CLEARBRIDGE INTERNATIONAL SMALL CAP FUND

Schedule of investments (unaudited) June 30, 2021

SECURITY	SHARES		VALUE
COMMON STOCKS - 93.9%
COMMUNICATION SERVICES - 1.0%
Entertainment - 1.0%
DeNA Co. Ltd.		24,814	$	527,205	(a)
CONSUMER DISCRETIONARY - 12.1%
Auto Components - 1.0%
Hella GmbH & Co. KGaA		7,300		500,075	*(a)
Hotels, Restaurants & Leisure - 4.3%
Elior Group SA		68,680		513,703	*(a)(b)
GreenTree Hospitality Group Ltd., ADR		23,730		261,505	*
Marston’s PLC		466,190		568,262	*(a)
Melco International Development Ltd.		230,159		422,713	*
Melia Hotels International SA		64,190		474,866	*(a)
Total Hotels, Restaurants & Leisure				2,241,049
Household Durables - 5.4%
Bellway PLC		13,442		603,535	(a)
Cairn Homes PLC		394,980		500,222	*(a)
DFS Furniture PLC		190,140		737,334	*(a)
Victoria PLC		16,060		237,702	*(a)
Vistry Group PLC		47,622		775,172	(a)
Total Household Durables				2,853,965
Specialty Retail - 0.5%
Wickes Group PLC		74,270		252,739	*(a)
Textiles, Apparel & Luxury Goods - 0.9%
Coats Group PLC		526,230		496,323	(a)
TOTAL CONSUMER DISCRETIONARY				6,344,151
CONSUMER STAPLES - 3.6%
Beverages - 0.7%
Stock Spirits Group PLC		106,900		386,765	(a)
Food & Staples Retailing - 1.9%
MARR SpA		25,060		597,506	*(a)
Sundrug Co. Ltd.		11,831		375,427	(a)
Total Food & Staples Retailing				972,933
Personal Products - 1.0%
Chlitina Holding Ltd.		72,490		535,175	(a)
TOTAL CONSUMER STAPLES				1,894,873
ENERGY - 6.0%
Energy Equipment & Services - 1.1%
Pason Systems Inc.		78,810		567,742
Oil, Gas & Consumable Fuels - 4.9%
Avance Gas Holding Ltd.		139,170		625,343	(a)(b)

See Notes to Schedule of Investments.

ClearBridge International Small Cap Fund 2021 Quarterly Report         1

CLEARBRIDGE INTERNATIONAL SMALL CAP FUND

Schedule of investments (unaudited) (cont’d) June 30, 2021

SECURITY	SHARES		VALUE
Oil, Gas & Consumable Fuels - (continued)
Parex Resources Inc.		52,520	$	877,028	*
Serica Energy PLC		146,300		280,449	(a)
Tethys Oil AB		115,640		790,335	(a)
Total Oil, Gas & Consumable Fuels				2,573,155
TOTAL ENERGY				3,140,897
FINANCIALS - 9.8%
Banks - 7.0%
Banca Sistema SpA		246,820		601,184	*(a)(b)
BAWAG Group AG		19,320		1,028,209	(a)(b)
Cairo Mezz PLC		46,947		6,671	*(a)
Eurobank Ergasias Services and Holdings SA		563,364		568,292	*(a)
Spar Nord Bank A/S		33,220		374,076	(a)
Sydbank A/S		20,870		642,751	(a)
Unicaja Banco SA		436,490		447,345	(a)(b)
Total Banks				3,668,528
Capital Markets - 2.1%
Anima Holding SpA		89,670		446,887	(a)(b)
Fairfax India Holdings Corp.		27,130		366,255	*(b)
Warsaw Stock Exchange		21,960		274,358	(a)
Total Capital Markets				1,087,500
Diversified Financial Services - 0.7%
doValue SpA		30,900		340,202	(a)(b)
TOTAL FINANCIALS				5,096,230
HEALTH CARE - 2.4%
Health Care Equipment & Supplies - 2.4%
i-SENS Inc.		21,397		578,637	(a)
Value Added Technology Co. Ltd.		20,912		695,510	(a)
TOTAL HEALTH CARE				1,274,147
INDUSTRIALS - 41.3%
Air Freight & Logistics - 2.7%
SBS Holdings Inc.		17,962		538,282	(a)
Wincanton PLC		145,530		886,086	(a)
Total Air Freight & Logistics				1,424,368
Building Products - 2.4%
Inwido AB		40,430		699,440	(a)
Sanwa Holdings Corp.		46,240		567,423	(a)
Total Building Products				1,266,863
Commercial Services & Supplies - 1.0%
Elis SA		27,510		518,851	*(a)

See Notes to Schedule of Investments.

    2     ClearBridge International Small Cap Fund 2021 Quarterly Report

CLEARBRIDGE INTERNATIONAL SMALL CAP FUND

Schedule of investments (unaudited) (cont’d) June 30, 2021

SECURITY	SHARES		VALUE
Construction & Engineering - 4.8%
Galliford Try Holdings PLC		379,640	$	739,163	(a)
Maire Tecnimont SpA		267,760		983,293	(a)
Penta-Ocean Construction Co. Ltd.		52,230		362,966	(a)
Raiznext Corp.		38,947		404,440	(a)
Total Construction & Engineering				2,489,862
Electrical Equipment - 3.6%
Mersen SA		17,110		666,770	*(a)
Nexans SA		7,860		716,649	(a)
Vitzrocell Co. Ltd.		35,623		504,591	(a)
Total Electrical Equipment				1,888,010
Machinery - 11.2%
Bucher Industries AG, Registered Shares		500		261,560	(a)
Cargotec oyj, Class B Shares		15,960		825,257	(a)
CIMC Enric Holdings Ltd.		408,044		424,662	(a)
Deutz AG		54,800		443,152	*(a)
Fuji Corp.		19,058		436,286	(a)
Meidensha Corp.		21,504		427,677	(a)
Metso Outotec oyj		58,350		678,059	(a)
Morgan Advanced Materials PLC		158,440		773,618	(a)
Palfinger AG		15,330		642,877	(a)
SFA Engineering Corp.		8,781		337,708	(a)
Sulzer AG, Registered Shares		4,290		592,815	(a)
Total Machinery				5,843,671
Marine - 5.4%
D/S Norden A/S		39,320		1,250,394	(a)
Golden Ocean Group Ltd.		73,305		811,344	(a)
Star Bulk Carriers Corp.		33,540		769,743
Total Marine				2,831,481
Professional Services - 3.7%
Applus Services SA		63,100		616,485	*(a)
ManpowerGroup Greater China Ltd.		271,817		329,082	(a)
Pagegroup PLC		81,210		628,116	*(a)
Tanseisha Co. Ltd.		45,750		364,322	(a)
Total Professional Services				1,938,005
Trading Companies & Distributors - 6.0%
Howden Joinery Group PLC		22,670		256,329	(a)
Kanamoto Co. Ltd.		15,436		355,323	(a)
Kanematsu Corp.		22,631		301,114	(a)
Lumax International Corp. Ltd.		186,193		482,130	(a)
Nishio Rent All Co. Ltd.		20,891		582,630	(a)

See Notes to Schedule of Investments.

ClearBridge International Small Cap Fund 2021 Quarterly Report         3

CLEARBRIDGE INTERNATIONAL SMALL CAP FUND

Schedule of investments (unaudited) (cont’d) June 30, 2021

SECURITY	SHARES		VALUE
Trading Companies & Distributors - (continued)
Travis Perkins PLC		26,238	$	613,448	*(a)
Yellow Cake PLC		152,820		574,217	*(a)(b)
Total Trading Companies & Distributors				3,165,191
Transportation Infrastructure - 0.5%
Zhejiang Expressway Co. Ltd., Class H Shares		285,930		254,062	(a)
TOTAL INDUSTRIALS				21,620,364
INFORMATION TECHNOLOGY - 2.9%
Electronic Equipment, Instruments & Components - 0.6%
Strix Group PLC		71,630		312,528	(a)
IT Services - 1.2%
Chinasoft International Ltd.		201,780		367,349	(a)
Sopra Steria Group SACA		1,370		263,607	(a)
Total IT Services				630,956
Semiconductors & Semiconductor Equipment - 1.1%
Optorun Co. Ltd.		14,177		315,339	(a)
u-blox Holding AG		3,400		249,949	(a)
Total Semiconductors & Semiconductor Equipment				565,288
TOTAL INFORMATION TECHNOLOGY				1,508,772
MATERIALS - 12.4%
Chemicals - 2.0%
Okamoto Industries Inc.		12,183		447,878	(a)
Ube Industries Ltd.		15,253		308,121	(a)
Zeon Corp.		22,636		313,024	(a)
Total Chemicals				1,069,023
Construction Materials - 4.4%
Cementir Holding NV		57,640		589,070	(a)
Krosaki Harima Corp.		6,387		247,557	(a)
RHI Magnesita NV		5,303		297,139	(a)
West China Cement Ltd.		1,785,210		273,617	(a)
Wienerberger AG		23,220		895,903	(a)
Total Construction Materials				2,303,286
Containers & Packaging - 0.4%
Greatview Aseptic Packaging Co. Ltd.		446,739		201,387	(a)
Metals & Mining - 5.6%
Alamos Gold Inc., Class A Shares		30,110		230,027
AMG Advanced Metallurgical Group NV		9,490		324,997	(a)
Argonaut Gold Inc.		138,670		332,244	*(b)
Granges AB		68,892		957,288	(a)
Juno Minerals Ltd.		127,557		18,654	*
Jupiter Mines Ltd.		2,082,380		452,592	(a)

See Notes to Schedule of Investments.

    4     ClearBridge International Small Cap Fund 2021 Quarterly Report

CLEARBRIDGE INTERNATIONAL SMALL CAP FUND

Schedule of investments (unaudited) (cont’d) June 30, 2021

SECURITY				SHARES		VALUE
Metals & Mining - (continued)
Orla Mining Ltd.					59,480	$	245,674	*(b)
Torex Gold Resources Inc.					14,250		164,158	*
Wesdome Gold Mines Ltd.					19,530		185,280	*
Total Metals & Mining							2,910,914
TOTAL MATERIALS							6,484,610
REAL ESTATE - 1.9%
Real Estate Management & Development - 1.9%
Metrovacesa SA					30,100		237,697	(a)(b)
Sun Frontier Fudousan Co. Ltd.					50,529		475,582	(a)
Supalai PCL					446,222		286,756	(a)
TOTAL REAL ESTATE							1,000,035
UTILITIES - 0.5%
Water Utilities - 0.5%
China Water Affairs Group Ltd.					316,706		243,925
TOTAL COMMON STOCKS (Cost - $36,755,501)							49,135,209
INVESTMENTS IN UNDERLYING FUNDS - 1.8%
Dragon Capital - Vietnam Enterprise Investments Ltd., Class C Shares (Cost - $361,030)					96,044		930,368	*(a)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $37,116,531)							50,065,577
	RATE
SHORT-TERM INVESTMENTS - 4.2%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class		0.006	%		1,768,115		1,768,115
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		0.010	%		442,029		442,029	(c)
TOTAL SHORT-TERM INVESTMENTS (Cost - $2,210,144)							2,210,144
TOTAL INVESTMENTS - 99.9% (Cost - $39,326,675)							52,275,721
Other Assets in Excess of Liabilities - 0.1%							64,532
TOTAL NET ASSETS - 100.0%						$	52,340,253

* 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 with the Fund. At June 30, 2021, the total market value of investments in Affiliated Companies was $442,029 and the cost was $442,029 (Note 2).

See Notes to Schedule of Investments.

ClearBridge International Small Cap Fund 2021 Quarterly Report         5

CLEARBRIDGE INTERNATIONAL SMALL CAP FUND

Schedule of investments (unaudited) (cont’d) June 30, 2021

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 International Small Cap Fund 2021 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 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 (formerly known as Legg Mason North Atlantic Fund Valuation Committee prior to March 1, 2021) (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:
Consumer Discretionary	$	684,218	$	5,659,933		—	$	6,344,151
Energy		1,444,770		1,696,127		—		3,140,897
Financials		366,255		4,729,975		—		5,096,230
Industrials		769,743		20,850,621		—		21,620,364
Materials		1,176,037		5,308,573		—		6,484,610
Utilities		243,925		—		—		243,925
Other Common Stocks		—		6,205,032		—		6,205,032
Investments in Underlying Funds		—		930,368		—		930,368
Total Long-Term Investments		4,684,948		45,380,629		—		50,065,577
Short-Term Investments†		2,210,144		—		—		2,210,144
Total Investments	$	6,895,092	$	45,380,629		—	$	52,275,721

* 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 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 June 30, 2021. The following transactions were effected in such company for the period ended June 30, 2021.

	Affiliate
	Value at
	September 30,		Purchased				Sold
	2020		Cost		Shares		Cost		Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	$	56,045	$	1,763,274		1,763,274	$	1,377,290		1,377,290

9

Notes to Schedule of Investments (unaudited) (continued)

					Net Increase
					(Decrease) in		Affiliate
					Unrealized		Value at
	Realized		Interest		Appreciation		June 30,
(cont’d)	Gain (Loss)		Income		(Depreciation)		2021
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		—	$	8		—	$	442,029

10