QS GROWTH FUND

Schedules of investments (unaudited) April 30, 2021

DESCRIPTION				SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS(a) - 99.6%
Legg Mason Global Asset Management Trust:
BrandywineGLOBAL — Alternative Credit Fund, Class IS Shares					1,989,201	$	20,647,909
BrandywineGLOBAL — Diversified US Large Cap Value Fund, Class IS Shares					4,985,819		110,834,747
BrandywineGLOBAL — Dynamic US Large Cap Value Fund, Class IS Shares					2,392,320		36,769,960
BrandywineGLOBAL — Global Unconstrained Bond Fund, Class IS Shares					932,591		11,657,390
BrandywineGLOBAL — International Opportunities Bond Fund, Class IS Shares					635,172		7,749,095
ClearBridge Global Infrastructure Income Fund, Class IS Shares					583,769		7,857,530
ClearBridge Small Cap Fund, Class IS Shares					633,850		50,283,327
Martin Currie Emerging Markets Fund, Class IS Shares					3,812,366		66,373,287
QS Global Market Neutral Fund, Class IS Shares					3,044,286		28,281,418	*
QS International Equity Fund, Class IS Shares					4,121,540		75,094,463
QS Strategic Real Return Fund, Class IS Shares					4,118,483		51,522,223
QS U.S. Small Capitalization Equity Fund, Class IS Shares					1,628,882		26,404,184
Legg Mason Partners Equity Trust:
ClearBridge Aggressive Growth Fund, Class IS Shares					103,328		23,261,113
ClearBridge Appreciation Fund, Class IS Shares					1,613,363		51,304,946
ClearBridge International Value Fund, Class IS Shares					3,034,748		34,201,610
ClearBridge Large Cap Growth Fund, Class IS Shares					772,673		56,312,428
ClearBridge Mid Cap Fund, Class IS Shares					780,638		38,649,407
ClearBridge Small Cap Growth Fund, Class IS Shares					109,552		6,248,851
QS Global Dividend Fund, Class IS Shares					5,289,784		74,691,745
QS U.S. Large Cap Equity Fund, Class IS Shares					1,460,182		33,657,186
Western Asset Funds, Inc.:
Western Asset Core Plus Bond Fund, Class IS Shares					524,947		6,325,616
Western Asset High Yield Fund, Class IS Shares					885,920		7,335,415
Western Asset Macro Opportunities Fund, Class IS Shares					1,128,987		12,734,976
TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $589,829,545)							838,198,826
	RATE
SHORT-TERM INVESTMENTS - 0.5%
Invesco Government & Agency Portfolio, Institutional Class (Cost - $3,848,170)		0.030	%		3,848,170		3,848,170
TOTAL INVESTMENTS - 100.1% (Cost - $593,677,715)							842,046,996
Liabilities in Excess of Other Assets - (0.1)%							(573,949	)
TOTAL NET ASSETS - 100.0%						$	841,473,047

* Non-income producing security.

(a) Underlying Funds are affiliated with Legg Mason, Inc., a subsidiary of Franklin Resources, 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 2021 Quarterly Report         1

QS MODERATE GROWTH FUND

Schedules of investments (unaudited) April 30, 2021

DESCRIPTION				SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS(a) - 100.0%
Legg Mason Global Asset Management Trust:
BrandywineGLOBAL — Alternative Credit Fund, Class IS Shares					1,218,975	$	12,652,956
BrandywineGLOBAL — Diversified US Large Cap Value Fund, Class IS Shares					2,897,878		64,419,831
BrandywineGLOBAL — Dynamic US Large Cap Value Fund, Class IS Shares					1,127,442		17,328,777
BrandywineGLOBAL — Global Unconstrained Bond Fund, Class IS Shares					615,058		7,688,225
BrandywineGLOBAL — International Opportunities Bond Fund, Class IS Shares					894,423		10,911,966
ClearBridge Global Infrastructure Income Fund, Class IS Shares					367,003		4,939,856
ClearBridge Small Cap Fund, Class IS Shares					261,310		20,729,718
Martin Currie Emerging Markets Fund, Class IS Shares					1,855,188		32,298,820
QS Global Market Neutral Fund, Class IS Shares					1,905,921		17,706,009	*
QS International Equity Fund, Class IS Shares					1,347,807		24,557,036
QS Strategic Real Return Fund, Class IS Shares					2,527,611		31,620,416
QS U.S. Small Capitalization Equity Fund, Class IS Shares					890,566		14,436,077
Legg Mason Partners Equity Trust:
ClearBridge Aggressive Growth Fund, Class IS Shares					57,615		12,970,268
ClearBridge Appreciation Fund, Class IS Shares					865,613		27,526,501
ClearBridge International Value Fund, Class IS Shares					1,026,229		11,565,603
ClearBridge Large Cap Growth Fund, Class IS Shares					460,651		33,572,220
ClearBridge Mid Cap Fund, Class IS Shares					232,046		11,488,589
ClearBridge Small Cap Growth Fund, Class IS Shares					153,612		8,762,042
QS Global Dividend Fund, Class IS Shares					3,271,500		46,193,585
QS U.S. Large Cap Equity Fund, Class IS Shares					814,101		18,765,028
Western Asset Funds, Inc.:
Western Asset Core Bond Fund, Class IS Shares					1,518,462		19,998,148
Western Asset Core Plus Bond Fund, Class IS Shares					4,029,539		48,555,941
Western Asset High Yield Fund, Class IS Shares					1,463,931		12,121,347
Western Asset Macro Opportunities Fund, Class IS Shares					698,288		7,876,691
TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $384,544,792)							518,685,650
	RATE
SHORT-TERM INVESTMENTS - 0.1%
Invesco Government & Agency Portfolio, Institutional Class (Cost - $609,678)		0.030	%		609,678		609,678
TOTAL INVESTMENTS - 100.1% (Cost - $385,154,470)							519,295,328
Liabilities in Excess of Other Assets - (0.1)%							(298,526	)
TOTAL NET ASSETS - 100.0%						$	518,996,802

* Non-income producing security.

(a) Underlying Funds are affiliated with Legg Mason, Inc., a subsidiary of Franklin Resources, 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.

    2     QS Asset Allocation Funds 2021 Quarterly Report

QS CONSERVATIVE GROWTH FUND

Schedules of investments (unaudited) April 30, 2021

DESCRIPTION				SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS(a) - 99.9%
Legg Mason Global Asset Management Trust:
BrandywineGLOBAL — Alternative Credit Fund, Class IS Shares					763,271	$	7,922,755
BrandywineGLOBAL — Diversified US Large Cap Value Fund, Class IS Shares					943,883		20,982,515
BrandywineGLOBAL — Dynamic US Large Cap Value Fund, Class IS Shares					480,993		7,392,858
BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged), Class IS Shares					895,700		9,360,070
BrandywineGLOBAL — Global Unconstrained Bond Fund, Class IS Shares					375,092		4,688,651
BrandywineGLOBAL — International Opportunities Bond Fund, Class IS Shares					611,029		7,454,556
ClearBridge Global Infrastructure Income Fund, Class IS Shares					245,907		3,309,902
ClearBridge Small Cap Fund, Class IS Shares					96,567		7,660,676
Martin Currie Emerging Markets Fund, Class IS Shares					688,016		11,978,359
QS Global Market Neutral Fund, Class IS Shares					1,216,563		11,301,872	*
QS International Equity Fund, Class IS Shares					11,555		210,531
QS Strategic Real Return Fund, Class IS Shares					1,607,326		20,107,650
QS U.S. Small Capitalization Equity Fund, Class IS Shares					524,296		8,498,836
Legg Mason Partners Equity Trust:
ClearBridge Aggressive Growth Fund, Class IS Shares					26,470		5,958,946
ClearBridge Appreciation Fund, Class IS Shares					637,223		20,263,695
ClearBridge International Value Fund, Class IS Shares					20,894		235,472
ClearBridge Large Cap Growth Fund, Class IS Shares					248,344		18,099,320
ClearBridge Mid Cap Fund, Class IS Shares					118,022		5,843,269
ClearBridge Small Cap Growth Fund, Class IS Shares					92,878		5,297,754
QS Global Dividend Fund, Class IS Shares					2,065,201		29,160,638
QS U.S. Large Cap Equity Fund, Class IS Shares					554,171		12,773,634
Western Asset Funds, Inc.:
Western Asset Core Bond Fund, Class IS Shares					2,907,854		38,296,439
Western Asset Core Plus Bond Fund, Class IS Shares					4,512,511		54,375,752
Western Asset High Yield Fund, Class IS Shares					1,266,836		10,489,403
Western Asset Macro Opportunities Fund, Class IS Shares					440,720		4,971,322
TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $253,280,604)							326,634,875
	RATE
SHORT-TERM INVESTMENTS - 0.1%
Invesco Government & Agency Portfolio, Institutional Class (Cost - $344,407)		0.030	%		344,407		344,407
TOTAL INVESTMENTS - 100.0% (Cost - $253,625,011)							326,979,282
Liabilities in Excess of Other Assets - (0.0)%††							(153,691	)
TOTAL NET ASSETS - 100.0%						$	326,825,591

†† Represents less than 0.1%.

* Non-income producing security.

(a) Underlying Funds are affiliated with Legg Mason, Inc., a subsidiary of Franklin Resources, 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 2021 Quarterly Report         3

QS DEFENSIVE GROWTH FUND

Schedules of investments (unaudited) April 30, 2021

DESCRIPTION				SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS(a) - 99.8%
Legg Mason Global Asset Management Trust:
BrandywineGLOBAL — Alternative Credit Fund, Class IS Shares					330,803	$	3,433,734
BrandywineGLOBAL — Diversified US Large Cap Value Fund, Class IS Shares					69,576		1,546,681
BrandywineGLOBAL — Dynamic US Large Cap Value Fund, Class IS Shares					102,024		1,568,114
BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged), Class IS Shares					995,707		10,405,133
BrandywineGLOBAL — Global Unconstrained Bond Fund, Class IS Shares					159,281		1,991,010
ClearBridge Global Infrastructure Income Fund, Class IS Shares					100,690		1,355,283
Martin Currie Emerging Markets Fund, Class IS Shares					94,111		1,638,469
QS Global Market Neutral Fund, Class IS Shares					505,091		4,692,292	*
QS International Equity Fund, Class IS Shares					4,663		84,951
QS Strategic Real Return Fund, Class IS Shares					689,799		8,629,384
QS U.S. Small Capitalization Equity Fund, Class IS Shares					108,196		1,753,864
Legg Mason Partners Equity Trust:
ClearBridge Appreciation Fund, Class IS Shares					227,796		7,243,928
ClearBridge International Value Fund, Class IS Shares					8,242		92,892
ClearBridge Large Cap Growth Fund, Class IS Shares					57,018		4,155,489
ClearBridge Small Cap Growth Fund, Class IS Shares					25,980		1,481,902
QS Global Dividend Fund, Class IS Shares					686,053		9,687,065
QS U.S. Large Cap Equity Fund, Class IS Shares					222,243		5,122,691
Western Asset Funds, Inc.:
Western Asset Core Bond Fund, Class IS Shares					2,096,442		27,610,141
Western Asset Core Plus Bond Fund, Class IS Shares					2,496,666		30,084,825
Western Asset High Yield Fund, Class IS Shares					1,038,532		8,599,043
Western Asset Macro Opportunities Fund, Class IS Shares					170,146		1,919,244
TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $109,081,240)							133,096,135
	RATE
SHORT-TERM INVESTMENTS - 0.3%
Invesco Government & Agency Portfolio, Institutional Class (Cost - $321,082)		0.030	%		321,082		321,082
TOTAL INVESTMENTS - 100.1% (Cost - $109,402,322)							133,417,217
Liabilities in Excess of Other Assets - (0.1)%							(77,399	)
TOTAL NET ASSETS - 100.0%						$	133,339,818

* Non-income producing security.

(a) Underlying Funds are affiliated with Legg Mason, Inc., a subsidiary of Franklin Resources, 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.

    4     QS Asset Allocation Funds 2021 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 Legg Mason and Franklin Templeton affiliated mutual funds and exchange-traded funds (“ETFs”) 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 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 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 Global Fund Valuation Committee (formerly known as Legg Mason North Atlantic Fund Valuation Committee prior to March 1, 2021) (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.

5

Notes to Schedules of Investments (unaudited) (continued)

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†	$	838,198,826		—		—	$	838,198,826
Short-Term Investments†		3,848,170		—		—		3,848,170
Total Investments	$	842,046,996		—		—	$	842,046,996

† 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†	$	518,685,650		—		—	$	518,685,650
Short-Term Investments†		609,678		—		—		609,678
Total Investments	$	519,295,328		—		—	$	519,295,328

† 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†	$	326,634,875		—		—	$	326,634,875
Short-Term Investments†		344,407		—		—		344,407
Total Investments	$	326,979,282		—		—	$	326,979,282
†   See Schedule of Investments for additional detailed categorizations.

6

Notes to Schedules of Investments (unaudited) (continued)

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†	$	133,096,135		—			—	$	133,096,135
Short-Term Investments†		321,082		—			—		321,082
Total Investments	$	133,417,217		—			—	$	133,417,217
†   See Schedule of Investments for additional detailed categorizations.

2. Transactions with affiliated companies

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 with the Funds. The following Underlying Funds were considered affiliated companies for all or some portion of the period ended April 30, 2021. The following transactions were effected in such Underlying Funds for the period ended April 30, 2021.

	Affiliate Value at January 31, 2021		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, 2021
Growth Fund			Cost		Shares		Cost		Shares
BrandywineGLOBAL — Alternative Credit Fund, Class IS Shares	$	18,582,195	$	1,832,352		178,071		—		—		—	$	232,352	$	233,362		$	20,647,909
BrandywineGLOBAL — Diversified US Large Cap Value Fund, Class IS Shares		94,042,351		7,374,999		381,532	$	8,995,422		468,116	$	924,577		—		18,412,819			110,834,747
BrandywineGLOBAL — Dynamic US Large Cap Value Fund, Class IS Shares		32,076,690		1,705,000		127,334		2,955,595		231,254		459,405		—		5,943,865			36,769,960
BrandywineGLOBAL — Global Unconstrained Bond Fund, Class IS Shares		10,303,299		1,374,440		108,986		—		—		—		54,440		(20,349	)		11,657,390
BrandywineGLOBAL — International Opportunities Bond Fund, Class IS Shares		6,756,621		1,105,956		92,471		—		—		—		30,956		(113,482	)		7,749,095
ClearBridge Global Infrastructure Income Fund, Class IS Shares		7,571,973		46,070		3,541		—		—		—		46,069		239,487			7,857,530
ClearBridge Small Cap Fund, Class IS Shares		45,092,220		—		—		1,286,948		21,846		388,052		—		6,478,055			50,283,327
Martin Currie Emerging Markets Fund, Class IS Shares		65,986,463		5,034,999		292,053		2,948,575		228,918		1,281,425		—		(1,699,600	)		66,373,287
QS Global Market Neutral Fund, Class IS Shares*		22,966,318		4,100,000		463,801		—		—		—		—		1,215,100			28,281,418
QS International Equity Fund, Class IS Shares		74,907,447		—		—		6,848,379		423,815		371,621		—		7,035,395			75,094,463
QS Strategic Real Return Fund, Class IS Shares		46,017,063		1,844,999		154,912		—		—		—		—		3,660,161			51,522,223
QS U.S. Small Capitalization Equity Fund, Class IS Shares		24,925,115		—		—		2,198,900		163,003		366,100		—		3,677,969			26,404,184
ClearBridge Aggressive Growth Fund, Class IS Shares		20,766,127		1,110,000		5,045		197,168		896		7,832		—		1,582,154			23,261,113
ClearBridge Appreciation Fund, Class IS Shares		41,301,079		4,795,000		163,652		466,031		15,906		38,969		—		5,674,898			51,304,946
ClearBridge International Value Fund, Class IS Shares		34,942,066		—		—		5,488,639		552,733		271,361		—		4,748,183			34,201,610
ClearBridge Large Cap Growth Fund, Class IS Shares		43,832,701		8,150,000		118,455		449,418		6,510		25,582		—		4,779,145			56,312,428
ClearBridge Mid Cap Fund, Class IS Shares		33,299,105		1,775,000		39,392		1,722,506		38,227		82,493		—		5,297,808			38,649,407

7

Notes to Schedules of Investments (unaudited) (continued)

	Affiliate Value at January 31, 2021		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, 2021
Growth Fund (continued)			Cost		Shares		Cost		Shares
ClearBridge Small Cap Growth Fund, Class IS Shares	$	5,922,386		—		—		—		—		—			—	$	326,465		$	6,248,851
QS Global Dividend Fund, Class IS Shares		68,227,779	$	1,768,586		131,992	$	789,805		58,399	$	20,195		$	318,586		5,485,185			74,691,745
QS U.S. Large Cap Equity Fund, Class IS Shares		28,210,347		1,790,000		84,795		534,604		25,325		50,396			—		4,191,443			33,657,186
Western Asset Core Plus Bond Fund, Class IS Shares		16,365,118		42,492		3,532		9,930,673		800,485		(20,673	)		41,597		(151,321	)		6,325,616
Western Asset High Yield Fund, Class IS Shares		19,415,681		98,181		11,928		11,858,010		1,496,665		481,990			96,253		(320,437	)		7,335,415
Western Asset Macro Opportunities Fund, Class IS Shares		10,671,457		2,324,999		208,240		—		—		—			—		(261,480	)		12,734,976
	$	772,181,601	$	46,273,073			$	56,670,673			$	4,749,325		$	820,253	$	76,414,825		$	838,198,826

* Non-income producing security.

Moderate Growth Fund	Affiliate Value at January 31, 2021		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, 2021
			Cost		Shares		Cost		Shares
BrandywineGLOBAL — Alternative Credit Fund, Class IS Shares	$	12,352,671	$	154,458		15,011		—		—		—		$	154,458	$	145,827		$	12,652,956
BrandywineGLOBAL — Diversified US Large Cap Value Fund, Class IS Shares		53,960,873		5,770,000		298,500	$	6,005,855		311,133	$	614,146			—		10,694,813			64,419,831
BrandywineGLOBAL — Dynamic US Large Cap Value Fund, Class IS Shares		14,898,919		1,235,000		92,233		1,599,508		124,240		240,492			—		2,794,366			17,328,777
BrandywineGLOBAL — Global Unconstrained Bond Fund, Class IS Shares		6,945,226		742,562		59,884		—		—		—			32,561		437			7,688,225
BrandywineGLOBAL — International Opportunities Bond Fund, Class IS Shares		9,818,761		1,264,985		105,767		—		—		—			44,985		(171,780	)		10,911,966
ClearBridge Global Infrastructure Income Fund, Class IS Shares		4,760,333		28,963		2,227		—		—		—			28,963		150,560			4,939,856
ClearBridge Small Cap Fund, Class IS Shares		17,579,437		1,535,000		21,105		1,121,646		15,422		48,354			—		2,736,927			20,729,718
Martin Currie Emerging Markets Fund, Class IS Shares		31,581,184		2,070,000		120,070		738,470		59,268		361,530			—		(613,894	)		32,298,820
QS Global Market Neutral Fund, Class IS Shares*		17,536,568		—		—		675,746		64,480		(105,747	)		—		845,187			17,706,009
QS International Equity Fund, Class IS Shares		25,769,021		—		—		3,483,781		215,847		196,220			—		2,271,796			24,557,036
QS Strategic Real Return Fund, Class IS Shares		29,345,566		—		—		—		—		—			—		2,274,850			31,620,416
QS U.S. Small Capitalization Equity Fund, Class IS Shares		12,911,464		530,000		35,714		1,031,476		73,363		133,523			—		2,026,089			14,436,077
ClearBridge Aggressive Growth Fund, Class IS Shares		11,100,522		999,999		4,599		—		—		—			—		869,747			12,970,268
ClearBridge Appreciation Fund, Class IS Shares		22,150,746		2,895,000		98,805		563,648		19,237		16,352			—		3,044,403			27,526,501
ClearBridge International Value Fund, Class IS Shares		12,214,149		—		—		2,186,486		227,790		193,513			—		1,537,940			11,565,603
ClearBridge Large Cap Growth Fund, Class IS Shares		26,085,227		4,645,000		67,446		—		—		—			—		2,841,993			33,572,220

8

Notes to Schedules of Investments (unaudited) (continued)

	Affiliate Value at January 31, 2021		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, 2021
Moderate Growth Fund (continued)			Cost		Shares		Cost		Shares
ClearBridge Mid Cap Fund, Class IS Shares	$	9,549,037	$	955,000		21,194	$	571,103		12,674	$	28,897			—	$	1,555,655		$	11,488,589
ClearBridge Small Cap Growth Fund, Class IS Shares		7,434,450		865,000		16,090		—		—		—			—		462,592			8,762,042
QS Global Dividend Fund, Class IS Shares		43,527,656		199,089		14,354		914,960		70,656		65,039		$	199,089		3,381,800			46,193,585
QS U.S. Large Cap Equity Fund, Class IS Shares		15,339,851		1,620,000		76,741		512,990		24,301		17,011			—		2,318,167			18,765,028
Western Asset Core Bond Fund, Class IS Shares		20,991,292		1,540,522		117,816		2,087,225		151,964		(37,225	)		93,368		(446,441	)		19,998,148
Western Asset Core Plus Bond Fund, Class IS Shares		50,559,884		3,991,178		334,880		4,879,356		389,338		(59,356	)		284,310		(1,115,765	)		48,555,941
Western Asset High Yield Fund, Class IS Shares		20,523,429		153,613		18,661		8,452,728		1,060,643		292,272			150,426		(102,967	)		12,121,347
Western Asset Macro Opportunities Fund, Class IS Shares		6,850,994		1,165,000		107,175		—		—		—			—		(139,303	)		7,876,691
	$	483,787,260	$	32,360,369			$	34,824,978			$	2,005,021		$	988,160	$	37,362,999		$	518,685,650

* Non-income producing security.

	Affiliate Value at January 31, 2021		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, 2021
Conservative Growth Fund			Cost		Shares		Cost		Shares
BrandywineGLOBAL — Alternative Credit Fund, Class IS Shares	$	7,734,729	$	96,715		9,399		—		—		—		$	96,715	$	91,311		$	7,922,755
BrandywineGLOBAL — Diversified US Large Cap Value Fund, Class IS Shares		17,476,307		2,314,999		119,578	$	2,290,727		118,322	$	234,274			—		3,481,936			20,982,515
BrandywineGLOBAL — Dynamic US Large Cap Value Fund, Class IS Shares		6,861,867		—		—		629,941		53,005		155,060			—		1,160,932			7,392,858
BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged), Class IS Shares		8,585,920		918,653		87,233		—		—		—			48,653		(144,503	)		9,360,070
BrandywineGLOBAL — Global Unconstrained Bond Fund, Class IS Shares		4,542,257		151,896		12,002		—		—		—			21,896		(5,502	)		4,688,651
BrandywineGLOBAL — International Opportunities Bond Fund, Class IS Shares		6,859,770		727,410		60,043		—		—		—			32,409		(132,624	)		7,454,556
ClearBridge Global Infrastructure Income Fund, Class IS Shares		3,189,615		19,406		1,492		—		—		—			19,406		100,881			3,309,902
ClearBridge Small Cap Fund, Class IS Shares		6,830,552		255,000		3,352		417,438		6,110		47,561			—		992,562			7,660,676
Martin Currie Emerging Markets Fund, Class IS Shares		12,189,905		650,000		37,703		522,370		42,295		262,629			—		(339,176	)		11,978,359
QS Global Market Neutral Fund, Class IS Shares*		10,198,171		624,999		70,701		—		—		—			—		478,702			11,301,872
QS International Equity Fund, Class IS Shares		190,426		—		—		—		—		—			—		20,105			210,531
QS Strategic Real Return Fund, Class IS Shares		19,233,875		110,000		9,136		759,000		58,475		(69,000	)		—		1,522,775			20,107,650
QS U.S. Small Capitalization Equity Fund, Class IS Shares		7,971,813		—		—		650,063		48,804		124,937			—		1,177,086			8,498,836
ClearBridge Aggressive Growth Fund, Class IS Shares		4,560,162		1,019,999		4,691		—		—		—			—		378,785			5,958,946

9

Notes to Schedules of Investments (unaudited) (continued)

	Affiliate Value at January 31, 2021		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, 2021
Conservative Growth Fund (continued)			Cost		Shares		Cost		Shares
ClearBridge Appreciation Fund, Class IS Shares	$	15,825,412	$	2,945,000		100,516	$	728,856		24,876	$	21,144			—	$	2,222,139		$	20,263,695
ClearBridge International Value Fund, Class IS Shares		203,505		—		—		—		—		—			—		31,967			235,472
ClearBridge Large Cap Growth Fund, Class IS Shares		14,562,973		1,990,001		28,824		—		—		—			—		1,546,346			18,099,320
ClearBridge Mid Cap Fund, Class IS Shares		4,721,851		685,000		15,202		347,421		7,710		17,579			—		783,839			5,843,269
ClearBridge Small Cap Growth Fund, Class IS Shares		5,020,978		—		—		—		—		—			—		276,776			5,297,754
QS Global Dividend Fund, Class IS Shares		28,381,603		262,918		19,275		1,569,806		123,921		125,194		$	127,918		2,085,923			29,160,638
QS U.S. Large Cap Equity Fund, Class IS Shares		11,021,814		625,000		29,607		479,113		22,696		15,887			—		1,605,933			12,773,634
Western Asset Core Bond Fund, Class IS Shares		37,935,596		2,588,952		197,593		1,325,985		95,626		(35,985	)		179,826		(902,124	)		38,296,439
Western Asset Core Plus Bond Fund, Class IS Shares		53,638,853		3,958,148		331,262		1,918,920		151,453		(43,922	)		320,457		(1,302,329	)		54,375,752
Western Asset High Yield Fund, Class IS Shares		16,819,673		132,230		16,063		6,278,008		802,911		341,993			129,472		(184,492	)		10,489,403
Western Asset Macro Opportunities Fund, Class IS Shares		4,549,427		530,000		48,190		—		—		—			—		(108,105	)		4,971,322
	$	309,107,054	$	20,606,326			$	17,917,648			$	1,197,351		$	976,752	$	14,839,143		$	326,634,875

* Non-income producing security.    

	Affiliate Value at January 31, 2021		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, 2021
Defensive Growth Fund			Cost		Shares		Cost		Shares
BrandywineGLOBAL — Alternative Credit Fund, Class IS Shares	$	3,371,955	$	41,916		4,073	$	20,365		1,921		$ (365	)	$	41,916	$	40,228		$	3,433,734
BrandywineGLOBAL — Diversified US Large Cap Value Fund, Class IS Shares		1,340,348		—		—		50,670		2,719		9,330			—		257,003			1,546,681
BrandywineGLOBAL — Dynamic US Large Cap Value Fund, Class IS Shares		1,358,445		—		—		41,753		3,692		13,247			—		251,422			1,568,114
BrandywineGLOBAL — Global Opportunities Bond Fund (USD Hedged), Class IS Shares		10,526,497		56,760		5,447		9,981		936		19			56,761		(168,143	)		10,405,133
BrandywineGLOBAL — Global Unconstrained Bond Fund, Class IS Shares		1,983,222		9,298		750		—		—		—			9,298		(1,510	)		1,991,010
ClearBridge Global Infrastructure Income Fund, Class IS Shares		1,306,030		7,946		611		—		—		—			7,946		41,307			1,355,283
Martin Currie Emerging Markets Fund, Class IS Shares		1,656,350		—		—		—		—		—			—		(17,881	)		1,638,469
QS Global Market Neutral Fund, Class IS Shares*		4,805,965		—		—		365,724		34,905		(50,724	)		—		252,051			4,692,292
QS International Equity Fund, Class IS Shares		76,839		—		—		—		—		—			—		8,112			84,951
QS Strategic Real Return Fund, Class IS Shares		8,250,198		—		—		270,147		20,812		(20,147	)		—		649,333			8,629,384
QS U.S. Small Capitalization Equity Fund, Class IS Shares		1,720,592		—		—		208,939		15,499		41,061			—		242,211			1,753,864

10

Notes to Schedules of Investments (unaudited) (continued)

	Affiliate Value at January 31, 2021		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, 2021
Defensive Growth Fund (continued)			Cost		Shares		Cost		Shares
ClearBridge Appreciation Fund, Class IS Shares	$	6,419,305		—		—		—		—		—			—	$	824,623		$	7,243,928
ClearBridge International Value Fund, Class IS Shares		80,281		—		—		—		—		—			—		12,611			92,892
ClearBridge Large Cap Growth Fund, Class IS Shares		3,782,590		—		—		—		—		—			—		372,899			4,155,489
ClearBridge Small Cap Growth Fund, Class IS Shares		1,404,481		—		—		—		—		—			—		77,421			1,481,902
QS Global Dividend Fund, Class IS Shares		9,652,275	$	42,045		3,032	$	675,255		54,920	$	89,745		$	42,046		668,000			9,687,065
QS U.S. Large Cap Equity Fund, Class IS Shares		4,543,128		—		—		57,751		3,334		17,249			—		637,314			5,122,691
Western Asset Core Bond Fund, Class IS Shares		28,408,590		137,806		10,471		212,518		15,256		(7,519	)		134,832		(723,737	)		27,610,141
Western Asset Core Plus Bond Fund, Class IS Shares		30,874,493		189,170		15,734		164,020		12,969		(4,021	)		184,914		(814,818	)		30,084,825
Western Asset High Yield Fund, Class IS Shares		9,009,525		106,209		12,902		590,918		74,434		24,081			103,948		74,227			8,599,043
Western Asset Macro Opportunities Fund, Class IS Shares		1,971,989		—		—		—		—		—			—		(52,745	)		1,919,244
	$	132,543,098	$	591,150			$	2,668,041			$	111,956		$	581,661	$	2,629,928		$	133,096,135

* Non-income producing security.

11