# EDGAR Filing Document

**Accession Number:** 0001474103
**File Stem:** 0000940400-25-010363
**Filing Date:** 2025-11
**Character Count:** 151831
**Document Hash:** abcf6a42589a5229298d9a29dae7a481
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010363.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010363

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Legg Mason Global Asset Management Trust
- **CENTRAL INDEX KEY:** 0001474103

**ORGANIZATION NAME:**
- **EIN:** 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:** 251519292

**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 U.S. Small Cap Equity Fund (Series ID: S000036895)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000112923 | Class A      | LMBAX           |
| C000112924 | Class C      | LMBCX           |
| C000112925 | Class FI     | LGSCX           |
| C000112928 | Class I      | LMSIX           |
| C000112929 | Class IS     | LMBMX           |

## Nport-Ex

Schedule of Investments (unaudited)

September 30, 2025

 **Franklin U.S. Small Cap Equity Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.5%** | **Common Stocks — 99.5%** | **Common Stocks — 99.5%** |
| **Communication Services — 3.1%** | **Communication Services — 3.1%** | **Communication Services — 3.1%** |
| *Diversified Telecommunication Services — 0.9%* | *Diversified Telecommunication Services — 0.9%* | *Diversified Telecommunication Services — 0.9%* |
| &nbsp;&nbsp;&nbsp; Lumen Technologies Inc. | &nbsp;&nbsp; 173290 | &nbsp;&nbsp;&nbsp; $*1,060,535*<br> \*<br>|
| *Entertainment — 0.3%* | *Entertainment — 0.3%* | *Entertainment — 0.3%* |
| &nbsp;&nbsp;&nbsp; Cinemark Holdings Inc. | &nbsp;&nbsp; 13979 | &nbsp;&nbsp;&nbsp; *391692*<br>|
| *Interactive Media & Services — 1.6%* | *Interactive Media & Services — 1.6%* | *Interactive Media & Services — 1.6%* |
| &nbsp;&nbsp;&nbsp; Bumble Inc., Class A Shares | &nbsp;&nbsp; 22855 | &nbsp;&nbsp;&nbsp; 139,187<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Cargurus Inc. | &nbsp;&nbsp; 9752 | &nbsp;&nbsp;&nbsp; 363,067<br> \*<br>|
| &nbsp;&nbsp;&nbsp; EverQuote Inc., Class A Shares | &nbsp;&nbsp; 23445 | &nbsp;&nbsp;&nbsp; 536,187<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Vimeo Inc. | &nbsp;&nbsp; 64382 | &nbsp;&nbsp;&nbsp; 498,960<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Yelp Inc. | &nbsp;&nbsp; 14088 | &nbsp;&nbsp;&nbsp; 439,546<br> \*<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *1976947* |
| *Media — 0.3%* | *Media — 0.3%* | *Media — 0.3%* |
| &nbsp;&nbsp;&nbsp; Gannett Co. Inc. | &nbsp;&nbsp; 71231 | &nbsp;&nbsp;&nbsp; *294,184*<br> \*<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **3723358** |
| **Consumer Discretionary — 12.3%** | **Consumer Discretionary — 12.3%** | **Consumer Discretionary — 12.3%** |
| *Automobile Components — 0.7%* | *Automobile Components — 0.7%* | *Automobile Components — 0.7%* |
| &nbsp;&nbsp;&nbsp; Modine Manufacturing Co. | &nbsp;&nbsp; 1967 | &nbsp;&nbsp;&nbsp; 279,629<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Patrick Industries Inc. | &nbsp;&nbsp; 4878 | &nbsp;&nbsp;&nbsp; 504531<br>|
| *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *784160* |
| *Automobiles — 0.1%* | *Automobiles — 0.1%* | *Automobiles — 0.1%* |
| &nbsp;&nbsp;&nbsp; Winnebago Industries Inc.  | &nbsp;&nbsp; 4644 | &nbsp;&nbsp;&nbsp; *155295*<br>|
| *Broadline Retail — 0.3%* | *Broadline Retail — 0.3%* | *Broadline Retail — 0.3%* |
| &nbsp;&nbsp;&nbsp; Groupon Inc. | &nbsp;&nbsp; 17488 | &nbsp;&nbsp;&nbsp; *408,345*<br> \*<br>|
| *Diversified Consumer Services — 2.3%* | *Diversified Consumer Services — 2.3%* | *Diversified Consumer Services — 2.3%* |
| &nbsp;&nbsp;&nbsp; Adtalem Global Education Inc. | &nbsp;&nbsp; 6268 | &nbsp;&nbsp;&nbsp; 968,093<br> \*<br>|
| &nbsp;&nbsp;&nbsp; American Public Education Inc. | &nbsp;&nbsp; 16514 | &nbsp;&nbsp;&nbsp; 651,808<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Frontdoor Inc. | &nbsp;&nbsp; 8282 | &nbsp;&nbsp;&nbsp; 557,296<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Perdoceo Education Corp. | &nbsp;&nbsp; 15172 | &nbsp;&nbsp;&nbsp; 571377<br>|
| *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | &nbsp;&nbsp; *2748574* |
| *Hotels, Restaurants & Leisure — 2.5%* | *Hotels, Restaurants & Leisure — 2.5%* | *Hotels, Restaurants & Leisure — 2.5%* |
| &nbsp;&nbsp;&nbsp; Brightstar Lottery PLC | &nbsp;&nbsp; 43291 | &nbsp;&nbsp;&nbsp; 746770<br>|
| &nbsp;&nbsp;&nbsp; Brinker International Inc. | &nbsp;&nbsp; 6040 | &nbsp;&nbsp;&nbsp; 765,147<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store Inc.  | &nbsp;&nbsp; 629 | &nbsp;&nbsp;&nbsp; 27714<br>|
| &nbsp;&nbsp;&nbsp; Rush Street Interactive Inc. | &nbsp;&nbsp; 17130 | &nbsp;&nbsp;&nbsp; 350,822<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Super Group SGHC Ltd. | &nbsp;&nbsp; 68375 | &nbsp;&nbsp;&nbsp; 902550<br>|
| &nbsp;&nbsp;&nbsp; United Parks & Resorts Inc. | &nbsp;&nbsp; 4698 | &nbsp;&nbsp;&nbsp; 242,887<br> \*<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *3035890* |
| *Household Durables — 1.8%* | *Household Durables — 1.8%* | *Household Durables — 1.8%* |
| &nbsp;&nbsp;&nbsp; Cricut Inc., Class A Shares | &nbsp;&nbsp; 98788 | &nbsp;&nbsp;&nbsp; 621377<br>|
| &nbsp;&nbsp;&nbsp; Flexsteel Industries Inc. | &nbsp;&nbsp; 4625 | &nbsp;&nbsp;&nbsp; 214369<br>|
| &nbsp;&nbsp;&nbsp; Hovnanian Enterprises Inc., Class A Shares | &nbsp;&nbsp; 2260 | &nbsp;&nbsp;&nbsp; 290,387<br> \*<br>|
| &nbsp;&nbsp;&nbsp; KB Home | &nbsp;&nbsp; 4621 | &nbsp;&nbsp;&nbsp; 294080<br>|
| &nbsp;&nbsp;&nbsp; M/I Homes Inc. | &nbsp;&nbsp; 5636 | &nbsp;&nbsp;&nbsp; 814,064<br> \*<br>|
| *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *2234277* |
| *Leisure Products — 0.9%* | *Leisure Products — 0.9%* | *Leisure Products — 0.9%* |
| &nbsp;&nbsp;&nbsp; JAKKS Pacific Inc. | &nbsp;&nbsp; 13312 | &nbsp;&nbsp;&nbsp; 249334<br>|

---

See Notes to Schedule of Investments.

------

Franklin U.S. Small Cap Equity Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Small Cap Equity Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Leisure Products — continued* | *Leisure Products — continued* | *Leisure Products — continued* |
| &nbsp;&nbsp;&nbsp; Polaris Inc. | &nbsp;&nbsp; 13843 | &nbsp;&nbsp;&nbsp; $804693<br>|
| *Total Leisure Products* | *Total Leisure Products* | &nbsp;&nbsp; *1054027* |
| *Specialty Retail — 3.5%* | *Specialty Retail — 3.5%* | *Specialty Retail — 3.5%* |
| &nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co., Class A Shares | &nbsp;&nbsp; 4699 | &nbsp;&nbsp;&nbsp; 402,000<br> \*<br>|
| &nbsp;&nbsp;&nbsp; American Eagle Outfitters Inc. | &nbsp;&nbsp; 22371 | &nbsp;&nbsp;&nbsp; 382768<br>|
| &nbsp;&nbsp;&nbsp; Genesco Inc. | &nbsp;&nbsp; 3244 | &nbsp;&nbsp;&nbsp; 94,043<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Group 1 Automotive Inc. | &nbsp;&nbsp; 1693 | &nbsp;&nbsp;&nbsp; 740704<br>|
| &nbsp;&nbsp;&nbsp; ODP Corp. | &nbsp;&nbsp; 32693 | &nbsp;&nbsp;&nbsp; 910,500<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Signet Jewelers Ltd. | &nbsp;&nbsp; 7045 | &nbsp;&nbsp;&nbsp; 675756<br>|
| &nbsp;&nbsp;&nbsp; Stitch Fix Inc., Class A Shares | &nbsp;&nbsp; 84383 | &nbsp;&nbsp;&nbsp; 367,066<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Urban Outfitters Inc. | &nbsp;&nbsp; 10419 | &nbsp;&nbsp;&nbsp; 744,229<br> \*<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *4317066* |
| *Textiles, Apparel & Luxury Goods — 0.2%* | *Textiles, Apparel & Luxury Goods — 0.2%* | *Textiles, Apparel & Luxury Goods — 0.2%* |
| &nbsp;&nbsp;&nbsp; G-III Apparel Group Ltd. | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; *266,100*<br> \*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **15003734** |
| **Consumer Staples — 2.5%** | **Consumer Staples — 2.5%** | **Consumer Staples — 2.5%** |
| *Food Products — 1.4%* | *Food Products — 1.4%* | *Food Products — 1.4%* |
| &nbsp;&nbsp;&nbsp; Cal-Maine Foods Inc. | &nbsp;&nbsp; 8462 | &nbsp;&nbsp;&nbsp; 796274<br>|
| &nbsp;&nbsp;&nbsp; Dole PLC | &nbsp;&nbsp; 22886 | &nbsp;&nbsp;&nbsp; 307588<br>|
| &nbsp;&nbsp;&nbsp; Seneca Foods Corp., Class A Shares | &nbsp;&nbsp; 6237 | &nbsp;&nbsp;&nbsp; 673,222<br> \*<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *1777084* |
| *Personal Care Products — 0.6%* | *Personal Care Products — 0.6%* | *Personal Care Products — 0.6%* |
| &nbsp;&nbsp;&nbsp; Nu Skin Enterprises Inc., Class A Shares | &nbsp;&nbsp; 52127 | &nbsp;&nbsp;&nbsp; 635428<br>|
| &nbsp;&nbsp;&nbsp; USANA Health Sciences Inc. | &nbsp;&nbsp; 3800 | &nbsp;&nbsp;&nbsp; 104,690<br> \*<br>|
| *Total Personal Care Products* | *Total Personal Care Products* | &nbsp;&nbsp; *740118* |
| *Tobacco — 0.5%* | *Tobacco — 0.5%* | *Tobacco — 0.5%* |
| &nbsp;&nbsp;&nbsp; Turning Point Brands Inc. | &nbsp;&nbsp; 5960 | &nbsp;&nbsp;&nbsp; *589205*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **3106407** |
| **Energy — 5.0%** | **Energy — 5.0%** | **Energy — 5.0%** |
| *Energy Equipment & Services — 0.3%* | *Energy Equipment & Services — 0.3%* | *Energy Equipment & Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; RPC Inc. | &nbsp;&nbsp; 72596 | &nbsp;&nbsp;&nbsp; *345557*<br>|
| *Oil, Gas & Consumable Fuels — 4.7%* | *Oil, Gas & Consumable Fuels — 4.7%* | *Oil, Gas & Consumable Fuels — 4.7%* |
| &nbsp;&nbsp;&nbsp; California Resources Corp. | &nbsp;&nbsp; 14315 | &nbsp;&nbsp;&nbsp; 761272<br>|
| &nbsp;&nbsp;&nbsp; DHT Holdings Inc. | &nbsp;&nbsp; 32443 | &nbsp;&nbsp;&nbsp; 387694<br>|
| &nbsp;&nbsp;&nbsp; Golar LNG Ltd. | &nbsp;&nbsp; 7045 | &nbsp;&nbsp;&nbsp; 284688<br>|
| &nbsp;&nbsp;&nbsp; Gulfport Energy Corp. | &nbsp;&nbsp; 2251 | &nbsp;&nbsp;&nbsp; 407,386<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp., Class A Shares | &nbsp;&nbsp; 9380 | &nbsp;&nbsp;&nbsp; 223901<br>|
| &nbsp;&nbsp;&nbsp; Murphy Oil Corp. | &nbsp;&nbsp; 16255 | &nbsp;&nbsp;&nbsp; 461804<br>|
| &nbsp;&nbsp;&nbsp; Par Pacific Holdings Inc. | &nbsp;&nbsp; 8362 | &nbsp;&nbsp;&nbsp; 296,182<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Peabody Energy Corp. | &nbsp;&nbsp; 16555 | &nbsp;&nbsp;&nbsp; 439038<br>|
| &nbsp;&nbsp;&nbsp; Riley Exploration Permian Inc. | &nbsp;&nbsp; 6731 | &nbsp;&nbsp;&nbsp; 182477<br>|
| &nbsp;&nbsp;&nbsp; Scorpio Tankers Inc. | &nbsp;&nbsp; 12556 | &nbsp;&nbsp;&nbsp; 703764<br>|
| &nbsp;&nbsp;&nbsp; Talos Energy Inc. | &nbsp;&nbsp; 69900 | &nbsp;&nbsp;&nbsp; 670,341<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Teekay Corp. Ltd. | &nbsp;&nbsp; 47939 | &nbsp;&nbsp;&nbsp; 392141<br>|
| &nbsp;&nbsp;&nbsp; Teekay Tankers Ltd., Class A Shares | &nbsp;&nbsp; 9245 | &nbsp;&nbsp;&nbsp; 467335<br>|

---

See Notes to Schedule of Investments.

------

Franklin U.S. Small Cap Equity Fund 2025 Quarterly Report

------

 **Franklin U.S. Small Cap Equity Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; VAALCO Energy Inc. | &nbsp;&nbsp; 34791 | &nbsp;&nbsp;&nbsp; $139860<br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *5817883* |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **6163440** |
| **Financials — 16.7%** | **Financials — 16.7%** | **Financials — 16.7%** |
| *Banks — 8.1%* | *Banks — 8.1%* | *Banks — 8.1%* |
| &nbsp;&nbsp;&nbsp; Amalgamated Financial Corp. | &nbsp;&nbsp; 8970 | &nbsp;&nbsp;&nbsp; 243535<br>|
| &nbsp;&nbsp;&nbsp; Associated Banc-Corp. | &nbsp;&nbsp; 15410 | &nbsp;&nbsp;&nbsp; 396191<br>|
| &nbsp;&nbsp;&nbsp; Axos Financial Inc. | &nbsp;&nbsp; 9287 | &nbsp;&nbsp;&nbsp; 786,145<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Bancorp Inc. | &nbsp;&nbsp; 10258 | &nbsp;&nbsp;&nbsp; 768,222<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Bank of N.T. Butterfield & Son Ltd. | &nbsp;&nbsp; 15366 | &nbsp;&nbsp;&nbsp; 659509<br>|
| &nbsp;&nbsp;&nbsp; BankUnited Inc. | &nbsp;&nbsp; 12976 | &nbsp;&nbsp;&nbsp; 495164<br>|
| &nbsp;&nbsp;&nbsp; BayCom Corp. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 172500<br>|
| &nbsp;&nbsp;&nbsp; Central Pacific Financial Corp. | &nbsp;&nbsp; 8998 | &nbsp;&nbsp;&nbsp; 272999<br>|
| &nbsp;&nbsp;&nbsp; Customers Bancorp Inc. | &nbsp;&nbsp; 8353 | &nbsp;&nbsp;&nbsp; 546,036<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Eagle Bancorp Inc. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp;&nbsp; 163782<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Financial Services Corp. | &nbsp;&nbsp; 6321 | &nbsp;&nbsp;&nbsp; 366492<br>|
| &nbsp;&nbsp;&nbsp; First BanCorp | &nbsp;&nbsp; 41885 | &nbsp;&nbsp;&nbsp; 923564<br>|
| &nbsp;&nbsp;&nbsp; First Financial Corp. | &nbsp;&nbsp; 5179 | &nbsp;&nbsp;&nbsp; 292303<br>|
| &nbsp;&nbsp;&nbsp; First Internet Bancorp | &nbsp;&nbsp; 3782 | &nbsp;&nbsp;&nbsp; 84830<br>|
| &nbsp;&nbsp;&nbsp; HarborOne Bancorp Inc. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 163200<br>|
| &nbsp;&nbsp;&nbsp; HomeTrust Bancshares Inc. | &nbsp;&nbsp; 6278 | &nbsp;&nbsp;&nbsp; 257021<br>|
| &nbsp;&nbsp;&nbsp; Independent Bank Corp. (Massachusetts) | &nbsp;&nbsp; 6722 | &nbsp;&nbsp;&nbsp; 464961<br>|
| &nbsp;&nbsp;&nbsp; Independent Bank Corp. (Michigan) | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 185850<br>|
| &nbsp;&nbsp;&nbsp; Northeast Community Bancorp Inc. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp; 287980<br>|
| &nbsp;&nbsp;&nbsp; Northfield Bancorp Inc. | &nbsp;&nbsp; 15810 | &nbsp;&nbsp;&nbsp; 186558<br>|
| &nbsp;&nbsp;&nbsp; OFG Bancorp | &nbsp;&nbsp; 14977 | &nbsp;&nbsp;&nbsp; 651350<br>|
| &nbsp;&nbsp;&nbsp; Pathward Financial Inc. | &nbsp;&nbsp; 4586 | &nbsp;&nbsp;&nbsp; 339410<br>|
| &nbsp;&nbsp;&nbsp; Preferred Bank | &nbsp;&nbsp; 3973 | &nbsp;&nbsp;&nbsp; 359119<br>|
| &nbsp;&nbsp;&nbsp; ServisFirst Bancshares Inc. | &nbsp;&nbsp; 1366 | &nbsp;&nbsp;&nbsp; 110004<br>|
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares Inc. | &nbsp;&nbsp; 1608 | &nbsp;&nbsp;&nbsp; 135,924<br> \*<br>|
| &nbsp;&nbsp;&nbsp; TrustCo Bank Corp. | &nbsp;&nbsp; 7286 | &nbsp;&nbsp;&nbsp; 264482<br>|
| &nbsp;&nbsp;&nbsp; Univest Financial Corp. | &nbsp;&nbsp; 10659 | &nbsp;&nbsp;&nbsp; 319983<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *9897114* |
| *Capital Markets — 1.1%* | *Capital Markets — 1.1%* | *Capital Markets — 1.1%* |
| &nbsp;&nbsp;&nbsp; Acadian Asset Management Inc. | &nbsp;&nbsp; 18537 | &nbsp;&nbsp;&nbsp; 892742<br>|
| &nbsp;&nbsp;&nbsp; Artisan Partners Asset Management Inc., Class A Shares | &nbsp;&nbsp; 10212 | &nbsp;&nbsp;&nbsp; 443201<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *1335943* |
| *Consumer Finance — 1.7%* | *Consumer Finance — 1.7%* | *Consumer Finance — 1.7%* |
| &nbsp;&nbsp;&nbsp; Bread Financial Holdings Inc. | &nbsp;&nbsp; 2877 | &nbsp;&nbsp;&nbsp; 160450<br>|
| &nbsp;&nbsp;&nbsp; Dave Inc. | &nbsp;&nbsp; 4069 | &nbsp;&nbsp;&nbsp; 811,155<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Enova International Inc. | &nbsp;&nbsp; 7740 | &nbsp;&nbsp;&nbsp; 890,797<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Navient Corp. | &nbsp;&nbsp; 12529 | &nbsp;&nbsp;&nbsp; 164756<br>|
| *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *2027158* |
| *Financial Services — 4.5%* | *Financial Services — 4.5%* | *Financial Services — 4.5%* |
| &nbsp;&nbsp;&nbsp; Banco Latinoamericano de Comercio Exterior SA, Class E Shares | &nbsp;&nbsp; 13267 | &nbsp;&nbsp;&nbsp; 609884<br>|
| &nbsp;&nbsp;&nbsp; Essent Group Ltd. | &nbsp;&nbsp; 8285 | &nbsp;&nbsp;&nbsp; 526595<br>|
| &nbsp;&nbsp;&nbsp; International Money Express Inc. | &nbsp;&nbsp; 10427 | &nbsp;&nbsp;&nbsp; 145,665<br> \*<br>|

---

See Notes to Schedule of Investments.

------

Franklin U.S. Small Cap Equity Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Small Cap Equity Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Financial Services — continued* | *Financial Services — continued* | *Financial Services — continued* |
| &nbsp;&nbsp;&nbsp; Jackson Financial Inc., Class A Shares | &nbsp;&nbsp; 10938 | &nbsp;&nbsp;&nbsp; $1107254<br>|
| &nbsp;&nbsp;&nbsp; NMI Holdings Inc. | &nbsp;&nbsp; 10836 | &nbsp;&nbsp;&nbsp; 415,452<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Pagseguro Digital Ltd., Class A Shares | &nbsp;&nbsp; 72296 | &nbsp;&nbsp;&nbsp; 722960<br>|
| &nbsp;&nbsp;&nbsp; Radian Group Inc. | &nbsp;&nbsp; 27005 | &nbsp;&nbsp;&nbsp; 978121<br>|
| &nbsp;&nbsp;&nbsp; Sezzle Inc. | &nbsp;&nbsp; 2270 | &nbsp;&nbsp;&nbsp; 180,533<br> \*<br>|
| &nbsp;&nbsp;&nbsp; StoneCo Ltd., Class A Shares | &nbsp;&nbsp; 45407 | &nbsp;&nbsp;&nbsp; 858,646<br> \*<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *5545110* |
| *Insurance — 1.1%* | *Insurance — 1.1%* | *Insurance — 1.1%* |
| &nbsp;&nbsp;&nbsp; Genworth Financial Inc. | &nbsp;&nbsp; 81283 | &nbsp;&nbsp;&nbsp; 723,419<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SiriusPoint Ltd. | &nbsp;&nbsp; 31516 | &nbsp;&nbsp;&nbsp; 570,124<br> \*<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *1293543* |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.2%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.2%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.2%* |
| &nbsp;&nbsp;&nbsp; TPG RE Finance Trust Inc. | &nbsp;&nbsp; 29410 | &nbsp;&nbsp;&nbsp; *251750*<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **20350618** |
| **Health Care — 16.0%** | **Health Care — 16.0%** | **Health Care — 16.0%** |
| *Biotechnology — 7.5%* | *Biotechnology — 7.5%* | *Biotechnology — 7.5%* |
| &nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals Inc. | &nbsp;&nbsp; 14252 | &nbsp;&nbsp;&nbsp; 304,138<br> \*<br>|
| &nbsp;&nbsp;&nbsp; ADMA Biologics Inc. | &nbsp;&nbsp; 20810 | &nbsp;&nbsp;&nbsp; 305,075<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Aeglea BioTherapeutics Inc., CVR | &nbsp;&nbsp; 30064 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Akebia Therapeutics Inc. | &nbsp;&nbsp; 36151 | &nbsp;&nbsp;&nbsp; 98,692<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Alkermes PLC | &nbsp;&nbsp; 12529 | &nbsp;&nbsp;&nbsp; 375,870<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Amicus Therapeutics Inc. | &nbsp;&nbsp; 17541 | &nbsp;&nbsp;&nbsp; 138,223<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Arcellx Inc. | &nbsp;&nbsp; 2279 | &nbsp;&nbsp;&nbsp; 187,106<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Arcutis Biotherapeutics Inc. | &nbsp;&nbsp; 9169 | &nbsp;&nbsp;&nbsp; 172,836<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ardelyx Inc. | &nbsp;&nbsp; 36890 | &nbsp;&nbsp;&nbsp; 203,264<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals Inc. | &nbsp;&nbsp; 16747 | &nbsp;&nbsp;&nbsp; 577,604<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Aurinia Pharmaceuticals Inc. | &nbsp;&nbsp; 29225 | &nbsp;&nbsp;&nbsp; 322,936<br> \*<br>|
| &nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals Inc. | &nbsp;&nbsp; 27964 | &nbsp;&nbsp;&nbsp; 212,247<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Blueprint Medicines Corp. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp;&nbsp; 1,564<br> \*<sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bridgebio Pharma Inc. | &nbsp;&nbsp; 6736 | &nbsp;&nbsp;&nbsp; 349,868<br> \*<br>|
| &nbsp;&nbsp;&nbsp; CareDx Inc. | &nbsp;&nbsp; 18360 | &nbsp;&nbsp;&nbsp; 266,954<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals Inc. | &nbsp;&nbsp; 14606 | &nbsp;&nbsp;&nbsp; 287,738<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Dynavax Technologies Corp. | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 89,370<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Emergent BioSolutions Inc. | &nbsp;&nbsp; 32927 | &nbsp;&nbsp;&nbsp; 290,416<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Fennec Pharmaceuticals Inc. | &nbsp;&nbsp; 9810 | &nbsp;&nbsp;&nbsp; 91,822<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Gyre Therapeutics Inc. | &nbsp;&nbsp; 3364 | &nbsp;&nbsp;&nbsp; 25,095<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ironwood Pharmaceuticals Inc. | &nbsp;&nbsp; 19698 | &nbsp;&nbsp;&nbsp; 25,804<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Krystal Biotech Inc. | &nbsp;&nbsp; 1471 | &nbsp;&nbsp;&nbsp; 259,676<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Madrigal Pharmaceuticals Inc. | &nbsp;&nbsp; 453 | &nbsp;&nbsp;&nbsp; 207,773<br> \*<br>|
| &nbsp;&nbsp;&nbsp; MannKind Corp. | &nbsp;&nbsp; 27062 | &nbsp;&nbsp;&nbsp; 145,323<br> \*<br>|
| &nbsp;&nbsp;&nbsp; MiMedx Group Inc. | &nbsp;&nbsp; 26884 | &nbsp;&nbsp;&nbsp; 187,650<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Mirum Pharmaceuticals Inc. | &nbsp;&nbsp; 2547 | &nbsp;&nbsp;&nbsp; 186,721<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Myriad Genetics Inc. | &nbsp;&nbsp; 6776 | &nbsp;&nbsp;&nbsp; 48,990<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Organogenesis Holdings Inc. | &nbsp;&nbsp; 17172 | &nbsp;&nbsp;&nbsp; 72,466<br> \*<br>|
| &nbsp;&nbsp;&nbsp; PDL BioPharma Inc. | &nbsp;&nbsp; 152500 | &nbsp;&nbsp;&nbsp; 9,541<br> \*<sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Protagonist Therapeutics Inc. | &nbsp;&nbsp; 6989 | &nbsp;&nbsp;&nbsp; 464,279<br> \*<br>|
| &nbsp;&nbsp;&nbsp; PTC Therapeutics Inc. | &nbsp;&nbsp; 7636 | &nbsp;&nbsp;&nbsp; 468,621<br> \*<br>|

---

See Notes to Schedule of Investments.

------

Franklin U.S. Small Cap Equity Fund 2025 Quarterly Report

------

 **Franklin U.S. Small Cap Equity Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Biotechnology — continued* | *Biotechnology — continued* | *Biotechnology — continued* |
| &nbsp;&nbsp;&nbsp; Puma Biotechnology Inc. | &nbsp;&nbsp; 64996 | &nbsp;&nbsp;&nbsp; $345,129<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Rhythm Pharmaceuticals Inc. | &nbsp;&nbsp; 4630 | &nbsp;&nbsp;&nbsp; 467,584<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Rigel Pharmaceuticals Inc. | &nbsp;&nbsp; 10270 | &nbsp;&nbsp;&nbsp; 290,949<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Stoke Therapeutics Inc. | &nbsp;&nbsp; 19550 | &nbsp;&nbsp;&nbsp; 459,425<br> \*<br>|
| &nbsp;&nbsp;&nbsp; TG Therapeutics Inc. | &nbsp;&nbsp; 14553 | &nbsp;&nbsp;&nbsp; 525,727<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Twist Bioscience Corp. | &nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp; 115,374<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Veracyte Inc. | &nbsp;&nbsp; 8912 | &nbsp;&nbsp;&nbsp; 305,949<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Vericel Corp. | &nbsp;&nbsp; 5648 | &nbsp;&nbsp;&nbsp; 177,743<br> \*<br>|
| &nbsp;&nbsp;&nbsp; XOMA Royalty Corp. | &nbsp;&nbsp; 1774 | &nbsp;&nbsp;&nbsp; 68,370<br> \*<br>|
| *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *9133912* |
| *Health Care Equipment & Supplies — 2.9%* | *Health Care Equipment & Supplies — 2.9%* | *Health Care Equipment & Supplies — 2.9%* |
| &nbsp;&nbsp;&nbsp; Bioventus Inc., Class A Shares | &nbsp;&nbsp; 28085 | &nbsp;&nbsp;&nbsp; 187,889<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Embecta Corp. | &nbsp;&nbsp; 22978 | &nbsp;&nbsp;&nbsp; 324220<br>|
| &nbsp;&nbsp;&nbsp; Glaukos Corp. | &nbsp;&nbsp; 2463 | &nbsp;&nbsp;&nbsp; 200,858<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Integer Holdings Corp. | &nbsp;&nbsp; 3655 | &nbsp;&nbsp;&nbsp; 377,671<br> \*<br>|
| &nbsp;&nbsp;&nbsp; iRadimed Corp. | &nbsp;&nbsp; 3295 | &nbsp;&nbsp;&nbsp; 234472<br>|
| &nbsp;&nbsp;&nbsp; iRhythm Technologies Inc. | &nbsp;&nbsp; 4054 | &nbsp;&nbsp;&nbsp; 697,247<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Lantheus Holdings Inc. | &nbsp;&nbsp; 2350 | &nbsp;&nbsp;&nbsp; 120,531<br> \*<br>|
| &nbsp;&nbsp;&nbsp; LivaNova PLC | &nbsp;&nbsp; 10412 | &nbsp;&nbsp;&nbsp; 545,380<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Semler Scientific Inc. | &nbsp;&nbsp; 5506 | &nbsp;&nbsp;&nbsp; 165,180<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Tactile Systems Technology Inc. | &nbsp;&nbsp; 45830 | &nbsp;&nbsp;&nbsp; 634,287<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Varex Imaging Corp. | &nbsp;&nbsp; 10299 | &nbsp;&nbsp;&nbsp; 127,708<br> \*<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *3615443* |
| *Health Care Providers & Services — 2.0%* | *Health Care Providers & Services — 2.0%* | *Health Care Providers & Services — 2.0%* |
| &nbsp;&nbsp;&nbsp; Cross Country Healthcare Inc. | &nbsp;&nbsp; 10180 | &nbsp;&nbsp;&nbsp; 144,556<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ensign Group Inc. | &nbsp;&nbsp; 7104 | &nbsp;&nbsp;&nbsp; 1227358<br>|
| &nbsp;&nbsp;&nbsp; Hims & Hers Health Inc. | &nbsp;&nbsp; 18402 | &nbsp;&nbsp;&nbsp; 1,043,762<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Surface Oncology Inc., CVR | &nbsp;&nbsp; 43029 | &nbsp;&nbsp;&nbsp; 4,800<br> \*<sup>(a)(b)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *2420476* |
| *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* |
| &nbsp;&nbsp;&nbsp; LifeMD Inc. | &nbsp;&nbsp; 23966 | &nbsp;&nbsp;&nbsp; *162,729*<br> \*<br>|
| *Life Sciences Tools & Services — 0.9%* | *Life Sciences Tools & Services — 0.9%* | *Life Sciences Tools & Services — 0.9%* |
| &nbsp;&nbsp;&nbsp; 10X Genomics Inc., Class A Shares | &nbsp;&nbsp; 10371 | &nbsp;&nbsp;&nbsp; 121,237<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Adaptive Biotechnologies Corp. | &nbsp;&nbsp; 28285 | &nbsp;&nbsp;&nbsp; 423,144<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Niagen Bioscience Inc. | &nbsp;&nbsp; 55355 | &nbsp;&nbsp;&nbsp; 516,462<br> \*<br>|
| *Total Life Sciences Tools & Services* | *Total Life Sciences Tools & Services* | &nbsp;&nbsp; *1060843* |
| *Pharmaceuticals — 2.6%* | *Pharmaceuticals — 2.6%* | *Pharmaceuticals — 2.6%* |
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals Inc. | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp; 210,210<br> \*<br>|
| &nbsp;&nbsp;&nbsp; ANI Pharmaceuticals Inc. | &nbsp;&nbsp; 1410 | &nbsp;&nbsp;&nbsp; 129,156<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Assertio Holdings Inc., CVR | &nbsp;&nbsp; 62783 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Collegium Pharmaceutical Inc. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 139,960<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings Inc. | &nbsp;&nbsp; 16363 | &nbsp;&nbsp;&nbsp; 450,964<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Innoviva Inc. | &nbsp;&nbsp; 20841 | &nbsp;&nbsp;&nbsp; 380,348<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals Inc. | &nbsp;&nbsp; 3625 | &nbsp;&nbsp;&nbsp; 642,133<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SIGA Technologies Inc. | &nbsp;&nbsp; 35995 | &nbsp;&nbsp;&nbsp; 329354<br>|
| &nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals Inc. | &nbsp;&nbsp; 3853 | &nbsp;&nbsp;&nbsp; 184,135<br> \*<br>|

---

See Notes to Schedule of Investments.

------

Franklin U.S. Small Cap Equity Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Small Cap Equity Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Pharmaceuticals — continued* | *Pharmaceuticals — continued* | *Pharmaceuticals — continued* |
| &nbsp;&nbsp;&nbsp; Theravance Biopharma Inc. | &nbsp;&nbsp; 46085 | &nbsp;&nbsp;&nbsp; $672,841<br> \*<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *3139101* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **19532504** |
| **Industrials — 17.8%** | **Industrials — 17.8%** | **Industrials — 17.8%** |
| *Aerospace & Defense — 0.9%* | *Aerospace & Defense — 0.9%* | *Aerospace & Defense — 0.9%* |
| &nbsp;&nbsp;&nbsp; Astronics Corp. | &nbsp;&nbsp; 12532 | &nbsp;&nbsp;&nbsp; 571,585<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ducommun Inc. | &nbsp;&nbsp; 5195 | &nbsp;&nbsp;&nbsp; 499,395<br> \*<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *1070980* |
| *Building Products — 0.3%* | *Building Products — 0.3%* | *Building Products — 0.3%* |
| &nbsp;&nbsp;&nbsp; Tecnoglass Inc. | &nbsp;&nbsp; 4980 | &nbsp;&nbsp;&nbsp; *333212*<br>|
| *Commercial Services & Supplies — 1.2%* | *Commercial Services & Supplies — 1.2%* | *Commercial Services & Supplies — 1.2%* |
| &nbsp;&nbsp;&nbsp; Cimpress PLC | &nbsp;&nbsp; 3788 | &nbsp;&nbsp;&nbsp; 238,796<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Deluxe Corp. | &nbsp;&nbsp; 13811 | &nbsp;&nbsp;&nbsp; 267381<br>|
| &nbsp;&nbsp;&nbsp; Interface Inc. | &nbsp;&nbsp; 19043 | &nbsp;&nbsp;&nbsp; 551104<br>|
| &nbsp;&nbsp;&nbsp; Vestis Corp. | &nbsp;&nbsp; 82741 | &nbsp;&nbsp;&nbsp; 374817<br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *1432098* |
| *Construction & Engineering — 1.7%* | *Construction & Engineering — 1.7%* | *Construction & Engineering — 1.7%* |
| &nbsp;&nbsp;&nbsp; Argan Inc. | &nbsp;&nbsp; 4008 | &nbsp;&nbsp;&nbsp; 1082361<br>|
| &nbsp;&nbsp;&nbsp; Tutor Perini Corp. | &nbsp;&nbsp; 15765 | &nbsp;&nbsp;&nbsp; 1,034,026<br> \*<br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *2116387* |
| *Electrical Equipment — 6.6%* | *Electrical Equipment — 6.6%* | *Electrical Equipment — 6.6%* |
| &nbsp;&nbsp;&nbsp; Allient Inc. | &nbsp;&nbsp; 6542 | &nbsp;&nbsp;&nbsp; 292755<br>|
| &nbsp;&nbsp;&nbsp; American Superconductor Corp. | &nbsp;&nbsp; 17196 | &nbsp;&nbsp;&nbsp; 1,021,270<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Atkore Inc. | &nbsp;&nbsp; 9366 | &nbsp;&nbsp;&nbsp; 587623<br>|
| &nbsp;&nbsp;&nbsp; Bloom Energy Corp., Class A Shares | &nbsp;&nbsp; 21502 | &nbsp;&nbsp;&nbsp; 1,818,424<br> \*<br>|
| &nbsp;&nbsp;&nbsp; EnerSys | &nbsp;&nbsp; 5813 | &nbsp;&nbsp;&nbsp; 656636<br>|
| &nbsp;&nbsp;&nbsp; NEXTracker Inc., Class A Shares | &nbsp;&nbsp; 17291 | &nbsp;&nbsp;&nbsp; 1,279,361<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Powell Industries Inc. | &nbsp;&nbsp; 2961 | &nbsp;&nbsp;&nbsp; 902542<br>|
| &nbsp;&nbsp;&nbsp; Power Solutions International Inc. | &nbsp;&nbsp; 7190 | &nbsp;&nbsp;&nbsp; 706,202<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shoals Technologies Group Inc., Class A Shares | &nbsp;&nbsp; 99848 | &nbsp;&nbsp;&nbsp; 739,874<br> \*<br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *8004687* |
| *Machinery — 2.2%* | *Machinery — 2.2%* | *Machinery — 2.2%* |
| &nbsp;&nbsp;&nbsp; Blue Bird Corp. | &nbsp;&nbsp; 12428 | &nbsp;&nbsp;&nbsp; 715,231<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Briggs & Stratton Corp., Escrow | &nbsp;&nbsp; 158200 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mayville Engineering Co. Inc. | &nbsp;&nbsp; 15008 | &nbsp;&nbsp;&nbsp; 206,510<br> \*<br>|
| &nbsp;&nbsp;&nbsp; REV Group Inc. | &nbsp;&nbsp; 13956 | &nbsp;&nbsp;&nbsp; 790887<br>|
| &nbsp;&nbsp;&nbsp; Terex Corp. | &nbsp;&nbsp; 9752 | &nbsp;&nbsp;&nbsp; 500278<br>|
| &nbsp;&nbsp;&nbsp; Watts Water Technologies Inc., Class A Shares | &nbsp;&nbsp; 1872 | &nbsp;&nbsp;&nbsp; 522812<br>|
| *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *2735718* |
| *Marine Transportation — 0.9%* | *Marine Transportation — 0.9%* | *Marine Transportation — 0.9%* |
| &nbsp;&nbsp;&nbsp; Costamare Inc. | &nbsp;&nbsp; 58943 | &nbsp;&nbsp;&nbsp; 702011<br>|
| &nbsp;&nbsp;&nbsp; Matson Inc. | &nbsp;&nbsp; 4142 | &nbsp;&nbsp;&nbsp; 408360<br>|
| *Total Marine Transportation* | *Total Marine Transportation* | &nbsp;&nbsp; *1110371* |
| *Passenger Airlines — 1.7%* | *Passenger Airlines — 1.7%* | *Passenger Airlines — 1.7%* |
| &nbsp;&nbsp;&nbsp; Allegiant Travel Co. | &nbsp;&nbsp; 11095 | &nbsp;&nbsp;&nbsp; 674,243<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SkyWest Inc. | &nbsp;&nbsp; 8768 | &nbsp;&nbsp;&nbsp; 882,236<br> \*<br>|

---

See Notes to Schedule of Investments.

------

Franklin U.S. Small Cap Equity Fund 2025 Quarterly Report

------

 **Franklin U.S. Small Cap Equity Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Passenger Airlines — continued* | *Passenger Airlines — continued* | *Passenger Airlines — continued* |
| &nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings Inc. | &nbsp;&nbsp; 46085 | &nbsp;&nbsp;&nbsp; $544,264<br> \*<br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *2100743* |
| *Professional Services — 1.2%* | *Professional Services — 1.2%* | *Professional Services — 1.2%* |
| &nbsp;&nbsp;&nbsp; IBEX Holdings Ltd. | &nbsp;&nbsp; 20527 | &nbsp;&nbsp;&nbsp; 831,754<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Legalzoom.com Inc. | &nbsp;&nbsp; 18965 | &nbsp;&nbsp;&nbsp; 196,857<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Upwork Inc. | &nbsp;&nbsp; 26178 | &nbsp;&nbsp;&nbsp; 486,125<br> \*<br>|
| *Total Professional Services* | *Total Professional Services* | &nbsp;&nbsp; *1514736* |
| *Trading Companies & Distributors — 1.1%* | *Trading Companies & Distributors — 1.1%* | *Trading Companies & Distributors — 1.1%* |
| &nbsp;&nbsp;&nbsp; DNOW Inc. | &nbsp;&nbsp; 47861 | &nbsp;&nbsp;&nbsp; 729,880<br> \*<br>|
| &nbsp;&nbsp;&nbsp; MRC Global Inc. | &nbsp;&nbsp; 37931 | &nbsp;&nbsp;&nbsp; 546,965<br> \*<br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *1276845* |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **21695777** |
| **Information Technology — 15.1%** | **Information Technology — 15.1%** | **Information Technology — 15.1%** |
| *Communications Equipment — 0.9%* | *Communications Equipment — 0.9%* | *Communications Equipment — 0.9%* |
| &nbsp;&nbsp;&nbsp; Extreme Networks Inc. | &nbsp;&nbsp; 20981 | &nbsp;&nbsp;&nbsp; 433,258<br> \*<br>|
| &nbsp;&nbsp;&nbsp; NETGEAR Inc. | &nbsp;&nbsp; 20421 | &nbsp;&nbsp;&nbsp; 661,436<br> \*<br>|
| *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *1094694* |
| *Electronic Equipment, Instruments & Components — 3.2%* | *Electronic Equipment, Instruments & Components — 3.2%* | *Electronic Equipment, Instruments & Components — 3.2%* |
| &nbsp;&nbsp;&nbsp; Bel Fuse Inc., Class B Shares | &nbsp;&nbsp; 5178 | &nbsp;&nbsp;&nbsp; 730202<br>|
| &nbsp;&nbsp;&nbsp; Benchmark Electronics Inc. | &nbsp;&nbsp; 8592 | &nbsp;&nbsp;&nbsp; 331222<br>|
| &nbsp;&nbsp;&nbsp; Fabrinet | &nbsp;&nbsp; 2088 | &nbsp;&nbsp;&nbsp; 761,326<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Insight Enterprises Inc. | &nbsp;&nbsp; 2314 | &nbsp;&nbsp;&nbsp; 262,431<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Kimball Electronics Inc. | &nbsp;&nbsp; 22069 | &nbsp;&nbsp;&nbsp; 658,980<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sanmina Corp. | &nbsp;&nbsp; 6502 | &nbsp;&nbsp;&nbsp; 748,445<br> \*<br>|
| &nbsp;&nbsp;&nbsp; ScanSource Inc. | &nbsp;&nbsp; 10042 | &nbsp;&nbsp;&nbsp; 441,748<br> \*<br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *3934354* |
| *IT Services — 0.3%* | *IT Services — 0.3%* | *IT Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; DigitalOcean Holdings Inc. | &nbsp;&nbsp; 9894 | &nbsp;&nbsp;&nbsp; *337,979*<br> \*<br>|
| *Semiconductors & Semiconductor Equipment — 3.5%* | *Semiconductors & Semiconductor Equipment — 3.5%* | *Semiconductors & Semiconductor Equipment — 3.5%* |
| &nbsp;&nbsp;&nbsp; Axcelis Technologies Inc. | &nbsp;&nbsp; 4055 | &nbsp;&nbsp;&nbsp; 395,930<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Credo Technology Group Holding Ltd. | &nbsp;&nbsp; 10328 | &nbsp;&nbsp;&nbsp; 1,503,860<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Photronics Inc. | &nbsp;&nbsp; 21674 | &nbsp;&nbsp;&nbsp; 497,418<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Rambus Inc. | &nbsp;&nbsp; 11088 | &nbsp;&nbsp;&nbsp; 1,155,370<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SkyWater Technology Inc. | &nbsp;&nbsp; 38840 | &nbsp;&nbsp;&nbsp; 724,755<br> \*<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *4277333* |
| *Software — 6.3%* | *Software — 6.3%* | *Software — 6.3%* |
| &nbsp;&nbsp;&nbsp; 8x8 Inc. | &nbsp;&nbsp; 38372 | &nbsp;&nbsp;&nbsp; 81,349<br> \*<br>|
| &nbsp;&nbsp;&nbsp; A10 Networks Inc. | &nbsp;&nbsp; 27851 | &nbsp;&nbsp;&nbsp; 505496<br>|
| &nbsp;&nbsp;&nbsp; ACI Worldwide Inc. | &nbsp;&nbsp; 13290 | &nbsp;&nbsp;&nbsp; 701,313<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Adeia Inc. | &nbsp;&nbsp; 22163 | &nbsp;&nbsp;&nbsp; 372338<br>|
| &nbsp;&nbsp;&nbsp; Box Inc., Class A Shares | &nbsp;&nbsp; 12976 | &nbsp;&nbsp;&nbsp; 418,735<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Commvault Systems Inc. | &nbsp;&nbsp; 6182 | &nbsp;&nbsp;&nbsp; 1,167,038<br> \*<br>|
| &nbsp;&nbsp;&nbsp; InterDigital Inc. | &nbsp;&nbsp; 3569 | &nbsp;&nbsp;&nbsp; 1232126<br>|
| &nbsp;&nbsp;&nbsp; LiveRamp Holdings Inc. | &nbsp;&nbsp; 9880 | &nbsp;&nbsp;&nbsp; 268,143<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Porch Group Inc. | &nbsp;&nbsp; 38261 | &nbsp;&nbsp;&nbsp; 642,020<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Progress Software Corp. | &nbsp;&nbsp; 6305 | &nbsp;&nbsp;&nbsp; 276979<br>|
| &nbsp;&nbsp;&nbsp; Q2 Holdings Inc. | &nbsp;&nbsp; 6019 | &nbsp;&nbsp;&nbsp; 435,715<br> \*<br>|

---

See Notes to Schedule of Investments.

------

Franklin U.S. Small Cap Equity Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Small Cap Equity Fund**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Software — continued* | *Software — continued* | *Software — continued* |
| &nbsp;&nbsp;&nbsp; Qualys Inc. | &nbsp;&nbsp; 4119 | &nbsp;&nbsp;&nbsp; $545,067<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Weave Communications Inc. | &nbsp;&nbsp; 18626 | &nbsp;&nbsp;&nbsp; 124,422<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Yext Inc. | &nbsp;&nbsp; 31324 | &nbsp;&nbsp;&nbsp; 266,880<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Zeta Global Holdings Corp., Class A Shares | &nbsp;&nbsp; 32302 | &nbsp;&nbsp;&nbsp; 641,841<br> \*<br>|
| *Total Software* | *Total Software* | &nbsp;&nbsp; *7679462* |
| *Technology Hardware, Storage & Peripherals — 0.9%* | *Technology Hardware, Storage & Peripherals — 0.9%* | *Technology Hardware, Storage & Peripherals — 0.9%* |
| &nbsp;&nbsp;&nbsp; Corsair Gaming Inc. | &nbsp;&nbsp; 33884 | &nbsp;&nbsp;&nbsp; 302,245<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Diebold Nixdorf Inc. | &nbsp;&nbsp; 7404 | &nbsp;&nbsp;&nbsp; 422,250<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Turtle Beach Corp. | &nbsp;&nbsp; 16472 | &nbsp;&nbsp;&nbsp; 261,905<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Xerox Holdings Corp. | &nbsp;&nbsp; 16600 | &nbsp;&nbsp;&nbsp; 62416<br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *1048816* |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **18372638** |
| **Materials — 4.7%** | **Materials — 4.7%** | **Materials — 4.7%** |
| *Chemicals — 1.8%* | *Chemicals — 1.8%* | *Chemicals — 1.8%* |
| &nbsp;&nbsp;&nbsp; Cabot Corp. | &nbsp;&nbsp; 5303 | &nbsp;&nbsp;&nbsp; 403293<br>|
| &nbsp;&nbsp;&nbsp; Core Molding Technologies Inc. | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp; 164,400<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Hawkins Inc. | &nbsp;&nbsp; 4367 | &nbsp;&nbsp;&nbsp; 797938<br>|
| &nbsp;&nbsp;&nbsp; Kronos Worldwide Inc. | &nbsp;&nbsp; 21785 | &nbsp;&nbsp;&nbsp; 125046<br>|
| &nbsp;&nbsp;&nbsp; Rayonier Advanced Materials Inc. | &nbsp;&nbsp; 47234 | &nbsp;&nbsp;&nbsp; 341,030<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sensient Technologies Corp. | &nbsp;&nbsp; 4136 | &nbsp;&nbsp;&nbsp; 388164<br>|
| *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *2219871* |
| *Metals & Mining — 2.7%* | *Metals & Mining — 2.7%* | *Metals & Mining — 2.7%* |
| &nbsp;&nbsp;&nbsp; Caledonia Mining Corp. PLC | &nbsp;&nbsp; 10558 | &nbsp;&nbsp;&nbsp; 382305<br>|
| &nbsp;&nbsp;&nbsp; Century Aluminum Co. | &nbsp;&nbsp; 10942 | &nbsp;&nbsp;&nbsp; 321,257<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Commercial Metals Co. | &nbsp;&nbsp; 9323 | &nbsp;&nbsp;&nbsp; 534021<br>|
| &nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp. | &nbsp;&nbsp; 3751 | &nbsp;&nbsp;&nbsp; 289427<br>|
| &nbsp;&nbsp;&nbsp; Olympic Steel Inc. | &nbsp;&nbsp; 5413 | &nbsp;&nbsp;&nbsp; 164826<br>|
| &nbsp;&nbsp;&nbsp; Ryerson Holding Corp. | &nbsp;&nbsp; 6451 | &nbsp;&nbsp;&nbsp; 147470<br>|
| &nbsp;&nbsp;&nbsp; SSR Mining Inc. | &nbsp;&nbsp; 48280 | &nbsp;&nbsp;&nbsp; 1,178,998<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SunCoke Energy Inc. | &nbsp;&nbsp; 25506 | &nbsp;&nbsp;&nbsp; 208129<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *3226433* |
| *Paper & Forest Products — 0.2%* | *Paper & Forest Products — 0.2%* | *Paper & Forest Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Sylvamo Corp. | &nbsp;&nbsp; 5873 | &nbsp;&nbsp;&nbsp; *259704*<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **5706008** |
| **Real Estate — 4.4%** | **Real Estate — 4.4%** | **Real Estate — 4.4%** |
| *Diversified REITs — 0.5%* | *Diversified REITs — 0.5%* | *Diversified REITs — 0.5%* |
| &nbsp;&nbsp;&nbsp; Alexander & Baldwin Inc. | &nbsp;&nbsp; 21746 | &nbsp;&nbsp;&nbsp; 395560<br>|
| &nbsp;&nbsp;&nbsp; American Assets Trust Inc. | &nbsp;&nbsp; 11967 | &nbsp;&nbsp;&nbsp; 243169<br>|
| *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *638729* |
| *Health Care REITs — 0.9%* | *Health Care REITs — 0.9%* | *Health Care REITs — 0.9%* |
| &nbsp;&nbsp;&nbsp; National Health Investors Inc. | &nbsp;&nbsp; 6001 | &nbsp;&nbsp;&nbsp; 477080<br>|
| &nbsp;&nbsp;&nbsp; Sabra Health Care REIT Inc. | &nbsp;&nbsp; 31072 | &nbsp;&nbsp;&nbsp; 579182<br>|
| *Total Health Care REITs* | *Total Health Care REITs* | &nbsp;&nbsp; *1056262* |
| *Hotel & Resort REITs — 0.3%* | *Hotel & Resort REITs — 0.3%* | *Hotel & Resort REITs — 0.3%* |
| &nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust | &nbsp;&nbsp; 13602 | &nbsp;&nbsp;&nbsp; 154927<br>|
| &nbsp;&nbsp;&nbsp; Summit Hotel Properties Inc. | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp; 247050<br>|
| *Total Hotel & Resort REITs* | *Total Hotel & Resort REITs* | &nbsp;&nbsp; *401977* |

---

See Notes to Schedule of Investments.

------

Franklin U.S. Small Cap Equity Fund 2025 Quarterly Report

------

 **Franklin U.S. Small Cap Equity Fund**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| *Industrial REITs — 0.1%* | *Industrial REITs — 0.1%* | *Industrial REITs — 0.1%* | *Industrial REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Innovative Industrial Properties Inc. | &nbsp;&nbsp;&nbsp; Innovative Industrial Properties Inc. | &nbsp;&nbsp; 3043 | &nbsp;&nbsp;&nbsp; $*163044*<br>|
| *Office REITs — 0.7%* | *Office REITs — 0.7%* | *Office REITs — 0.7%* | *Office REITs — 0.7%* |
| &nbsp;&nbsp;&nbsp; JBG SMITH Properties | &nbsp;&nbsp;&nbsp; JBG SMITH Properties | &nbsp;&nbsp; 22708 | &nbsp;&nbsp;&nbsp; 505253<br>|
| &nbsp;&nbsp;&nbsp; Piedmont Realty Trust Inc., Class A Shares | &nbsp;&nbsp;&nbsp; Piedmont Realty Trust Inc., Class A Shares | &nbsp;&nbsp; 18572 | &nbsp;&nbsp;&nbsp; 167148<br>|
| &nbsp;&nbsp;&nbsp; SL Green Realty Corp. | &nbsp;&nbsp;&nbsp; SL Green Realty Corp. | &nbsp;&nbsp; 2825 | &nbsp;&nbsp;&nbsp; 168963<br>|
| *Total Office REITs* | *Total Office REITs* | *Total Office REITs* | &nbsp;&nbsp; *841364* |
| *Real Estate Management & Development — 0.8%* | *Real Estate Management & Development — 0.8%* | *Real Estate Management & Development — 0.8%* | *Real Estate Management & Development — 0.8%* |
| &nbsp;&nbsp;&nbsp; Forestar Group Inc. | &nbsp;&nbsp;&nbsp; Forestar Group Inc. | &nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; 231,333<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Kennedy-Wilson Holdings Inc. | &nbsp;&nbsp;&nbsp; Kennedy-Wilson Holdings Inc. | &nbsp;&nbsp; 34316 | &nbsp;&nbsp;&nbsp; 285509<br>|
| &nbsp;&nbsp;&nbsp; Newmark Group Inc., Class A Shares | &nbsp;&nbsp;&nbsp; Newmark Group Inc., Class A Shares | &nbsp;&nbsp; 20977 | &nbsp;&nbsp;&nbsp; 391221<br>|
| *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | &nbsp;&nbsp; *908063* |
| *Retail REITs — 0.7%* | *Retail REITs — 0.7%* | *Retail REITs — 0.7%* | *Retail REITs — 0.7%* |
| &nbsp;&nbsp;&nbsp; Curbline Properties Corp. | &nbsp;&nbsp;&nbsp; Curbline Properties Corp. | &nbsp;&nbsp; 6333 | &nbsp;&nbsp;&nbsp; 141226<br>|
| &nbsp;&nbsp;&nbsp; SITE Centers Corp. | &nbsp;&nbsp;&nbsp; SITE Centers Corp. | &nbsp;&nbsp; 28173 | &nbsp;&nbsp;&nbsp; 253839<br>|
| &nbsp;&nbsp;&nbsp; Tanger Inc. | &nbsp;&nbsp;&nbsp; Tanger Inc. | &nbsp;&nbsp; 12946 | &nbsp;&nbsp;&nbsp; 438092<br>|
| *Total Retail REITs* | *Total Retail REITs* | *Total Retail REITs* | &nbsp;&nbsp; *833157* |
| *Specialized REITs — 0.4%* | *Specialized REITs — 0.4%* | *Specialized REITs — 0.4%* | *Specialized REITs — 0.4%* |
| &nbsp;&nbsp;&nbsp; Farmland Partners Inc. | &nbsp;&nbsp;&nbsp; Farmland Partners Inc. | &nbsp;&nbsp; 49355 | &nbsp;&nbsp;&nbsp; *536983*<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **5379579** |
| **Utilities — 1.9%** | **Utilities — 1.9%** | **Utilities — 1.9%** | **Utilities — 1.9%** |
| *Electric Utilities — 0.5%* | *Electric Utilities — 0.5%* | *Electric Utilities — 0.5%* | *Electric Utilities — 0.5%* |
| &nbsp;&nbsp;&nbsp; Genie Energy Ltd., Class B Shares | &nbsp;&nbsp;&nbsp; Genie Energy Ltd., Class B Shares | &nbsp;&nbsp; 8622 | &nbsp;&nbsp;&nbsp; 128899<br>|
| &nbsp;&nbsp;&nbsp; Otter Tail Corp. | &nbsp;&nbsp;&nbsp; Otter Tail Corp. | &nbsp;&nbsp; 5906 | &nbsp;&nbsp;&nbsp; 484115<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *613014* |
| *Gas Utilities — 0.7%* | *Gas Utilities — 0.7%* | *Gas Utilities — 0.7%* | *Gas Utilities — 0.7%* |
| &nbsp;&nbsp;&nbsp; Southwest Gas Holdings Inc. | &nbsp;&nbsp;&nbsp; Southwest Gas Holdings Inc. | &nbsp;&nbsp; 5869 | &nbsp;&nbsp;&nbsp; 459777<br>|
| &nbsp;&nbsp;&nbsp; Spire Inc. | &nbsp;&nbsp;&nbsp; Spire Inc. | &nbsp;&nbsp; 4826 | &nbsp;&nbsp;&nbsp; 393416<br>|
| *Total Gas Utilities* | *Total Gas Utilities* | *Total Gas Utilities* | &nbsp;&nbsp; *853193* |
| *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* |
| &nbsp;&nbsp;&nbsp; Ormat Technologies Inc. | &nbsp;&nbsp;&nbsp; Ormat Technologies Inc. | &nbsp;&nbsp; 1513 | &nbsp;&nbsp;&nbsp; *145626*<br>|
| *Water Utilities — 0.6%* | *Water Utilities — 0.6%* | *Water Utilities — 0.6%* | *Water Utilities — 0.6%* |
| &nbsp;&nbsp;&nbsp; Consolidated Water Co. Ltd. | &nbsp;&nbsp;&nbsp; Consolidated Water Co. Ltd. | &nbsp;&nbsp; 19501 | &nbsp;&nbsp;&nbsp; *687995*<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **2299828** |
| **Total Investments before Short-Term Investments (Cost — $91,985,325)** | **Total Investments before Short-Term Investments (Cost — $91,985,325)** | **Total Investments before Short-Term Investments (Cost — $91,985,325)** | &nbsp;&nbsp; **121333891** |
|  | Rate |  |  |
| **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** |
| &nbsp;&nbsp;&nbsp; Invesco Treasury Portfolio, Institutional Class (Cost — $1,636,662)  | &nbsp;&nbsp; 3.999% | &nbsp;&nbsp; 1636662<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1636662**<br> <sup>(d)</sup><br>|
| **Total Investments — 100.8% (Cost — $93,621,987)** | **Total Investments — 100.8% (Cost — $93,621,987)** | **Total Investments — 100.8% (Cost — $93,621,987)** | &nbsp;&nbsp; **122970553** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.8)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.8)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.8)% | &nbsp;&nbsp;&nbsp; (955826)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$122014727** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

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

<sup>(b)</sup> Security is valued using significant unobservable inputs (Note 1).

<sup>(c)</sup> Value is less than $1.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Schedule of Investments.

------

Franklin U.S. Small Cap Equity Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Franklin U.S. Small Cap Equity Fund**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| CVR |  | Contingent Value Rights |
| REIT |  | Real Estate Investment Trust |

---

This Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

See Notes to Schedule of Investments.

------

Franklin U.S. Small Cap Equity Fund 2025 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies** 

Franklin U.S. Small Cap Equity Fund (the "Fund") is a separate diversified investment series of Legg Mason Global Asset Management Trust (the "Trust"). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

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

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

Pursuant to policies adopted by the Board, 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. 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, 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 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.

------

Franklin U.S. Small Cap Equity Fund 2025 Quarterly Report

------

Notes to 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:

• Level 1 — unadjusted quoted prices in active markets for identical investments

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp; $19516599 | &nbsp;&nbsp; — | &nbsp;&nbsp; $15905 | &nbsp;&nbsp; $19532504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; 21695777 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 21695777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Common Stocks | &nbsp;&nbsp; 80105610 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 80105610 |
| Total Long-Term Investments | &nbsp;&nbsp; 121317986 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15905 | &nbsp;&nbsp; 121333891 |
| Short-Term Investments† | &nbsp;&nbsp; 1636662 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1636662 |
| **Total Investments** | &nbsp;&nbsp; **$122954648** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$15905** | &nbsp;&nbsp; **$122970553** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | See Schedule of Investments for additional detailed categorizations. |
| \* | Amount represents less than $1. |

---

------

Franklin U.S. Small Cap Equity Fund 2025 Quarterly Report

------

## 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:** 100 International Drive

  - **City:** Baltimore

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21202

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

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

- **a. Name of Series:** Franklin U.S. Small Cap Equity Fund

- **b. EDGAR series identifier (if any):** S000036895

- **c. LEI of Series:** 549300T66MRU4LGXY771

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $123939664.24

**Total Liabilities:** $212445.52

**Net Assets:** $123727218.72

**Cash Not Reported:** $52172.90

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000112923 | 2.37%                | 8.31%                | 3.80%                |
| Class ID C000112928 | 2.34%                | 8.32%                | 3.84%                |
| Class ID C000112924 | 2.26%                | 8.25%                | 3.77%                |
| Class ID C000112929 | 2.36%                | 8.37%                | 3.80%                |
| Class ID C000112925 | 2.39%                | 8.31%                | 3.80%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3962292.67              | $-1509204.52                               |
| Month 2  | $594152.60               | $8138181.16                                |
| Month 3  | $794429.46               | $3439361.48                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Frontdoor Inc                  | Frontdoor Inc                                 | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |      8282 | NS      | $557295.78    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Fennec Pharmaceuticals Inc     | Fennec Pharmaceuticals Inc                    | CUSIP: 31447P100<br>LEI: 5299003IE70ITO2CBM73 | Long             | EC               | CORP              | US        |      9810 | NS      | $91821.60     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Bread Financial Holdings Inc   | Bread Financial Holdings Inc                  | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |      2877 | NS      | $160450.29    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Gulfport Energy Corp           | Gulfport Energy Corp                          | CUSIP: 402635502<br>LEI: 254900DJRGZBUZ3F5038 | Long             | EC               | CORP              | US        |      2251 | NS      | $407385.98    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Northeast Community Bancorp In | Northeast Community Bancorp Inc               | CUSIP: 664121100<br>LEI: 5493007BRYL8596Q9L26 | Long             | EC               | CORP              | US        |     14000 | NS      | $287980.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Scorpio Tankers Inc            | Scorpio Tankers Inc                           | CUSIP: 000000000<br>LEI: 549300NVJUH16NXG8K87 | Long             | EC               | CORP              | MC        |     12556 | NS      | $703763.80    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SkyWest Inc                    | SkyWest Inc                                   | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |      8768 | NS      | $882236.16    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| LivaNova PLC                   | LivaNova PLC                                  | CUSIP: 000000000<br>LEI: 2138001K2FX6SHK2B339 | Long             | EC               | CORP              | GB        |     10412 | NS      | $545380.56    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                   | Alkermes PLC                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     12529 | NS      | $375870.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SITE Centers Corp              | SITE Centers Corp                             | CUSIP: 82981J851<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |     28173 | NS      | $253838.73    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Biosciences Holdings I | Harmony Biosciences Holdings Inc              | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16363 | NS      | $450964.28    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA Pharmaceuticals Inc     | ACADIA Pharmaceuticals Inc                    | CUSIP: 004225108<br>LEI: 529900O3044NO0PEA039 | Long             | EC               | CORP              | US        |     14252 | NS      | $304137.68    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| G-III Apparel Group Ltd        | G-III Apparel Group Ltd                       | CUSIP: 36237H101<br>LEI: 529900O5KABM3R3SFM87 | Long             | EC               | CORP              | US        |     10000 | NS      | $266100.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| USANA Health Sciences Inc      | USANA Health Sciences Inc                     | CUSIP: 90328M107<br>LEI: 549300YTURXE814MAH96 | Long             | EC               | CORP              | US        |      3800 | NS      | $104690.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ScanSource Inc                 | ScanSource Inc                                | CUSIP: 806037107<br>LEI: 7FHBAN017QDY4K2KP156 | Long             | EC               | CORP              | US        |     10042 | NS      | $441747.58    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| TG Therapeutics Inc            | TG Therapeutics Inc                           | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |     14553 | NS      | $525727.13    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Groupon Inc                    | Groupon Inc                                   | CUSIP: 399473206<br>LEI: 5299005W5W1R5POQJL03 | Long             | EC               | CORP              | US        |     17488 | NS      | $408344.80    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Nu Skin Enterprises Inc        | Nu Skin Enterprises Inc                       | CUSIP: 67018T105<br>LEI: 54930050DETB6CP71D38 | Long             | EC               | CORP              | US        |     52127 | NS      | $635428.13    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGA Technologies Inc          | SIGA Technologies Inc                         | CUSIP: 826917106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35995 | NS      | $329354.25    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp          | Integer Holdings Corp                         | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |      3655 | NS      | $377671.15    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Outfitters Inc           | Urban Outfitters Inc                          | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |     10419 | NS      | $744229.17    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadian Asset Management Inc   | Acadian Asset Management Inc                  | CUSIP: 10948W103<br>LEI: 5493004FTLQNQTBOP608 | Long             | EC               | CORP              | US        |     18537 | NS      | $892741.92    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| IBEX Holdings Ltd              | IBEX Holdings Ltd                             | CUSIP: 000000000<br>LEI: 5493000GRFLPVYU2CX17 | Long             | EC               | CORP              | US        |     20527 | NS      | $831754.04    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Olympic Steel Inc              | Olympic Steel Inc                             | CUSIP: 68162K106<br>LEI: 549300GQ061U6N6KWJ49 | Long             | EC               | CORP              | US        |      5413 | NS      | $164825.85    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmland Partners Inc          | Farmland Partners Inc                         | CUSIP: 31154R109<br>LEI: 549300LB188CHPZ4IL37 | Long             | EC               | CORP              | US        |     49355 | NS      | $536982.40    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parks & Resorts Inc     | United Parks & Resorts Inc                    | CUSIP: 81282V100<br>LEI: 529900G0H4NV3IIK3269 | Long             | EC               | CORP              | US        |      4698 | NS      | $242886.60    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Gas Holdings Inc     | Southwest Gas Holdings Inc                    | CUSIP: 844895102<br>LEI: 254900LKF9EV0CUKNE09 | Long             | EC               | CORP              | US        |      5869 | NS      | $459777.46    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Therapeutics Inc           | PTC Therapeutics Inc                          | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |      7636 | NS      | $468621.32    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| VAALCO Energy Inc              | VAALCO Energy Inc                             | CUSIP: 91851C201<br>LEI: 549300CFHFVIWB8M6T24 | Long             | EC               | CORP              | US        |     34791 | NS      | $139859.82    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                       | Fabrinet                                      | CUSIP: 000000000<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | TH        |      2088 | NS      | $761326.56    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc       | Axcelis Technologies Inc                      | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |      4055 | NS      | $395930.20    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalOcean Holdings Inc      | DigitalOcean Holdings Inc                     | CUSIP: 25402D102<br>LEI: 549300EPISPY3RE3DL21 | Long             | EC               | CORP              | US        |      9894 | NS      | $337979.04    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| JBG SMITH Properties           | JBG SMITH Properties                          | CUSIP: 46590V100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22708 | NS      | $505253.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG RE Finance Trust Inc       | TPG RE Finance Trust Inc                      | CUSIP: 87266M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29410 | NS      | $251749.60    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Country Airlines Holdings  | Sun Country Airlines Holdings Inc             | CUSIP: 866683105<br>LEI: 549300MOHOJN9GH0NJ48 | Long             | EC               | CORP              | US        |     46085 | NS      | $544263.85    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of NT Butterfield & Son L | Bank of NT Butterfield & Son Ltd/The          | CUSIP: 000000000<br>LEI: 549300V8RVM0EMTDPF28 | Long             | EC               | CORP              | BM        |     15366 | NS      | $659508.72    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| International Money Express In | International Money Express Inc               | CUSIP: 46005L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10427 | NS      | $145665.19    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Dole PLC                       | Dole PLC                                      | CUSIP: 000000000<br>LEI: 635400JUG5XJXOPPJJ47 | Long             | EC               | CORP              | IE        |     22886 | NS      | $307587.84    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| American Public Education Inc  | American Public Education Inc                 | CUSIP: 02913V103<br>LEI: 254900GZNX6TJQGM4S17 | Long             | EC               | CORP              | US        |     16514 | NS      | $651807.58    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| XOMA Royalty Corp              | XOMA Royalty Corp                             | CUSIP: 98419J206<br>LEI: 549300U6ZVYFCWNBJ613 | Long             | EC               | CORP              | US        |      1774 | NS      | $68369.96     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Adeia Inc                      | Adeia Inc                                     | CUSIP: 00676P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22163 | NS      | $372338.40    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Benchmark Electronics Inc      | Benchmark Electronics Inc                     | CUSIP: 08160H101<br>LEI: 549300W18RHYZOZKOP53 | Long             | EC               | CORP              | US        |      8592 | NS      | $331221.60    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Pacific Financial Corp | Central Pacific Financial Corp                | CUSIP: 154760409<br>LEI: 549300W3YEAOZ4KGG849 | Long             | EC               | CORP              | US        |      8998 | NS      | $272999.32    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corp                   | Vericel Corp                                  | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |      5648 | NS      | $177742.56    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Bancorp Inc              | Eagle Bancorp Inc                             | CUSIP: 268948106<br>LEI: 549300B47NZODRMG3D47 | Long             | EC               | CORP              | US        |      8100 | NS      | $163782.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcellx Inc                    | Arcellx Inc                                   | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2279 | NS      | $187105.90    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| RPC Inc                        | RPC Inc                                       | CUSIP: 749660106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72596 | NS      | $345556.96    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Gyre Therapeutics Inc          | Gyre Therapeutics Inc                         | CUSIP: 403783103<br>LEI: 549300TE6BBPJ0S88K48 | Long             | EC               | CORP              | US        |      3364 | NS      | $25095.44     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Genie Energy Ltd               | Genie Energy Ltd                              | CUSIP: 372284208<br>LEI: 52990057E36X8869GX58 | Long             | EC               | CORP              | US        |      8622 | NS      | $128898.90    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Customers Bancorp Inc          | Customers Bancorp Inc                         | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |      8353 | NS      | $546035.61    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| DNOW Inc                       | DNOW Inc                                      | CUSIP: 67011P100<br>LEI: 549300AVH5SOCFVVDW91 | Long             | EC               | CORP              | US        |     47861 | NS      | $729880.25    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Corp          | Independent Bank Corp                         | CUSIP: 453836108<br>LEI: 549300C5K3W8THR3GE10 | Long             | EC               | CORP              | US        |      6722 | NS      | $464960.74    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegiant Travel Co            | Allegiant Travel Co                           | CUSIP: 01748X102<br>LEI: 549300JM9OZXOHWL2K18 | Long             | EC               | CORP              | US        |     11095 | NS      | $674243.15    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| A10 Networks Inc               | A10 Networks Inc                              | CUSIP: 002121101<br>LEI: 549300UQD4IWUML81Q35 | Long             | EC               | CORP              | US        |     27851 | NS      | $505495.65    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Protagonist Therapeutics Inc   | Protagonist Therapeutics Inc                  | CUSIP: 74366E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6989 | NS      | $464279.27    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualys Inc                     | Qualys Inc                                    | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               | CORP              | US        |      4119 | NS      | $545067.27    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Turning Point Brands Inc       | Turning Point Brands Inc                      | CUSIP: 90041L105<br>LEI: 549300IYG00QF0VVP302 | Long             | EC               | CORP              | US        |      5960 | NS      | $589205.60    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIGGS & STRATTON CORP         | BRIGGS & STRATTON CORP                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    158200 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Abercrombie & Fitch Co         | Abercrombie & Fitch Co                        | CUSIP: 002896207<br>LEI: 5493000J7LL72TOGT983 | Long             | EC               | CORP              | US        |      4699 | NS      | $401999.45    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Theravance Biopharma Inc       | Theravance Biopharma Inc                      | CUSIP: 000000000<br>LEI: 5493007VTSXP4Z6MIW52 | Long             | EC               | CORP              | KY        |     46085 | NS      | $672841.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| HomeTrust Bancshares Inc       | HomeTrust Bancshares Inc                      | CUSIP: 437872104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6278 | NS      | $257021.32    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co        | Modine Manufacturing Co                       | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |      1967 | NS      | $279628.72    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Peabody Energy Corp            | Peabody Energy Corp                           | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               | CORP              | US        |     16555 | NS      | $439038.60    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| HarborOne Bancorp Inc          | HarborOne Bancorp Inc                         | CUSIP: 41165Y100<br>LEI: 549300CNOEY2QUB7F917 | Long             | EC               | CORP              | US        |     12000 | NS      | $163200.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Stitch Fix Inc                 | Stitch Fix Inc                                | CUSIP: 860897107<br>LEI: 549300TNHOVBOJZIYE72 | Long             | EC               | CORP              | US        |     84383 | NS      | $367066.05    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc               | InterDigital Inc                              | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3569 | NS      | $1232125.87   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DHT Holdings Inc               | DHT Holdings Inc                              | CUSIP: 000000000<br>LEI: 549300SMD6IVZYT74K40 | Long             | EC               | CORP              | BM        |     32443 | NS      | $387693.85    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Legalzoom.com Inc              | Legalzoom.com Inc                             | CUSIP: 52466B103<br>LEI: 5493000L8EBF74Y9JZ48 | Long             | EC               | CORP              | US        |     18965 | NS      | $196856.70    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Winnebago Industries Inc       | Winnebago Industries Inc                      | CUSIP: 974637100<br>LEI: 549300B7OYKYJLTE3G11 | Long             | EC               | CORP              | US        |      4644 | NS      | $155295.36    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Genworth Financial Inc         | Genworth Financial Inc                        | CUSIP: 37247D106<br>LEI: 549300EMCG286BDNKJ33 | Long             | EC               | CORP              | US        |     81283 | NS      | $723418.70    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Corp/MI       | Independent Bank Corp/MI                      | CUSIP: 453838609<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6000 | NS      | $185850.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc               | Radian Group Inc                              | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |     27005 | NS      | $978121.10    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| JAKKS Pacific Inc              | JAKKS Pacific Inc                             | CUSIP: 47012E403<br>LEI: 549300UEF3348JRXQ295 | Long             | EC               | CORP              | US        |     13312 | NS      | $249333.76    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovative Industrial Properti | Innovative Industrial Properties Inc          | CUSIP: 45781V101<br>LEI: 5493008BQ0545EZXRR30 | Long             | EC               | CORP              | US        |      3043 | NS      | $163043.94    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Artisan Partners Asset Managem | Artisan Partners Asset Management Inc         | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |     10212 | NS      | $443200.80    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Ironwood Pharmaceuticals Inc   | Ironwood Pharmaceuticals Inc                  | CUSIP: 46333X108<br>LEI: 549300PC8MR6QHH6P296 | Long             | EC               | CORP              | US        |     19698 | NS      | $25804.38     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurinia Pharmaceuticals Inc    | Aurinia Pharmaceuticals Inc                   | CUSIP: 05156V102<br>LEI: 5299008YP2BW4570ML28 | Long             | EC               | CORP              | CA        |     29225 | NS      | $322936.25    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy Inc             | SunCoke Energy Inc                            | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |     25506 | NS      | $208128.96    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Emergent BioSolutions Inc      | Emergent BioSolutions Inc                     | CUSIP: 29089Q105<br>LEI: 549300YW6TUOX8BE5103 | Long             | EC               | CORP              | US        |     32927 | NS      | $290416.14    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp                   | Sanmina Corp                                  | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |      6502 | NS      | $748445.22    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| First BanCorp/Puerto Rico      | First BanCorp/Puerto Rico                     | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |     41885 | NS      | $923564.25    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensient Technologies Corp     | Sensient Technologies Corp                    | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               | CORP              | US        |      4136 | NS      | $388163.60    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Powell Industries Inc          | Powell Industries Inc                         | CUSIP: 739128106<br>LEI: 549300V08RO7MX2UBN26 | Long             | EC               | CORP              | US        |      2961 | NS      | $902542.41    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| REV Group Inc                  | REV Group Inc                                 | CUSIP: 749527107<br>LEI: 549300SRD0SIG5ZZ3X20 | Long             | EC               | CORP              | US        |     13956 | NS      | $790886.52    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Aluminum Co            | Century Aluminum Co                           | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               | CORP              | US        |     10942 | NS      | $321257.12    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NETGEAR Inc                    | NETGEAR Inc                                   | CUSIP: 64111Q104<br>LEI: 54930067KX3UNRHDWA78 | Long             | EC               | CORP              | US        |     20421 | NS      | $661436.19    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| EnerSys                        | EnerSys                                       | CUSIP: 29275Y102<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | EC               | CORP              | US        |      5813 | NS      | $656636.48    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Adaptive Biotechnologies Corp  | Adaptive Biotechnologies Corp                 | CUSIP: 00650F109<br>LEI: 549300ZTF7OT1FW66Q96 | Long             | EC               | CORP              | US        |     28285 | NS      | $423143.60    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Astronics Corp                 | Astronics Corp                                | CUSIP: 046433108<br>LEI: 549300NNXCF8H4MSMK17 | Long             | EC               | CORP              | US        |     12532 | NS      | $571584.52    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Terex Corp                     | Terex Corp                                    | CUSIP: 880779103<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | EC               | CORP              | US        |      9752 | NS      | $500277.60    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| EverQuote Inc                  | EverQuote Inc                                 | CUSIP: 30041R108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23445 | NS      | $536187.15    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc                     | Tanger Inc                                    | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |     12946 | NS      | $438092.64    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Hovnanian Enterprises Inc      | Hovnanian Enterprises Inc                     | CUSIP: 442487401<br>LEI: 549300805N4EF0ROBT53 | Long             | EC               | CORP              | US        |      2260 | NS      | $290387.40    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Upwork Inc                     | Upwork Inc                                    | CUSIP: 91688F104<br>LEI: 5493004QJ6WWBXVE2S70 | Long             | EC               | CORP              | US        |     26178 | NS      | $486125.46    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Kronos Worldwide Inc           | Kronos Worldwide Inc                          | CUSIP: 50105F105<br>LEI: 549300OBZ34C65APL277 | Long             | EC               | CORP              | US        |     21785 | NS      | $125045.90    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International Inc      | Brinker International Inc                     | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |      6040 | NS      | $765147.20    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Diebold Nixdorf Inc            | Diebold Nixdorf Inc                           | CUSIP: 253651202<br>LEI: 549300XZK6EWDBAZSY16 | Long             | EC               | CORP              | US        |      7404 | NS      | $422250.12    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                    | OFG Bancorp                                   | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |     14977 | NS      | $651349.73    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Financial Inc          | Jackson Financial Inc                         | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |     10938 | NS      | $1107253.74   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corp        | Magnolia Oil & Gas Corp                       | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9380 | NS      | $223900.60    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Collegium Pharmaceutical Inc   | Collegium Pharmaceutical Inc                  | CUSIP: 19459J104<br>LEI: 54930049FXZMTLW8D496 | Long             | EC               | CORP              | US        |      4000 | NS      | $139960.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrowhead Pharmaceuticals Inc  | Arrowhead Pharmaceuticals Inc                 | CUSIP: 04280A100<br>LEI: 549300O3CSB8T7OZ3D66 | Long             | EC               | CORP              | US        |     16747 | NS      | $577604.03    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Hotel Properties Inc    | Summit Hotel Properties Inc                   | CUSIP: 866082100<br>LEI: 254900OBQWJK6X20LS71 | Long             | EC               | CORP              | US        |     45000 | NS      | $247050.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc            | Cal-Maine Foods Inc                           | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |      8462 | NS      | $796274.20    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| BOX INC                        | BOX INC                                       | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               | CORP              | US        |     12976 | NS      | $418735.52    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Banc-Corp           | Associated Banc-Corp                          | CUSIP: 045487105<br>LEI: 549300N3CIN473IW5094 | Long             | EC               | CORP              | US        |     15410 | NS      | $396191.10    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Forestar Group Inc             | Forestar Group Inc                            | CUSIP: 346232101<br>LEI: 549300BC2UB0GHV60V70 | Long             | EC               | CORP              | US        |      8700 | NS      | $231333.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Progress Software Corp         | Progress Software Corp                        | CUSIP: 743312100<br>LEI: 549300R65B3JG6972S24 | Long             | EC               | CORP              | US        |      6305 | NS      | $276978.65    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloom Energy Corp              | Bloom Energy Corp                             | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |     21502 | NS      | $1818424.14   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| First Internet Bancorp         | First Internet Bancorp                        | CUSIP: 320557101<br>LEI: 549300T25MP2M92XU194 | Long             | EC               | CORP              | US        |      3782 | NS      | $84830.26     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumen Technologies Inc         | Lumen Technologies Inc                        | CUSIP: 550241103<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | EC               | CORP              | US        |    173290 | NS      | $1060534.80   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Extreme Networks Inc           | Extreme Networks Inc                          | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |     20981 | NS      | $433257.65    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SkyWater Technology Inc        | SkyWater Technology Inc                       | CUSIP: 83089J108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38840 | NS      | $724754.40    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Akebia Therapeutics Inc        | Akebia Therapeutics Inc                       | CUSIP: 00972D105<br>LEI: 549300CBQEHMKEEGNX42 | Long             | EC               | CORP              | US        |     36151 | NS      | $98692.23     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| American Superconductor Corp   | American Superconductor Corp                  | CUSIP: 030111207<br>LEI: 549300S9YT8Z8LOK4452 | Long             | EC               | CORP              | US        |     17196 | NS      | $1021270.44   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Navient Corp                   | Navient Corp                                  | CUSIP: 63938C108<br>LEI: 54930067J0ZNOEBRW338 | Long             | EC               | CORP              | US        |     12529 | NS      | $164756.35    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Talos Energy Inc               | Talos Energy Inc                              | CUSIP: 87484T108<br>LEI: 549300OKFHZ84SFJFT95 | Long             | EC               | CORP              | US        |     69900 | NS      | $670341.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ServisFirst Bancshares Inc     | ServisFirst Bancshares Inc                    | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1366 | NS      | $110003.98    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| 8x8 Inc                        | 8x8 Inc                                       | CUSIP: 282914100<br>LEI: 254900XWSOC5U1BRW939 | Long             | EC               | CORP              | US        |     38372 | NS      | $81348.64     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Rhythm Pharmaceuticals Inc     | Rhythm Pharmaceuticals Inc                    | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |      4630 | NS      | $467583.70    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| 10X Genomics Inc               | 10X Genomics Inc                              | CUSIP: 88025U109<br>LEI: 5493003Z6741WNLG7H43 | Long             | EC               | CORP              | US        |     10371 | NS      | $121236.99    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Atkore Inc                     | Atkore Inc                                    | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               | CORP              | US        |      9366 | NS      | $587622.84    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Signet Jewelers Ltd            | Signet Jewelers Ltd                           | CUSIP: 000000000<br>LEI: 549300N3XPGE91WV7M22 | Long             | EC               | CORP              | US        |      7045 | NS      | $675756.40    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Madrigal Pharmaceuticals Inc   | Madrigal Pharmaceuticals Inc                  | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |       453 | NS      | $207772.98    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| National Health Investors Inc  | National Health Investors Inc                 | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               | CORP              | US        |      6001 | NS      | $477079.50    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabot Corp                     | Cabot Corp                                    | CUSIP: 127055101<br>LEI: K05C0SER542GQ6VLRO68 | Long             | EC               | CORP              | US        |      5303 | NS      | $403293.15    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Golar LNG Ltd                  | Golar LNG Ltd                                 | CUSIP: 000000000<br>LEI: 213800C2VSFZG3EZLO34 | Long             | EC               | CORP              | BM        |      7045 | NS      | $284688.45    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc   | Adtalem Global Education Inc                  | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |      6268 | NS      | $968092.60    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Interface Inc                  | Interface Inc                                 | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |     19043 | NS      | $551104.42    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| LiveRamp Holdings Inc          | LiveRamp Holdings Inc                         | CUSIP: 53815P108<br>LEI: 254900GXS75LG1X7RF88 | Long             | EC               | CORP              | US        |      9880 | NS      | $268143.20    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Hims & Hers Health Inc         | Hims & Hers Health Inc                        | CUSIP: 433000106<br>LEI: 254900V041EIVTSB6D58 | Long             | EC               | CORP              | US        |     18402 | NS      | $1043761.44   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| BayCom Corp                    | BayCom Corp                                   | CUSIP: 07272M107<br>LEI: 549300UOLS54Q5ONIG33 | Long             | EC               | CORP              | US        |      6000 | NS      | $172500.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ODP Corp/The                   | ODP Corp/The                                  | CUSIP: 88337F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32693 | NS      | $910500.05    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Watts Water Technologies Inc   | Watts Water Technologies Inc                  | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |      1872 | NS      | $522812.16    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Organogenesis Holdings Inc     | Organogenesis Holdings Inc                    | CUSIP: 68621F102<br>LEI: 549300RLC2O821TU6941 | Long             | EC               | CORP              | US        |     17172 | NS      | $72465.84     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sezzle Inc                     | Sezzle Inc                                    | CUSIP: 78435P105<br>LEI: 9845000CA64541AE3I35 | Long             | EC               | CORP              | US        |      2270 | NS      | $180533.10    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Molding Technologies Inc  | Core Molding Technologies Inc                 | CUSIP: 218683100<br>LEI: 549300ZY2MFRXCKVIJ28 | Long             | EC               | CORP              | US        |      8000 | NS      | $164400.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Amicus Therapeutics Inc        | Amicus Therapeutics Inc                       | CUSIP: 03152W109<br>LEI: 549300MRD1SMUTNBPQ53 | Long             | EC               | CORP              | US        |     17541 | NS      | $138223.08    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Turtle Beach Corp              | Turtle Beach Corp                             | CUSIP: 900450206<br>LEI: 549300SZRV8U8PXSYI20 | Long             | EC               | CORP              | US        |     16472 | NS      | $261904.80    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Stoke Therapeutics Inc         | Stoke Therapeutics Inc                        | CUSIP: 86150R107<br>LEI: 549300RD25SS2DIJHJ67 | Long             | EC               | CORP              | US        |     19550 | NS      | $459425.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Bird Corp                 | Blue Bird Corp                                | CUSIP: 095306106<br>LEI: 5493004ZXJUUWQ65ER59 | Long             | EC               | CORP              | US        |     12428 | NS      | $715231.40    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp        | Perdoceo Education Corp                       | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |     15172 | NS      | $571377.52    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Financial Services  | Enterprise Financial Services Corp            | CUSIP: 293712105<br>LEI: 5493001XTU5DLD632129 | Long             | EC               | CORP              | US        |      6321 | NS      | $366491.58    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Vestis Corp                    | Vestis Corp                                   | CUSIP: 29430C102<br>LEI: 254900QDW0TA2TMFAP59 | Long             | EC               | CORP              | US        |     82741 | NS      | $374816.73    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawkins Inc                    | Hawkins Inc                                   | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |      4367 | NS      | $797938.24    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryerson Holding Corp           | Ryerson Holding Corp                          | CUSIP: 783754104<br>LEI: 549300JMA41B3ZHOVE45 | Long             | EC               | CORP              | US        |      6451 | NS      | $147469.86    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Niagen Bioscience Inc          | Niagen Bioscience Inc                         | CUSIP: 171077407<br>LEI: 529900OPI7B8JPXCVS70 | Long             | EC               | CORP              | US        |     55355 | NS      | $516462.15    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Caledonia Mining Corp PLC      | Caledonia Mining Corp PLC                     | CUSIP: 000000000<br>LEI: 21380093ZBI4BFM75Y51 | Long             | EC               | CORP              | ZA        |     10558 | NS      | $382305.18    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Univest Financial Corp         | Univest Financial Corp                        | CUSIP: 915271100<br>LEI: 4WII2HCR8UEWNU03U507 | Long             | EC               | CORP              | US        |     10659 | NS      | $319983.18    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Advanced Materials In | Rayonier Advanced Materials Inc               | CUSIP: 75508B104<br>LEI: 54930053QJ7OUGZG4F72 | Long             | EC               | CORP              | US        |     47234 | NS      | $341029.48    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| PDL BioPharma Inc              | PDL BioPharma Inc                             | CUSIP: 69329Y104<br>LEI: FE4K0NQFI4D86DSOL165 | Long             | EC               | CORP              | US        |    152500 | NS      | $9540.40      | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Newmark Group Inc              | Newmark Group Inc                             | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20977 | NS      | $391221.05    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Amalgamated Financial Corp     | Amalgamated Financial Corp                    | CUSIP: 022671101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8970 | NS      | $243535.50    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| TrustCo Bank Corp NY           | TrustCo Bank Corp NY                          | CUSIP: 898349204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7286 | NS      | $264481.80    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Co           | Commercial Metals Co                          | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |      9323 | NS      | $534021.44    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Gannett Co Inc                 | Gannett Co Inc                                | CUSIP: 36472T109<br>LEI: 549300JQ2PU0RI3ZBA32 | Long             | EC               | CORP              | US        |     71231 | NS      | $294184.03    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoviva Inc                   | Innoviva Inc                                  | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |     20841 | NS      | $380348.25    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Cargurus Inc                   | Cargurus Inc                                  | CUSIP: 141788109<br>LEI: 54930027BKQN6B7X7G78 | Long             | EC               | CORP              | US        |      9752 | NS      | $363066.96    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| AEGLEA BIOTHERAPEUTICS INC CVR | AEGLEA BIOTHERAPEUTICS INC CVR                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30064 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Ligand Pharmaceuticals Inc     | Ligand Pharmaceuticals Inc                    | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |      3625 | NS      | $642132.50    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST        | PEBBLEBROOK HOTEL TRUST                       | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |     13602 | NS      | $154926.78    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Ormat Technologies Inc         | Ormat Technologies Inc                        | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Long             | EC               | CORP              | US        |      1513 | NS      | $145626.25    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corp                | Murphy Oil Corp                               | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |     16255 | NS      | $461804.55    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Myriad Genetics Inc            | Myriad Genetics Inc                           | CUSIP: 62855J104<br>LEI: 52990044IHUOUMETT163 | Long             | EC               | CORP              | US        |      6776 | NS      | $48990.48     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Twist Bioscience Corp          | Twist Bioscience Corp                         | CUSIP: 90184D100<br>LEI: 549300T23BL59LCOH584 | Long             | EC               | CORP              | US        |      4100 | NS      | $115374.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CareDx Inc                     | CareDx Inc                                    | CUSIP: 14167L103<br>LEI: 549300NQOFKL9NON0U06 | Long             | EC               | CORP              | US        |     18360 | NS      | $266954.40    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander & Baldwin Inc        | Alexander & Baldwin Inc                       | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21746 | NS      | $395559.74    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUEPRINT MEDICINES CORP       | BLUEPRINT MEDICINES CORP                      | CUSIP: 096CVR048<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3400 | NS      | $1564.00      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Bioventus Inc                  | Bioventus Inc                                 | CUSIP: 09075A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28085 | NS      | $187888.65    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial Inc             | Axos Financial Inc                            | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |      9287 | NS      | $786144.55    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc        | Enova International Inc                       | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |      7740 | NS      | $890796.60    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Sylvamo Corp                   | Sylvamo Corp                                  | CUSIP: 871332102<br>LEI: 5493001AOYU1ZOWOC971 | Long             | EC               | CORP              | US        |      5873 | NS      | $259704.06    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                     | Matson Inc                                    | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |      4142 | NS      | $408359.78    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc          | Commvault Systems Inc                         | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      6182 | NS      | $1167037.96   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals Inc   | Supernus Pharmaceuticals Inc                  | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |      3853 | NS      | $184134.87    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirum Pharmaceuticals Inc      | Mirum Pharmaceuticals Inc                     | CUSIP: 604749101<br>LEI: 254900YZKR40F7F27K81 | Long             | EC               | CORP              | US        |      2547 | NS      | $186720.57    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Water Co Ltd      | Consolidated Water Co Ltd                     | CUSIP: 000000000<br>LEI: 5299001BMEW8X9VIJA73 | Long             | EC               | CORP              | KY        |     19501 | NS      | $687995.28    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| BankUnited Inc                 | BankUnited Inc                                | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |     12976 | NS      | $495164.16    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgebio Pharma Inc           | Bridgebio Pharma Inc                          | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |      6736 | NS      | $349867.84    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Porch Group Inc                | Porch Group Inc                               | CUSIP: 733245104<br>LEI: 549300NXEI7CVW8IXQ90 | Long             | EC               | CORP              | US        |     38261 | NS      | $642019.58    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ANI Pharmaceuticals Inc        | ANI Pharmaceuticals Inc                       | CUSIP: 00182C103<br>LEI: 5493000T6CXTND40YH31 | Long             | EC               | CORP              | US        |      1410 | NS      | $129156.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Genesco Inc                    | Genesco Inc                                   | CUSIP: 371532102<br>LEI: 549300VY2Q511P1K5P56 | Long             | EC               | CORP              | US        |      3244 | NS      | $94043.56     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MiMedx Group Inc               | MiMedx Group Inc                              | CUSIP: 602496101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26884 | NS      | $187650.32    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Northfield Bancorp Inc         | Northfield Bancorp Inc                        | CUSIP: 66611T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15810 | NS      | $186558.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Allient Inc                    | Allient Inc                                   | CUSIP: 019330109<br>LEI: 549300I2LHAWYGNBPM97 | Long             | EC               | CORP              | US        |      6542 | NS      | $292754.50    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Zeta Global Holdings Corp      | Zeta Global Holdings Corp                     | CUSIP: 98956A105<br>LEI: 2549008P9XSJQHGQ9S27 | Long             | EC               | CORP              | US        |     32302 | NS      | $641840.74    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc         | Patrick Industries Inc                        | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |      4878 | NS      | $504531.54    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTracker Inc                 | NEXTracker Inc                                | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17291 | NS      | $1279361.09   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Polaris Inc                    | Polaris Inc                                   | CUSIP: 731068102<br>LEI: 549300QJSN8UVWN1EI78 | Long             | EC               | CORP              | US        |     13843 | NS      | $804693.59    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Tactile Systems Technology Inc | Tactile Systems Technology Inc                | CUSIP: 87357P100<br>LEI: 54930069VDTITHOTKJ98 | Long             | EC               | CORP              | US        |     45830 | NS      | $634287.20    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| M/I Homes Inc                  | M/I Homes Inc                                 | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |      5636 | NS      | $814063.84    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive Inc         | Group 1 Automotive Inc                        | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |      1693 | NS      | $740704.43    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc      | American Assets Trust Inc                     | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11967 | NS      | $243169.44    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Weave Communications Inc       | Weave Communications Inc                      | CUSIP: 94724R108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18626 | NS      | $124421.68    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp                   | Glaukos Corp                                  | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |      2463 | NS      | $200857.65    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabra Health Care REIT Inc     | Sabra Health Care REIT Inc                    | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |     31072 | NS      | $579182.08    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc                 | Photronics Inc                                | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |     21674 | NS      | $497418.30    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Contra Surface Oncolog         | Contra Surface Oncolog                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43029 | NS      | $4800.32      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Rush Street Interactive Inc    | Rush Street Interactive Inc                   | CUSIP: 782011100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17130 | NS      | $350822.40    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Cimpress PLC                   | Cimpress PLC                                  | CUSIP: 000000000<br>LEI: 549300X1IFD75XISOR81 | Long             | EC               | CORP              | IE        |      3788 | NS      | $238795.52    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Bumble Inc                     | Bumble Inc                                    | CUSIP: 12047B105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22855 | NS      | $139186.95    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennedy-Wilson Holdings Inc    | Kennedy-Wilson Holdings Inc                   | CUSIP: 489398107<br>LEI: 549300MOI1T78144X610 | Long             | EC               | CORP              | US        |     34316 | NS      | $285509.12    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Corsair Gaming Inc             | Corsair Gaming Inc                            | CUSIP: 22041X102<br>LEI: 549300Y7YT18L8G0H525 | Long             | EC               | CORP              | US        |     33884 | NS      | $302245.28    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SSR Mining Inc                 | SSR Mining Inc                                | CUSIP: 784730103<br>LEI: 549300JD2KR7AB9DYJ38 | Long             | EC               | CORP              | US        |     48280 | NS      | $1178997.60   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Embecta Corp                   | Embecta Corp                                  | CUSIP: 29082K105<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | EC               | CORP              | US        |     22978 | NS      | $324219.58    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Essent Group Ltd               | Essent Group Ltd                              | CUSIP: 000000000<br>LEI: 254900QUO860OUT6ZF83 | Long             | EC               | CORP              | US        |      8285 | NS      | $526594.60    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Pathward Financial Inc         | Pathward Financial Inc                        | CUSIP: 59100U108<br>LEI: 5493004X52BH1NBLW813 | Long             | EC               | CORP              | US        |      4586 | NS      | $339409.86    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Amneal Pharmaceuticals Inc     | Amneal Pharmaceuticals Inc                    | CUSIP: 03168L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21000 | NS      | $210210.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimball Electronics Inc        | Kimball Electronics Inc                       | CUSIP: 49428J109<br>LEI: 549300COBYN2GZCBIU87 | Long             | EC               | CORP              | US        |     22069 | NS      | $658980.34    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| American Eagle Outfitters Inc  | American Eagle Outfitters Inc                 | CUSIP: 02553E106<br>LEI: 5299001Z9HXK01DHW793 | Long             | EC               | CORP              | US        |     22371 | NS      | $382767.81    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| LifeMD Inc                     | LifeMD Inc                                    | CUSIP: 53216B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23966 | NS      | $162729.14    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynavax Technologies Corp      | Dynavax Technologies Corp                     | CUSIP: 268158201<br>LEI: 549300T5URIXWDILX594 | Long             | EC               | CORP              | US        |      9000 | NS      | $89370.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding | Credo Technology Group Holding Ltd            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10328 | NS      | $1503860.08   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Veracyte Inc                   | Veracyte Inc                                  | CUSIP: 92337F107<br>LEI: 529900ESWZRHXOW27Z37 | Long             | EC               | CORP              | US        |      8912 | NS      | $305948.96    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Semler Scientific Inc          | Semler Scientific Inc                         | CUSIP: 81684M104<br>LEI: 549300ZHL16S29QTW485 | Long             | EC               | CORP              | US        |      5506 | NS      | $165180.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Yelp Inc                       | Yelp Inc                                      | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               | CORP              | US        |     14088 | NS      | $439545.60    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoals Technologies Group Inc  | Shoals Technologies Group Inc                 | CUSIP: 82489W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     99848 | NS      | $739873.68    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp           | SL Green Realty Corp                          | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |      2825 | NS      | $168963.25    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcutis Biotherapeutics Inc    | Arcutis Biotherapeutics Inc                   | CUSIP: 03969K108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9169 | NS      | $172835.65    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Otter Tail Corp                | Otter Tail Corp                               | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5906 | NS      | $484114.82    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Argan Inc                      | Argan Inc                                     | CUSIP: 04010E109<br>LEI: 529900E4KZWBV9KGBS83 | Long             | EC               | CORP              | US        |      4008 | NS      | $1082360.40   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Pagseguro Digital Ltd          | Pagseguro Digital Ltd                         | CUSIP: 000000000<br>LEI: 391200VY4YW47I4HGH62 | Long             | EC               | CORP              | BR        |     72296 | NS      | $722960.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Seneca Foods Corp              | Seneca Foods Corp                             | CUSIP: 817070501<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6237 | NS      | $673221.78    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire Inc                      | Spire Inc                                     | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |      4826 | NS      | $393415.52    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Cracker Barrel Old Country Sto | Cracker Barrel Old Country Store Inc          | CUSIP: 22410J106<br>LEI: 8P4PHQIUWPIECBFBW745 | Long             | EC               | CORP              | US        |       629 | NS      | $27713.74     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ADMA Biologics Inc             | ADMA Biologics Inc                            | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20810 | NS      | $305074.60    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Cricut Inc                     | Cricut Inc                                    | CUSIP: 22658D100<br>LEI: 254900R3DKAJ28MC0Q39 | Long             | EC               | CORP              | US        |     98788 | NS      | $621376.52    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Bladex                         | Banco Latinoamericano de Comercio Exterior SA | CUSIP: 000000000<br>LEI: 549300CN3134K4LC0651 | Long             | EC               | CORP              | PA        |     13267 | NS      | $609883.99    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Group SGHC Ltd           | Super Group SGHC Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GG        |     68375 | NS      | $902550.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| iRadimed Corp                  | iRadimed Corp                                 | CUSIP: 46266A109<br>LEI: 549300YVHWP0YJ1YW816 | Long             | EC               | CORP              | US        |      3295 | NS      | $234472.20    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Bel Fuse Inc                   | Bel Fuse Inc                                  | CUSIP: 077347300<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |      5178 | NS      | $730201.56    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Ardelyx Inc                    | Ardelyx Inc                                   | CUSIP: 039697107<br>LEI: 549300F542QR4SXHCY32 | Long             | EC               | CORP              | US        |     36890 | NS      | $203263.90    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Curbline Properties Corp       | Curbline Properties Corp                      | CUSIP: 23128Q101<br>LEI: 529900PGR41LH0I81I15 | Long             | EC               | CORP              | US        |      6333 | NS      | $141225.90    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Guaranty Bancshares Inc/TX     | Guaranty Bancshares Inc/TX                    | CUSIP: 400764106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9568 | NS      | $466440.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Krystal Biotech Inc            | Krystal Biotech Inc                           | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |      1471 | NS      | $259675.63    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Varex Imaging Corp             | Varex Imaging Corp                            | CUSIP: 92214X106<br>LEI: 549300CWYWPVCT8E9W67 | Long             | EC               | CORP              | US        |     10299 | NS      | $127707.60    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| iRhythm Technologies Inc       | iRhythm Technologies Inc                      | CUSIP: 450056106<br>LEI: 549300FJI72RJGDQS384 | Long             | EC               | CORP              | US        |      4054 | NS      | $697247.46    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Mayville Engineering Co Inc    | Mayville Engineering Co Inc                   | CUSIP: 578605107<br>LEI: 9845008D43E42A7FC362 | Long             | EC               | CORP              | US        |     15008 | NS      | $206510.08    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc          | Lantheus Holdings Inc                         | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |      2350 | NS      | $120531.50    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Insight Enterprises Inc        | Insight Enterprises Inc                       | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |      2314 | NS      | $262430.74    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Par Pacific Holdings Inc       | Par Pacific Holdings Inc                      | CUSIP: 69888T207<br>LEI: 549300BTNS7MHSHRLR55 | Long             | EC               | CORP              | US        |      8362 | NS      | $296182.04    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Piedmont Realty Trust Inc      | Piedmont Realty Trust Inc                     | CUSIP: 720190206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18572 | NS      | $167148.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Teekay Corp Ltd                | Teekay Corp Ltd                               | CUSIP: 000000000<br>LEI: YHKQM2RIPKZYOZ6RVZ46 | Long             | EC               | CORP              | BM        |     47939 | NS      | $392141.02    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Xerox Holdings Corp            | Xerox Holdings Corp                           | CUSIP: 98421M106<br>LEI: 5493000Y33XDVO2CXC18 | Long             | EC               | CORP              | US        |     16600 | NS      | $62416.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MRC Global Inc                 | MRC Global Inc                                | CUSIP: 55345K103<br>LEI: 529900TSBPOLCLI2L582 | Long             | EC               | CORP              | US        |     37931 | NS      | $546965.02    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Home                        | KB Home                                       | CUSIP: 48666K109<br>LEI: 549300LGUCWQURMWLG09 | Long             | EC               | CORP              | US        |      4621 | NS      | $294080.44    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Riley Exploration Permian Inc  | Riley Exploration Permian Inc                 | CUSIP: 76665T102<br>LEI: 5493008CUBI02XP43Q95 | Long             | EC               | CORP              | US        |      6731 | NS      | $182477.41    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc   | Catalyst Pharmaceuticals Inc                  | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |     14606 | NS      | $287738.20    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Preferred Bank/Los Angeles CA  | Preferred Bank/Los Angeles CA                 | CUSIP: 740367404<br>LEI: 5493007K6HGI9G0ECX16 | Long             | EC               | CORP              | US        |      3973 | NS      | $359119.47    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares Inc   | Texas Capital Bancshares Inc                  | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |      1608 | NS      | $135924.24    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide Inc              | ACI Worldwide Inc                             | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |     13290 | NS      | $701313.30    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Cross Country Healthcare Inc   | Cross Country Healthcare Inc                  | CUSIP: 227483104<br>LEI: 54930037L0NBIPZ5S663 | Long             | EC               | CORP              | US        |     10180 | NS      | $144556.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Tutor Perini Corp              | Tutor Perini Corp                             | CUSIP: 901109108<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | EC               | CORP              | US        |     15765 | NS      | $1034026.35   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings Inc                | Q2 Holdings Inc                               | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |      6019 | NS      | $435715.41    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                     | Rambus Inc                                    | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |     11088 | NS      | $1155369.60   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Puma Biotechnology Inc         | Puma Biotechnology Inc                        | CUSIP: 74587V107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64996 | NS      | $345128.76    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| SiriusPoint Ltd                | SiriusPoint Ltd                               | CUSIP: 000000000<br>LEI: 549300OGXFI85N3YZZ51 | Long             | EC               | CORP              | BM        |     31516 | NS      | $570124.44    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Brightstar Lottery PLC         | Brightstar Lottery PLC                        | CUSIP: 000000000<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | EC               | CORP              | US        |     43291 | NS      | $746769.75    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Cinemark Holdings Inc          | Cinemark Holdings Inc                         | CUSIP: 17243V102<br>LEI: 549300LL2QMPTYIE0K55 | Long             | EC               | CORP              | US        |     13979 | NS      | $391691.58    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Costamare Inc                  | Costamare Inc                                 | CUSIP: 000000000<br>LEI: 5299003L6NPTZ25LN818 | Long             | EC               | CORP              | MC        |     58943 | NS      | $702011.13    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave Inc                       | Dave Inc                                      | CUSIP: 23834J201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4069 | NS      | $811155.15    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc/The                | Bancorp Inc/The                               | CUSIP: 05969A105<br>LEI: 894500FP2ICT1B019Y71 | Long             | EC               | CORP              | US        |     10258 | NS      | $768221.62    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSERTIO HOLDINGS CVR          | ASSERTIO HOLDINGS CVR                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62783 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| NMI Holdings Inc               | NMI Holdings Inc                              | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |     10836 | NS      | $415452.24    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecnoglass Inc                 | Tecnoglass Inc                                | CUSIP: 000000000<br>LEI: 529900YRWTPOC2E6IO67 | Long             | EC               | CORP              | US        |      4980 | NS      | $333211.80    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corp      | California Resources Corp                     | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |     14315 | NS      | $761271.70    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Treasury Portfolio     | Invesco Treasury Portfolio                    | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |   1584489 | NS      | $1584489.15   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Rigel Pharmaceuticals Inc      | Rigel Pharmaceuticals Inc                     | CUSIP: 766559702<br>LEI: 529900KPTNUS5J8K9K66 | Long             | EC               | CORP              | US        |     10270 | NS      | $290949.10    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Teekay Tankers Ltd             | Teekay Tankers Ltd                            | CUSIP: 000000000<br>LEI: 549300DE8ZAIYS2T6Q22 | Long             | EC               | CORP              | CA        |      9245 | NS      | $467334.75    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| MannKind Corp                  | MannKind Corp                                 | CUSIP: 56400P706<br>LEI: 213800GFBCNY1ZFST722 | Long             | EC               | CORP              | US        |     27062 | NS      | $145322.94    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Deluxe Corp                    | Deluxe Corp                                   | CUSIP: 248019101<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | EC               | CORP              | US        |     13811 | NS      | $267380.96    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BioCryst Pharmaceuticals Inc   | BioCryst Pharmaceuticals Inc                  | CUSIP: 09058V103<br>LEI: 549300Z0INP1Z5NP6J59 | Long             | EC               | CORP              | US        |     27964 | NS      | $212246.76    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneCo Ltd                    | StoneCo Ltd                                   | CUSIP: 000000000<br>LEI: 549300O1A9LEF0XZCR35 | Long             | EC               | CORP              | BR        |     45407 | NS      | $858646.37    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Flexsteel Industries Inc       | Flexsteel Industries Inc                      | CUSIP: 339382103<br>LEI: 894500J5Y3ZZOOJXXN24 | Long             | EC               | CORP              | US        |      4625 | NS      | $214368.75    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Solutions International  | Power Solutions International Inc             | CUSIP: 73933G202<br>LEI: 549300JWGWDXC70SNH31 | Long             | EC               | CORP              | US        |      7190 | NS      | $706201.80    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc/The           | Ensign Group Inc/The                          | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |      7104 | NS      | $1227358.08   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Ducommun Inc                   | Ducommun Inc                                  | CUSIP: 264147109<br>LEI: 549300Z71HMWF90S2214 | Long             | EC               | CORP              | US        |      5195 | NS      | $499395.35    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Vimeo Inc                      | Vimeo Inc                                     | CUSIP: 92719V100<br>LEI: 25490061AWYWC90UIJ68 | Long             | EC               | CORP              | US        |     64382 | NS      | $498960.50    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Corp           | First Financial Corp                          | CUSIP: 320218100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5179 | NS      | $292302.76    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaiser Aluminum Corp           | Kaiser Aluminum Corp                          | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3751 | NS      | $289427.16    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanesbrands Inc                | Hanesbrands Inc                               | CUSIP: 410345102<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | EC               | CORP              | US        |     63198 | NS      | $416474.82    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Yext Inc                       | Yext Inc                                      | CUSIP: 98585N106<br>LEI: 5299008ZQSBBVH7K0589 | Long             | EC               | CORP              | US        |     31324 | NS      | $266880.48    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer