LEGG MASON SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) October 31, 2021

(Percentages shown based on Fund net assets)
SECURITY	SHARES		VALUE
COMMON STOCKS - 98.7%
COMMUNICATION SERVICES - 4.9%
Diversified Telecommunication Services - 0.4%
IDT Corp., Class B Shares		1,327	$	64,187	*
Entertainment - 0.3%
Sciplay Corp., Class A Shares		3,165		63,965	*
Interactive Media & Services - 1.2%
Eventbrite Inc., Class A Shares		2,263		45,803	*
Outbrain Inc.		2,976		50,413	*
TrueCar Inc.		12,355		51,768	*
Yelp Inc.		2,113		81,625	*
Total Interactive Media & Services				229,609
Media - 3.0%
AMC Networks Inc., Class A Shares		2,045		81,370	*
Gray Television Inc.		4,566		107,027
Hemisphere Media Group Inc.		4,335		47,902	*
Meredith Corp.		2,545		148,221	*
TEGNA Inc.		6,618		130,110
Thryv Holdings Inc.		2,384		75,501	*
Total Media				590,131
TOTAL COMMUNICATION SERVICES				947,892
CONSUMER DISCRETIONARY - 15.8%
Auto Components - 1.5%
American Axle & Manufacturing Holdings Inc.		11,652		105,800	*
Modine Manufacturing Co.		6,149		67,639	*
Tenneco Inc., Class A Shares		8,357		110,897	*
Total Auto Components				284,336
Diversified Consumer Services - 2.0%
Adtalem Global Education Inc.		2,075		76,630	*
American Public Education Inc.		2,104		52,579	*
H&R Block Inc.		5,066		116,872
Houghton Mifflin Harcourt Co.		5,199		73,774	*
Stride Inc.		2,154		76,467	*
Total Diversified Consumer Services				396,322
Hotels, Restaurants & Leisure - 0.5%
Red Rock Resorts Inc., Class A Shares		1,646		89,559	*
Household Durables - 3.0%
Beazer Homes USA Inc.		4,603		83,360	*
Century Communities Inc.		1,319		88,452
Ethan Allen Interiors Inc.		3,310		76,825
La-Z-Boy Inc.		2,616		86,956

See Notes to Schedule of Investments.

Legg Mason Small-Cap Quality Value ETF 2021 Quarterly Report         1

LEGG MASON SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) (cont’d) October 31, 2021

(Percentages shown based on Fund net assets)
SECURITY	SHARES		VALUE
Household Durables - (continued)
Taylor Morrison Home Corp., Class A Shares		4,375	$	133,569	*
Tri Pointe Homes Inc.		4,652		112,532	*
ZAGG Inc. CVR		8,902		801	(a)(b)
Total Household Durables				582,495
Internet & Direct Marketing Retail - 1.0%
Liquidity Services Inc.		1,800		39,744	*
PetMed Express Inc.		2,394		68,061
Shutterstock Inc.		758		91,832
Total Internet & Direct Marketing Retail				199,637
Media - 0.4%
Entravision Communications Corp., Class A Shares		9,335		74,400
Multiline Retail - 0.6%
Dillard’s Inc., Class A Shares		534		123,429
Specialty Retail - 4.4%
Aaron’s Co. Inc.		3,029		70,848
Big 5 Sporting Goods Corp.		2,978		72,008
Camping World Holdings Inc., Class A Shares		3,233		120,429
Cato Corp., Class A Shares		4,208		74,187
Conn’s Inc.		3,486		77,633	*
Haverty Furniture Cos. Inc.		2,302		66,068
JOANN Inc.		7,380		75,424
MarineMax Inc.		1,629		84,366	*
OneWater Marine Inc., Class A Shares		1,704		75,555
Shoe Carnival Inc.		2,050		69,434
Zumiez Inc.		1,926		78,388	*
Total Specialty Retail				864,340
Textiles, Apparel & Luxury Goods - 2.4%
Fossil Group Inc.		6,046		71,464	*
G-III Apparel Group Ltd		3,113		89,219	*
Kontoor Brands Inc.		1,856		98,368
Movado Group Inc.		2,131		70,962
Vera Bradley Inc.		5,617		55,103	*
Wolverine World Wide Inc.		2,684		89,028
Total Textiles, Apparel & Luxury Goods				474,144
TOTAL CONSUMER DISCRETIONARY				3,088,662
CONSUMER STAPLES - 1.6%
Personal Products - 1.0%
BellRing Brands Inc., Class A Shares		1,972		52,889	*

See Notes to Schedule of Investments.

    2     Legg Mason Small-Cap Quality Value ETF 2021 Quarterly Report

LEGG MASON SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) (cont’d) October 31, 2021

(Percentages shown based on Fund net assets)
SECURITY	SHARES		VALUE
Personal Products - (continued)
Nature’s Sunshine Products Inc.		3,404	$	53,749
USANA Health Sciences Inc.		778		75,513	*
Total Personal Products				182,151
Tobacco - 0.6%
Vector Group Ltd.		9,326		123,663
TOTAL CONSUMER STAPLES				305,814
ENERGY - 2.7%
Energy Equipment & Services - 0.4%
Helix Energy Solutions Group Inc.		20,332		76,855	*
Oil, Gas & Consumable Fuels - 2.3%
Berry Corp.		12,540		120,509
CONSOL Energy Inc.		2,655		73,039	*
PDC Energy Inc.		2,185		114,297
World Fuel Services Corp.		4,507		137,599
Total Oil, Gas & Consumable Fuels				445,444
TOTAL ENERGY				522,299
FINANCIALS - 24.3%
Banks - 7.7%
Ameris Bancorp		2,044		107,085
Blue Ridge Bankshares Inc.		2,665		48,903
Civista Bancshares Inc.		2,504		60,246
Customers Bancorp Inc.		2,023		107,806	*
Farmers National Banc Corp.		3,905		69,587
Financial Institutions Inc.		2,312		73,799
First Internet Bancorp		1,711		58,242
Hanmi Financial Corp.		4,038		89,603
HBT Financial Inc.		5,814		104,826
Hilltop Holdings Inc.		2,980		105,611
Horizon Bancorp Inc.		4,509		85,987
Independent Bank Corp.		3,120		70,294
Macatawa Bank Corp.		7,206		60,530
Mercantile Bank Corp.		2,310		79,395
Mid Penn Bancorp Inc.		2,050		57,441
Northeast Bank		1,358		44,950
South Plains Financial Inc.		2,478		64,577
Umpqua Holdings Corp.		6,366		130,185
Univest Financial Corp.		2,789		80,044
Total Banks				1,499,111

See Notes to Schedule of Investments.

Legg Mason Small-Cap Quality Value ETF 2021 Quarterly Report         3

LEGG MASON SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) (cont’d) October 31, 2021

(Percentages shown based on Fund net assets)
SECURITY	SHARES		VALUE
Capital Markets - 5.5%
Artisan Partners Asset Management Inc., Class A Shares		2,348	$	116,320
B Riley Financial Inc.		1,767		126,623
Brightsphere Investment Group Inc.		2,893		86,732
Cowen Inc., Class A Shares		2,765		104,324
Diamond Hill Investment Group Inc.		405		87,828
Donnelley Financial Solutions Inc.		1,846		70,739	*
Federated Hermes Inc., Class B Shares		3,631		120,949
GAMCO Investors Inc., Class A Shares		2,235		59,116
Oppenheimer Holdings Inc., Class A Shares		1,662		86,507
Victory Capital Holdings Inc., Class A Shares		2,396		90,808
Virtu Financial Inc., Class A Shares		5,034		125,246
Total Capital Markets				1,075,192
Consumer Finance - 0.3%
Green Dot Corp., Class A Shares		1,570		66,505	*
Diversified Financial Services - 0.5%
Cannae Holdings Inc.		2,869		97,833	*
Insurance - 5.1%
American Equity Investment Life Holding Co.		4,858		154,824
CNO Financial Group Inc.		3,375		81,473
Donegal Group Inc., Class A Shares		5,055		72,034
Investors Title Co.		365		70,737
Mercury General Corp.		2,160		117,698
National Western Life Group Inc., Class A Shares		453		97,400
Safety Insurance Group Inc.		1,151		90,250
Stewart Information Services Corp.		1,550		110,313
Tiptree Inc.		7,129		111,284
White Mountains Insurance Group Ltd.		86		90,729
Total Insurance				996,742
Thrifts & Mortgage Finance - 5.2%
Flagstar Bancorp Inc.		2,937		138,597
FS Bancorp Inc.		1,505		51,862
HomeStreet Inc.		1,710		80,644
Merchants Bancorp		2,036		90,460
NMI Holdings Inc., Class A Shares		3,704		89,933	*
PennyMac Financial Services Inc.		1,550		96,193
Premier Financial Corp.		2,646		84,354
Radian Group Inc.		5,419		129,352
Southern Missouri Bancorp Inc.		1,243		67,619

See Notes to Schedule of Investments.

    4     Legg Mason Small-Cap Quality Value ETF 2021 Quarterly Report

LEGG MASON SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) (cont’d) October 31, 2021

(Percentages shown based on Fund net assets)
SECURITY	SHARES		VALUE
Thrifts & Mortgage Finance - (continued)
Waterstone Financial Inc.		3,466	$	71,642
WSFS Financial Corp.		2,004		103,827
Total Thrifts & Mortgage Finance				1,004,483
TOTAL FINANCIALS				4,739,866
HEALTH CARE - 16.9%
Biotechnology - 3.8%
Anika Therapeutics Inc.		1,128		46,981	*
Arcus Biosciences Inc.		1,536		51,364	*
Catalyst Pharmaceuticals Inc.		9,046		53,371	*
Coherus Biosciences Inc.		2,957		49,471	*
CytomX Therapeutics Inc.		6,881		40,804	*
Eagle Pharmaceuticals Inc.		934		48,914	*
Emergent BioSolutions Inc.		1,415		67,453	*
Ideaya Biosciences Inc.		1,524		32,675	*
Inozyme Pharma Inc.		2,810		26,245	*
Ironwood Pharmaceuticals Inc.		5,197		66,366	*
Myriad Genetics Inc.		2,150		66,155	*
Puma Biotechnology Inc.		5,640		28,764	*
Sage Therapeutics Inc.		1,679		67,764	*
Surface Oncology Inc.		5,854		43,437	*
Vanda Pharmaceuticals Inc.		3,449		59,047	*
Total Biotechnology				748,811
Health Care Equipment & Supplies - 6.0%
Accuray Inc.		11,394		56,856	*
AngioDynamics Inc.		1,882		53,825	*
Atrion Corp.		77		56,056
Bioventus Inc.		4,257		64,281	*
Co-Diagnostics Inc.		3,680		30,213	*
CONMED Corp.		618		90,401
Heska Corp.		192		42,918	*
Inari Medical Inc.		476		43,087	*
Inogen Inc.		1,065		42,227	*
iRadimed Corp.		906		33,812	*
LeMaitre Vascular Inc.		905		47,069
Meridian Bioscience Inc.		2,894		54,436	*
Merit Medical Systems Inc.		1,000		67,260	*
Mesa Laboratories Inc.		177		54,109
Natus Medical Inc.		2,319		58,091	*
Neogen Corp.		1,576		66,681	*
NuVasive Inc.		1,194		63,712	*

See Notes to Schedule of Investments.

Legg Mason Small-Cap Quality Value ETF 2021 Quarterly Report         5

LEGG MASON SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) (cont’d) October 31, 2021

(Percentages shown based on Fund net assets)
SECURITY	SHARES		VALUE
Health Care Equipment & Supplies - (continued)
OraSure Technologies Inc.		4,456	$	47,545	*
Orthofix Medical Inc.		1,352		48,645	*
Retractable Technologies Inc.		2,819		26,668	*
Surmodics Inc.		675		37,570	*
Tactile Systems Technology Inc.		914		31,524	*
Utah Medical Products Inc.		488		47,253
Total Health Care Equipment & Supplies				1,164,239
Health Care Providers & Services - 2.3%
Apria Inc.		2,853		106,788	*
Fulgent Genetics Inc.		811		67,248	*
ModivCare Inc.		435		70,805	*
National HealthCare Corp.		1,224		85,607
Tivity Health Inc.		2,573		64,376	*
US Physical Therapy Inc.		576		62,127
Total Health Care Providers & Services				456,951
Health Care Technology - 0.9%
Computer Programs & Systems Inc.		1,485		53,608	*
HealthStream Inc.		1,836		48,856	*
NextGen Healthcare Inc.		4,112		67,684	*
Total Health Care Technology				170,148
Pharmaceuticals - 3.9%
Amphastar Pharmaceuticals Inc.		2,971		55,498	*
ANI Pharmaceuticals Inc.		1,720		64,294	*
Atea Pharmaceuticals Inc.		2,170		25,259	*
BioDelivery Sciences International Inc.		9,047		36,912	*
Collegium Pharmaceutical Inc.		2,762		54,218	*
Corcept Therapeutics Inc.		3,209		57,762	*
Harmony Biosciences Holdings Inc.		967		40,102	*
Innoviva Inc.		4,852		84,667	*
Pacira BioSciences Inc.		1,125		58,815	*
Phibro Animal Health Corp., Class A Shares		3,037		66,632
Prestige Consumer Healthcare Inc.		1,535		92,085	*
SIGA Technologies Inc.		7,144		51,508	*
Supernus Pharmaceuticals Inc.		2,584		77,132	*
Total Pharmaceuticals				764,884
TOTAL HEALTH CARE				3,305,033

See Notes to Schedule of Investments.

    6     Legg Mason Small-Cap Quality Value ETF 2021 Quarterly Report

LEGG MASON SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) (cont’d) October 31, 2021

(Percentages shown based on Fund net assets)
SECURITY	SHARES		VALUE
INDUSTRIALS - 16.3%
Aerospace & Defense - 1.1%
Aerojet Rocketdyne Holdings Inc.		2,693	$	118,519
Parsons Corp.		2,769		95,918	*
Total Aerospace & Defense				214,437
Air Freight & Logistics - 0.5%
Atlas Air Worldwide Holdings Inc.		1,307		106,024	*
Building Products - 1.1%
Apogee Enterprises Inc.		1,869		78,367
Insteel Industries Inc.		1,772		72,068
Quanex Building Products Corp.		3,210		66,511
Total Building Products				216,946
Commercial Services & Supplies - 2.5%
ABM Industries Inc.		2,442		107,472
Civeo Corp.		2,612		58,953	*
Ennis Inc.		3,773		71,460
Healthcare Services Group Inc.		3,453		66,263
Herman Miller Inc.		2,340		91,073
HNI Corp.		2,602		97,315
Total Commercial Services & Supplies				492,536
Construction & Engineering - 3.0%
Comfort Systems USA Inc.		1,262		115,435
Dycom Industries Inc.		1,202		95,463	*
Granite Construction Inc.		2,298		85,302
Infrastructure and Energy Alternatives Inc.		4,722		52,273	*
MYR Group Inc.		707		72,220	*
Primoris Services Corp.		3,410		91,899
Sterling Construction Co. Inc.		2,846		68,418	*
Total Construction & Engineering				581,010
Electrical Equipment - 0.5%
Atkore Inc.		941		88,953	*
Machinery - 1.8%
Astec Industries Inc.		1,289		68,807
Hillenbrand Inc.		2,518		114,468
Miller Industries Inc.		1,745		63,064
Terex Corp.		2,180		97,664
Total Machinery				344,003
Marine - 0.5%
Matson Inc.		1,128		93,940

See Notes to Schedule of Investments.

Legg Mason Small-Cap Quality Value ETF 2021 Quarterly Report         7

LEGG MASON SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) (cont’d) October 31, 2021

(Percentages shown based on Fund net assets)
SECURITY	SHARES		VALUE
Professional Services - 2.7%
Barrett Business Services Inc.		838	$	68,716
Forrester Research Inc.		1,208		64,326	*
Heidrick & Struggles International Inc.		1,581		74,117
Kelly Services Inc., Class A Shares		4,734		85,354
Kforce Inc.		1,233		79,849
Resources Connection Inc.		4,536		78,972
TrueBlue Inc.		2,698		75,139	*
Total Professional Services				526,473
Road & Rail - 0.6%
ArcBest Corp.		1,280		115,008
Trading Companies & Distributors - 2.0%
Boise Cascade Co.		2,025		114,655
NOW Inc.		11,236		81,124	*
Rush Enterprises Inc., Class A Shares		2,483		129,315
Titan Machinery Inc.		2,623		74,546	*
Total Trading Companies & Distributors				399,640
TOTAL INDUSTRIALS				3,178,970
INFORMATION TECHNOLOGY - 10.2%
Communications Equipment - 1.3%
Digi International Inc.		2,553		55,017	*
Extreme Networks Inc.		6,111		60,071	*
NETGEAR Inc.		2,014		58,064	*
NetScout Systems Inc.		3,121		84,454	*
Total Communications Equipment				257,606
Electronic Equipment, Instruments & Components - 3.4%
Benchmark Electronics Inc.		3,111		72,517
CTS Corp.		2,011		71,632
Kimball Electronics Inc.		2,526		72,623	*
Methode Electronics Inc.		1,855		78,040
Plexus Corp.		922		80,509	*
Sanmina Corp.		2,662		100,490	*
TTM Technologies Inc.		6,466		85,610	*
Vishay Intertechnology Inc.		4,799		92,237
Total Electronic Equipment, Instruments & Components				653,658
IT Services - 1.7%
CSG Systems International Inc.		1,707		85,435
ExlService Holdings Inc.		588		72,106	*
GreenSky Inc., Class A Shares		8,957		109,634	*
Hackett Group Inc.		2,969		62,765
Total IT Services				329,940

See Notes to Schedule of Investments.

    8     Legg Mason Small-Cap Quality Value ETF 2021 Quarterly Report

LEGG MASON SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) (cont’d) October 31, 2021

(Percentages shown based on Fund net assets)
SECURITY	SHARES		VALUE
Semiconductors & Semiconductor Equipment - 0.7%
Cirrus Logic Inc.		978	$	79,032	*
NVE Corp.		853		57,979
Total Semiconductors & Semiconductor Equipment				137,011
Software - 2.2%
A10 Networks Inc.		2,999		56,051	*
CommVault Systems Inc.		828		50,922	*
Progress Software Corp.		1,737		89,299
Qualys Inc.		540		67,219	*
Verint Systems Inc.		1,798		83,787	*
Xperi Holding Corp.		4,624		82,862
Total Software				430,140
Technology Hardware, Storage & Peripherals - 0.9%
Avid Technology Inc.		1,678		48,058	*
Xerox Holdings Corp.		7,380		131,364
Total Technology Hardware, Storage & Peripherals				179,422
TOTAL INFORMATION TECHNOLOGY				1,987,777
MATERIALS - 5.0%
Chemicals - 2.5%
AdvanSix Inc.		1,803		87,626	*
American Vanguard Corp.		3,724		58,020
Minerals Technologies Inc.		1,185		84,064
Rayonier Advanced Materials Inc.		11,228		80,617	*
Tredegar Corp.		7,277		87,761
Valhi Inc.		3,584		83,005
Total Chemicals				481,093
Metals & Mining - 1.1%
Haynes International Inc.		1,614		64,770
SunCoke Energy Inc.		11,227		81,059
TimkenSteel Corp.		5,245		73,167	*
Total Metals & Mining				218,996
Paper & Forest Products - 1.4%
Clearwater Paper Corp.		2,061		86,212	*
Glatfelter Corp.		5,096		83,727
Verso Corp., Class A Shares		4,373		96,556
Total Paper & Forest Products				266,495
TOTAL MATERIALS				966,584
UTILITIES - 1.0%
Electric Utilities - 0.6%
Hawaiian Electric Industries Inc.		2,822		114,460

See Notes to Schedule of Investments.

Legg Mason Small-Cap Quality Value ETF 2021 Quarterly Report         9

LEGG MASON SMALL-CAP QUALITY VALUE ETF

Schedule of investments (unaudited) (cont’d) October 31, 2021

(Percentages shown based on Fund net assets)

SECURITY				SHARES		VALUE
Gas Utilities - 0.4%
Chesapeake Utilities Corp.					584	$	76,545
TOTAL UTILITIES							191,005
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $17,805,179)							19,233,902
	RATE
SHORT-TERM INVESTMENTS - 0.4%
Dreyfus Treasury Cash Management, Institutional Class (Cost - $80,382)		0.010	%		80,382		80,382
TOTAL INVESTMENTS - 99.1% (Cost - $17,885,561)							19,314,284
Other Assets in Excess of Liabilities - 0.9%							179,172
TOTAL NET ASSETS - 100.0%						$	19,493,456

* 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).

Abbreviation(s) used in this schedule:

CVR — Contingent Value Rights

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.

    10     Legg Mason Small-Cap Quality Value ETF 2021 Quarterly Report

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

Legg Mason Small-Cap Quality Value ETF (the “Fund”) is a separate diversified investment series of Legg Mason ETF Investment 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 is an exchange-traded fund (“ETF”). ETFs are funds that trade like other publicly-traded securities. The Fund is designed to track an index. Similar to shares of an index mutual fund, each share of the Fund represents an ownership interest in an underlying portfolio of securities intended to track an index. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value (“NAV”), shares of the Fund may be directly purchased from and redeemed by the Fund at NAV solely by certain large institutional investors who have entered into agreements with the Fund’s distributor (“Authorized Participants”). Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

Shares of the Fund are listed and traded at market prices on NASDAQ. The market price for the Fund’s shares may be different from the Fund’s NAV. The Fund issues and redeems shares at NAV only in blocks of a specified number of shares or multiples thereof (“Creation Units”). Only Authorized Participants may purchase or redeem Creation Units directly with the Fund at NAV. Creation Units are issued and redeemed principally in-kind (although under some circumstances its shares are created and redeemed partially for cash). Except when aggregated in Creation Units, shares of the Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Fund at NAV.

The Fund seeks to track the investment results of the Royce Small-Cap Quality Value Index (the “Underlying Index”). The Underlying Index utilizes a proprietary methodology created and sponsored by Royce & Associates, LP (“Royce”), the Fund’s subadviser.

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.

11

Notes to Schedule of Investments (unaudited) (continued)

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 use the currency exchange rates, generally determined as of 4:00 p.m. (London 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 (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.

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

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Notes to Schedule of Investments (unaudited) (continued)

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.

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	$	3,087,861		—	$	801	$	3,088,662
Other Common Stocks		16,145,240		—		—		16,145,240
Total Long-Term Investments		19,233,101		—		801		19,233,902
Short-Term Investments†		80,382		—		—		80,382
Total Investments	$	19,313,483		—	$	801	$	19,314,284

† See Schedule of Investments for additional detailed categorizations.

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