CLEARBRIDGE SMALL CAP FUND

Schedule of investments (unaudited)	January 31, 2022
(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
COMMON STOCKS - 98.6%
COMMUNICATION SERVICES - 3.6%
Diversified Telecommunication Services - 0.8%
Anterix Inc.		178,536	$	9,151,755	*
Media - 2.8%
Advantage Solutions Inc.		194,947		1,419,214	*
Gray Television Inc.		913,648		19,049,561
Integral Ad Science Holding Corp.		623,200		10,432,368	*
Total Media				30,901,143
TOTAL COMMUNICATION SERVICES				40,052,898
CONSUMER DISCRETIONARY - 14.5%
Auto Components - 2.4%
Goodyear Tire & Rubber Co.		688,505		14,272,709	*
Visteon Corp.		118,298		12,008,430	*
Total Auto Components				26,281,139
Diversified Consumer Services - 2.1%
2U Inc.		786,672		12,696,886	*
Stride Inc.		296,462		10,396,922	*
Total Diversified Consumer Services				23,093,808
Hotels, Restaurants & Leisure - 1.9%
Bloomin’ Brands Inc.		605,149		12,302,679	*
Everi Holdings Inc.		431,715		8,535,006	*
Total Hotels, Restaurants & Leisure				20,837,685
Household Durables - 1.9%
Century Communities Inc.		317,557		20,911,128
Internet & Direct Marketing Retail - 0.8%
1stdibs.com Inc.		409,001		4,212,710	*
ThredUp Inc., Class A Shares		487,879		4,522,639	*
Total Internet & Direct Marketing Retail				8,735,349
Leisure Products - 1.8%
Solo Brands Inc., Class A Shares		718,030		8,013,215	*
Vista Outdoor Inc.		324,899		12,534,603	*
Total Leisure Products				20,547,818
Specialty Retail - 3.6%
Murphy USA Inc.		102,725		20,201,898
Petco Health & Wellness Co. Inc.		598,790		11,227,313	*
Urban Outfitters Inc.		311,110		8,935,079	*
Total Specialty Retail				40,364,290
TOTAL CONSUMER DISCRETIONARY				160,771,217

See Notes to Schedule of Investments.

ClearBridge Small Cap Fund 2022 Quarterly Report         1

CLEARBRIDGE SMALL CAP FUND

Schedule of investments (unaudited) (cont’d)	January 31, 2022
(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
CONSUMER STAPLES - 3.3%
Food & Staples Retailing - 1.2%
Sprouts Farmers Market Inc.		500,803	$	13,591,793	*
Food Products - 1.6%
Sovos Brands Inc.		541,900		7,949,673	*
Utz Brands Inc.		628,442		10,124,201
Total Food Products				18,073,874
Personal Products - 0.5%
Honest Co. Inc.		781,092		5,069,287	*
TOTAL CONSUMER STAPLES				36,734,954
ENERGY - 4.9%
Energy Equipment & Services - 0.7%
Helmerich & Payne Inc.		284,811		8,174,076
Oil, Gas & Consumable Fuels - 4.2%
Brigham Minerals Inc., Class A Shares		511,679		11,072,734
CNX Resources Corp.		804,522		11,931,061	*
International Seaways Inc.		701,602		10,236,373
Magnolia Oil & Gas Corp., Class A Shares		587,200		12,701,136
Total Oil, Gas & Consumable Fuels				45,941,304
TOTAL ENERGY				54,115,380
FINANCIALS - 18.7%
Banks - 7.3%
Bank OZK		363,887		17,048,106
Cadence Bank		537,956		16,768,089
Veritex Holdings Inc.		331,100		13,293,665
WesBanco Inc.		376,602		13,365,605
Wintrust Financial Corp.		206,821		20,282,935
Total Banks				80,758,400
Capital Markets - 2.4%
ACIES Acquisition Corp.		1,120,800		5,200,512	*(a)
Conx Corp.		679,422		6,930,104	*
Conyers Park II Acquisition Corp.		1,279,975		9,318,218	*(a)
Deerfield Healthcare Technology Acquisitions Corp.		752,440		4,665,128	*(a)
Total Capital Markets				26,113,962
Consumer Finance - 2.9%
Encore Capital Group Inc.		220,846		14,244,567	*
Oportun Financial Corp.		415,273		7,479,067	*
PROG Holdings Inc.		268,910		10,705,307	*
Total Consumer Finance				32,428,941
Diversified Financial Services - 0.6%
East Resources Acquisition Co.		631,251		6,318,822	*

See Notes to Schedule of Investments.

    2     ClearBridge Small Cap Fund 2022 Quarterly Report

CLEARBRIDGE SMALL CAP FUND

Schedule of investments (unaudited) (cont’d)	January 31, 2022
(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
Insurance - 2.1%
Assured Guaranty Ltd.		242,536	$	12,924,744
BRP Group Inc., Class A Shares		345,212		10,535,870	*
Total Insurance				23,460,614
Thrifts & Mortgage Finance - 3.4%
NMI Holdings Inc., Class A Shares		669,191		16,555,785	*
Washington Federal Inc.		610,674		21,385,804
Total Thrifts & Mortgage Finance				37,941,589
TOTAL FINANCIALS				207,022,328
HEALTH CARE - 12.3%
Biotechnology - 1.4%
Amarin Corp. PLC, ADR		3,365,059		12,181,514	*
Ultragenyx Pharmaceutical Inc.		44,700		3,125,871	*
Total Biotechnology				15,307,385
Health Care Equipment & Supplies - 1.8%
Lantheus Holdings Inc.		456,428		11,597,835	*
Novocure Ltd.		55,200		3,789,480	*
Quotient Ltd.		2,891,116		4,683,608	*
Total Health Care Equipment & Supplies				20,070,923
Health Care Providers & Services - 4.7%
Acadia Healthcare Co. Inc.		264,744		13,938,772	*
CareMax Inc.		181,000		1,122,200	*
HealthEquity Inc.		316,515		16,914,562	*
R1 RCM Inc.		837,989		19,927,378	*
Total Health Care Providers & Services				51,902,912
Health Care Technology - 1.7%
Health Catalyst Inc.		259,473		7,745,269	*
Omnicell Inc.		74,607		11,201,495	*
Total Health Care Technology				18,946,764
Life Sciences Tools & Services - 1.6%
NanoString Technologies Inc.		172,200		5,978,784	*
Syneos Health Inc.		132,123		11,965,059	*
Total Life Sciences Tools & Services				17,943,843
Pharmaceuticals - 1.1%
Intra-Cellular Therapies Inc.		251,545		11,945,872	*
TOTAL HEALTH CARE				136,117,699
INDUSTRIALS - 16.0%
Airlines - 0.9%
SkyWest Inc.		262,911		10,030,055	*
Building Products - 1.1%
Masonite International Corp.		123,039		12,210,390	*

See Notes to Schedule of Investments.

ClearBridge Small Cap Fund 2022 Quarterly Report         3

CLEARBRIDGE SMALL CAP FUND

Schedule of investments (unaudited) (cont’d)	January 31, 2022
(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
Construction & Engineering - 1.5%
Primoris Services Corp.		627,274	$	16,133,487
Electrical Equipment - 1.5%
EnerSys		146,377		10,968,029
Shoals Technologies Group Inc., Class A Shares		362,754		6,116,032	*
Total Electrical Equipment				17,084,061
Machinery - 2.1%
Altra Industrial Motion Corp.		244,100		11,785,148
Hillman Solutions Corp.		1,295,582		11,621,371	*
Total Machinery				23,406,519
Professional Services - 2.9%
ICF International Inc.		115,654		10,916,581
Korn Ferry		169,840		11,273,979
Sterling Check Corp.		476,150		9,527,762	*
Total Professional Services				31,718,322
Road & Rail - 0.9%
Marten Transport Ltd.		586,942		9,796,062
Trading Companies & Distributors - 5.1%
GATX Corp.		121,842		12,726,397
Nesco Holdings Inc.		1,407,338		11,568,318	*(a)
Rush Enterprises Inc., Class A Shares		239,231		12,636,182
Textainer Group Holdings Ltd.		536,617		19,736,773
Total Trading Companies & Distributors				56,667,670
TOTAL INDUSTRIALS				177,046,566
INFORMATION TECHNOLOGY - 11.4%
Electronic Equipment, Instruments & Components - 2.5%
Advanced Energy Industries Inc.		126,204		10,876,260
Itron Inc.		176,000		10,912,000	*
nLight Inc.		289,733		5,994,576	*
Total Electronic Equipment, Instruments & Components				27,782,836
IT Services - 2.3%
CSG Systems International Inc.		122,574		6,958,526
Switch Inc., Class A Shares		423,301		10,849,204
Thoughtworks Holding Inc.		366,126		7,842,419	*
Total IT Services				25,650,149
Semiconductors & Semiconductor Equipment - 2.2%
Semtech Corp.		132,709		9,435,610	*
SMART Global Holdings Inc.		251,125		14,404,530	*
Total Semiconductors & Semiconductor Equipment				23,840,140

See Notes to Schedule of Investments.

    4     ClearBridge Small Cap Fund 2022 Quarterly Report

CLEARBRIDGE SMALL CAP FUND

Schedule of investments (unaudited) (cont’d)	January 31, 2022
(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
Software - 4.4%
CommVault Systems Inc.		248,638	$	16,773,120	*
NCR Corp.		405,888		15,448,097	*
Rapid7 Inc.		91,322		8,797,048	*
WalkMe Ltd.		449,085		7,827,552	*
Total Software				48,845,817
TOTAL INFORMATION TECHNOLOGY				126,118,942
MATERIALS - 5.3%
Chemicals - 2.6%
Avient Corp.		244,944		12,190,863
Olin Corp.		317,258		16,075,463
Total Chemicals				28,266,326
Metals & Mining - 2.7%
Commercial Metals Co.		329,750		11,026,840
Constellium SE		541,130		9,464,364	*
MP Materials Corp.		245,075		9,788,295	*
Total Metals & Mining				30,279,499
TOTAL MATERIALS				58,545,825
REAL ESTATE - 5.3%
Equity Real Estate Investment Trusts (REITs) - 5.3%
Corporate Office Properties Trust		452,900		11,440,254
Kite Realty Group Trust		624,026		13,029,663
LXP Industrial Trust		800,369		11,917,494
Physicians Realty Trust		699,796		12,778,275
RLJ Lodging Trust		701,223		9,711,939
TOTAL REAL ESTATE				58,877,625
UTILITIES - 3.3%
Electric Utilities - 0.8%
Portland General Electric Co.		178,073		9,355,955
Independent Power and Renewable Electricity Producers - 0.8%
Sunnova Energy International Inc.		454,200		8,929,572	*
Multi-Utilities - 1.7%
Black Hills Corp.		279,892		18,959,884
TOTAL UTILITIES				37,245,411
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $878,666,224)				1,092,648,845

See Notes to Schedule of Investments.

ClearBridge Small Cap Fund 2022 Quarterly Report         5

CLEARBRIDGE SMALL CAP FUND

Schedule of investments (unaudited) (cont’d)	January 31, 2022
(Percentages shown based on Fund net assets)

SECURITY	RATE			SHARES		VALUE
SHORT-TERM INVESTMENTS - 1.4%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class		0.006	%		12,617,275	$	12,617,275
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		0.010	%		3,154,319		3,154,319	(b)
TOTAL SHORT-TERM INVESTMENTS (Cost - $15,771,594)							15,771,594
TOTAL INVESTMENTS - 100.0% (Cost - $894,437,818)							1,108,420,439
Liabilities in Excess of Other Assets - (0.0)%††							(157,077	)
TOTAL NET ASSETS - 100.0%						$	1,108,263,362

†† Represents less than 0.1%.

* Non-income producing security.

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

(b) In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At January 31, 2022, the total market value of investments in Affiliated Companies was $3,154,319 and the cost was $3,154,319 (Note 2).

Abbreviation(s) used in this schedule:

ADR — American Depositary Receipts

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.

    6     ClearBridge Small Cap Fund 2022 Quarterly Report

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

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

(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 of Trustees is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

7

Notes to Schedule of Investments (unaudited) (continued)

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

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Trustees quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 – 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.

8

Notes to Schedule of Investments (unaudited) (continued)

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

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Long-Term Investments†:
Common Stocks:
Financials	$	187,838,470	$	19,183,858		—	$	207,022,328
Industrials		165,478,248		11,568,318		—		177,046,566
Other Common Stocks		708,579,951		—		—		708,579,951
Total Long-Term Investments		1,061,896,669		30,752,176		—		1,092,648,845
Short-Term Investments†		15,771,594		—		—		15,771,594
Total Investments	$	1,077,668,263	$	30,752,176		—	$	1,108,420,439

† See Schedule of Investments for additional detailed categorizations.

2. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended January 31, 2022. The following transactions were effected in such company for the period ended January 31, 2022.

	Affiliate Value at October 31, 2021		Purchased				Sold				Realized Gain (Loss)		Dividend Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at January 31, 2022
			Cost		Shares		Cost		Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	$	7,211,905	$	11,174,975		11,174,975	$	15,232,561		15,232,561		—	$	98		—	$	3,154,319

9