CLEARBRIDGE SMALL CAP GROWTH FUND

Schedule of investments (unaudited) July 31, 2020

SECURITY	SHARES		VALUE
COMMON STOCKS - 99.9%
COMMUNICATION SERVICES - 3.1%
Diversified Telecommunication Services - 3.1%
Bandwidth Inc., Class A Shares		676,800	$	97,987,104	*
Iridium Communications Inc.		1,442,021		39,496,955	*
TOTAL COMMUNICATION SERVICES				137,484,059
CONSUMER DISCRETIONARY - 11.3%
Auto Components - 2.6%
Fox Factory Holding Corp.		1,272,843		113,283,027	*
Distributors - 1.0%
Core-Mark Holding Co. Inc.		1,588,004		42,113,866
Diversified Consumer Services - 3.8%
Chegg Inc.		2,058,765		166,698,202	*
Specialty Retail - 3.9%
Hudson Ltd., Class A Shares		2,189,272		9,589,011	*
Monro Inc.		990,343		55,756,311
National Vision Holdings Inc.		2,958,722		94,649,517	*
Vroom Inc.		225,820		13,366,286	*
Total Specialty Retail				173,361,125
TOTAL CONSUMER DISCRETIONARY				495,456,220
CONSUMER STAPLES - 6.4%
Food & Staples Retailing - 5.1%
BJ’s Wholesale Club Holdings Inc.		3,226,288		129,212,834	*
Casey’s General Stores Inc.		498,876		79,416,071
Grocery Outlet Holding Corp.		381,672		16,789,751	*
Total Food & Staples Retailing				225,418,656
Food Products - 1.3%
Calavo Growers Inc.		551,932		31,885,112
Hain Celestial Group Inc.		711,348		24,171,605	*
Total Food Products				56,056,717
TOTAL CONSUMER STAPLES				281,475,373
ENERGY - 0.7%
Energy Equipment & Services - 0.7%
Cactus Inc., Class A Shares		1,056,199		23,891,221
Newpark Resources Inc.		3,670,520		6,937,283	*
TOTAL ENERGY				30,828,504
FINANCIALS - 4.6%
Banks - 1.0%
Western Alliance Bancorp		1,284,962		46,194,384

See Notes to Schedule of Investments.

ClearBridge Small Cap Growth Fund 2020 Quarterly Report       1

CLEARBRIDGE SMALL CAP GROWTH FUND

Schedule of investments (unaudited) (cont’d) July 31, 2020

SECURITY	SHARES		VALUE
Capital Markets - 1.4%
Assetmark Financial Holdings Inc.		659,674	$	18,371,921	*
PJT Partners Inc., Class A Shares		791,912		42,391,049
Total Capital Markets				60,762,970
Insurance - 2.2%
American Equity Investment Life Holding Co.		1,594,471		40,579,287
Trupanion Inc.		1,071,543		54,187,930	*
Total Insurance				94,767,217
TOTAL FINANCIALS				201,724,571
HEALTH CARE - 26.2%
Biotechnology - 4.6%
Amicus Therapeutics Inc.		2,865,961		41,413,137	*
Biohaven Pharmaceutical Holding Co. Ltd.		284,580		18,224,503	*
CareDx Inc.		306,052		10,206,834	*
Heron Therapeutics Inc.		3,047,372		49,641,690	*
Invitae Corp.		1,884,127		55,016,508	*
Ultragenyx Pharmaceutical Inc.		349,560		27,321,610	*
Total Biotechnology				201,824,282
Health Care Equipment & Supplies - 10.3%
CryoPort Inc.		545,250		18,069,585	*
Insulet Corp.		722,664		146,960,951	*
Integra LifeSciences Holdings Corp.		1,650,516		78,812,139	*
iRhythm Technologies Inc.		202,090		25,156,163	*
Penumbra Inc.		656,858		145,763,359	*
Silk Road Medical Inc.		788,546		36,635,847	*
Total Health Care Equipment & Supplies				451,398,044
Health Care Providers & Services - 2.1%
Progyny Inc.		2,118,070		56,393,614	*
Surgery Partners Inc.		2,277,966		34,784,541	*
Total Health Care Providers & Services				91,178,155
Health Care Technology - 2.7%
Health Catalyst Inc.		903,718		31,539,758	*
Livongo Health Inc.		348,920		44,400,070	*
Vocera Communications Inc.		1,439,293		44,287,046	*
Total Health Care Technology				120,226,874
Life Sciences Tools & Services - 5.3%
ICON PLC		735,778		136,457,388	*
Syneos Health Inc.		1,569,849		97,942,879	*
Total Life Sciences Tools & Services				234,400,267

See Notes to Schedule of Investments.

  2     ClearBridge Small Cap Growth Fund 2020 Quarterly Report

CLEARBRIDGE SMALL CAP GROWTH FUND

Schedule of investments (unaudited) (cont’d) July 31, 2020

SECURITY	SHARES		VALUE
Pharmaceuticals - 1.2%
Pacira BioSciences Inc.		998,091	$	52,509,567	*
TOTAL HEALTH CARE				1,151,537,189
INDUSTRIALS - 14.3%
Aerospace & Defense - 1.2%
Aerojet Rocketdyne Holdings Inc.		1,254,458		51,746,392	*
Air Freight & Logistics - 2.5%
Forward Air Corp.		880,138		45,758,375
XPO Logistics Inc.		854,798		64,126,946	*
Total Air Freight & Logistics				109,885,321
Building Products - 5.4%
Masonite International Corp.		729,645		61,545,556	*
Trex Co. Inc.		1,261,182		175,720,488	*
Total Building Products				237,266,044
Commercial Services & Supplies - 0.7%
US Ecology Inc.		900,283		31,221,814
Electrical Equipment - 0.4%
Bloom Energy Corp., Class A Shares		1,204,086		14,641,686	*
Machinery - 3.2%
Albany International Corp., Class A Shares		480,835		23,118,547
IDEX Corp.		425,207		70,082,618
Tennant Co.		721,933		48,095,176
Total Machinery				141,296,341
Trading Companies & Distributors - 0.9%
H&E Equipment Services Inc.		1,744,180		30,680,126
MRC Global Inc.		1,417,876		8,436,362	*
Total Trading Companies & Distributors				39,116,488
TOTAL INDUSTRIALS				625,174,086
INFORMATION TECHNOLOGY - 31.7%
Communications Equipment - 1.0%
Viavi Solutions Inc.		2,999,582		41,484,219	*
Electronic Equipment, Instruments & Components - 1.2%
Brain Corp.		1,643,747		9,566,608	*(a)(b)(c)
nLight Inc.		907,818		21,034,143	*
OSI Systems Inc.		333,366		23,655,651	*
Total Electronic Equipment, Instruments & Components				54,256,402
IT Services - 4.4%
Cardtronics PLC, Class A Shares		825,197		18,426,649	*
Shift4 Payments Inc., Class A Shares		270,950		10,377,385	*
Wix.com Ltd.		564,043		163,843,211	*(d)
Total IT Services				192,647,245

See Notes to Schedule of Investments.

ClearBridge Small Cap Growth Fund 2020 Quarterly Report       3

CLEARBRIDGE SMALL CAP GROWTH FUND

Schedule of investments (unaudited) (cont’d) July 31, 2020

SECURITY				SHARES		VALUE
Semiconductors & Semiconductor Equipment - 8.0%
Brooks Automation Inc.					634,130	$	34,528,378
Inphi Corp.					1,030,477		134,642,125	*
Lattice Semiconductor Corp.					1,525,074		47,414,551	*
Monolithic Power Systems Inc.					500,986		132,766,300
Total Semiconductors & Semiconductor Equipment							349,351,354
Software - 17.1%
Aspen Technology Inc.					701,415		68,219,623	*
Cornerstone OnDemand Inc.					1,724,212		61,226,768	*
DocuSign Inc.					172,202		37,338,560	*
Envestnet Inc.					856,103		69,515,564	*
HubSpot Inc.					444,276		104,231,592	*
Jamf Holding Corp.					123,340		5,007,604	*
Model N Inc.					485,350		18,666,561	*
New Relic Inc.					829,267		58,803,323	*
PagerDuty Inc.					1,806,371		55,058,188	*
Pluralsight Inc., Class A Shares					661,386		14,001,542	*
Qualys Inc.					826,613		102,070,173	*
Smartsheet Inc., Class A Shares					540,921		25,823,568	*
Varonis Systems Inc.					760,142		82,361,386	*
Yext Inc.					2,963,832		49,851,654	*
Total Software							752,176,106
TOTAL INFORMATION TECHNOLOGY							1,389,915,326
MATERIALS - 1.0%
Chemicals - 1.0%
Balchem Corp.					446,319		44,747,943
REAL ESTATE - 0.6%
Real Estate Management & Development - 0.6%
Redfin Corp.					592,594		24,640,058	*
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $2,427,739,492)							4,382,983,329
	RATE
SHORT-TERM INVESTMENTS - 0.3%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class		0.039	%		11,001,155		11,001,155
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		0.075	%		2,750,289		2,750,289	(e)
TOTAL SHORT-TERM INVESTMENTS (Cost - $13,751,444)							13,751,444
TOTAL INVESTMENTS - 100.2% (Cost - $2,441,490,936)							4,396,734,773
Liabilities in Excess of Other Assets - (0.2)%							(8,954,434	)
TOTAL NET ASSETS - 100.0%						$	4,387,780,339

See Notes to Schedule of Investments.

  4     ClearBridge Small Cap Growth Fund 2020 Quarterly Report

CLEARBRIDGE SMALL CAP GROWTH FUND

Schedule of investments (unaudited) (cont’d) July 31, 2020

* 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 valued using significant unobservable inputs (Note 1).

(c) Restricted security (Note 3).

(d) All or a portion of this security is pledged as collateral for written options.

(e) 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 July 31, 2020, the total market value of investments in Affiliated Companies was $2,750,289 and the cost was $2,750,289 (Note 2).

SCHEDULE OF WRITTEN OPTIONS
EXCHANGE-TRADED WRITTEN OPTIONS
SECURITY	EXPIRATION DATE		STRIKE PRICE		CONTRACTS		NOTIONAL AMOUNT		VALUE
Wix.com Ltd., Call (Premiums received - $459,634)		8/21/20	$	320.00		783	$	22,744,584	$	(508,950	)

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.

ClearBridge Small Cap Growth Fund 2020 Quarterly Report       5

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

ClearBridge Small Cap Growth 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.

6

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.

7

Notes to Schedule of Investments (unaudited) (continued)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities 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:
Information Technology	$	1,380,348,718		—	$	9,566,608	$	1,389,915,326
Other Common Stocks		2,993,068,003		—		—		2,993,068,003
Total Long-Term Investments		4,373,416,721		—		9,566,608		4,382,983,329
Short-Term Investments†		13,751,444		—		—		13,751,444
Total Investments	$	4,387,168,165		—	$	9,566,608	$	4,396,734,773
LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Written Options	$	508,950		—		—	$	508,950

† 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. Based on the Fund’s relative ownership, the following company was considered an affiliated company for all or some portion of the period ended July 31, 2020. The following transactions were effected in shares of such company for the period ended July 31, 2020.

	Affiliate Value at October 31, 2019		Purchased				Sold				Realized Gain (Loss)		Interest Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at July 31, 2020
			Cost		Shares		Cost		Shares
Western Asset
Premier
Institutional U.S.
Treasury Reserves,
Premium Shares		—	$	102,199,983		102,199,983	$	99,449,694		99,449,694		—	$	39,813		—	$	2,750,289

8

Notes to Schedule of Investments (unaudited) (continued)

3. Restricted securities

The following Fund investment is restricted as to resale and, in the absence of a readily ascertainable market value, is valued in good faith in accordance with procedures approved by the Board of Trustees.

Security	Number of Shares		Acquisition Date		Cost		Fair Value at 7/31/2020		Value Per Share		Percent of Net Assets
Brain Corp.		1,643,747		4/20	$	8,671,587	$	9,566,608	$	5.82		0.22	%

9