029		4,800	*(a)(b)
TG Therapeutics Inc.		15,220		231,496	*
Twist Bioscience Corp.		4,100		140,671	*
Vanda Pharmaceuticals Inc.		14,649		60,207	*
Vaxcyte Inc.		939		64,143	*
Veracyte Inc.		7,187		159,264	*
Vericel Corp.		3,500		182,070	*
Voyager Therapeutics Inc.		13,446		125,182	*
Xencor Inc.		5,647		124,968	*
Y-mAbs Therapeutics Inc.		14,879		241,933	*
Zymeworks Inc.		12,000		126,240	*
Total Biotechnology				7,172,057
Health Care Equipment & Supplies - 2.5%
Avanos Medical Inc.		4,656		92,701	*
Haemonetics Corp.		4,300		367,005	*
Integer Holdings Corp.		3,529		411,764	*
iRadimed Corp.		3,295		144,947
iRhythm Technologies Inc.		3,351		388,716	*
Lantheus Holdings Inc.		2,350		146,264	*
OraSure Technologies Inc.		35,379		217,581	*
Semler Scientific Inc.		6,734		196,700	*
Varex Imaging Corp.		9,416		170,429	*
Zynex Inc.		25,059		309,980	*
Total Health Care Equipment & Supplies				2,446,087
Health Care Providers & Services - 3.4%
Addus HomeCare Corp.		2,878		297,412	*
Cross Country Healthcare Inc.		10,180		190,570	*
Ensign Group Inc.		7,539		938,002
Hims & Hers Health Inc.		17,768		274,871	*

See Notes to Schedule of Investments.

    6  Franklin U.S. Small Cap Equity Fund 2024 Quarterly Report

FRANKLIN U.S. SMALL CAP EQUITY FUND

Schedule of investments (unaudited) (cont’d) March 31, 2024

(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
Health Care Providers & Services - (continued)
InfuSystem Holdings Inc.		9,416	$	80,695	*
Joint Corp.		7,847		102,482	*
Owens & Minor Inc.		15,000		415,650	*
PetIQ Inc.		23,493		429,452	*
Tenet Healthcare Corp.		6,278		659,881	*
Total Health Care Providers & Services				3,389,015
Life Sciences Tools & Services - 0.3%
Codexis Inc.		27,408		95,654	*
Harvard Bioscience Inc.		14,000		59,360	*
Quanterix Corp.		5,481		129,132	*
Total Life Sciences Tools & Services				284,146
Pharmaceuticals - 1.6%
Amneal Pharmaceuticals Inc.		21,000		127,260	*
Amphastar Pharmaceuticals Inc.		6,801		298,632	*
Assertio Holdings Inc., CVR		62,783		0	*(a)(b)(c)
Cara Therapeutics Inc.		10,463		9,521	*
Collegium Pharmaceutical Inc.		4,000		155,280	*
Corcept Therapeutics Inc.		6,264		157,790	*
EyePoint Pharmaceuticals Inc.		9,000		186,030	*
Harmony Biosciences Holdings Inc.		7,000		235,060	*
Ligand Pharmaceuticals Inc.		3,500		255,850	*
Omeros Corp.		18,868		65,095	*
SIGA Technologies Inc.		9,867		84,461
Theravance Biopharma Inc.		7,847		70,388	*
Total Pharmaceuticals				1,645,367
TOTAL HEALTH CARE				14,936,672
INDUSTRIALS - 19.1%
Aerospace & Defense - 0.8%
AAR Corp.		7,847		469,800	*
Cadre Holdings Inc.		8,056		291,627
Total Aerospace & Defense				761,427
Building Products - 0.6%
Apogee Enterprises Inc.		5,716		338,387
JELD-WEN Holding Inc.		13,800		292,974	*
Total Building Products				631,361
Commercial Services & Supplies - 1.4%
Cimpress PLC		3,788		335,276	*
CoreCivic Inc.		26,996		421,408	*

See Notes to Schedule of Investments.

Franklin U.S. Small Cap Equity Fund 2024 Quarterly Report      7

FRANKLIN U.S. SMALL CAP EQUITY FUND

Schedule of investments (unaudited) (cont’d) March 31, 2024

(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
Commercial Services & Supplies - (continued)
GEO Group Inc.		18,311	$	258,551	*
Steelcase Inc., Class A Shares		25,669		335,750
Total Commercial Services & Supplies				1,350,985
Construction & Engineering - 1.7%
Argan Inc.		6,639		335,535
Dycom Industries Inc.		4,186		600,817	*
Granite Construction Inc.		7,439		424,990
Limbach Holdings Inc.		6,900		285,798	*
Total Construction & Engineering				1,647,140
Electrical Equipment - 2.4%
Atkore Inc.		3,756		714,992
Encore Wire Corp.		2,350		617,533
NEXTracker Inc., Class A Shares		11,284		634,951	*
Powell Industries Inc.		2,859		406,836
Total Electrical Equipment				2,374,312
Ground Transportation - 1.2%
ArcBest Corp.		4,186		596,505
Covenant Logistics Group Inc.		12,033		557,850
Total Ground Transportation				1,154,355
Machinery - 3.3%
Blue Bird Corp.		12,000		460,080	*
Briggs & Stratton Corp.		158,200		0	*(a)(b)(c)
Commercial Vehicle Group Inc.		23,300		149,819	*
Greenbrier Cos. Inc.		8,736		455,146
Mueller Industries Inc.		8,315		448,428
Tennant Co.		3,361		408,731
Terex Corp.		9,416		606,390
Titan International Inc.		40,611		506,013	*
Wabash National Corp.		9,397		281,346
Total Machinery				3,315,953
Marine Transportation - 0.4%
Matson Inc.		4,000		449,600
Passenger Airlines - 0.6%
SkyWest Inc.		8,466		584,831	*
Professional Services - 3.2%
Barrett Business Services Inc.		3,290		416,909
CRA International Inc.		3,663		547,912
ExlService Holdings Inc.		19,625		624,075	*
Kforce Inc.		9,417		664,087
TriNet Group Inc.		3,916		518,831

See Notes to Schedule of Investments.

    8  Franklin U.S. Small Cap Equity Fund 2024 Quarterly Report

FRANKLIN U.S. SMALL CAP EQUITY FUND

Schedule of investments (unaudited) (cont’d) March 31, 2024

(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
Professional Services - (continued)
TrueBlue Inc.		10,437	$	130,671	*
Upwork Inc.		25,275		309,871	*
Total Professional Services				3,212,356
Trading Companies & Distributors - 3.5%
Applied Industrial Technologies Inc.		2,464		486,763
BlueLinx Holdings Inc.		5,952		775,189	*
Boise Cascade Co.		4,186		642,007
DNOW Inc.		52,319		795,249	*
Global Industrial Co.		7,090		317,490
MRC Global Inc.		36,623		460,351	*
Total Trading Companies & Distributors				3,477,049
TOTAL INDUSTRIALS				18,959,369
INFORMATION TECHNOLOGY - 14.9%
Communications Equipment - 0.9%
Extreme Networks Inc.		23,543		271,686	*
Infinera Corp.		46,986		283,326	*
NETGEAR Inc.		11,746		185,235	*
NetScout Systems Inc.		7,585		165,656	*
Total Communications Equipment				905,903
Electronic Equipment, Instruments & Components - 1.1%
Arlo Technologies Inc.		35,210		445,407	*
Bel Fuse Inc., Class B Shares		5,000		301,550
Sanmina Corp.		6,278		390,366	*
Total Electronic Equipment, Instruments & Components				1,137,323
IT Services - 1.1%
Couchbase Inc.		19,577		515,071	*
DigitalOcean Holdings Inc.		9,553		364,734	*
Unisys Corp.		34,184		167,843	*
Total IT Services				1,047,648
Semiconductors & Semiconductor Equipment - 2.6%
Amkor Technology Inc.		20,360		656,406
Axcelis Technologies Inc.		3,916		436,712	*
Kulicke & Soffa Industries Inc.		7,831		393,978
Onto Innovation Inc.		2,707		490,183	*
Photronics Inc.		20,927		592,653	*
Total Semiconductors & Semiconductor Equipment				2,569,932
Software - 6.0%
8x8 Inc.		38,372		103,604	*
A10 Networks Inc.		26,891		368,138
Alarm.com Holdings Inc.		3,924		284,372	*

See Notes to Schedule of Investments.

Franklin U.S. Small Cap Equity Fund 2024 Quarterly Report      9

FRANKLIN U.S. SMALL CAP EQUITY FUND

Schedule of investments (unaudited) (cont’d) March 31, 2024

(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
Software - (continued)
Appfolio Inc., Class A Shares		2,746	$	677,548	*
Box Inc., Class A Shares		12,529		354,821	*
Cleanspark Inc.		27,000		572,670	*
CommVault Systems Inc.		6,610		670,452	*
Domo Inc., Class B Shares		3,138		27,991	*
eGain Corp.		16,166		104,271	*
InterDigital Inc.		3,446		366,861
LiveRamp Holdings Inc.		9,880		340,860	*
Matterport Inc.		55,365		125,125	*
Qualys Inc.		3,977		663,642	*
Varonis Systems Inc.		10,571		498,634	*
Weave Communications Inc.		26,000		298,480	*
Yext Inc.		31,324		188,884	*
Zeta Global Holdings Corp., Class A Shares		31,188		340,885	*
Total Software				5,987,238
Technology Hardware, Storage & Peripherals - 3.2%
Immersion Corp.		30,000		224,400
Super Micro Computer Inc.		2,607		2,633,148	*
Xerox Holdings Corp.		16,600		297,140
Total Technology Hardware, Storage & Peripherals				3,154,688
TOTAL INFORMATION TECHNOLOGY				14,802,732
MATERIALS - 4.0%
Chemicals - 1.3%
Core Molding Technologies Inc.		8,000		151,440	*
Hawkins Inc.		4,217		323,866
Koppers Holdings Inc.		6,466		356,729
Rayonier Advanced Materials Inc.		33,307		159,207	*
Tronox Holdings PLC		20,169		349,932
Total Chemicals				1,341,174
Containers & Packaging - 0.3%
Pactiv Evergreen Inc.		18,878		270,333
Metals & Mining - 2.0%
Arch Resources Inc.		1,975		317,560
Kaiser Aluminum Corp.		2,897		258,876
Olympic Steel Inc.		5,413		383,673
Ryerson Holding Corp.		7,831		262,339
SunCoke Energy Inc.		66,847		753,366
Total Metals & Mining				1,975,814

See Notes to Schedule of Investments.

    10  Franklin U.S. Small Cap Equity Fund 2024 Quarterly Report

FRANKLIN U.S. SMALL CAP EQUITY FUND

Schedule of investments (unaudited) (cont’d) March 31, 2024

(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
Paper & Forest Products - 0.4%
Sylvamo Corp.		5,873	$	362,599
TOTAL MATERIALS				3,949,920
REAL ESTATE - 5.3%
Diversified REITs - 0.3%
American Assets Trust Inc.		11,967		262,197
Health Care REITs - 1.1%
Diversified Healthcare Trust		107,000		263,220
National Health Investors Inc.		5,794		364,037
Sabra Health Care REIT Inc.		30,000		443,100
Total Health Care REITs				1,070,357
Hotel & Resort REITs - 2.1%
Apple Hospitality REIT Inc.		26,159		428,485
Chatham Lodging Trust		19,463		196,771
DiamondRock Hospitality Co.		51,435		494,290
Pebblebrook Hotel Trust		13,602		209,607
RLJ Lodging Trust		22,024		260,324
Ryman Hospitality Properties Inc.		1,958		226,364
Summit Hotel Properties Inc.		45,000		292,950
Total Hotel & Resort REITs				2,108,791
Industrial REITs - 0.2%
Innovative Industrial Properties Inc.		2,084		215,777
Office REITs - 0.3%
Brandywine Realty Trust		45,200		216,960
Piedmont Office Realty Trust Inc., Class A Shares		18,572		130,561
Total Office REITs				347,521
Real Estate Management & Development - 0.3%
Forestar Group Inc.		8,700		349,653	*
Residential REITs - 0.2%
Apartment Investment and Management Co., Class A Shares		19,577		160,336	*
Retail REITs - 0.6%
Alexander’s Inc.		854		185,437
Tanger Inc.		12,500		369,125
Total Retail REITs				554,562
Specialized REITs - 0.2%
Farmland Partners Inc.		16,940		188,034
TOTAL REAL ESTATE				5,257,228
UTILITIES - 0.9%
Electric Utilities - 0.3%
ALLETE Inc.		5,755		343,228

See Notes to Schedule of Investments.

Franklin U.S. Small Cap Equity Fund 2024 Quarterly Report      11

FRANKLIN U.S. SMALL CAP EQUITY FUND

Schedule of investments (unaudited) (cont’d) March 31, 2024

(Percentages shown based on Fund net assets)

SECURITY				SHARES		VALUE
Water Utilities - 0.6%
Consolidated Water Co. Ltd.					18,829	$	551,878
TOTAL UTILITIES							895,106
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $76,244,050)							98,372,439
	RATE
SHORT-TERM INVESTMENTS - 1.0%
Invesco Treasury Portfolio, Institutional Class (Cost - $1,010,361)		5.216	%		1,010,361		1,010,361	(d)
TOTAL INVESTMENTS - 100.0% (Cost - $77,254,411)							99,382,800
Liabilities in Excess of Other Assets - (0.0)%††							(17,913	)
TOTAL NET ASSETS - 100.0%						$	99,364,887

†† Represents less than 0.1%.

* 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:

CVR	— Contingent Value Rights
REIT	— Real Estate Investment Trust

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.

    12  Franklin U.S. Small Cap Equity Fund 2024 Quarterly Report

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

Franklin U.S. Small Cap 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. 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.

Pursuant to policies adopted by the Board of Trustees, 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 of Trustees. 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.

Franklin U.S. Small Cap Equity Fund 2024 Quarterly Report      13

Notes to Schedule of Investments (unaudited) (continued)

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 of Trustees, 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 of Trustees 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.

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.

    14  Franklin U.S. Small Cap Equity Fund 2024 Quarterly Report

Notes to Schedule of Investments (unaudited) (continued)

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:
Health Care	$	14,907,081		—	$	29,591		$	14,936,672
Industrials		18,959,369		—		0	*		18,959,369
Other Common Stocks		64,476,398		—		—			64,476,398
Total Long-Term Investments		98,342,848		—		29,591			98,372,439
Short-Term Investments†		1,010,361		—		—			1,010,361
Total Investments	$	99,353,209		—	$	29,591		$	99,382,800

† See Schedule of Investments for additional detailed categorizations.

* Amount represents less than $1.

Franklin U.S. Small Cap Equity Fund 2024 Quarterly Report      15