BRANDYWINEGLOBAL – DIVERSIFIED US LARGE CAP VALUE FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) December 31, 2023

SECURITY	SHARES		VALUE
COMMON STOCKS - 98.1%
COMMUNICATION SERVICES - 5.0%
Diversified Telecommunication Services - 2.2%
AT&T Inc.		89,200	$	1,496,776
Verizon Communications Inc.		90,900		3,426,930
Total Diversified Telecommunication Services				4,923,706
Media - 2.8%
Charter Communications Inc., Class A Shares		2,100		816,228	*
Comcast Corp., Class A Shares		101,100		4,433,235
Fox Corp., Class A Shares		9,300		275,931
Interpublic Group of Cos. Inc.		8,900		290,496
Omnicom Group Inc.		5,800		501,758
Total Media				6,317,648
TOTAL COMMUNICATION SERVICES				11,241,354
CONSUMER DISCRETIONARY - 6.6%
Automobile Components - 0.1%
Lear Corp.		1,300		183,573
Automobiles - 1.1%
Ford Motor Co.		111,000		1,353,090
General Motors Co.		32,400		1,163,808
Total Automobiles				2,516,898
Broadline Retail - 0.2%
eBay Inc.		11,300		492,906
Diversified Consumer Services - 0.2%
H&R Block Inc.		1,800		87,066
Service Corp. International		4,900		335,405
Total Diversified Consumer Services				422,471
Hotels, Restaurants & Leisure - 0.1%
Boyd Gaming Corp.		2,300		144,003
Household Durables - 1.9%
DR Horton Inc.		10,200		1,550,196
Lennar Corp., Class A Shares		7,200		1,073,088
NVR Inc.		80		560,036	*
PulteGroup Inc.		7,300		753,506
Toll Brothers Inc.		1,300		133,627
TopBuild Corp.		500		187,130	*
Total Household Durables				4,257,583
Leisure Products - 0.1%
Brunswick Corp.		1,900		183,825
Mattel Inc.		4,400		83,072	*
Total Leisure Products				266,897

See Notes to Schedule of Investments.

BrandywineGLOBAL – Diversified US Large Cap Value Fund 2023 Quarterly Report      1

BRANDYWINEGLOBAL – DIVERSIFIED US LARGE CAP VALUE FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) December 31, 2023

SECURITY	SHARES		VALUE
Specialty Retail - 2.8%
AutoNation Inc.		1,900	$	285,342	*
Best Buy Co. Inc.		5,100		399,228
Dick’s Sporting Goods Inc.		800		117,560
Lithia Motors Inc.		600		197,568
Lowe’s Cos. Inc.		20,400		4,540,020
Murphy USA Inc.		500		178,280
Penske Automotive Group Inc.		1,800		288,918
Williams-Sonoma Inc.		1,400		282,492
Total Specialty Retail				6,289,408
Textiles, Apparel & Luxury Goods - 0.1%
Levi Strauss & Co., Class A Shares		2,000		33,080
Ralph Lauren Corp.		900		129,780
Skechers U.S.A. Inc., Class A Shares		2,900		180,786	*
Total Textiles, Apparel & Luxury Goods				343,646
TOTAL CONSUMER DISCRETIONARY				14,917,385
CONSUMER STAPLES - 4.0%
Beverages - 0.2%
Coca-Cola Consolidated Inc.		100		92,840
Molson Coors Beverage Co., Class B Shares		4,600		281,566
Total Beverages				374,406
Consumer Staples Distribution & Retail - 0.6%
BJ’s Wholesale Club Holdings Inc.		1,600		106,656	*
Kroger Co.		16,300		745,073
Sysco Corp.		7,000		511,910
Total Consumer Staples Distribution & Retail				1,363,639
Food Products - 1.1%
Archer-Daniels-Midland Co.		15,400		1,112,188
Bunge Global SA		2,200		222,090
Ingredion Inc.		1,300		141,089
Kraft Heinz Co.		27,800		1,028,044
Total Food Products				2,503,411
Tobacco - 2.1%
Altria Group Inc.		40,100		1,617,634
Philip Morris International Inc.		34,300		3,226,944
Total Tobacco				4,844,578
TOTAL CONSUMER STAPLES				9,086,034

See Notes to Schedule of Investments.

    2  BrandywineGLOBAL – Diversified US Large Cap Value Fund 2023 Quarterly Report

BRANDYWINEGLOBAL – DIVERSIFIED US LARGE CAP VALUE FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) December 31, 2023

SECURITY	SHARES		VALUE
ENERGY - 13.3%
Energy Equipment & Services - 0.4%
Halliburton Co.		19,300	$	697,695
NOV Inc.		5,500		111,540
Total Energy Equipment & Services				809,235
Oil, Gas & Consumable Fuels - 12.9%
Antero Resources Corp.		3,700		83,916	*
APA Corp.		7,200		258,336
Cheniere Energy Inc.		5,300		904,763
Chevron Corp.		40,173		5,992,205
Chord Energy Corp.		600		99,738
ConocoPhillips		28,300		3,284,781
Coterra Energy Inc.		16,100		410,872
EOG Resources Inc.		16,300		1,971,485
Exxon Mobil Corp.		87,800		8,778,244
Kinder Morgan Inc.		51,400		906,696
Marathon Oil Corp.		15,900		384,144
Marathon Petroleum Corp.		8,500		1,261,060
Murphy Oil Corp.		2,000		85,320
New Fortress Energy Inc.		2,800		105,644
Occidental Petroleum Corp.		20,700		1,235,997
Phillips 66		9,600		1,278,144
Range Resources Corp.		5,500		167,420
Southwestern Energy Co.		23,800		155,890	*
Valero Energy Corp.		9,000		1,170,000
Williams Cos. Inc.		16,900		588,627
Total Oil, Gas & Consumable Fuels				29,123,282
TOTAL ENERGY				29,932,517
FINANCIALS - 23.5%
Banks - 8.5%
Bank of America Corp.		109,800		3,696,966
Citigroup Inc.		41,300		2,124,472
Citizens Financial Group Inc.		6,500		215,410
Cullen/Frost Bankers Inc.		900		97,641
Huntington Bancshares Inc.		20,100		255,672
JPMorgan Chase & Co.		67,100		11,413,710
KeyCorp		13,000		187,200
M&T Bank Corp.		2,300		315,284
PNC Financial Services Group Inc.		5,500		851,675
Webster Financial Corp.		2,500		126,900
Total Banks				19,284,930

See Notes to Schedule of Investments.

BrandywineGLOBAL – Diversified US Large Cap Value Fund 2023 Quarterly Report      3

BRANDYWINEGLOBAL – DIVERSIFIED US LARGE CAP VALUE FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) December 31, 2023

SECURITY	SHARES		VALUE
Capital Markets - 5.3%
Ameriprise Financial Inc.		2,500	$	949,575
Bank of New York Mellon Corp.		19,200		999,360
Carlyle Group Inc.		7,700		313,313
Goldman Sachs Group Inc.		7,700		2,970,429
Invesco Ltd.		10,400		185,536
Jefferies Financial Group Inc.		5,800		234,378
LPL Financial Holdings Inc.		1,500		341,430
Morgan Stanley		38,600		3,599,450
Northern Trust Corp.		2,900		244,702
Raymond James Financial Inc.		4,600		512,900
Robinhood Markets Inc., Class A Shares		9,200		117,208	*
SEI Investments Co.		1,300		82,615
State Street Corp.		7,900		611,934
Stifel Financial Corp.		2,300		159,045
T. Rowe Price Group Inc.		4,900		527,681
Total Capital Markets				11,849,556
Consumer Finance - 2.4%
Ally Financial Inc.		6,400		223,488
American Express Co.		16,800		3,147,312
Capital One Financial Corp.		8,000		1,048,960
Discover Financial Services		6,100		685,640
Synchrony Financial		10,200		389,538
Total Consumer Finance				5,494,938
Financial Services - 1.1%
Equitable Holdings Inc.		9,300		309,690
Fiserv Inc.		11,400		1,514,376	*
Global Payments Inc.		5,500		698,500
Total Financial Services				2,522,566
Insurance - 6.2%
Aflac Inc.		15,000		1,237,500
American Financial Group Inc.		1,600		190,224
American International Group Inc.		15,100		1,023,025
Arch Capital Group Ltd.		8,500		631,295	*
Assurant Inc.		1,000		168,490
Chubb Ltd.		9,600		2,169,600
Cincinnati Financial Corp.		3,400		351,764
Fidelity National Financial Inc.		6,100		311,222
First American Financial Corp.		2,200		141,768
Globe Life Inc.		2,000		243,440
Hartford Financial Services Group Inc.		7,700		618,926

See Notes to Schedule of Investments.

    4  BrandywineGLOBAL – Diversified US Large Cap Value Fund 2023 Quarterly Report

BRANDYWINEGLOBAL – DIVERSIFIED US LARGE CAP VALUE FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) December 31, 2023

SECURITY	SHARES		VALUE
Insurance - (continued)
Loews Corp.		5,800	$	403,622
Markel Group Inc.		230		326,577	*
MetLife Inc.		19,600		1,296,148
Old Republic International Corp.		6,900		202,860
Primerica Inc.		700		144,032
Principal Financial Group Inc.		5,800		456,286
Prudential Financial Inc.		8,600		891,906
Reinsurance Group of America Inc.		1,400		226,492
Travelers Cos. Inc.		10,300		1,962,047
Unum Group		4,600		208,012
Willis Towers Watson PLC		1,400		337,680
WR Berkley Corp.		6,200		438,464
Total Insurance				13,981,380
TOTAL FINANCIALS				53,133,370
HEALTH CARE - 18.4%
Biotechnology - 5.7%
AbbVie Inc.		40,200		6,229,794
Amgen Inc.		12,200		3,513,844
Biogen Inc.		3,000		776,310	*
Gilead Sciences Inc.		28,400		2,300,684
Total Biotechnology				12,820,632
Health Care Equipment & Supplies - 0.7%
Medtronic PLC		18,400		1,515,792
Health Care Providers & Services - 7.1%
Cardinal Health Inc.		5,900		594,720
Cencora Inc.		5,800		1,191,204
Centene Corp.		7,400		549,154	*
Cigna Group		7,300		2,185,985
CVS Health Corp.		17,900		1,413,384
DaVita Inc.		1,900		199,044	*
Elevance Health Inc.		6,900		3,253,764
HCA Healthcare Inc.		9,300		2,517,324
Henry Schein Inc.		2,800		211,988	*
Laboratory Corp. of America Holdings		2,400		545,496
McKesson Corp.		4,600		2,129,708
Molina Healthcare Inc.		800		289,048	*
Quest Diagnostics Inc.		3,800		523,944
Tenet Healthcare Corp.		2,000		151,140	*
Universal Health Services Inc., Class B Shares		2,500		381,100
Total Health Care Providers & Services				16,137,003

See Notes to Schedule of Investments.

BrandywineGLOBAL – Diversified US Large Cap Value Fund 2023 Quarterly Report      5

BRANDYWINEGLOBAL – DIVERSIFIED US LARGE CAP VALUE FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) December 31, 2023

SECURITY	SHARES		VALUE
Pharmaceuticals - 4.9%
Johnson & Johnson		33,400	$	5,235,116
Merck & Co. Inc.		49,900		5,440,098
Viatris Inc.		25,800		279,414
Total Pharmaceuticals				10,954,628
TOTAL HEALTH CARE				41,428,055
INDUSTRIALS - 10.7%
Aerospace & Defense - 1.6%
Huntington Ingalls Industries Inc.		700		181,748
L3Harris Technologies Inc.		2,600		547,612
Lockheed Martin Corp.		5,400		2,447,496
Textron Inc.		6,200		498,604
Total Aerospace & Defense				3,675,460
Air Freight & Logistics - 0.6%
FedEx Corp.		5,800		1,467,226
Building Products - 1.4%
Allegion PLC		2,000		253,380
Builders FirstSource Inc.		3,400		567,596	*
Carlisle Cos. Inc.		1,100		343,673
Fortune Brands Innovations Inc.		2,800		213,192
Johnson Controls International PLC		14,500		835,780
Masco Corp.		7,200		482,256
Owens Corning		2,900		429,867
UFP Industries Inc.		700		87,885
Total Building Products				3,213,629
Electrical Equipment - 0.1%
Regal Rexnord Corp.		900		133,218
Ground Transportation - 1.0%
Avis Budget Group Inc.		800		141,808
CSX Corp.		43,100		1,494,277
Knight-Swift Transportation Holdings Inc.		3,600		207,540
U-Haul Holding Co.		400		28,720	*
U-Haul Holding Co., Non Voting Shares		4,000		281,760
Total Ground Transportation				2,154,105
Machinery - 4.8%
AGCO Corp.		1,800		218,538
Caterpillar Inc.		11,000		3,252,370
Cummins Inc.		3,100		742,667
Deere & Co.		6,300		2,519,181
Dover Corp.		3,100		476,811
Middleby Corp.		1,000		147,170	*

See Notes to Schedule of Investments.

    6  BrandywineGLOBAL – Diversified US Large Cap Value Fund 2023 Quarterly Report

BRANDYWINEGLOBAL – DIVERSIFIED US LARGE CAP VALUE FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) December 31, 2023

SECURITY	SHARES		VALUE
Machinery - (continued)
Oshkosh Corp.		1,600	$	173,456
PACCAR Inc.		11,950		1,166,917
Parker-Hannifin Corp.		2,900		1,336,030
Pentair PLC		3,800		276,298
Snap-on Inc.		1,100		317,724
Timken Co.		1,300		104,195
Total Machinery				10,731,357
Passenger Airlines - 0.2%
Delta Air Lines Inc.		8,900		358,047
Professional Services - 0.3%
CACI International Inc., Class A Shares		300		97,158	*
Leidos Holdings Inc.		3,000		324,720
Robert Half Inc.		2,300		202,216
Science Applications International Corp.		500		62,160
Total Professional Services				686,254
Trading Companies & Distributors - 0.7%
Ferguson PLC		4,400		849,508
United Rentals Inc.		1,400		802,788
Total Trading Companies & Distributors				1,652,296
TOTAL INDUSTRIALS				24,071,592
INFORMATION TECHNOLOGY - 10.6%
Communications Equipment - 2.2%
Cisco Systems Inc.		94,200		4,758,984
Juniper Networks Inc.		6,900		203,412
Total Communications Equipment				4,962,396
Electronic Equipment, Instruments & Components - 0.7%
Arrow Electronics Inc.		1,900		232,275	*
Corning Inc.		19,300		587,685
Jabil Inc.		4,100		522,340
TD SYNNEX Corp.		2,100		225,981
Total Electronic Equipment, Instruments & Components				1,568,281
IT Services - 1.8%
Cognizant Technology Solutions Corp., Class A Shares		10,900		823,277
International Business Machines Corp.		18,300		2,992,965
Twilio Inc., Class A Shares		2,500		189,675	*
Total IT Services				4,005,917
Semiconductors & Semiconductor Equipment - 4.7%
Applied Materials Inc.		19,300		3,127,951
Microchip Technology Inc.		7,500		676,350
Micron Technology Inc.		24,800		2,116,432

See Notes to Schedule of Investments.

BrandywineGLOBAL – Diversified US Large Cap Value Fund 2023 Quarterly Report      7

BRANDYWINEGLOBAL – DIVERSIFIED US LARGE CAP VALUE FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) December 31, 2023

SECURITY	SHARES		VALUE
Semiconductors & Semiconductor Equipment - (continued)
ON Semiconductor Corp.		8,100	$	676,593	*
QUALCOMM Inc.		25,700		3,716,991
Skyworks Solutions Inc.		3,600		404,712
Total Semiconductors & Semiconductor Equipment				10,719,029
Software - 0.1%
Gen Digital Inc.		8,900		203,098
Technology Hardware, Storage & Peripherals - 1.1%
Dell Technologies Inc., Class C Shares		5,600		428,400
Hewlett Packard Enterprise Co.		36,300		616,374
HP Inc.		36,300		1,092,267
NetApp Inc.		4,400		387,904
Total Technology Hardware, Storage & Peripherals				2,524,945
TOTAL INFORMATION TECHNOLOGY				23,983,666
MATERIALS - 3.0%
Chemicals - 0.9%
CF Industries Holdings Inc.		2,700		214,650
Dow Inc.		15,400		844,536
Eastman Chemical Co.		2,500		224,550
LyondellBasell Industries NV, Class A Shares		7,400		703,592
Olin Corp.		3,000		161,850
Total Chemicals				2,149,178
Construction Materials - 0.1%
Eagle Materials Inc.		800		162,272
Containers & Packaging - 0.7%
Berry Global Group Inc.		2,700		181,953
Crown Holdings Inc.		3,800		349,942
Graphic Packaging Holding Co.		6,900		170,085
International Paper Co.		7,400		267,510
Packaging Corp. of America		2,500		407,275
Sonoco Products Co.		2,100		117,327
Total Containers & Packaging				1,494,092
Metals & Mining - 1.3%
Cleveland-Cliffs Inc.		10,900		222,578	*
Commercial Metals Co.		800		40,032
Nucor Corp.		8,000		1,392,320
Reliance Steel & Aluminum Co.		1,600		447,488
Steel Dynamics Inc.		5,800		684,980
United States Steel Corp.		5,500		267,575
Total Metals & Mining				3,054,973
TOTAL MATERIALS				6,860,515

See Notes to Schedule of Investments.

    8  BrandywineGLOBAL – Diversified US Large Cap Value Fund 2023 Quarterly Report

BRANDYWINEGLOBAL – DIVERSIFIED US LARGE CAP VALUE FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) December 31, 2023

SECURITY				SHARES		VALUE
REAL ESTATE - 0.1%
Real Estate Management & Development - 0.1%
Jones Lang LaSalle Inc.					600	$	113,322	*
UTILITIES - 2.9%
Electric Utilities - 1.5%
Alliant Energy Corp.					5,500		282,150
Duke Energy Corp.					17,100		1,659,384
Edison International					7,700		550,473
OGE Energy Corp.					4,700		164,171
Pinnacle West Capital Corp.					2,500		179,600
PPL Corp.					17,000		460,700
Total Electric Utilities							3,296,478
Independent Power and Renewable Electricity Producers - 0.1%
Vistra Corp.					9,400		362,088
Multi-Utilities - 1.3%
CenterPoint Energy Inc.					9,500		271,415
Consolidated Edison Inc.					7,400		673,178
Public Service Enterprise Group Inc.					14,800		905,020
Sempra					14,300		1,068,639
Total Multi-Utilities							2,918,252
TOTAL UTILITIES							6,576,818
TOTAL COMMON STOCKS (Cost - $172,890,173)							221,344,628
INVESTMENTS IN UNDERLYING FUNDS - 1.4%
iShares Trust - iShares Russell 1000 Value ETF (Cost - $2,879,443)					19,300		3,189,325
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $175,769,616)							224,533,953
	RATE
SHORT-TERM INVESTMENTS - 0.5%
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares (Cost - $1,119,694)		5.279	%		1,119,694		1,119,694	(a)(b)
TOTAL INVESTMENTS - 100.0% (Cost - $176,889,310)							225,653,647
Liabilities in Excess of Other Assets - (0.0)%††							(1,215	)
TOTAL NET ASSETS - 100.0%						$	225,652,432

†† Represents less than 0.1%.

* Non-income producing security.

(a) Rate shown is one-day yield as of the end of the reporting period.

(b) In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2023, the total market value of investments in Affiliated Companies was $1,119,694 and the cost was $1,119,694 (Note 2).

See Notes to Schedule of Investments.

BrandywineGLOBAL – Diversified US Large Cap Value Fund 2023 Quarterly Report      9

BRANDYWINEGLOBAL – DIVERSIFIED US LARGE CAP VALUE FUND

(Percentages shown based on Fund net assets)

Schedule of investments (unaudited) (cont’d) December 31, 2023

Abbreviation(s) used in this schedule:

ETF — Exchange-Traded Fund

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.

    10  BrandywineGLOBAL – Diversified US Large Cap Value Fund 2023 Quarterly Report

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

BrandywineGLOBAL – Diversified US Large Cap Value 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, including exchange-traded funds (“ETF”), 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

BrandywineGLOBAL – Diversified US Large Cap Value Fund 2023 Quarterly Report      11

Notes to Schedule of Investments (unaudited) (continued)

party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board 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)

    12  BrandywineGLOBAL – Diversified US Large Cap Value Fund 2023 Quarterly Report

Notes to Schedule of Investments (unaudited) (continued)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Long-Term Investments†:
Common Stocks	$	221,344,628		—		—	$	221,344,628
Investments in Underlying Funds		3,189,325		—		—		3,189,325
Total Long-Term Investments		224,533,953		—		—		224,533,953
Short-Term Investments†		1,119,694		—		—		1,119,694
Total Investments	$	225,653,647		—		—	$	225,653,647

† See Schedule of Investments for additional detailed categorizations.

2. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended December 31, 2023. The following transactions were effected in such company for the period ended December 31, 2023.

	Affiliate Value at September 30, 2023	Purchased		Sold
		Cost	Shares	Proceeds	Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	$1,225,995	$16,742,572	16,742,572	$16,848,873	16,848,873

(cont’d)	Realized Gain (Loss)	Dividend Income	Net Increase (Decrease) in Unrealized Appreciation (Depreciation)	Affiliate Value at December 31, 2023
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	—	$18,505	—	$1,119,694

BrandywineGLOBAL – Diversified US Large Cap Value Fund 2023 Quarterly Report      13