CLEARBRIDGE INTERNATIONAL SMALL CAP FUND

Schedule of investments (unaudited) December 31, 2019

SECURITY	SHARES		VALUE
COMMON STOCKS - 97.5%
COMMUNICATION SERVICES - 0.9%
Entertainment - 0.9%
DeNA Co. Ltd.		42,175	$	678,411	(a)
CONSUMER DISCRETIONARY - 10.3%
Auto Components - 0.6%
Nexen Tire Corp.		50,678		399,369	(a)
Hotels, Restaurants & Leisure - 3.4%
Arcos Dorados Holdings Inc., Class A Shares		91,590		741,879
Elior Group SA		52,780		776,428	(a)(b)
Melco International Development Ltd.		347,389		977,760	(a)
Total Hotels, Restaurants & Leisure				2,496,067
Household Durables - 3.5%
Cairn Homes PLC		422,300		599,371	(a)
DFS Furniture PLC		240,420		925,073	(a)
Man Wah Holdings Ltd.		957,702		683,771	(a)
McCarthy & Stone PLC		179,600		355,135	(a)(b)
Total Household Durables				2,563,350
Specialty Retail - 0.7%
Roots Corp.		295,220		468,332	*
Textiles, Apparel & Luxury Goods - 2.1%
Coats Group PLC		555,430		550,188	(a)
Vulcabras Azaleia SA		421,070		962,996	*
Total Textiles, Apparel & Luxury Goods				1,513,184
TOTAL CONSUMER DISCRETIONARY				7,440,302
CONSUMER STAPLES - 2.9%
Food & Staples Retailing - 0.8%
Sundrug Co. Ltd.		15,976		577,369	(a)
Food Products - 0.9%
Thai Union Group PCL, Class F Shares		1,419,250		636,904	(a)
Personal Products - 1.2%
Chlitina Holding Ltd.		115,160		914,936	(a)
TOTAL CONSUMER STAPLES				2,129,209
ENERGY - 3.7%
Energy Equipment & Services - 1.2%
Shinko Plantech Co. Ltd.		73,661		897,081	(a)
Oil, Gas & Consumable Fuels - 2.5%
Avance Gas Holding Ltd.		240,860		1,371,943	*(a)(b)
Parex Resources Inc.		23,320		433,698	*
Total Oil, Gas & Consumable Fuels				1,805,641
TOTAL ENERGY				2,702,722

See Notes to Schedule of Investments.

ClearBridge International Small Cap Fund 2019 Quarterly Report       1

CLEARBRIDGE INTERNATIONAL SMALL CAP FUND

Schedule of investments (unaudited) (cont’d) December 31, 2019

SECURITY	SHARES		VALUE
FINANCIALS - 12.7%
Banks - 5.1%
Banca Sistema SpA		401,520	$	832,888	(a)(b)
BAWAG Group AG		20,340		927,598	*(a)(b)
Eurobank Ergasias SA		780,984		808,572	*(a)
RHB Bank Bhd		469,730		663,774	(a)
Unicaja Banco SA		420,590		457,373	(a)(b)
Total Banks				3,690,205
Capital Markets - 4.2%
Anima Holding SpA		155,120		801,239	(a)(b)
Fairfax India Holdings Corp.		7,124		91,622	*(b)
Fairfax India Holdings Corp.		30,486		390,221	*(b)
Jafco Co. Ltd.		19,796		775,529	(a)
KIWOOM Securities Co. Ltd.		9,310		638,770	(a)
Warsaw Stock Exchange		35,510		367,759	(a)
Total Capital Markets				3,065,140
Diversified Financial Services - 1.4%
Financial Products Group Co. Ltd.		32,637		315,634	(a)
Plus500 Ltd.		58,430		685,980	(a)
Total Diversified Financial Services				1,001,614
Insurance - 2.0%
Just Group PLC		619,410		649,204	*(a)
UNIQA Insurance Group AG		78,490		798,272	(a)
Total Insurance				1,447,476
TOTAL FINANCIALS				9,204,435
HEALTH CARE - 4.1%
Biotechnology - 0.9%
Shanghai Haohai Biological Technology Co. Ltd., Class H Shares		104,587		632,575	*(a)(b)
Health Care Equipment & Supplies - 2.7%
InBody Co. Ltd.		27,417		560,283	(a)
i-SENS Inc.		45,300		1,004,468	(a)
Value Added Technology Co. Ltd.		14,737		371,408	(a)
Total Health Care Equipment & Supplies				1,936,159
Pharmaceuticals - 0.5%
YiChang HEC ChangJiang Pharmaceutical Co. Ltd.		69,770		397,049	(a)(b)
TOTAL HEALTH CARE				2,965,783

See Notes to Schedule of Investments.

  2     ClearBridge International Small Cap Fund 2019 Quarterly Report

CLEARBRIDGE INTERNATIONAL SMALL CAP FUND

Schedule of investments (unaudited) (cont’d) December 31, 2019

SECURITY	SHARES		VALUE
INDUSTRIALS - 36.9%
Air Freight & Logistics - 3.0%
SBS Holdings Inc.		64,933	$	1,125,813	(a)
Wincanton PLC		266,300		1,078,695	(a)
Total Air Freight & Logistics				2,204,508
Building Products - 3.6%
China Lesso Group Holdings Ltd.		722,200		927,165	(a)
Inwido AB		117,820		906,973	(a)
Sanwa Holdings Corp.		69,121		774,372	(a)
Total Building Products				2,608,510
Commercial Services & Supplies - 1.1%
Babcock International Group PLC		99,090		828,065	(a)
Construction & Engineering - 5.5%
China Communications Services Corp. Ltd., Class H Shares		901,090		658,627	(a)
China Machinery Engineering Corp., Class H Shares		1,338,742		539,525	(a)
China Railway Construction Corp. Ltd., Class H Shares		440,060		482,478	(a)
Galliford Try PLC		88,130		1,005,344	(a)
Implenia AG		9,830		398,601	(a)
Maire Tecnimont SpA		197,990		549,831	(a)
Penta-Ocean Construction Co. Ltd.		65,230		402,708	(a)
Total Construction & Engineering				4,037,114
Electrical Equipment - 3.4%
Mersen SA		11,960		459,001	(a)
Nexans SA		22,090		1,079,678	(a)
Vitzrocell Co. Ltd.		80,628		933,392	*(a)
Total Electrical Equipment				2,472,071
Machinery - 9.3%
Bucher Industries AG		2,630		923,922	(a)
Cargotec oyj		20,180		683,946	(a)
CIMC Enric Holdings Ltd.		1,081,424		645,840	(a)
CRCC High-Tech Equipment Corp. Ltd., Class H Shares		2,450,498		390,489	(a)
Deutz AG		96,810		605,156	(a)
Fuji Corp.		21,241		388,449	(a)
Hyundai Mipo Dockyard Co. Ltd.		9,354		369,946	(a)
Makino Milling Machine Co. Ltd.		22,185		1,008,575	(a)
Meidensha Corp.		34,397		758,182	(a)
Morgan Advanced Materials PLC		117,510		494,749	(a)
Palfinger AG		14,710		482,367	(a)
Total Machinery				6,751,621

See Notes to Schedule of Investments.

ClearBridge International Small Cap Fund 2019 Quarterly Report       3

CLEARBRIDGE INTERNATIONAL SMALL CAP FUND

Schedule of investments (unaudited) (cont’d) December 31, 2019

SECURITY	SHARES		VALUE
Marine - 2.8%
D/S Norden A/S		63,850	$	1,021,980	(a)
Golden Ocean Group Ltd.		65,470		380,006	(a)
Star Bulk Carriers Corp.		56,000		661,360
Total Marine				2,063,346
Professional Services - 2.5%
Applus Services SA		87,520		1,121,019	(a)
Hays PLC		275,740		664,749	(a)
Total Professional Services				1,785,768
Trading Companies & Distributors - 3.6%
Lumax International Corp. Ltd.		288,223		770,998	(a)
Nishio Rent All Co. Ltd.		28,113		798,636	(a)
Travis Perkins PLC		48,110		1,029,270	(a)
Total Trading Companies & Distributors				2,598,904
Transportation Infrastructure - 2.1%
Shenzhen International Holdings Ltd.		371,184		815,878	(a)
Yuexiu Transport Infrastructure Ltd.		771,866		686,789	(a)
Total Transportation Infrastructure				1,502,667
TOTAL INDUSTRIALS				26,852,574
INFORMATION TECHNOLOGY - 4.9%
Electronic Equipment, Instruments & Components - 2.9%
SFA Engineering Corp.		10,966		437,469	(a)
Strix Group PLC		399,600		1,037,794	(a)
Wasion Holdings Ltd.		1,336,016		653,882	(a)
Total Electronic Equipment, Instruments & Components				2,129,145
IT Services - 1.3%
Sopra Steria Group		5,930		955,506	(a)
Software - 0.7%
Sinosoft Technology Group Ltd.		2,415,954		493,911	(a)
TOTAL INFORMATION TECHNOLOGY				3,578,562
MATERIALS - 13.6%
Chemicals - 2.3%
Air Water Inc.		28,119		414,587	(a)
Okamoto Industries Inc.		17,273		639,292	(a)
Ube Industries Ltd.		27,393		593,113	(a)
Total Chemicals				1,646,992
Construction Materials - 2.5%
Cementir Holding NV		109,470		826,486	(a)
Wienerberger AG		33,780		1,000,803	(a)
Total Construction Materials				1,827,289
Containers & Packaging - 1.1%
Greatview Aseptic Packaging Co. Ltd.		1,746,469		800,068	(a)

See Notes to Schedule of Investments.

  4     ClearBridge International Small Cap Fund 2019 Quarterly Report

CLEARBRIDGE INTERNATIONAL SMALL CAP FUND

Schedule of investments (unaudited) (cont’d) December 31, 2019

SECURITY	SHARES		VALUE
Metals & Mining - 7.7%
Alamos Gold Inc., Class A Shares		87,040	$	524,834
Argonaut Gold Inc.		325,370		488,600	*(b)
Centamin PLC		407,910		683,873	(a)
Eramet		7,570		390,081	(a)
Granges AB		87,150		921,714	(a)
Nippon Light Metal Holdings Co. Ltd.		295,929		635,995	(a)
Novagold Resources Inc.		218,130		1,951,924	*
Total Metals & Mining				5,597,021
TOTAL MATERIALS				9,871,370
REAL ESTATE - 4.9%
Equity Real Estate Investment Trusts (REITs) - 1.0%
Mapletree Logistics Trust		579,909		750,742	(a)
Real Estate Management & Development - 3.9%
KWG Group Holdings Ltd.		318,500		447,252	*(a)
Open House Co. Ltd.		34,844		997,252	(a)
Sun Frontier Fudousan Co. Ltd.		79,489		951,225	(a)
Supalai PCL		695,802		414,137	(a)
Total Real Estate Management & Development				2,809,866
TOTAL REAL ESTATE				3,560,608
UTILITIES - 2.6%
Independent Power and Renewable Electricity Producers - 1.7%
China Datang Corp. Renewable Power Co. Ltd., Class H Shares		5,961,284		605,082	(a)
Huadian Fuxin Energy Corp. Ltd., Class H Shares		3,189,822		651,683	(a)
Total Independent Power and Renewable Electricity Producers				1,256,765
Water Utilities - 0.9%
China Water Affairs Group Ltd.		856,436		641,215	(a)
TOTAL UTILITIES				1,897,980
TOTAL COMMON STOCKS (Cost - $63,546,260)				70,881,956
INVESTMENTS IN UNDERLYING FUNDS - 1.5%
Dragon Capital - Vietnam Enterprise Investments Ltd., Class C Shares (Cost - $648,467)		166,657		1,047,355	(a)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $64,194,727)				71,929,311

See Notes to Schedule of Investments.

ClearBridge International Small Cap Fund 2019 Quarterly Report        5

CLEARBRIDGE INTERNATIONAL SMALL CAP FUND

Schedule of investments (unaudited) (cont’d) December 31, 2019

SECURITY	RATE			SHARES		VALUE
SHORT-TERM INVESTMENTS - 0.8%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class		1.403	%		478,460	$	478,460
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		1.485	%		119,615		119,615	(c)
TOTAL SHORT-TERM INVESTMENTS (Cost - $598,075)							598,075
TOTAL INVESTMENTS - 99.8% (Cost - $64,792,802)							72,527,386
Other Assets in Excess of Liabilities - 0.2%							178,019
TOTAL NET ASSETS - 100.0%						$	72,705,405

* Non-income producing security.

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

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

(c) 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. At December 31, 2019, the total market value of investments in Affiliated Companies was $119,615 and the cost was $119,615 (Note 2).

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 International Small Cap Fund 2019 Quarterly Report

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

ClearBridge International Small Cap Fund (the “Fund”) is a separate diversified investment series of Legg Mason Partners Equity Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The 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 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 Legg Mason North Atlantic 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.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include,

7

Notes to Schedule of Investments (unaudited) (cont’d)

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) (cont’d)

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:
Consumer Discretionary	$	2,173,207	$	5,267,095		—	$	7,440,302
Energy		433,698		2,269,024		—		2,702,722
Financials		481,843		8,722,592		—		9,204,435
Industrials		661,360		26,191,214		—		26,852,574
Materials		2,965,358		6,906,012		—		9,871,370
Other Common Stocks		—		14,810,553		—		14,810,553
Investments in Underlying Funds		—		1,047,355		—		1,047,355
Total Long-Term Investments		6,715,466		65,213,845		—		71,929,311
Short-Term Investments†		598,075		—		—		598,075
Total Investments	$	7,313,541	$	65,213,845		—	$	72,527,386

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

† See Schedule of Investments for additional detailed categorizations.

2. Transactions with affiliated companies

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control. Based on the Fund’s relative ownership, the following company was considered an affiliated company for all or some portion of the period ended December 31, 2019. The following transactions were effected in shares of such company for the period ended December 31, 2019.

	Affiliate Value at September 30, 2019		Purchased				Sold				Realized Gain (Loss)		Interest Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at December 31, 2019
			Cost		Shares		Cost		Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		—	$	286,914		286,914	$	167,299		167,299		—	$	70		—	$	119,615

9