# EDGAR Filing Document

**Accession Number:** 0001474103
**File Stem:** 0001752724-23-046652
**Filing Date:** 2023-2
**Character Count:** 158787
**Document Hash:** 3a7725bf2079091f35c7f058f823a832
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-046652.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-046652

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Legg Mason Global Asset Management Trust
- **CENTRAL INDEX KEY:** 0001474103
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22338
- **FILM NUMBER:** 23682891

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INTERNATIONAL DRIVE
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-539-0000

**MAIL ADDRESS:**
- **STREET 1:** 100 INTERNATIONAL DRIVE
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

## Series and Classes Contracts Data

### Franklin Strategic Real Return Fund (Series ID: S000027987)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000085064 | Class A      | LRRAX           |
| C000085065 | Class C      | LRRCX           |
| C000085067 | Class I      | LRRIX           |
| C000085068 | Class IS     | LRRSX           |

## Nport-Ex

**FRANKLIN STRATEGIC REAL RETURN FUND** 

---

| | |
|:---|:---|
| **Consolidated schedule of investments (unaudited)**<br>(Percentages shown based on Fund net assets) | **December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY**<br>**DATE** | **FACE** **AMOUNT†** | **VALUE** |
| **U.S. TREASURY INFLATION PROTECTED SECURITIES - 38.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, Inflation Indexed | 2.500% | 1/15/29 | 1388040 | $1447967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, Inflation Indexed | 3.875% | 4/15/29 | 2356640 | 2649341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, Inflation Indexed | 2.125% | 2/15/40 | 896213 | 949447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, Inflation Indexed | 0.750% | 2/15/42 | 2769627 | 2320604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, Inflation Indexed | 1.375% | 2/15/44 | 370823 | 344731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, Inflation Indexed | 0.750% | 2/15/45 | 3543512 | 2869004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, Inflation Indexed | 0.250% | 2/15/50 | 695490 | 469675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, Inflation Indexed | 0.125% | 2/15/52 | 1145478 | 742997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | 0.625% | 1/15/24 | 1404931 | 1375223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | 0.500% | 4/15/24 | 1760599 | 1712281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | 0.125% | 4/15/25 | 449959 | 428904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | 0.625% | 1/15/26 | 5242556 | 5033730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | 0.125% | 4/15/26 | 3068172 | 2885365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | 0.125% | 10/15/26 | 2399298 | 2249731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | 0.125% | 4/15/27 | 1583220 | 1476029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | 0.750% | 7/15/28 | 1305942 | 1244633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | 0.875% | 1/15/29 | 4484874 | 4275028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | 0.250% | 7/15/29 | 815535 | 747060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | 0.125% | 1/15/30 | 2084940 | 1874040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | 0.125% | 1/15/32 | 1720112 | 1507942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | 0.625% | 7/15/32 | 820552 | 752248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY INFLATION PROTECTED SECURITIES**<br> (Cost - $42,452,862) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY INFLATION PROTECTED SECURITIES**<br> (Cost - $42,452,862) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY INFLATION PROTECTED SECURITIES**<br> (Cost - $42,452,862) |  | 37355980 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHARES** | | |  |
| **COMMON STOCKS - 30.1%** |  |  |  |  |
| **COMMUNICATION SERVICES - 1.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Diversified Telecommunication Services - 0.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LG Uplus Corp. | 13586 |  | *118977* | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Entertainment - 0.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts Inc. | 888 |  | 108496 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetEase Inc., ADR | 1610 |  | 116934 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 3000 |  | 126140 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Entertainment* |  | | *351570* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Interactive Media & Services - 0.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet Inc., Class A Shares | 2803 |  | 247308 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet Inc., Class C Shares | 2744 |  | 243475 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auto Trader Group PLC | 16300 |  | 101506 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms Inc., Class A Shares | 458 |  | 55116 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Interactive Media & Services* |  | | *647405* | |

---

**See Notes to Consolidated Schedule of Investments.** 

Franklin Strategic Real Return Fund 2022 Quarterly Report 1

------

**FRANKLIN STRATEGIC REAL RETURN FUND** 

---

| | |
|:---|:---|
| **Consolidated schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **December 31, 2022**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY** | **SHARES** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Wireless Telecommunication Services - 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTN Group Ltd. | 13926 | $*104010* | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMUNICATION SERVICES** |  | 1221962 |  |
| **CONSUMER DISCRETIONARY - 2.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Automobiles - 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG | 1374 | 121647 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kia Corp. | 2382 | 112074 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tesla Inc. | 810 | 99776 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Automobiles* |  | *333497* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Hotels, Restaurants & Leisure - 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands Inc. | 1046 | *133972* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Household Durables - 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PulteGroup Inc. | 3298 | *150158* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Internet & Direct Marketing Retail - 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com Inc. | 1557 | 130788 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eBay Inc. | 1924 | 79788 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Internet & Direct Marketing Retail* |  | *210576* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Multiline Retail - 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 659 | *98217* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Specialty Retail - 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts Inc. | 550 | 80867 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AutoZone Inc. | 69 | 170166 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Depot Inc. | 687 | 216996 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos. Inc. | 879 | 175132 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TJX Cos. Inc. | 2290 | 182284 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Specialty Retail* |  | *825445* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Textiles, Apparel & Luxury Goods - 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp. | 274 | 109370 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S | 1592 | 112525 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Under Armour Inc., Class A Shares | 4764 | 48402 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Textiles, Apparel & Luxury Goods* |  | *270297* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL CONSUMER DISCRETIONARY** |  | 2022162 |  |
| **CONSUMER STAPLES - 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Beverages - 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remy Cointreau SA | 687 | 115838 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury Wine Estates Ltd. | 14292 | 132035 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Beverages* |  | *247873* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Food & Staples Retailing - 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; George Weston Ltd. | 1200 | 148883 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV | 4300 | 123631 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. | 2657 | 118449 |  |

---

**See Notes to Consolidated Schedule of Investments.** 

2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Strategic Real Return Fund 2022 Quarterly Report

------

**FRANKLIN STRATEGIC REAL RETURN FUND** 

---

| | |
|:---|:---|
| **Consolidated schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **December 31, 2022**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY** | **SHARES** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Food & Staples Retailing - continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walgreens Boots Alliance Inc. | 3481 | $130050 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walmart Inc. | 1465 | 207722 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Food & Staples Retailing* |  | *728735* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Food Products - 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. | 595 | 137784 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingredion Inc. | 931 | 91173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JBS SA | 15600 | 65181 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Food Products* |  | *294138* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Household Products - 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. | 1126 | *170657* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tobacco - 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco Inc. | 5800 | *116929* | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL CONSUMER STAPLES** |  | **1558332** |  |
| **ENERGY - 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Oil, Gas & Consumable Fuels - 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aker BP ASA | 3659 | 113732 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APA Corp. | 2565 | 119734 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP PLC | 38481 | 222033 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Shenhua Energy Co. Ltd., Class H Shares | 50000 | 144034 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EOG Resources Inc. | 1410 | 182623 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 3066 | 338180 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 1920 | 223469 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp. | 2198 | 94536 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PetroChina Co. Ltd., Class H Shares | 258000 | 117853 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 1924 | 200250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shell PLC, LSE | 6642 | 187243 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 1374 | 174306 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL ENERGY** |  | 2117993 |  |
| **FINANCIALS - 1.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Banks - 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 1768 | 58556 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of China Ltd., Class H Shares | 229000 | 82882 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 1924 | 109551 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Inc. | 2229 | 100818 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comerica Inc. | 1649 | 110235 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 1249 | 167491 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Postal Savings Bank of China Co. Ltd., Class H Shares | 118000 | 73020 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 4031 | 166440 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Banks* |  | *868993* | |

---

**See Notes to Consolidated Schedule of Investments.** 

Franklin Strategic Real Return Fund 2022 Quarterly Report 3

------

**FRANKLIN STRATEGIC REAL RETURN FUND** 

---

| | |
|:---|:---|
| **Consolidated schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **December 31, 2022**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY** | **SHARES** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital Markets - 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial Inc. | 401 | $124859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CI Financial Corp. | 7400 | 73836 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Capital Markets* |  | *198695* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Consumer Finance - 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 992 | 92216 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discover Financial Services | 1471 | 143908 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 3939 | 129436 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Consumer Finance* |  | *365560* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Insurance - 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allianz SE, Registered Shares | 759 | 162090 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Post Holdings Co. Ltd. | 13300 | 111906 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal & General Group PLC | 34000 | 101937 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Insurance* |  | *375933* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL FINANCIALS** |  | 1809181 |  |
| **HEALTH CARE - 2.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Biotechnology - 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biogen Inc. | 447 | 123783 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals Inc. | 175 | 126261 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals Inc. | 558 | 161139 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Biotechnology* |  | *411183* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Health Care Equipment & Supplies - 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masimo Corp. | 651 | *96316* | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Health Care Providers & Services - 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health Inc. | 1832 | 140826 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 1511 | 140810 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevance Health Inc. | 394 | 202110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare Inc. | 787 | 188848 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 513 | 192437 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare Inc. | 516 | 170394 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group Inc. | 619 | 328181 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Health Care Providers & Services* |  | *1363606* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals - 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B Shares | 1820 | 247184 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ono Pharmaceutical Co. Ltd. | 5800 | 135567 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pfizer Inc. | 3939 | 201835 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 568 | 178487 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. | 1700 | 84818 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Pharmaceuticals* |  | *847891* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL HEALTH CARE** |  | 2718996 |  |

---

**See Notes to Consolidated Schedule of Investments.** 

4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Strategic Real Return Fund 2022 Quarterly Report

------

**FRANKLIN STRATEGIC REAL RETURN FUND** 

---

| | |
|:---|:---|
| **Consolidated schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **December 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY** | **SHARES** | **VALUE** |  |
| **INDUSTRIALS - 3.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Air Freight & Logistics - 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG, Registered Shares | 3000 | $112280 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service Inc., Class B Shares | 806 | 140115 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Air Freight & Logistics* |  | *252395* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Airlines - 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co. | 3115 | *104882* | *<sup>\*</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Building Products - 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lennox International Inc. | 549 | 131337 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 2657 | 124002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Building Products* |  | *255339* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Industrial Conglomerates - 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 1099 | 131792 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIC Ltd. | 60000 | 63086 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LG Corp. | 1069 | 66193 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Industrial Conglomerates* |  | *261071* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Machinery - 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caterpillar Inc. | 861 | 206261 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial NV | 8245 | 132266 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cummins Inc. | 754 | 182687 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 458 | 196372 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEA Group AG | 2840 | 115496 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Machinery* |  | *833082* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Marine - 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A.P. Moller - Maersk A/S, Class B Shares | 59 | 132078 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen Marine Corp. Ltd. | 12000 | 63422 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Marine* |  | *195500* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Professional Services - 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup Inc. | 1100 | 91531 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer NV | 1481 | 154965 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Professional Services* |  | *246496* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Road & Rail - 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 5200 | 161096 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Trading Companies & Distributors - 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. | 14100 | 161529 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. | 4200 | 136352 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. | 5100 | 148541 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W.W. Grainger Inc. | 305 | 169657 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Trading Companies & Distributors* |  | *616079* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INDUSTRIALS** |  | 2925940 |  |

---

**See Notes to Consolidated Schedule of Investments.** 

Franklin Strategic Real Return Fund 2022 Quarterly Report 5

------

**FRANKLIN STRATEGIC REAL RETURN FUND** 

---

| | |
|:---|:---|
| **Consolidated schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY** | **SHARES** | **VALUE** |  |
| **INFORMATION TECHNOLOGY - 4.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Communications Equipment - 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems Inc. | 3672 | $*174934* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments & Components - 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unimicron Technology Corp. | 13000 | *50469* | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **IT Services - 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CGI Inc. | 1500 | 129295 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gartner Inc. | 549 | 184541 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastercard Inc., Class A Shares | 570 | 198206 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total IT Services* |  | *512042* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor Equipment - 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices Inc. | 1649 | 106806 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Materials Inc. | 1465 | 142662 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASM International NV | 441 | 111897 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV | 422 | 230096 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 459 | 173057 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MediaTek Inc. | 4000 | 80876 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Micron Technology Inc. | 2290 | 114454 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Powertech Technology Inc. | 35000 | 89873 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM Inc. | 1300 | 142922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Microelectronics Corp. | 86000 | 112994 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Semiconductors & Semiconductor Equipment* |  | *1305637* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Software - 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems Inc. | 700 | 112448 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd. | 1121 | 141425 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortinet Inc. | 2748 | 134350 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 2732 | 655188 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Software* |  | *1043411* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Technology Hardware, Storage & Peripherals - 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple Inc. | 5990 | 778281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA, Registered Shares | 1541 | 95556 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | 3505 | 153846 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Technology Hardware, Storage & Peripherals* |  | *1027683* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INFORMATION TECHNOLOGY** |  | 4114176 |  |
| **MATERIALS - 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Chemicals - 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings Inc. | 1100 | 93720 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntsman Corp. | 4500 | 123660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, Class A Shares | 1557 | 129278 |  |

---

**See Notes to Consolidated Schedule of Investments.** 

6 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Strategic Real Return Fund 2022 Quarterly Report

------

**FRANKLIN STRATEGIC REAL RETURN FUND** 

---

| | |
|:---|:---|
| **Consolidated schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY** | **SHARES** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Chemicals - continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd. | 1700 | $124110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sasol Ltd., ADR | 4700 | 73837 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Chemicals* |  | *544605* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Metals & Mining - 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anglo American Platinum Ltd. | 930 | 77615 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. | 4260 | 132387 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd. | 4300 | 89843 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glencore PLC | 25012 | 166796 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO Holdings Inc. | 458 | 100234 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC | 2519 | 177297 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teck Resources Ltd., Class B Shares | 3800 | 143609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vale SA | 9000 | 152478 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Metals & Mining* |  | *1040259* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL MATERIALS** |  | 1584864 |  |
| **REAL ESTATE - 9.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Equity Real Estate Investment Trusts (REITs) - 9.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexander & Baldwin Inc. | 3783 | 70856 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apartment Investment and Management Co., Class A Shares | 14231 | 101325 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple Hospitality REIT Inc. | 10643 | 167947 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armada Hoffler Properties Inc. | 6721 | 77292 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities Inc. | 1552 | 250679 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Properties Inc. | 2174 | 146919 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group Inc. | 9259 | 209902 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 1664 | 186168 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CareTrust REIT Inc. | 6888 | 127979 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Office Properties Trust | 4235 | 109856 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CubeSmart | 5194 | 209059 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust Inc. | 1750 | 175473 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas Emmett Inc. | 5618 | 88090 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Easterly Government Properties Inc. | 5279 | 75331 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPR Properties | 3190 | 120327 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinix Inc. | 632 | 413979 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties Inc. | 3275 | 211565 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 3230 | 190570 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust Inc. | 6577 | 154362 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust Inc. | 903 | 191364 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage Inc. | 1778 | 261686 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gaming and Leisure Properties Inc. | 3557 | 185284 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Getty Realty Corp. | 2880 | 97488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Medical REIT Inc. | 5407 | 51258 |  |

---

**See Notes to Consolidated Schedule of Investments.** 

Franklin Strategic Real Return Fund 2022 Quarterly Report 7

------

**FRANKLIN STRATEGIC REAL RETURN FUND** 

---

| | |
|:---|:---|
| **Consolidated schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY** | **SHARES** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Equity Real Estate Investment Trusts (REITs) - continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highwoods Properties Inc. | 3077 | $86094 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts Inc. | 20272 | 325366 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Logistics Properties Trust | 8446 | 27618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain Inc. | 1800 | 89730 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iStar Inc. | 6635 | 50625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kilroy Realty Corp. | 2315 | 89521 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA | 5900 | 136176 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTC Properties Inc. | 3021 | 107336 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust | 14342 | 143707 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medical Properties Trust Inc. | 11744 | 130828 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities Inc. | 1891 | 296868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Health Investors Inc. | 2456 | 128252 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Retail Properties Inc. | 5420 | 248019 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors Inc. | 6380 | 178321 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piedmont Office Realty Trust Inc., Class A Shares | 6410 | 58780 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis Inc. | 7977 | 899247 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 1750 | 490332 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 4769 | 302498 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty Inc. | 3135 | 171296 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safehold Inc. | 3725 | 106612 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group Inc. | 4376 | 514092 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stockland | 36648 | 90259 | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Communities Inc. | 1013 | 144859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ventas Inc. | 2060 | 92803 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VICI Properties Inc. | 9541 | 309128 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Welltower Inc. | 2372 | 155485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Equity Real Estate Investment Trusts (REITs)* |  | *9248611* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Real Estate Management & Development - 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | 1200 | *122859* | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE** |  | 9371470 |  |
| **UTILITIES - 0.0%††** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Independent Power and Renewable Electricity Producers - 0.0%††** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orron Energy AB | 25500 | *55115* | <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br> (Cost - $28,116,921) |  | 29500191 |  |
| **INVESTMENTS IN UNDERLYING FUNDS - 3.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares Trust - iShares Global Infrastructure ETF<br> (Cost - $3,781,550) | 78212 | 3585238 |  |

---

**See Notes to Consolidated Schedule of Investments.** 

8 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Strategic Real Return Fund 2022 Quarterly Report

------

**FRANKLIN STRATEGIC REAL RETURN FUND** 

---

| | |
|:---|:---|
| **Consolidated schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

(Percentages shown based on Fund net assets)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY**<br>**DATE** | **FACE**<br>**AMOUNT†** | **VALUE** |  |
| **CORPORATE BONDS & NOTES - 2.1%** |  |  |  |  |  |
| **ENERGY- 1.0%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Energy Equipment & Services - 0.0%††** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co., Senior Notes | 3.800% | 11/15/25 | 2000 | $*1947* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Oil, Gas & Consumable Fuels - 1.0%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apache Corp., Senior Notes | 4.750% | 4/15/43 | 60000 | 45377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets America Inc., Senior Notes | 3.588% | 4/14/27 | 240000 | 228981 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | 5.850% | 12/15/25 | 230000 | 234393 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | 2.900% | 5/15/25 | 20000 | 18853 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | 3.700% | 1/31/51 | 180000 | 130592 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp., Senior Notes | 3.043% | 3/1/26 | 50000 | 47747 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan Inc., Senior Notes | 4.300% | 6/1/25 | 80000 | 78529 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | 5.550% | 3/15/26 | 40000 | 39915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | 3.000% | 2/15/27 | 60000 | 54555 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | 3.500% | 8/15/29 | 50000 | 44847 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | 3.350% | 2/1/25 | 30000 | 28436 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | 3.500% | 10/15/51 | 80000 | 54798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Oil, Gas & Consumable Fuels* |  |  |  | *1007023* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL ENERGY** |  |  |  | 1008970 |  |
| **MATERIALS - 1.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Metals & Mining - 0.9%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anglo American Capital PLC, Senior Notes | 4.000% | 9/11/27 | 200000 | 188753 | <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antofagasta PLC, Senior Notes | 2.375% | 10/14/30 | 200000 | 160834 | <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA, Senior Notes | 7.000% | 10/15/39 | 50000 | 50951 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | 4.000% | 3/27/27 | 50000 | 47262 | <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | 3.375% | 9/23/51 | 130000 | 84870 | <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Copper Corp., Senior Notes | 5.250% | 11/8/42 | 220000 | 210436 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teck Resources Ltd., Senior Notes | 3.750% | 2/1/23 | 40000 | 39952 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vale Overseas Ltd., Senior Notes | 6.250% | 8/10/26 | 50000 | 51873 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Metals & Mining* |  |  |  | *834931* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Paper & Forest Products - 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inversiones CMPC SA, Senior Notes | 4.375% | 4/4/27 | 200000 | *193622* | <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL MATERIALS** |  |  |  | 1028553 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS & NOTES**<br> (Cost - $2,187,062) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS & NOTES**<br> (Cost - $2,187,062) |  |  | 2037523 |  |
| **NON-U.S. TREASURY INFLATION PROTECTED SECURITIES - 0.6%** | **NON-U.S. TREASURY INFLATION PROTECTED SECURITIES - 0.6%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Canada - 0.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Government Real Return Bond<br> (Cost - $675,567) | 4.250% | 12/1/26 | 700480 <sup>CAD</sup> | 570886 |  |

---

**See Notes to Consolidated Schedule of Investments.** 

Franklin Strategic Real Return Fund 2022 Quarterly Report 9

------

**FRANKLIN STRATEGIC REAL RETURN FUND** 

---

| | |
|:---|:---|
| **Consolidated schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SECURITY** | **RATE** | **MATURITY**<br>**DATE** | **FACE**<br>**AMOUNT†** | **VALUE** |
| **SOVEREIGN BONDS - 0.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Peru - 0.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peruvian Government International Bond, Senior Notes<br>(Cost - $160,003) | 2.783% | 1/23/31 | 160000 | $*132757* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS**<br> (Cost - $77,373,965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS**<br> (Cost - $77,373,965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS**<br> (Cost - $77,373,965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS**<br> (Cost - $77,373,965) | 73182575 |
|  |  |  | **SHARES** |  |
| **SHORT-TERM INVESTMENTS - 22.6%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management, Institutional Shares | 4.195% |  | 232044 | 232044 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | 4.235% |  | 21774225 | 21774225 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco Treasury Portfolio, Institutional Class | 4.235% |  | 136296 | 136296 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost - $22,142,565) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost - $22,142,565) |  |  | 22142565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 97.3%**<br> (Cost - $99,516,530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 97.3%**<br> (Cost - $99,516,530) |  |  | 95325140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities - 2.7% |  |  |  | 2659232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL NET ASSETS - 100.0%** |  |  |  | $97984372 |

---

† Face amount denominated in U.S. dollars, unless otherwise noted.

---

| | |
|:---|:---|
| †† | Represents less than 0.1%.  |

---

\* Non-income producing security.

<sup>(a)</sup><sup></sup> Security is valued in good faith in accordance with procedures approved by the Board of Trustees (Note 1).

<sup>(b)</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. 

<sup>(c)</sup> Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. 

<sup>(d)</sup> Rate shown is one-day yield as of the end of the reporting period.

---

| | |
|:---|:---|
| <u>Abbreviation(s) used in this schedule:</u> | <u>Abbreviation(s) used in this schedule:</u> |
| ADR | — American Depositary Receipts |
| CAD | — Canadian Dollar |
| ETF | — Exchange-Traded Fund |
| LSE | — London Stock Exchange |
| REIT | — Real Estate Investment Trust |

---

At December 31, 2022, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Contracts to Buy:** |  |  |  |  |  |
|  E-mini S&P 500 Index | 3 | 3/23 | $595368 | $579150 | $(16218) |

---

**See Notes to Consolidated Schedule of Investments.** 

10 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Strategic Real Return Fund 2022 Quarterly Report

------

**FRANKLIN STRATEGIC REAL RETURN FUND** 

---

| | |
|:---|:---|
| **Consolidated schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Market**<br>**Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Contracts to Buy**<br> ***continued*** |  |  |  |  |  |
|  S&P GSCI | 114 | 1/23 | $16385296 | $17387850 | $1002554 |
|  U.S. Treasury 10-Year Notes | 50 | 3/23 | 5633228 | 5614844 | (18384) |
| **Net unrealized appreciation on open futures contracts** |  |  |  |  | $967952 |

---

At December 31, 2022, the Fund had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency**<br>**Purchased** | **Currency**<br>**Purchased** | **Currency**<br>**Sold** | **Currency**<br>**Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| AUD | 3050000 | USD | 2043927 | HSBC Securities Inc. | 1/13/23 | $33888 |
| CAD | 6541000 | USD | 4791555 | HSBC Securities Inc. | 1/13/23 | 39644 |
| CHF | 1053000 | USD | 1123583 | HSBC Securities Inc. | 1/13/23 | 17004 |
| EUR | 17115000 | USD | 18005493 | HSBC Securities Inc. | 1/13/23 | 333358 |
| GBP | 3057000 | USD | 3731313 | HSBC Securities Inc. | 1/13/23 | (34136) |
| JPY | 581000000 | USD | 4269453 | HSBC Securities Inc. | 1/13/23 | 165934 |
| MXN | 39570000 | USD | 1984493 | HSBC Securities Inc. | 1/13/23 | 40761 |
| NOK | 20370000 | USD | 2036084 | HSBC Securities Inc. | 1/13/23 | 44397 |
| NZD | 3288000 | USD | 2079134 | HSBC Securities Inc. | 1/13/23 | 8845 |
| SEK | 13680000 | USD | 1317158 | HSBC Securities Inc. | 1/13/23 | (5066) |
| EUR | 48000 | USD | 47775 | Goldman Sachs Group Inc. | 1/18/23 | 3676 |
| USD | 618354 | CAD | 840000 | Goldman Sachs Group Inc. | 1/18/23 | (2087) |
| USD | 20189 | EUR | 20300 | Goldman Sachs Group Inc. | 1/18/23 | (1570) |
| CAD | 300000 | USD | 217923 | JPMorgan Chase & Co. | 1/18/23 | 3663 |
| USD | 26131 | EUR | 26000 | JPMorgan Chase & Co. | 1/18/23 | (1738) |
| Total |  |  |  |  |  | $646573 |

---

<u>Abbreviation(s) used in this table:</u> 

---

| | |
|:---|:---|
| AUD | — Australian Dollar |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| EUR | — Euro |
| GBP | — British Pound |
| JPY | — Japanese Yen |
| MXN | — Mexican Peso |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| SEK | — Swedish Krona |
| USD | — United States Dollar |

---

**See Notes to Consolidated Schedule of Investments.** 

Franklin Strategic Real Return Fund 2022 Quarterly Report 11

------

**FRANKLIN STRATEGIC REAL RETURN FUND** 

---

| | |
|:---|:---|
| **Consolidated schedule of investments (unaudited) (cont'd)** | **December 31, 2022** |

---

This Consolidated 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 Consolidated Schedule of Investments.** 

12 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Strategic Real Return Fund 2022 Quarterly Report

------

**Notes to Consolidated Schedule of Investments (unaudited)** 

**1. Organization and significant accounting policies** 

Franklin Strategic Real Return Fund (the "Fund") is a separate non-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 gains exposure to the commodities markets by investing a portion of its assets in a wholly-owned subsidiary, Real Return Fund Ltd. (the "Subsidiary"), organized under the laws of the Cayman Islands. Among other investments, the Subsidiary may invest in commodity-linked instruments. The Fund may invest up to 25% of its total assets in the Subsidiary. This schedule of investments is the consolidated schedule of investments of the Fund and the Subsidiary.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies* ("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946.

**(a) Investment valuation.** Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees. This may include using an independent third party pricing service to adjust the value of such securities to the latest indications of fair value at 4:00 p.m. (Eastern Time).

<br>13<br>

------

**Notes to Consolidated Schedule of Investments (unaudited) (cont'd)** 

Pursuant to policies adopted by the Board of Trustees, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund's pricing policies, and reporting to the Fund's manager and the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

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.

<br>14<br>

------

**Notes to Consolidated Schedule of Investments (unaudited) (cont'd)** 

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – unadjusted quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – other significant observable inputs (including quoted prices for similar
investments, interest rates, prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – significant unobservable inputs (including the Fund's own assumptions in
determining the fair value of investments)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| **DESCRIPTION** | **QUOTED PRICES<br>(LEVEL 1)** | **OTHER SIGNIFICANT<br>OBSERVABLE INPUTS<br>(LEVEL 2)\*** | **SIGNIFICANT<br>UNOBSERVABLE<br>INPUTS**<br>**(LEVEL 3)** | **TOTAL** |
|  Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Protected Securities |  | $37355980 |  | $37355980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $771329 | 450633 |  | 1221962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 1675916 | 346246 |  | 2022162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 1004718 | 553614 |  | 1558332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 1333098 | 784895 |  | 2117993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 1167795 | 641386 |  | 1809181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 2072940 | 646056 |  | 2718996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 1639732 | 1286208 |  | 2925940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 3188569 | 925607 |  | 4114176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 778057 | 806807 |  | 1584864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 9022176 | 349294 |  | 9371470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 55115 |  | 55115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Underlying Funds | 3585238 |  |  | 3585238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes |  | 2037523 |  | 2037523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Treasury Inflation Protected Securities |  | 570886 |  | 570886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign Bonds |  | 132757 |  | 132757 |
|  Total Long-Term Investments | 26239568 | 46943007 |  | 73182575 |
|  Short-Term Investments† | 22142565 |  |  | 22142565 |
|  Total Investments | $48382133 | $46943007 |  | $95325140 |

---

<br>15<br>

------

**Notes to Consolidated Schedule of Investments (unaudited) (cont'd)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** |
| **DESCRIPTION** | **QUOTED PRICES<br>(LEVEL 1)** | **OTHER SIGNIFICANT<br>OBSERVABLE INPUTS<br>(LEVEL 2)\*** | **SIGNIFICANT<br>UNOBSERVABLE<br>INPUTS**<br>**(LEVEL 3)** | **TOTAL** |
|  Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts†† | $1002554 |  |  | $1002554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† |  | $691170 |  | 691170 |
|  Total Other Financial Instruments | $1002554 | $691170 |  | $1693724 |
|  Total | $49384687 | $47634177 |  | $97018864 |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| **DESCRIPTION** | **QUOTED PRICES<br>(LEVEL 1)** | **OTHER SIGNIFICANT<br>OBSERVABLE INPUTS<br>(LEVEL 2)** | **SIGNIFICANT<br>UNOBSERVABLE<br>INPUTS**<br>**(LEVEL 3)** | **TOTAL** |
|  Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts†† | $34602 |  |  | $34602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† |  | $44597 |  | 44597 |
|  Total | $34602 | $44597 |  | $79199 |

---

\* As a result of the fair value pricing procedures for international equities utilized by the Fund, which account for events occurring after the close of the principal market of the security but prior to the calculation of the Fund's net asset value, certain securities were classified as Level 2 within the fair value hierarchy. 

† See Consolidated Schedule of Investments for additional detailed categorizations.

†† Reflects the unrealized appreciation (depreciation) of the instruments.

<br>16<br>

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Legg Mason Global Asset Management Trust

- **b. Investment Company Act file number:** 811-22338

- **c. CIK number of Registrant:** 0001474103

- **d. LEI of Registrant:** 549300BI5I8NVF50DG69

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 620 Eighth Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

  - **Telephone number:** 1-877-656-3863

**Item A.2. Information about the Series.**

- **a. Name of Series:** Franklin Strategic Real Return Fund

- **b. EDGAR series identifier (if any):** S000027987

- **c. LEI of Series:** 549300IL6NJC6CQHZ772

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $98191338.25

**Total Liabilities:** $199882.63

**Net Assets:** $97991455.62

**Amount of Assets Invested in Other Investment Companies:** $21430611.93

**Cash Not Reported:** $140836.49

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.36000000 | **1-Year:** 142.83000000 | **5-Year:** 364.81000000 | **10-Year:** 709.37000000 | **30-Year:** 137.19000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 12.93000000 | **5-Year:** 40.95000000 | **10-Year:** 3.17000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000085068 | 4.41%                | 5.63%                | -2.03%               |
| Class ID C000085064 | 4.39%                | 5.53%                | -1.95%               |
| Class ID C000085067 | 4.44%                | 5.53%                | -1.95%               |
| Class ID C000085065 | 4.31%                | 5.52%                | -2.14%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $58451.54                | $2544713.44                                |
| Month 2  | $0.00                    | $3304369.28                                |
| Month 3  | $-49751.93               | $-2463008.28                               |

### Schedule of Portfolio Investments

| Name                                        | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| INVERSIONES CMPC SA                         | Inversiones CMPC SA                                          | CUSIP: 000000000<br>LEI: 549300G475ACIABB4385 | Long             | DBT              | CORP              | CL        |    200000 | PA      | $193622.45    | 0.20%             | 2027-04-04      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CF Industries Holdings Inc                  | CF Industries Holdings Inc                                   | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      1100 | NS      | $93720.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| STIT - Government & Agency Portfolio        | STIT - Government & Agency Portfolio                         | CUSIP: 825252885<br>LEI: N/A                  | Long             | EC               | RF                | US        |  21804939 | NS      | $21804938.81  | 22.25%            |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                          | Equity Residential                                           | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |      3230 | NS      | $190570.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Unimicron Technology Corp                   | Unimicron Technology Corp                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     13000 | NS      | $50468.41     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                              | LOWE'S COS INC                                               | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |       879 | NS      | $175131.96    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AP Moller - Maersk A/S                      | AP Moller - Maersk A/S                                       | CUSIP: 000000000<br>LEI: 549300D2K6PKKKXVNN73 | Long             | EC               | CORP              | DK        |        59 | NS      | $132077.69    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                             | United States Treasury Inflation Indexed Bonds               | CUSIP: 91282CDC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2399298 | PA      | $2249730.51   | 2.30%             | 2026-10-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM CORP                   | OCCIDENTAL PETROLEUM CORP                                    | CUSIP: 674599DC6<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39915.20     | 0.04%             | 2026-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Regeneron Pharmaceuticals Inc               | Regeneron Pharmaceuticals Inc                                | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       175 | NS      | $126260.75    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties               | Gaming and Leisure Properties Inc                            | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |      3557 | NS      | $185284.13    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc                  | Cadence Design Systems Inc                                   | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |       700 | NS      | $112448.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Corp                             | Mitsubishi Corp                                              | CUSIP: 000000000<br>LEI: KVIPTY4PULAPGC1VVD26 | Long             | EC               | CORP              | JP        |      4200 | NS      | $136352.14    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| TJX Cos Inc/The                             | TJX Cos Inc/The                                              | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      2290 | NS      | $182284.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Treasury Portfolio                  | Invesco Treasury Portfolio                                   | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |    132684 | NS      | $132683.51    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORP                  | CAPITAL ONE FINANCIAL CORP                                   | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |       992 | NS      | $92216.32     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Safehold Inc                                | Safehold Inc                                                 | CUSIP: 78645L100<br>LEI: 549300MHMP6BIE0XV355 | Long             | EC               | CORP              | US        |      3725 | NS      | $106612.11    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| POSCO Holdings Inc                          | POSCO Holdings Inc                                           | CUSIP: 000000000<br>LEI: 988400E5HRVX81AYLM04 | Long             | EC               | CORP              | KR        |       458 | NS      | $100234.18    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Deckers Outdoor Corp                        | Deckers Outdoor Corp                                         | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |       274 | NS      | $109369.84    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC SECURITIES (USA) INC.                  | USD/JPY FORWARD                                              | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $165934.57    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Advance Auto Parts Inc                      | Advance Auto Parts Inc                                       | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |       550 | NS      | $80866.50     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE OVERSEAS LIMITED                       | Vale Overseas Ltd                                            | CUSIP: 91911TAP8<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |     50000 | PA      | $51872.68     | 0.05%             | 2026-08-10      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VICI Properties Inc                         | VICI Properties Inc                                          | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |      9541 | NS      | $309128.40    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                         | Electronic Arts Inc                                          | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |       888 | NS      | $108495.84    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TSY INFL IX N/B                             | United States Treasury Inflation Indexed Bonds               | CUSIP: 91282CEJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1583220 | PA      | $1476028.79   | 1.51%             | 2027-04-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Alexander & Baldwin Inc                     | Alexander & Baldwin Inc                                      | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3783 | NS      | $70855.59     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                               | Welltower Inc                                                | CUSIP: 95040Q104<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | EC               | CORP              | US        |      2372 | NS      | $155484.60    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Tr              | Essential Properties Realty Trust Inc                        | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |      6577 | NS      | $154362.19    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| TSY INFL IX N/B                             | United States Treasury Inflation Indexed Bonds               | CUSIP: 912810RF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    370823 | PA      | $344730.64    | 0.35%             | 2044-02-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Valero Energy Corp                          | Valero Energy Corp                                           | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      1374 | NS      | $174305.64    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technolog              | Check Point Software Technologies Ltd                        | CUSIP: 000000000<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |      1121 | NS      | $141425.36    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MTN Group Ltd                               | MTN Group Ltd                                                | CUSIP: 000000000<br>LEI: 2549009JD6Q6XHZS5E05 | Long             | EC               | CORP              | ZA        |     13926 | NS      | $104009.80    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| ANTOFAGASTA PLC                             | Antofagasta PLC                                              | CUSIP: 03718NAA4<br>LEI: 213800MY6QVH4FVLD628 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $160834.32    | 0.16%             | 2030-10-14      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| EPR Properties                              | EPR Properties                                               | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |      3190 | NS      | $120326.80    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                              | Hershey Co/The                                               | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |       595 | NS      | $137784.15    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                             | Caterpillar Inc                                              | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |       861 | NS      | $206261.16    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Under Armour Inc                            | Under Armour Inc                                             | CUSIP: 904311107<br>LEI: 549300D4549QKWETZ406 | Long             | EC               | CORP              | US        |      4764 | NS      | $48402.24     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CI Financial Corp                           | CI Financial Corp                                            | CUSIP: 125491100<br>LEI: 549300M9W7JJQSVCEM78 | Long             | EC               | CORP              | CA        |      7400 | NS      | $73836.04     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN COPPER CORP                        | Southern Copper Corp                                         | CUSIP: 84265VAG0<br>LEI: 2549007U6NAP46Q9TU15 | Long             | DBT              | CORP              | US        |    220000 | PA      | $210436.02    | 0.21%             | 2042-11-08      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                             | United States Treasury Inflation Indexed Bonds               | CUSIP: 912828B25<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1404931 | PA      | $1375223.03   | 1.40%             | 2024-01-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                     | USD/EUR FORWARD                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |         1 | NC      | $3675.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Logitech International SA                   | Logitech International SA                                    | CUSIP: 000000000<br>LEI: 549300SN6PRK6IJJC215 | Long             | EC               | CORP              | CH        |      1541 | NS      | $95556.58     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC SECURITIES (USA) INC.                  | USD/CHF FORWARD                                              | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $17003.74     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                  | Samsung Electronics Co Ltd                                   | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      3505 | NS      | $153845.82    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                             | United States Treasury Inflation Indexed Bonds               | CUSIP: 912810PZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1388040 | PA      | $1447967.32   | 1.48%             | 2029-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LyondellBasell Industries NV                | LyondellBasell Industries NV                                 | CUSIP: 000000000<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | US        |      1557 | NS      | $129277.71    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Easterly Government Properties              | Easterly Government Properties Inc                           | CUSIP: 27616P103<br>LEI: 549300ERMCEFC6S8HL77 | Long             | EC               | CORP              | US        |      5279 | NS      | $75331.33     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TSY INFL IX N/B                             | United States Treasury Inflation Indexed Bonds               | CUSIP: 912810RL4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3543512 | PA      | $2869003.50   | 2.93%             | 2045-02-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| ASML Holding NV                             | ASML Holding NV                                              | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |       422 | NS      | $230096.39    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                             | United States Treasury Inflation Indexed Bonds               | CUSIP: 9128285W6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4484874 | PA      | $4275028.05   | 4.36%             | 2029-01-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc                       | Micron Technology Inc                                        | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      2290 | NS      | $114454.20    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TSY INFL IX N/B                             | United States Treasury Inflation Indexed Bonds               | CUSIP: 912810QF8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    896214 | PA      | $949447.00    | 0.97%             | 2040-02-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Industrial Logistics Propertie              | Industrial Logistics Properties Trust                        | CUSIP: 456237106<br>LEI: 5493004XH9PJW009HR47 | Long             | EC               | CORP              | US        |      8446 | NS      | $27618.42     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                    | Simon Property Group Inc                                     | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      4376 | NS      | $514092.48    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                  | Pfizer Inc                                                   | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      3939 | NS      | $201834.36    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| GLENCORE FUNDING LLC                        | Glencore Funding LLC                                         | CUSIP: 378272AN8<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47261.48     | 0.05%             | 2027-03-27      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Japan Tobacco Inc                           | Japan Tobacco Inc                                            | CUSIP: 000000000<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | EC               | CORP              | JP        |      5800 | NS      | $116929.36    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| WI INFL IDX N/B                             | United States Treasury Inflation Indexed Bonds - When Issued | CUSIP: 912828Z37<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2084940 | PA      | $1874040.19   | 1.91%             | 2030-01-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Masimo Corp                                 | Masimo Corp                                                  | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |       651 | NS      | $96315.45     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                             | CVS Health Corp                                              | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      1511 | NS      | $140810.09    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN GOVERNMENT RRB                     | Canadian Government Real Return Bond                         | CUSIP: 135087VS0<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |    700480 | PA      | $570886.03    | 0.58%             | 2026-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FACEBOOK INC-A                              | FACEBOOK INC                                                 | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |       458 | NS      | $55115.72     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Stockland                                   | Stockland                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     36648 | NS      | $90258.84     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum! Brands Inc                             | Yum! Brands Inc                                              | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |      1046 | NS      | $133971.68    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Emmett Inc                          | Douglas Emmett Inc                                           | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5618 | NS      | $88090.24     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TSY INFL IX N/B                             | United States Treasury Inflation Indexed Bonds               | CUSIP: 912810TE8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1145478 | PA      | $742996.99    | 0.76%             | 2052-02-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Prologis Inc                                | Prologis Inc                                                 | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |      7977 | NS      | $899247.21    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORPORATION                     | Exxon Mobil Corp                                             | CUSIP: 30231GAT9<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47747.28     | 0.05%             | 2026-03-01      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                    | Enterprise Products Operating LLC                            | CUSIP: 29379VBY8<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    180000 | PA      | $130591.82    | 0.13%             | 2051-01-31      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| HSBC SECURITIES (USA) INC.                  | GBP/USD FORWARD                                              | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-34136.47    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| ManpowerGroup Inc                           | ManpowerGroup Inc                                            | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |      1100 | NS      | $91531.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsui & Co Ltd                             | Mitsui & Co Ltd                                              | CUSIP: 000000000<br>LEI: 2NRSB4GOU9DD6CNW5R48 | Long             | EC               | CORP              | JP        |      5100 | NS      | $148541.21    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Discover Financial Services                 | Discover Financial Services                                  | CUSIP: 254709108<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | EC               | CORP              | US        |      1471 | NS      | $143907.93    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC SECURITIES (USA) INC.                  | NOK/USD FORWARD                                              | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $44397.15     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Ingredion Inc                               | Ingredion Inc                                                | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |       931 | NS      | $91172.83     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                                   | CubeSmart                                                    | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5194 | NS      | $209058.50    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                                      | BP PLC                                                       | CUSIP: 000000000<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |     38481 | NS      | $222033.11    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| eBay Inc                                    | eBay Inc                                                     | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |      1924 | NS      | $79788.28     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                                  | Ventas Inc                                                   | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |      2060 | NS      | $92803.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                                | AutoZone Inc                                                 | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |        69 | NS      | $170166.42    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc                       | Applied Materials Inc                                        | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      1465 | NS      | $142661.70    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC                                   | APPLE INC                                                    | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      5990 | NS      | $778280.70    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Post Holdings Co Ltd                  | Japan Post Holdings Co Ltd                                   | CUSIP: 000000000<br>LEI: 5299003D9N4JBS256X18 | Long             | EC               | CORP              | JP        |     13300 | NS      | $111905.63    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                             | United States Treasury Inflation Indexed Bonds               | CUSIP: 912810FH6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2356640 | PA      | $2649341.31   | 2.70%             | 2029-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Shell PLC                                   | Shell PLC                                                    | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |      6642 | NS      | $187243.41    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | BANK OF AMERICA CORP                                         | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |      1768 | NS      | $58556.16     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                               | Rio Tinto PLC                                                | CUSIP: 000000000<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |      2519 | NS      | $177297.40    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Highwoods Properties Inc                    | Highwoods Properties Inc                                     | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |      3077 | NS      | $86094.46     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Medical REIT Inc                     | Global Medical REIT Inc                                      | CUSIP: 37954A204<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EC               | CORP              | US        |      5407 | NS      | $51258.36     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Auto Trader Group PLC                       | Auto Trader Group PLC                                        | CUSIP: 000000000<br>LEI: 213800QLK9BZILB1DI86 | Long             | EC               | CORP              | GB        |     16300 | NS      | $101505.88    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                     | USD/CAD FORWARD                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-2086.80     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Omega Healthcare Investors Inc              | Omega Healthcare Investors Inc                               | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |      6380 | NS      | $178321.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| TSY INFL IX N/B                             | United States Treasury Inflation Indexed Bonds               | CUSIP: 9128286N5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1760599 | PA      | $1712280.79   | 1.75%             | 2024-04-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Treasury Wine Estates Ltd                   | Treasury Wine Estates Ltd                                    | CUSIP: 000000000<br>LEI: 529900LVOPJGAX6ILK66 | Long             | EC               | CORP              | AU        |     14292 | NS      | $132035.41    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Realty Income Corp                          | Realty Income Corp                                           | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |      4769 | NS      | $302497.67    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                           | EOG Resources Inc                                            | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      1410 | NS      | $182623.20    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC-CL A                           | ALPHABET INC                                                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      2803 | NS      | $247308.69    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| iStar Inc                                   | iStar Inc                                                    | CUSIP: 45031U101<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EC               | CORP              | US        |      6635 | NS      | $50625.05     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TSY INFL IX N/B                             | United States Treasury Inflation Indexed Bonds               | CUSIP: 91282CDX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1720112 | PA      | $1507942.27   | 1.54%             | 2032-01-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| HSBC SECURITIES (USA) INC.                  | NZD/USD FORWARD                                              | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $8844.66      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayerische Motoren Werke AG                 | Bayerische Motoren Werke AG                                  | CUSIP: 000000000<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EC               | CORP              | DE        |      1374 | NS      | $121647.19    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| National Health Investors Inc               | National Health Investors Inc                                | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               | CORP              | US        |      2456 | NS      | $128252.32    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                                 | Gartner Inc                                                  | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |       549 | NS      | $184540.86    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Legal & General Group PLC                   | Legal & General Group PLC                                    | CUSIP: 000000000<br>LEI: 213800JH9QQWHLO99821 | Long             | EC               | CORP              | GB        |     34000 | NS      | $101936.57    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                             | United States Treasury Inflation Indexed Bonds               | CUSIP: 912828ZJ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    449959 | PA      | $428904.44    | 0.44%             | 2025-04-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Corporate Office Properties Tr              | Corporate Office Properties Trust                            | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |      4235 | NS      | $109855.90    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc                  | Advanced Micro Devices Inc                                   | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      1649 | NS      | $106805.73    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PulteGroup Inc                              | PulteGroup Inc                                               | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3298 | NS      | $150157.94    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                                 | Target Corp                                                  | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |       659 | NS      | $98217.36     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC SECURITIES (USA) INC.                  | AUD/USD FORWARD                                              | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $33888.22     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Marathon Petroleum Corp                     | Marathon Petroleum Corp                                      | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      1920 | NS      | $223468.80    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Allianz SE                                  | Allianz SE                                                   | CUSIP: 000000000<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |       759 | NS      | $162090.38    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| WALMART INC                                 | WALMART INC                                                  | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      1465 | NS      | $207722.35    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Post AG                            | Deutsche Post AG                                             | CUSIP: 000000000<br>LEI: 8ER8GIG7CSMVD8VUFE78 | Long             | EC               | CORP              | DE        |      3000 | NS      | $112280.02    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| HUNTSMAN CORP                               | HUNTSMAN CORP                                                | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |      4500 | NS      | $123660.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                              | Amazon.com Inc                                               | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      1557 | NS      | $130788.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| DEVON ENERGY CORPORATION                    | Devon Energy Corp                                            | CUSIP: 25179MAV5<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |    230000 | PA      | $234393.14    | 0.24%             | 2025-12-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                             | United States Treasury Inflation Indexed Bonds               | CUSIP: 91282CCA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3068172 | PA      | $2885364.79   | 2.94%             | 2026-04-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Phillips 66                                 | Phillips 66                                                  | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      1924 | NS      | $200249.92    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Sasol Ltd                                   | Sasol Ltd                                                    | CUSIP: 803866300<br>LEI: 378900F4544561A97588 | Long             | EC               | CORP              | ZA        |      4700 | NS      | $73837.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                     | Extra Space Storage Inc                                      | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1778 | NS      | $261686.04    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                  | Brixmor Property Group Inc                                   | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |      9259 | NS      | $209901.53    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                          | HCA Healthcare Inc                                           | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |       787 | NS      | $188848.52    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TSY INFL IX N/B                             | United States Treasury Inflation Indexed Bonds               | CUSIP: 912810SM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    695490 | PA      | $469674.61    | 0.48%             | 2050-02-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| BIOGEN INC                                  | BIOGEN INC                                                   | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |       447 | NS      | $123783.24    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Global Infrastructure ETF           | iShares Global Infrastructure ETF                            | CUSIP: 464288372<br>LEI: 549300ZC2N3HUK3DTK30 | Long             | EC               | RF                | US        |     78212 | NS      | $3585238.08   | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC SECURITIES (USA) INC.                  | SEK/USD FORWARD                                              | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-5065.53     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Armada Hoffler Properties Inc               | Armada Hoffler Properties Inc                                | CUSIP: 04208T108<br>LEI: 549300WQRSIV6XZT9313 | Long             | EC               | CORP              | US        |      6721 | NS      | $77291.50     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| GEA Group AG                                | GEA Group AG                                                 | CUSIP: 000000000<br>LEI: 549300PHUU0ZZWO8EO07 | Long             | EC               | CORP              | DE        |      2840 | NS      | $115495.86    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                      | BP Capital Markets America Inc                               | CUSIP: 10373QAZ3<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    240000 | PA      | $228981.20    | 0.23%             | 2027-04-14      | Fixed         | 3.59%                 | No            |                  2 | On Loan: No      |
| George Weston Ltd                           | George Weston Ltd                                            | CUSIP: 961148509<br>LEI: 549300FAHC3L1QKNT280 | Long             | EC               | CORP              | CA        |      1200 | NS      | $148883.31    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                           | Getty Realty Corp                                            | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |      2880 | NS      | $97488.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| APACHE CORP                                 | Apache Corp                                                  | CUSIP: 037411BA2<br>LEI: 72ZZ1XRHOOU9P9X16K08 | Long             | DBT              | CORP              | US        |     60000 | PA      | $45376.50     | 0.05%             | 2043-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Cardinal Health Inc                         | Cardinal Health Inc                                          | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      1832 | NS      | $140825.84    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                 | Equinix Inc                                                  | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |       632 | NS      | $413978.96    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| LTC Properties Inc                          | LTC Properties Inc                                           | CUSIP: 502175102<br>LEI: 549300NRZP8IJG2KY677 | Long             | EC               | CORP              | US        |      3021 | NS      | $107336.13    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| National Retail Properties Inc              | National Retail Properties Inc                               | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |      5420 | NS      | $248019.20    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                       | Camden Property Trust                                        | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |      1664 | NS      | $186168.32    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                               | CITIGROUP INC                                                | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      2229 | NS      | $100817.67    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Corp                                     | LG Corp                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1069 | NS      | $66192.63     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| ASM International NV                        | ASM International NV                                         | CUSIP: 000000000<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |       441 | NS      | $111897.01    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                  | USD/CAD FORWARD                                              | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DFE              | CORP              | US        |         1 | NC      | $3663.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC SECURITIES (USA) INC.                  | CAD/USD FORWARD                                              | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $39644.20     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Vale SA                                     | Vale SA                                                      | CUSIP: 000000000<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |      9000 | NS      | $152478.44    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Masco Corp                                  | Masco Corp                                                   | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |      2657 | NS      | $124002.19    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize NV               | Koninklijke Ahold Delhaize NV                                | CUSIP: 000000000<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |      4300 | NS      | $123630.53    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                        | Glencore Funding LLC                                         | CUSIP: 378272BH0<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    130000 | PA      | $84869.59     | 0.09%             | 2051-09-23      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Bank of China Ltd                           | Bank of China Ltd                                            | CUSIP: 000000000<br>LEI: 54930053HGCFWVHYZX42 | Long             | EC               | CORP              | CN        |    229000 | NS      | $82881.84     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd                             | Nintendo Co Ltd                                              | CUSIP: 000000000<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |      3000 | NS      | $126139.74    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Wolters Kluwer NV                           | Wolters Kluwer NV                                            | CUSIP: 000000000<br>LEI: 724500TEM53I0U077B74 | Long             | EC               | CORP              | NL        |      1481 | NS      | $154964.90    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Essex Property Trust Inc                    | Essex Property Trust Inc                                     | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |       903 | NS      | $191363.76    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Daito Trust Cons                            | Daito Trust Construction Co Ltd                              | CUSIP: 000000000<br>LEI: 353800QQ4DRI3KXS3038 | Long             | EC               | CORP              | JP        |      1200 | NS      | $122859.46    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Elevance Health Inc                         | Elevance Health Inc                                          | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |       394 | NS      | $202110.18    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                | Fortinet Inc                                                 | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      2748 | NS      | $134349.72    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| TECK RESOURCES LIMITED                      | Teck Resources Ltd                                           | CUSIP: 878742AY1<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | DBT              | CORP              | CA        |     40000 | PA      | $39952.12     | 0.04%             | 2023-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Powertech Technology Inc                    | Powertech Technology Inc                                     | CUSIP: 000000000<br>LEI: 254900O6KNZXH2RI9Q14 | Long             | EC               | CORP              | TW        |     35000 | NS      | $89873.58     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CareTrust REIT Inc                          | CareTrust REIT Inc                                           | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |      6888 | NS      | $127979.04    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc                                | MediaTek Inc                                                 | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |      4000 | NS      | $80875.75     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| APA Corp                                    | APA Corp                                                     | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |      2565 | NS      | $119734.20    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | 10 YEAR US TREASURY NOTE                                     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        50 | NC      | $-18383.44    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc                  | Vertex Pharmaceuticals Inc                                   | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |       558 | NS      | $161139.24    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT Inc                  | Apple Hospitality REIT Inc                                   | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |     10643 | NS      | $167946.54    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Ono Pharmaceutical Co Ltd                   | Ono Pharmaceutical Co Ltd                                    | CUSIP: 000000000<br>LEI: 529900G26L4NG4GFJZ86 | Long             | EC               | CORP              | JP        |      5800 | NS      | $135566.80    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIC Ltd                                   | CITIC Ltd                                                    | CUSIP: 000000000<br>LEI: 2549006I3Q3M98KHOT11 | Long             | EC               | CORP              | CN        |     60000 | NS      | $63085.88     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                      | Anglo American Capital PLC                                   | CUSIP: 034863AT7<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $188753.36    | 0.19%             | 2027-09-11      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Comerica Inc                                | Comerica Inc                                                 | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |      1649 | NS      | $110235.65    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Piedmont Office Realty Trust I              | Piedmont Office Realty Trust Inc                             | CUSIP: 720190206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6410 | NS      | $58779.70     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American Platinum Ltd                 | Anglo American Platinum Ltd                                  | CUSIP: 000000000<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |       930 | NS      | $77614.74     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| LG Uplus Corp                               | LG Uplus Corp                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     13586 | NS      | $118977.04    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Walgreens Boots Alliance Inc                | Walgreens Boots Alliance Inc                                 | CUSIP: 931427108<br>LEI: 549300RPTUOIXG4LIH86 | Long             | EC               | CORP              | US        |      3481 | NS      | $130050.16    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| KINDER MORGAN INC                           | Kinder Morgan Inc                                            | CUSIP: 49456BAF8<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78528.78     | 0.08%             | 2025-06-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Medical Properties Trust Inc                | Medical Properties Trust Inc                                 | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               | CORP              | US        |     11744 | NS      | $130828.16    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc                    | Digital Realty Trust Inc                                     | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      1750 | NS      | $175472.50    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | S&P500 EMINI                                                 | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |         3 | NC      | $-16217.76    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Government Cash Management          | Dreyfus Government Cash Management                           | CUSIP: 262006208<br>LEI: 549300F7IDB6WRO7VJ11 | Long             | EC               | RF                | US        |    230991 | NS      | $230990.55    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Shionogi & Co Ltd                           | Shionogi & Co Ltd                                            | CUSIP: 000000000<br>LEI: 35380049VXDTHZI3DY35 | Long             | EC               | CORP              | JP        |      1700 | NS      | $84818.34     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                      | Williams Cos Inc/The                                         | CUSIP: 88339WAA4<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     80000 | PA      | $54798.33     | 0.06%             | 2051-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Nutrien Ltd                                 | Nutrien Ltd                                                  | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |      1700 | NS      | $124110.04    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                              | BNP Paribas SA                                               | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |      1924 | NS      | $109551.01    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Kroger Co/The                               | Kroger Co/The                                                | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |      2657 | NS      | $118449.06    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF PERU                            | Peruvian Government International Bond                       | CUSIP: 715638DF6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    160000 | PA      | $132756.75    | 0.14%             | 2031-01-23      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| Kia Corp                                    | Kia Corp                                                     | CUSIP: 000000000<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |      2382 | NS      | $112074.31    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| 3M Co                                       | 3M Co                                                        | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |      1099 | NS      | $131792.08    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| HOME DEPOT INC                              | HOME DEPOT INC                                               | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |       687 | NS      | $216995.82    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| United Microelectronics Corp                | United Microelectronics Corp                                 | CUSIP: 000000000<br>LEI: 391200YJCAGH9LF96P73 | Long             | EC               | CORP              | TW        |     86000 | NS      | $112994.10    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| PSBC                                        | Postal Savings Bank of China Co Ltd                          | CUSIP: 000000000<br>LEI: 300300C1040311005298 | Long             | EC               | CORP              | CN        |    118000 | NS      | $73020.27     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| MCKESSON CORP                               | MCKESSON CORP                                                | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       513 | NS      | $192436.56    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| First Quantum Minerals Ltd                  | First Quantum Minerals Ltd                                   | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |      4300 | NS      | $89842.69     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TSY INFL IX N/B                             | United States Treasury Inflation Indexed Bonds               | CUSIP: 912828N71<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5242556 | PA      | $5033730.05   | 5.14%             | 2026-01-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                             | United States Treasury Inflation Indexed Bonds               | CUSIP: 91282CEZ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    820552 | PA      | $752247.98    | 0.77%             | 2032-07-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                            | Novo Nordisk A/S                                             | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |      1820 | NS      | $247184.32    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Pandora A/S                                 | Pandora A/S                                                  | CUSIP: 000000000<br>LEI: 5299007OWYZ6I1E46843 | Long             | EC               | CORP              | DK        |      1592 | NS      | $112524.94    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Boston Properties Inc                       | Boston Properties Inc                                        | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |      2174 | NS      | $146918.92    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                   | Host Hotels & Resorts Inc                                    | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |     20272 | NS      | $325365.60    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                    | Occidental Petroleum Corp                                    | CUSIP: 674599CM5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     60000 | PA      | $54555.49     | 0.06%             | 2027-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HSBC SECURITIES (USA) INC.                  | USD/EUR FORWARD                                              | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $333358.09    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                              | MICROSOFT CORP                                               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      2732 | NS      | $655188.24    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                                | QUALCOMM Inc                                                 | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      1300 | NS      | $142922.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                | Alphabet Inc                                                 | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      2744 | NS      | $243475.12    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TSY INFL IX N/B                             | United States Treasury Inflation Indexed Bonds               | CUSIP: 912810QV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2769627 | PA      | $2320604.21   | 2.37%             | 2042-02-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| HALLIBURTON CO                              | Halliburton Co                                               | CUSIP: 406216BG5<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1947.49      | 0.00%             | 2025-11-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Kilroy Realty Corp                          | Kilroy Realty Corp                                           | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |      2315 | NS      | $89521.05     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS INC                           | CISCO SYSTEMS INC                                            | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      3672 | NS      | $174934.08    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd                          | Teck Resources Ltd                                           | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |      3800 | NS      | $143608.57    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                            | Roche Holding AG                                             | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |       568 | NS      | $178486.93    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Marubeni Corp                               | Marubeni Corp                                                | CUSIP: 000000000<br>LEI: 4P4N3ORD02UGQT1T1W12 | Long             | EC               | CORP              | JP        |     14100 | NS      | $161528.88    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| China Shenhua Energy Co Ltd                 | China Shenhua Energy Co Ltd                                  | CUSIP: 000000000<br>LEI: 529900N9JOX4C108MA40 | Long             | EC               | CORP              | CN        |     50000 | NS      | $144034.01    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                          | Energy Transfer LP                                           | CUSIP: 29278NAP8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18852.51     | 0.02%             | 2025-05-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| United Parcel Service Inc                   | United Parcel Service Inc                                    | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |       806 | NS      | $140115.04    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC                      | UNITEDHEALTH GROUP INC                                       | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       619 | NS      | $328181.42    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC SECURITIES (USA) INC.                  | MXN/USD FORWARD                                              | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $40760.66     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Rexford Industrial Realty Inc               | Rexford Industrial Realty Inc                                | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |      3135 | NS      | $171296.40    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Orron Energy ab                             | Orron Energy ab                                              | CUSIP: 000000000<br>LEI: 549300IULC8F8IGXKI15 | Long             | EC               | CORP              | SE        |     25500 | NS      | $55114.86     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc                                 | NetEase Inc                                                  | CUSIP: 64110W102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | CN        |      1610 | NS      | $116934.30    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                    | Western Midstream Operating LP                               | CUSIP: 958667AB3<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28435.50     | 0.03%             | 2025-02-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Deere & Co                                  | Deere & Co                                                   | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |       458 | NS      | $196372.08    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc                         | Sun Communities Inc                                          | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |      1013 | NS      | $144859.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| TSY INFL IX N/B                             | United States Treasury Inflation Indexed Bonds               | CUSIP: 912828Y38<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1305942 | PA      | $1244633.04   | 1.27%             | 2028-07-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Cummins Inc                                 | Cummins Inc                                                  | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |       754 | NS      | $182686.66    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                    | Occidental Petroleum Corp                                    | CUSIP: 674599CS2<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44847.00     | 0.05%             | 2029-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp                            | Exxon Mobil Corp                                             | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      3066 | NS      | $338179.80    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMORGAN CHASE & CO                                          | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      1249 | NS      | $167490.90    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennox International Inc                    | Lennox International Inc                                     | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |       549 | NS      | $131337.27    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc                           | Iron Mountain Inc                                            | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |      1800 | NS      | $89730.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                        | LXP Industrial Trust                                         | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |     14342 | NS      | $143706.84    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| TSY INFL IX N/B                             | United States Treasury Inflation Indexed Bonds               | CUSIP: 9128287D6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    815535 | PA      | $747060.29    | 0.76%             | 2029-07-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Aker BP ASA                                 | Aker BP ASA                                                  | CUSIP: 000000000<br>LEI: 549300NFTY73920OYK69 | Long             | EC               | CORP              | NO        |      3659 | NS      | $113732.27    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| PetroChina Co Ltd                           | PetroChina Co Ltd                                            | CUSIP: 000000000<br>LEI: 529900RPY4YG47TRSV05 | Long             | EC               | CORP              | CN        |    258000 | NS      | $117852.73    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| JBS SA                                      | JBS SA                                                       | CUSIP: 000000000<br>LEI: 529900RM0MTMZL9O5050 | Long             | EC               | CORP              | BR        |     15600 | NS      | $65180.82     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Molina Healthcare Inc                       | Molina Healthcare Inc                                        | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |       516 | NS      | $170393.52    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                                    | CSX Corp                                                     | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |      5200 | NS      | $161096.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc                   | AvalonBay Communities Inc                                    | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |      1552 | NS      | $250679.04    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Apartment Investment and Manag              | Apartment Investment and Management Co                       | CUSIP: 03748R747<br>LEI: 549300O8FT5GJ4RU1D57 | Long             | EC               | CORP              | US        |     14231 | NS      | $101324.72    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                     | EUR/USD FORWARD                                              | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-1570.27     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mastercard Inc                              | Mastercard Inc                                               | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       570 | NS      | $198206.10    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Remy Cointreau SA                           | Remy Cointreau SA                                            | CUSIP: 000000000<br>LEI: 5493004V6A3Z027YT216 | Long             | EC               | CORP              | FR        |       687 | NS      | $115837.55    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| ARCELORMITTAL                               | ArcelorMittal SA                                             | CUSIP: 03938LAP9<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |     50000 | PA      | $50951.15     | 0.05%             | 2039-10-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| CGI Inc                                     | CGI Inc                                                      | CUSIP: 12532H104<br>LEI: 549300WSRCZY73ZG3090 | Long             | EC               | CORP              | CA        |      1500 | NS      | $129294.68    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co                       | Southwest Airlines Co                                        | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |      3115 | NS      | $104882.05    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergreen Marine Corp Taiwan L              | Evergreen Marine Corp Taiwan Ltd                             | CUSIP: 000000000<br>LEI: 254900EIJA0A39C5SO15 | Long             | EC               | CORP              | TW        |     12000 | NS      | $63422.60     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| KLA Corp                                    | KLA Corp                                                     | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       459 | NS      | $173056.77    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | CME GOLDMAN SACHS COMMODITY INDEX                            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |       114 | NC      | $1002553.62   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                   | Tesla Inc                                                    | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |       810 | NS      | $99775.80     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communit              | Mid-America Apartment Communities Inc                        | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |      1891 | NS      | $296868.09    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Klepierre SA                                | Klepierre SA                                                 | CUSIP: 000000000<br>LEI: 969500PB4U31KEFHZ621 | Long             | EC               | CORP              | FR        |      5900 | NS      | $136175.69    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Murphy Oil Corp                             | Murphy Oil Corp                                              | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |      2198 | NS      | $94535.98     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                  | USD/EUR FORWARD                                              | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-1738.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Procter & Gamble Co/The                     | Procter & Gamble Co/The                                      | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      1126 | NS      | $170656.56    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties In              | Equity LifeStyle Properties Inc                              | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |      3275 | NS      | $211565.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd                               | BHP Group Ltd                                                | CUSIP: 000000000<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |      4260 | NS      | $132387.16    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Public Storage                              | Public Storage                                               | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               | CORP              | US        |      1750 | NS      | $490332.50    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                                | Glencore PLC                                                 | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | CH        |     25012 | NS      | $166796.19    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Ameriprise Financial Inc                    | Ameriprise Financial Inc                                     | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |       401 | NS      | $124859.37    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                            | Wells Fargo & Co                                             | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      4031 | NS      | $166439.99    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial NV                           | CNH Industrial NV                                            | CUSIP: 000000000<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | GB        |      8245 | NS      | $132266.30    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Synchrony Financial                         | Synchrony Financial                                          | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |      3939 | NS      | $129435.54    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| WW Grainger Inc                             | WW Grainger Inc                                              | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |       305 | NS      | $169656.25    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-27

**Name of Applicant:** Legg Mason Global Asset Management Trust

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer