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QS GROWTH FUND


Schedules of investments (unaudited)		April 30, 2020


DESCRIPTION				SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS^(a)- 99.7%
Legg Mason Global Asset Management Trust:
BrandywineGLOBAL - Alternative Credit Fund, Class IS Shares					1,592,685	$	14,111,187
BrandywineGLOBAL - Diversified US Large Cap Value Fund, Class IS Shares					4,820,535		75,441,373
BrandywineGLOBAL - Dynamic US Large Cap Value Fund, Class IS Shares					2,433,188		25,013,169
BrandywineGLOBAL - Global Unconstrained Bond Fund, Class IS Shares					819,315		9,176,330
BrandywineGLOBAL - International Opportunities Bond Fund, Class IS Shares					542,701		5,600,669
ClearBridge Global Infrastructure Income Fund, Class IS Shares					571,772		6,232,310
ClearBridge Small Cap Fund, Class IS Shares					661,650		30,693,960
Martin Currie Emerging Markets Fund, Class IS Shares					4,388,773		49,461,468
QS Global Market Neutral Fund, Class IS Shares					2,656,985		24,178,559
QS International Equity Fund, Class IS Shares					4,934,092		65,080,675
QS Strategic Real Return Fund, Class IS Shares					3,871,379		36,236,111
QS U.S. Small Capitalization Equity Fund, Class IS Shares					1,820,791		17,024,393
Legg Mason Partners Equity Trust:
ClearBridge Aggressive Growth Fund, Class IS Shares					93,416		16,898,977
ClearBridge Appreciation Fund, Class IS Shares					1,525,423		35,649,135
ClearBridge International Value Fund, Class IS Shares					3,846,117		27,499,735
ClearBridge Large Cap Growth Fund, Class IS Shares					776,820		41,093,799
ClearBridge Mid Cap Fund, Class IS Shares					788,704		25,065,012
ClearBridge Small Cap Growth Fund, Class IS Shares					126,082		4,269,149
QS Global Dividend Fund, Class IS Shares					5,087,893		58,256,379
QS U.S. Large Cap Equity Fund, Class IS Shares					1,466,902		23,015,696
Western Asset Funds, Inc.:
Western Asset Core Plus Bond Fund, Class IS Shares					868,353		10,368,135
Western Asset High Yield Fund, Class IS Shares					2,276,819		16,256,489
Western Asset Macro Opportunities Fund, Class IS Shares					920,159		9,238,399

TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $605,110,257)							625,861,109


	RATE
SHORT-TERM INVESTMENTS - 0.4%
Invesco Government & Agency Portfolio, Institutional Class (Cost - $2,294,364)		0.185	%		2,294,364		2,294,364

TOTAL INVESTMENTS - 100.1% (Cost - $607,404,621)							628,155,473
Liabilities in Excess of Other Assets - (0.1)%							(427,243	)

TOTAL NET ASSETS - 100.0%						$	627,728,230

(a)	Underlying Funds are affiliated with Legg Mason, Inc. and more information about the Underlying Funds is available at www.leggmason.com/mutualfunds.

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 Schedules of Investments.

QS Asset Allocation Funds 2020 Quarterly Report

QS MODERATE GROWTH FUND


Schedules of investments (unaudited)		April 30, 2020


DESCRIPTION				SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS^(a)- 99.9%
Legg Mason Global Asset Management Trust:
BrandywineGLOBAL - Alternative Credit Fund, Class IS Shares					1,025,127	$	9,082,624
BrandywineGLOBAL - Diversified US Large Cap Value Fund, Class IS Shares					2,846,126		44,541,877
BrandywineGLOBAL - Dynamic US Large Cap Value Fund, Class IS Shares					1,187,388		12,206,343
BrandywineGLOBAL - Global Unconstrained Bond Fund, Class IS Shares					552,282		6,185,562
BrandywineGLOBAL - International Opportunities Bond Fund, Class IS Shares					813,719		8,397,582
ClearBridge Global Infrastructure Income Fund, Class IS Shares					368,426		4,015,848
ClearBridge Small Cap Fund, Class IS Shares					277,242		12,861,264
Martin Currie Emerging Markets Fund, Class IS Shares					2,203,022		24,828,058
QS Global Market Neutral Fund, Class IS Shares					1,708,728		15,549,424
QS International Equity Fund, Class IS Shares					1,904,722		25,123,282
QS Strategic Real Return Fund, Class IS Shares					2,478,322		23,197,098
QS U.S. Small Capitalization Equity Fund, Class IS Shares					1,025,535		9,588,749
Legg Mason Partners Equity Trust:
ClearBridge Aggressive Growth Fund, Class IS Shares					52,224		9,447,380
ClearBridge Appreciation Fund, Class IS Shares					841,001		19,654,184
ClearBridge International Value Fund, Class IS Shares					1,516,034		10,839,642
ClearBridge Large Cap Growth Fund, Class IS Shares					459,927		24,330,155
ClearBridge Mid Cap Fund, Class IS Shares					233,477		7,419,889
ClearBridge Small Cap Growth Fund, Class IS Shares					173,553		5,876,515
QS Global Dividend Fund, Class IS Shares					3,277,769		37,530,459
QS U.S. Large Cap Equity Fund, Class IS Shares					820,132		12,867,867
Western Asset Funds, Inc.:
Western Asset Core Bond Fund, Class IS Shares					1,326,104		17,584,139
Western Asset Core Plus Bond Fund, Class IS Shares					3,511,790		41,930,769
Western Asset High Yield Fund, Class IS Shares					2,328,139		16,622,911
Western Asset Macro Opportunities Fund, Class IS Shares					606,305		6,087,299

TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $390,495,831)							405,768,920


	RATE
SHORT-TERM INVESTMENTS - 0.2%
Invesco Government & Agency Portfolio, Institutional Class (Cost - $682,226)		0.185	%		682,226		682,226

TOTAL INVESTMENTS - 100.1% (Cost - $391,178,057)							406,451,146
Liabilities in Excess of Other Assets - (0.1)%							(375,476	)

TOTAL NET ASSETS - 100.0%						$	406,075,670

(a)	Underlying Funds are affiliated with Legg Mason, Inc. and more information about the Underlying Funds is available at www.leggmason.com/mutualfunds.

See Notes to Schedules of Investments.

QS Asset Allocation Funds 2020 Quarterly Report

QS CONSERVATIVE GROWTH FUND


Schedules of investments (unaudited)		April 30, 2020


DESCRIPTION				SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS^(a)- 99.6%
Legg Mason Global Asset Management Trust:
BrandywineGLOBAL - Alternative Credit Fund, Class IS Shares					659,614	$	5,844,177
BrandywineGLOBAL - Diversified US Large Cap Value Fund, Class IS Shares					927,180		14,510,359
BrandywineGLOBAL - Dynamic US Large Cap Value Fund, Class IS Shares					506,540		5,207,234
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged), Class IS Shares					798,896		8,124,777
BrandywineGLOBAL - Global Unconstrained Bond Fund, Class IS Shares					361,199		4,045,427
BrandywineGLOBAL - International Opportunities Bond Fund, Class IS Shares					573,664		5,920,211
ClearBridge Global Infrastructure Income Fund, Class IS Shares					235,677		2,568,884
ClearBridge Small Cap Fund, Class IS Shares					103,001		4,778,236
Martin Currie Emerging Markets Fund, Class IS Shares					836,828		9,431,050
QS Global Market Neutral Fund, Class IS Shares					1,102,123		10,029,318
QS International Equity Fund, Class IS Shares					141,685		1,868,825
QS Strategic Real Return Fund, Class IS Shares					1,600,460		14,980,302
QS U.S. Small Capitalization Equity Fund, Class IS Shares					605,769		5,663,940
Legg Mason Partners Equity Trust:
ClearBridge Aggressive Growth Fund, Class IS Shares					23,551		4,260,341
ClearBridge Appreciation Fund, Class IS Shares					619,244		14,471,724
ClearBridge International Value Fund, Class IS Shares					241,690		1,728,084
ClearBridge Large Cap Growth Fund, Class IS Shares					254,609		13,468,816
ClearBridge Mid Cap Fund, Class IS Shares					117,874		3,746,024
ClearBridge Small Cap Growth Fund, Class IS Shares					110,266		3,733,616
QS Global Dividend Fund, Class IS Shares					2,119,286		24,265,829
QS U.S. Large Cap Equity Fund, Class IS Shares					566,890		8,894,507
Western Asset Funds, Inc.:
Western Asset Core Bond Fund, Class IS Shares					2,555,289		33,883,131
Western Asset Core Plus Bond Fund, Class IS Shares					3,946,789		47,124,665
Western Asset High Yield Fund, Class IS Shares					1,981,746		14,149,669
Western Asset Macro Opportunities Fund, Class IS Shares					392,280		3,938,490

TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $249,113,897)							266,637,636


	RATE
SHORT-TERM INVESTMENTS - 0.1%
Invesco Government & Agency Portfolio, Institutional Class (Cost - $250,289)		0.185	%		250,289		250,289

TOTAL INVESTMENTS - 99.7% (Cost - $249,364,186)							266,887,925
Other Assets in Excess of Liabilities - 0.3%							796,175

TOTAL NET ASSETS - 100.0%						$	267,684,100

(a)	Underlying Funds are affiliated with Legg Mason, Inc. and more information about the Underlying Funds is available at www.leggmason.com/mutualfunds.

See Notes to Schedules of Investments.

QS Asset Allocation Funds 2020 Quarterly Report

QS DEFENSIVE GROWTH FUND


Schedules of investments (unaudited)		April 30, 2020


DESCRIPTION				SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS^(a)- 99.7%
Legg Mason Global Asset Management Trust:
BrandywineGLOBAL - Alternative Credit Fund, Class IS Shares					288,170	$	2,553,182
BrandywineGLOBAL - Diversified US Large Cap Value Fund, Class IS Shares					67,436		1,055,375
BrandywineGLOBAL - Dynamic US Large Cap Value Fund, Class IS Shares					105,291		1,082,394
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged), Class IS Shares					960,153		9,764,759
BrandywineGLOBAL - Global Unconstrained Bond Fund, Class IS Shares					161,454		1,808,289
ClearBridge Global Infrastructure Income Fund, Class IS Shares					101,113		1,102,134
Martin Currie Emerging Markets Fund, Class IS Shares					117,608		1,325,443
QS Global Market Neutral Fund, Class IS Shares					483,242		4,397,506
QS International Equity Fund, Class IS Shares					15,646		206,372
QS Strategic Real Return Fund, Class IS Shares					719,526		6,734,768
QS U.S. Small Capitalization Equity Fund, Class IS Shares					130,096		1,216,396
Legg Mason Partners Equity Trust:
ClearBridge Appreciation Fund, Class IS Shares					251,273		5,872,246
ClearBridge International Value Fund, Class IS Shares					26,602		190,201
ClearBridge Large Cap Growth Fund, Class IS Shares					68,850		3,642,172
ClearBridge Small Cap Growth Fund, Class IS Shares					32,913		1,114,448
QS Global Dividend Fund, Class IS Shares					742,127		8,497,359
QS U.S. Large Cap Equity Fund, Class IS Shares					254,922		3,999,730
Western Asset Funds, Inc.:
Western Asset Core Bond Fund, Class IS Shares					1,987,068		26,348,514
Western Asset Core Plus Bond Fund, Class IS Shares					2,361,750		28,199,296
Western Asset High Yield Fund, Class IS Shares					1,054,667		7,530,320
Western Asset Macro Opportunities Fund, Class IS Shares					170,895		1,715,784

TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $109,196,595)							118,356,688


	RATE
SHORT-TERM INVESTMENTS - 0.3%
Invesco Government & Agency Portfolio, Institutional Class (Cost - $320,480)		0.185	%		320,480		320,480

TOTAL INVESTMENTS - 100.0% (Cost - $109,517,075)							118,677,168
Liabilities in Excess of Other Assets - (0.0)%							(24,805	)

TOTAL NET ASSETS - 100.0%						$	118,652,363

(a)	Underlying Funds are affiliated with Legg Mason, Inc. and more information about the Underlying Funds is available at www.leggmason.com/mutualfunds.

See Notes to Schedules of Investments.

QS Asset Allocation Funds 2020 Quarterly Report

Notes to Schedules of Investments (unaudited)

1. Organization and significant accounting policies

QS Growth Fund (“Growth Fund”), QS Moderate Growth Fund (“Moderate Growth Fund”), QS Conservative Growth Fund (“Conservative Growth Fund”) and QS Defensive Growth Fund (“Defensive Growth Fund”) (the “Funds”) are separate non-diversified investment series of Legg Mason Partners Equity 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 Funds invest in other mutual funds and exchange-traded funds (“ETFs”) which are affiliated with Legg Mason, Inc. (“Legg Mason”) and ETFs managed by unaffiliated investment advisers (“Underlying Funds”).

The following are significant accounting policies consistently followed by the Funds and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(a) Investment valuation. Investments in the Underlying Funds are valued at the closing net asset value per share of each Underlying Fund on the day of 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 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 Funds hold securities or other assets that are denominated in a foreign currency, the Funds 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 each Fund calculates its net asset value, the Funds value these securities as determined in accordance with procedures approved by the Funds’ Board of Trustees.

The Board of Trustees is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies, and reporting to the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Funds, 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. Additionally, if the closing net asset value per share for an Underlying Fund is not available on the day of valuation, the Valuation Committee may adjust the Underlying Fund’s last available net asset value per share to account for significant events that have occurred subsequent to the Underlying Fund’s last net asset value per share calculation but prior to the day of valuation.

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.

Notes to Schedules of Investments (unaudited) (cont’d)

The Funds use 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 – 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 Funds’ 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 Funds’ assets carried at fair value:

Growth Fund


ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Investments in Underlying Funds†	$	625,861,109		—		—	$	625,861,109
Short-Term Investments†		2,294,364		—		—		2,294,364

Total Investments	$	628,155,473		—		—	$	628,155,473

†	See Schedule of Investments for additional detailed categorizations.

Moderate Growth Fund


ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Investments in Underlying Funds†	$	405,768,920		—		—	$	405,768,920
Short-Term Investments†		682,226		—		—		682,226

Total Investments	$	406,451,146		—		—	$	406,451,146

†	See Schedule of Investments for additional detailed categorizations.

Conservative Growth Fund


ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Investments in Underlying Funds†	$	266,637,636		—		—	$	266,637,636
Short-Term Investments†		250,289		—		—		250,289

Total Investments	$	266,887,925		—		—	$	266,887,925

†	See Schedule of Investments for additional detailed categorizations.

Notes to Schedules of Investments (unaudited) (cont’d)

Defensive Growth Fund


ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Investments in Underlying Funds†	$	118,356,688		—		—	$	118,356,688
Short-Term Investments†		320,480		—		—		320,480

Total Investments	$	118,677,168		—		—	$	118,677,168

†	See Schedule of Investments for additional detailed categorizations.

2. Transactions with affiliated Underlying Funds

As defined by the 1940 Act, an affiliated company is one in which the Funds own 5% or more of the outstanding voting securities, or a company which is under common ownership or control. Legg Mason, through subadvisory agreements with its wholly owned subsidiaries, also provides investment management services to certain of the Underlying Funds held by the Funds. Based on the Funds’ relative ownership, the following Underlying Funds were considered affiliated companies for all or some portion of the period ended April 30, 2020. The following transactions were effected in shares of such Underlying Funds for the period ended April 30, 2020.


	Affiliate Value at January 31, 2020		Purchased				Sold				Realized Gain (Loss) from Sale of Affiliated Underlying Funds			Income Distributions from Affiliated Underlying Funds		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)			Affiliate Value at April 30, 2020
Growth Fund	Affiliate Value at January 31, 2020		Cost		Shares		Cost		Shares					Income Distributions from Affiliated Underlying Funds					Affiliate Value at April 30, 2020
BrandywineGLOBAL - Alternative Credit Fund, Class IS Shares	$	18,563,892	$	179,871		19,658	$	1,820,019		171,700	$	19,981		$	179,871	$	(2,812,557	)	$	14,111,187
BrandywineGLOBAL - Diversified US Large Cap Value Fund, Class IS Shares		92,008,091		2,675,000		151,989		4,968,836		264,864		116,164			—		(14,272,882	)		75,441,373
BrandywineGLOBAL - Dynamic US Large Cap Value Fund, Class IS Shares		31,119,409		—		—		1,969,523		170,947		160,476			—		(4,136,717	)		25,013,169
BrandywineGLOBAL - Global Unconstrained Bond Fund, Class IS Shares		11,076,943		61,785		5,642		1,537,848		121,090		(232,848	)		61,785		(424,550	)		9,176,330
BrandywineGLOBAL - International Opportunities Bond Fund, Class IS Shares		6,665,410		—		—		456,458		36,900		(96,457	)		—		(608,283	)		5,600,669
ClearBridge Global Infrastructure Income Fund, Class IS Shares		7,789,745		34,910		3,403		559,404		46,935		(19,404	)		34,910		(1,032,941	)		6,232,310
ClearBridge Small Cap Fund, Class IS Shares		40,845,959		785,000		13,877		1,579,293		26,809		95,707			—		(9,357,706	)		30,693,960
Martin Currie Emerging Markets Fund, Class IS Shares		60,364,101		805,000		59,104		4,312,634		338,861		77,366			—		(7,394,999	)		49,461,468
QS Global Market Neutral Fund, Class IS Shares		24,821,772		940,000		103,070		1,664,723		158,847		(239,723	)		—		81,510			24,178,559
QS International Equity Fund, Class IS Shares		70,453,923		7,485,000		466,500		—		—		—			—		(12,858,248	)		65,080,675
QS Strategic Real Return Fund, Class IS Shares		44,072,913		—		—		1,255,914		95,580		(455,914	)		—		(6,580,888	)		36,236,111
QS U.S. Small Capitalization Equity Fund, Class IS Shares		22,125,367		—		—		1,234,526		91,514		(134,526	)		—		(3,866,448	)		17,024,393
ClearBridge Aggressive Growth Fund, Class IS Shares		19,855,195		—		—		1,411,454		7,122		48,545			—		(1,544,764	)		16,898,977
ClearBridge Appreciation Fund, Class IS Shares		43,319,722		—		—		3,501,858		142,645		338,142			—		(4,168,729	)		35,649,135
ClearBridge International Value Fund, Class IS Shares		31,237,523		4,300,000		450,734		—		—		—			—		(8,037,788	)		27,499,735
ClearBridge Large Cap Growth Fund, Class IS Shares		47,803,032		—		—		3,965,909		91,536		1,249,091			—		(2,743,324	)		41,093,799

Notes to Schedules of Investments (unaudited) (cont’d)


	Affiliate Value at January 31, 2020		Purchased				Sold				Realized Gain (Loss) from Sale of Affiliated Underlying Funds			Income Distributions from Affiliated Underlying Funds		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)			Affiliate Value at April 30, 2020
Growth Fund (cont’d)	Affiliate Value at January 31, 2020		Cost		Shares		Cost		Shares					Income Distributions from Affiliated Underlying Funds					Affiliate Value at April 30, 2020
ClearBridge Mid Cap Fund, Class IS Shares	$	32,607,865		—		—	$	2,201,699		64,235	$	343,300			—	$	(5,341,154	)	$	25,065,012
ClearBridge Small Cap Growth Fund, Class IS Shares		5,217,659		—		—		389,340		10,363		30,660			—		(559,170	)		4,269,149
QS Global Dividend Fund, Class IS Shares		67,754,276	$	189,186		17,797		1,483,567		113,858		36,434		$	189,186		(8,203,516	)		58,256,379
QS U.S. Large Cap Equity Fund, Class IS Shares		27,922,261		—		—		2,122,614		120,492		82,386			—		(2,783,951	)		23,015,696
Western Asset Core Plus Bond Fund, Class IS Shares		141,270		12,242,557		1,010,240		1,860,878		153,524		(10,877	)		82,736		(154,814	)		10,368,135
Western Asset High Yield Fund, Class IS Shares		20,054,017		258,739		35,495		1,913,288		234,480		(98,051	)		264,607		(2,142,979	)		16,256,489
Western Asset Macro Opportunities Fund, Class IS Shares		11,207,834		—		—		989,698		90,466		(134,698	)		—		(979,737	)		9,238,399

	$	737,028,179	$	29,957,048			$	41,199,483			$	1,175,754		$	813,095	$	(99,924,635	)	$	625,861,109


	Affiliate Value at January 31, 2020		Purchased				Sold				Realized Gain (Loss) from Sale of Affiliated Underlying Funds			Income Distributions from Affiliated Underlying Funds		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)			Affiliate Value at April 30, 2020
Moderate Growth Fund	Affiliate Value at January 31, 2020		Cost		Shares		Cost		Shares					Income Distributions from Affiliated Underlying Funds					Affiliate Value at April 30, 2020
BrandywineGLOBAL - Alternative Credit Fund, Class IS Shares	$	11,726,962	$	115,773		12,653	$	950,650		89,684	$	14,349		$	115,773	$	(1,809,461	)	$	9,082,624
BrandywineGLOBAL - Diversified US Large Cap Value Fund, Class IS Shares		55,235,962		2,125,000		120,738		4,433,477		236,326		146,522			—		(8,385,608	)		44,541,877
BrandywineGLOBAL - Dynamic US Large Cap Value Fund, Class IS Shares		15,030,593		475,000		41,850		1,278,807		112,252		116,193			—		(2,020,443	)		12,206,343
BrandywineGLOBAL - Global Unconstrained Bond Fund, Class IS Shares		6,964,911		39,622		3,618		495,829		39,092		(80,829	)		39,621		(323,142	)		6,185,562
BrandywineGLOBAL - International Opportunities Bond Fund, Class IS Shares		9,676,481		—		—		343,930		27,714		(78,930	)		—		(934,969	)		8,397,582
ClearBridge Global Infrastructure Income Fund, Class IS Shares		4,895,670		22,495		2,192		244,315		20,470		(14,315	)		22,495		(658,002	)		4,015,848
ClearBridge Small Cap Fund, Class IS Shares		17,303,162		655,000		11,579		1,184,263		20,104		60,736			—		(3,912,635	)		12,861,264
Martin Currie Emerging Markets Fund, Class IS Shares		29,504,598		785,000		57,635		1,767,464		136,485		(37,464	)		—		(3,694,076	)		24,828,058
QS Global Market Neutral Fund, Class IS Shares		15,673,721		625,000		68,531		762,711		72,778		(107,711	)		—		13,414			15,549,424
QS International Equity Fund, Class IS Shares		24,802,714		5,595,000		350,265		296,802		18,321		(21,802	)		—		(4,977,630	)		25,123,282
QS Strategic Real Return Fund, Class IS Shares		27,693,445		—		—		188,387		14,337		(68,387	)		—		(4,307,960	)		23,197,098
QS U.S. Small Capitalization Equity Fund, Class IS Shares		12,343,985		510,000		47,179		1,194,401		88,540		(139,401	)		—		(2,070,835	)		9,588,749
ClearBridge Aggressive Growth Fund, Class IS Shares		11,381,295		—		—		1,081,384		5,406		48,616			—		(852,531	)		9,447,380
ClearBridge Appreciation Fund, Class IS Shares		23,875,736		535,000		21,197		2,364,319		99,554		315,682			—		(2,392,233	)		19,654,184
ClearBridge International Value Fund, Class IS Shares		11,353,381		2,690,000		281,971		—		—		—			—		(3,203,739	)		10,839,642
ClearBridge Large Cap Growth Fund, Class IS Shares		29,094,790		—		—		2,878,219		68,589		1,046,782			—		(1,886,416	)		24,330,155

Notes to Schedules of Investments (unaudited) (cont’d)


	Affiliate Value at January 31, 2020		Purchased				Sold				Realized Gain (Loss) from Sale of Affiliated Underlying Funds			Income Distributions from Affiliated Underlying Funds		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)			Affiliate Value at April 30, 2020
Moderate Growth Fund (cont’d)	Affiliate Value at January 31, 2020		Cost		Shares		Cost		Shares					Income Distributions from Affiliated Underlying Funds					Affiliate Value at April 30, 2020
ClearBridge Mid Cap Fund, Class IS Shares	$	9,910,029		—		—	$	844,892		25,744	$	175,108			—	$	(1,645,248	)	$	7,419,889
ClearBridge Small Cap Growth Fund, Class IS Shares		7,532,025		—		—		862,677		23,414		67,322			—		(792,833	)		5,876,515
QS Global Dividend Fund, Class IS Shares		42,755,830	$	1,276,879		102,554		1,250,152		96,080		(15,152	)	$	121,879		(5,252,098	)		37,530,459
QS U.S. Large Cap Equity Fund, Class IS Shares		16,113,027		—		—		1,669,905		95,901		85,095			—		(1,575,255	)		12,867,867
Western Asset Core Bond Fund, Class IS Shares		13,251,301		6,147,010		466,410		1,890,809		143,433		(809	)		113,900		76,637			17,584,139
Western Asset Core Plus Bond Fund, Class IS Shares		32,065,643		14,866,398		1,227,085		4,323,059		356,617		(33,060	)		332,030		(678,213	)		41,930,769
Western Asset High Yield Fund, Class IS Shares		29,568,445		264,815		36,281		11,020,793		1,358,567		(2,518	)		273,334		(2,189,556	)		16,622,911
Western Asset Macro Opportunities Fund, Class IS Shares		7,099,427		—		—		370,429		33,860		(70,429	)		—		(641,699	)		6,087,299

	$	464,853,133	$	36,727,992			$	41,697,674			$	1,405,598		$	1,019,032	$	(54,114,531	)	$	405,768,920


	Affiliate Value at January 31, 2020		Purchased				Sold				Realized Gain (Loss) from Sale of Affiliated Underlying Funds			Income Distributions from Affiliated Underlying Funds		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)			Affiliate Value at April 30, 2020
Conservative Growth Fund	Affiliate Value at January 31, 2020		Cost		Shares		Cost		Shares					Income Distributions from Affiliated Underlying Funds					Affiliate Value at April 30, 2020
BrandywineGLOBAL - Alternative Credit Fund, Class IS Shares	$	7,474,188	$	74,494		8,141	$	540,484		50,988	$	(484	)	$	74,494	$	(1,164,021	)	$	5,844,177
BrandywineGLOBAL - Diversified US Large Cap Value Fund, Class IS Shares		18,301,640		1,010,000		57,386		2,099,099		111,527		5,901			—		(2,702,182	)		14,510,359
BrandywineGLOBAL - Dynamic US Large Cap Value Fund, Class IS Shares		6,546,883		295,000		25,991		779,702		67,307		40,298			—		(854,947	)		5,207,234
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged), Class IS Shares		8,673,619		119,961		12,142		556,997		53,713		(6,997	)		119,961		(111,806	)		8,124,777
BrandywineGLOBAL - Global Unconstrained Bond Fund, Class IS Shares		4,560,269		25,604		2,338		329,068		25,972		(39,068	)		25,604		(211,378	)		4,045,427
BrandywineGLOBAL - International Opportunities Bond Fund, Class IS Shares		6,798,503		—		—		217,302		17,510		(42,302	)		—		(660,990	)		5,920,211
ClearBridge Global Infrastructure Income Fund, Class IS Shares		3,131,759		14,390		1,403		155,409		13,100		9,591			14,390		(421,856	)		2,568,884
ClearBridge Small Cap Fund, Class IS Shares		6,544,615		300,000		5,303		616,916		10,388		18,084			—		(1,449,463	)		4,778,236
Martin Currie Emerging Markets Fund, Class IS Shares		11,231,261		—		—		396,134		31,792		(16,134	)		—		(1,404,077	)		9,431,050
QS Global Market Neutral Fund, Class IS Shares		10,108,550		410,000		44,956		498,773		47,593		(78,773	)		—		9,541			10,029,318
QS International Equity Fund, Class IS Shares		136,573		2,155,000		133,025		—		—		—			—		(422,748	)		1,868,825
QS Strategic Real Return Fund, Class IS Shares		17,865,731		—		—		99,991		7,617		(29,991	)		—		(2,785,438	)		14,980,302
QS U.S. Small Capitalization Equity Fund, Class IS Shares		7,422,904		355,000		32,840		925,896		68,636		(120,896	)		—		(1,188,068	)		5,663,940
ClearBridge Aggressive Growth Fund, Class IS Shares		5,259,990		—		—		628,619		3,083		16,381			—		(371,030	)		4,260,341
ClearBridge Appreciation Fund, Class IS Shares		17,930,224		700,000		27,734		2,398,418		98,911		221,582			—		(1,760,082	)		14,471,724

Notes to Schedules of Investments (unaudited) (cont’d)


	Affiliate Value at January 31, 2020		Purchased				Sold				Realized Gain (Loss) from Sale of Affiliated Underlying Funds			Income Distributions from Affiliated Underlying Funds		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)			Affiliate Value at April 30, 2020
Conservative Growth Fund (cont’d)	Affiliate Value at January 31, 2020		Cost		Shares		Cost		Shares					Income Distributions from Affiliated Underlying Funds					Affiliate Value at April 30, 2020
ClearBridge International Value Fund, Class IS Shares	$	126,065	$	2,174,999		227,987		—		—		—			—	$	(572,980	)	$	1,728,084
ClearBridge Large Cap Growth Fund, Class IS Shares		16,207,695		370,000		6,846	$	2,166,544		46,655	$	473,456			—		(942,335	)		13,468,816
ClearBridge Mid Cap Fund, Class IS Shares		5,137,858		—		—		613,565		16,519		41,435			—		(778,269	)		3,746,024
ClearBridge Small Cap Growth Fund, Class IS Shares		4,889,826		—		—		674,649		17,606		25,351			—		(481,561	)		3,733,616
QS Global Dividend Fund, Class IS Shares		27,403,708		1,118,803		89,432		870,333		66,834		(50,333	)	$	78,802		(3,386,349	)		24,265,829
QS U.S. Large Cap Equity Fund, Class IS Shares		11,117,380		345,000		20,140		1,505,720		85,278		24,280			—		(1,062,153	)		8,894,507
Western Asset Core Bond Fund, Class IS Shares		31,324,986		5,395,818		409,433		2,972,637		225,452		7,363			220,243		134,964			33,883,131
Western Asset Core Plus Bond Fund, Class IS Shares		44,330,698		7,612,262		628,614		4,042,844		333,448		(22,844	)		374,977		(775,451	)		47,124,665
Western Asset High Yield Fund, Class IS Shares		22,351,247		223,421		30,637		6,454,812		808,304		75,364			229,901		(1,970,187	)		14,149,669
Western Asset Macro Opportunities Fund, Class IS Shares		4,644,111		—		—		289,755		26,486		(14,755	)		—		(415,866	)		3,938,490

	$	299,520,283	$	22,699,752			$	29,833,667			$	536,509		$	1,138,372	$	(25,748,732	)	$	266,637,636


	Affiliate Value at January 31, 2020		Purchased				Sold				Realized Gain (Loss) from Sale of Affiliated Underlying Funds			Income Distributions from Affiliated Underlying Funds		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)			Affiliate Value at April 30, 2020
Defensive Growth Fund	Affiliate Value at January 31, 2020		Cost		Shares		Cost		Shares					Income Distributions from Affiliated Underlying Funds					Affiliate Value at April 30, 2020
BrandywineGLOBAL - Alternative Credit Fund, Class IS Shares	$	3,174,232	$	32,603		3,563	$	145,472		13,723	$	(15,472	)	$	32,544	$	(508,181	)	$	2,553,182
BrandywineGLOBAL - Diversified US Large Cap Value Fund, Class IS Shares		1,300,788		—		—		43,359		2,311		1,641			—		(202,054	)		1,055,375
BrandywineGLOBAL - Dynamic US Large Cap Value Fund, Class IS Shares		1,301,182		—		—		41,713		3,594		3,288			—		(177,075	)		1,082,394
BrandywineGLOBAL - Global Opportunities Bond Fund (USD Hedged), Class IS Shares		10,052,317		142,422		14,415		293,716		28,324		(3,716	)		142,422		(136,264	)		9,764,759
BrandywineGLOBAL - Global Unconstrained Bond Fund, Class IS Shares		1,900,955		11,347		1,036		—		—		—			11,347		(104,013	)		1,808,289
ClearBridge Global Infrastructure Income Fund, Class IS Shares		1,321,205		6,174		602		45,651		3,850		4,350			6,174		(179,594	)		1,102,134
Martin Currie Emerging Markets Fund, Class IS Shares		1,520,673		—		—		—		—		—			—		(195,230	)		1,325,443
QS Global Market Neutral Fund, Class IS Shares		4,236,595		225,000		24,671		46,578		4,445		(6,579	)		—		(17,511	)		4,397,506
QS International Equity Fund, Class IS Shares		86,118		165,000		10,185		—		—		—			—		(44,746	)		206,372
QS Strategic Real Return Fund, Class IS Shares		7,734,976		255,001		23,309		—		—		—			—		(1,255,209	)		6,734,768
QS U.S. Small Capitalization Equity Fund, Class IS Shares		1,533,919		—		—		33,474		2,481		(3,474	)		—		(284,049	)		1,216,396
ClearBridge Appreciation Fund, Class IS Shares		6,555,343		415,000		16,442		435,647		17,589		34,353			—		(662,450	)		5,872,246
ClearBridge International Value Fund, Class IS Shares		71,149		180,000		18,868		—		—		—			—		(60,948	)		190,201

Notes to Schedules of Investments (unaudited) (cont’d)


	Affiliate Value at January 31, 2020		Purchased				Sold				Realized Gain (Loss) from Sale of Affiliated Underlying Funds			Income Distributions from Affiliated Underlying Funds		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)			Affiliate Value at April 30, 2020
Defensive Growth Fund (cont’d)	Affiliate Value at January 31, 2020		Cost		Shares		Cost		Shares					Income Distributions from Affiliated Underlying Funds					Affiliate Value at April 30, 2020
ClearBridge Large Cap Growth Fund, Class IS Shares	$	3,935,117	$	175,000		3,238	$	274,582		5,871	$	60,419			—	$	(193,363	)	$	3,642,172
ClearBridge Small Cap Growth Fund, Class IS Shares		1,348,999		—		—		90,997		2,364		4,002			—		(143,554	)		1,114,448
QS Global Dividend Fund, Class IS Shares		9,195,501		582,595		46,366		101,583		7,797		(1,583	)	$	27,595		(1,179,154	)		8,497,359
QS U.S. Large Cap Equity Fund, Class IS Shares		4,508,420		245,000		14,302		284,830		15,686		170			—		(468,860	)		3,999,730
Western Asset Core Bond Fund, Class IS Shares		26,754,036		664,935		50,480		1,164,774		88,699		5,226			168,696		94,317			26,348,514
Western Asset Core Plus Bond Fund, Class IS Shares		29,214,878		711,590		59,031		1,255,911		103,778		(5,911	)		221,653		(471,261	)		28,199,296
Western Asset High Yield Fund, Class IS Shares		9,122,333		116,102		15,948		698,106		87,495		(10,706	)		118,772		(1,010,009	)		7,530,320
Western Asset Macro Opportunities Fund, Class IS Shares		1,935,095		—		—		39,332		3,595		667			—		(179,979	)		1,715,784

	$	126,803,831	$	3,927,769			$	4,995,725			$	66,675		$	729,203	$	(7,379,187	)	$	118,356,688