UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-06444

Legg Mason Partners Equity Trust

(Exact name of registrant as specified in charter)

55 Water Street, New York, New York 10041

(Address of principal executive offices) (Zip code)

Robert I. Frenkel, Esq.

Legg Mason & Co., LLC

300 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-451-2010

Date of fiscal year end: October 31

Date of reporting period: January 31, 2008

ITEM 1. SCHEDULE OF INVESTMENTS

LEGG MASON PARTNERS EQUITY TRUST

LEGG MASON PARTNERS DIVIDEND STRATEGY FUND

FORM N-Q

JANUARY 31, 2008

Legg Mason Partners Dividend Strategy Fund

Schedule of Investments (unaudited) January 31, 2008

SHARES	SECURITY	VALUE
COMMON STOCKS - 98.0%
CONSUMER DISCRETIONARY - 3.9%
Hotels, Restaurants & Leisure - 1.1%
500,000	McDonald’s Corp.	$	26,775,000
Household Durables - 0.4%
503,800	Leggett & Platt Inc.		9,582,276
Media - 0.9%
249,850	Cinemark Holdings Inc.		3,572,855
477,800	News Corp., Class B Shares		9,288,432
400,000	Regal Entertainment Group, Class A Shares		7,416,000
75,000	Thomson Corp.		2,665,500
	Total Media		22,942,787
Specialty Retail - 1.5%
1,410,300	Gap Inc.		26,964,936
275,000	Home Depot Inc.		8,434,250
	Total Specialty Retail		35,399,186
	TOTAL CONSUMER DISCRETIONARY		94,699,249
CONSUMER STAPLES - 12.5%
Beverages - 1.9%
450,000	Coca-Cola Co.		26,626,500
300,000	PepsiCo Inc.		20,457,000
	Total Beverages		47,083,500
Food & Staples Retailing - 2.7%
1,273,900	Wal-Mart Stores Inc.		64,816,032
Food Products - 4.7%
175,725	Cadbury Schweppes PLC, ADR		7,796,918
300,000	General Mills Inc.		16,383,000
200,000	H.J. Heinz Co.		8,512,000
1,404,617	Kraft Foods Inc., Class A Shares		41,099,094
225,000	Unilever NV		7,317,000
1,044,040	Unilever PLC, ADR		34,244,512
	Total Food Products		115,352,524
Household Products - 3.2%
804,813	Kimberly-Clark Corp.		52,835,973
400,000	Procter & Gamble Co.		26,380,000
	Total Household Products		79,215,973
	TOTAL CONSUMER STAPLES		306,468,029
ENERGY - 9.7%
Energy Equipment & Services - 0.3%
50,500	Schlumberger Ltd.		3,810,730
61,000	Weatherford International Ltd. *		3,770,410
	Total Energy Equipment & Services		7,581,140
Oil, Gas & Consumable Fuels - 9.4%
325,000	BP PLC, ADR		20,718,750
869,969	Chevron Corp.		73,512,380
1,283,719	Exxon Mobil Corp.		110,913,322
195,000	Newfield Exploration Co. *		9,726,600
49,950	SandRidge Energy Inc. *		1,519,979
200,000	Spectra Energy Corp.		4,568,000
148,000	Valero Energy Corp.		8,760,120
	Total Oil, Gas & Consumable Fuels		229,719,151
	TOTAL ENERGY		237,300,291

See Notes to Schedule of Investments.

1

Legg Mason Partners Dividend Strategy Fund

Schedule of Investments (unaudited) (continued) January 31, 2008

SHARES	SECURITY	VALUE
FINANCIALS - 17.3%
Capital Markets - 1.9%
348,680	Bank of New York Mellon Corp.	$	16,258,948
375,000	Merrill Lynch & Co. Inc.		21,150,000
200,000	UBS AG		8,258,000
	Total Capital Markets		45,666,948
Commercial Banks - 1.7%
745,300	Wachovia Corp.		29,014,529
350,000	Wells Fargo & Co.		11,903,500
	Total Commercial Banks		40,918,029
Consumer Finance - 0.4%
200,000	American Express Co.		9,864,000
Diversified Financial Services - 5.3%
1,070,021	Bank of America Corp.		47,455,431
1,726,557	JPMorgan Chase & Co.		82,097,786
	Total Diversified Financial Services		129,553,217
Insurance - 3.7%
176,150	American International Group Inc.		9,716,434
851,804	Chubb Corp.		44,114,929
278,400	Hartford Financial Services Group Inc.		22,486,368
325,000	Travelers Cos. Inc.		15,632,500
	Total Insurance		91,950,231
Real Estate Investment Trusts (REITs) - 3.6%
2,863,900	Annaly Mortgage Management Inc.		56,476,108
550,000	Chimera Investment Corp.		10,532,500
204,400	LaSalle Hotel Properties		5,602,604
1,657,000	MFA Mortgage Investments Inc.		16,901,400
	Total Real Estate Investment Trusts (REITs)		89,512,612
Thrifts & Mortgage Finance - 0.7%
200,000	Freddie Mac		6,078,000
728,000	Hudson City Bancorp Inc.		11,924,640
	Total Thrifts & Mortgage Finance		18,002,640
	TOTAL FINANCIALS		425,467,677
HEALTH CARE - 12.9%
Health Care Equipment & Supplies - 1.7%
625,002	Baxter International Inc.		37,962,621
75,000	Medtronic Inc.		3,492,750
	Total Health Care Equipment & Supplies		41,455,371
Pharmaceuticals - 11.2%
1,216,009	Abbott Laboratories		68,461,307
150,000	Bristol-Myers Squibb Co.		3,478,500
150,680	Eli Lilly & Co.		7,763,034
465,708	GlaxoSmithKline PLC, ADR		22,065,245
1,119,247	Johnson & Johnson		70,803,565
175,000	Merck & Co. Inc.		8,099,000
316,200	Novartis AG, ADR		16,002,882
1,988,967	Pfizer Inc.		46,521,938
804,075	Wyeth		32,002,185
	Total Pharmaceuticals		275,197,656
	TOTAL HEALTH CARE		316,653,027
INDUSTRIALS - 16.7%
Aerospace & Defense - 3.9%
1,123,952	Honeywell International Inc.		66,391,845
450,000	Raytheon Co.		29,313,000

See Notes to Schedule of Investments.

2

Legg Mason Partners Dividend Strategy Fund

Schedule of Investments (unaudited) (continued) January 31, 2008

SHARES	SECURITY	VALUE
	Total Aerospace & Defense	$	95,704,845
Air Freight & Logistics - 0.5%
165,000	United Parcel Service Inc., Class B Shares		12,071,400
Commercial Services & Supplies - 1.9%
75,000	Pitney Bowes Inc.		2,752,500
475,000	R.R. Donnelley & Sons Co.		16,572,750
850,000	Waste Management Inc.		27,574,000
	Total Commercial Services & Supplies		46,899,250
Electrical Equipment - 3.4%
1,326,154	Emerson Electric Co.		67,421,669
337,400	Hubbell Inc., Class B Shares		16,087,232
	Total Electrical Equipment		83,508,901
Industrial Conglomerates - 6.6%
200,000	3M Co.		15,930,000
2,709,066	General Electric Co.		95,928,027
150,000	Tyco International Ltd.		5,904,000
600,000	United Technologies Corp.		44,046,000
	Total Industrial Conglomerates		161,808,027
Machinery - 0.4%
254,000	Dover Corp.		10,251,440
	TOTAL INDUSTRIALS		410,243,863
INFORMATION TECHNOLOGY - 10.4%
Communications Equipment - 0.9%
743,600	Motorola Inc.		8,573,708
175,000	Nokia Oyj, ADR		6,466,250
200,000	QUALCOMM Inc.		8,484,000
	Total Communications Equipment		23,523,958
Computers & Peripherals - 1.9%
425,000	International Business Machines Corp.		45,619,500
Electronic Equipment & Instruments - 0.2%
175,000	Tyco Electronics Ltd.		5,916,750
IT Services - 1.1%
650,000	Automatic Data Processing Inc.		26,370,500
Semiconductors & Semiconductor Equipment - 3.2%
874,770	Intel Corp.		18,545,124
907,500	Linear Technology Corp.		25,110,525
158,600	Microchip Technology Inc.		5,060,926
3,234,131	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		30,012,736
	Total Semiconductors & Semiconductor Equipment		78,729,311
Software - 3.1%
2,325,135	Microsoft Corp.		75,799,401
	TOTAL INFORMATION TECHNOLOGY		255,959,420
MATERIALS - 8.1%
Chemicals - 4.8%
150,000	Cytec Industries Inc.		8,491,500
725,458	Dow Chemical Co.		28,046,206
1,466,600	E.I. du Pont de Nemours & Co.		66,260,988
226,240	PPG Industries Inc.		14,952,202
	Total Chemicals		117,750,896
Metals & Mining - 1.5%
1,103,626	Alcoa Inc.		36,530,021

See Notes to Schedule of Investments.

3

Legg Mason Partners Dividend Strategy Fund

Schedule of Investments (unaudited) (continued) January 31, 2008

SHARES		SECURITY	VALUE
	MATERIALS - 8.1% (continued)
	Paper & Forest Products - 1.8%
	651,381	Weyerhaeuser Co.	$	44,111,521
		TOTAL MATERIALS		198,392,438
	TELECOMMUNICATION SERVICES - 5.6%
	Diversified Telecommunication Services - 3.6%
	515,000	AT&T Inc.		19,822,350
	150,000	Embarq Corp.		6,795,000
	1,488,189	Verizon Communications Inc.		57,801,261
	375,000	Windstream Corp.		4,353,750
		Total Diversified Telecommunication Services		88,772,361
	Wireless Telecommunication Services - 2.0%
	1,384,308	Vodafone Group PLC, ADR		48,173,918
		TOTAL TELECOMMUNICATION SERVICES		136,946,279
	UTILITIES - 0.9%
	Electric Utilities - 0.5%
	180,000	FPL Group Inc.		11,606,400
	Multi-Utilities - 0.4%
	550,000	NiSource Inc.		10,444,500
		TOTAL UTILITIES		22,050,900
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $1,919,179,718)		2,404,181,173
FACE AMOUNT
	SHORT-TERM INVESTMENTS - 2.0%
	Repurchase Agreements - 2.0%
$	10,199,000	Interest in $281,667,000 joint tri-party repurchase agreement dated 1/31/08 with Merrill Lynch, Pierce, Fenner & Smith Inc., 2.600% due 2/1/08; Proceeds at maturity - $10,199,737; (Fully collateralized by various U.S. government agency obligations, 0.000% due 7/15/15 to 1/15/30; Market value - $10,402,998)		10,199,000
	37,295,000	Interest in $906,871,000 joint tri-party repurchase agreement dated 1/31/08 with Greenwich Capital Markets Inc., 2.850% due 2/1/08; Proceeds at maturity - $37,297,953; (Fully collateralized by various U.S. government agency obligations, 3.250% to 6.210% due 5/15/08 to 8/6/38; Market value - $38,040,955)		37,295,000
		TOTAL SHORT-TERM INVESTMENTS (Cost - $47,494,000)		47,494,000
		TOTAL INVESTMENTS - 100.0% (Cost - $1,966,673,718#)		2,451,675,173
		Other Assets in Excess of Liabilities - 0.0%		1,177,753
		TOTAL NET ASSETS - 100.0%	$	2,452,852,926

* Non-income producing security.

# Aggregate cost for federal income tax purposes is substantially the same.

Abbreviations used in this schedule:
ADR	— American Depositary Receipt

See Notes to Schedule of Investments.

4

Notes to Schedule of Investments (unaudited)

1. Organization and Significant Accounting Policies

Legg Mason Partners Dividend Strategy Fund (the “Fund”) is a separate diversified investment series of the Legg Mason Partners Equity Trust (the “Trust”). The Trust, a Maryland business 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. Debt securities are valued at the mean between the last quoted bid and asked prices provided by an independent pricing service that are based on transactions in debt obligations, quotations from bond dealers, market transactions in comparable securities and various other relationships between securities. When prices are not readily available, or are determined not to reflect fair value, 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 may value these securities at fair value as determined in accordance with the procedures approved by the Fund’s Board of Trustees. Short-term obligations with maturities of 60 days or less are valued at amortized cost, which approximates fair value.

(b) Repurchase Agreements. When entering into repurchase agreements, it is the Fund’s policy that its custodian or a third party custodian take possession of the underlying collateral securities, the market value of which, at all times, at least equals the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market to ensure the adequacy of the collateral. If the seller defaults, and the market value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.

(c) Foreign Currency Translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

(d) Security Transactions. Security transactions are accounted for on a trade date basis.

2. Investments

At January 31, 2008, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

Gross unrealized appreciation	$	541,055,121
Gross unrealized depreciation		(56,053,666	)
Net unrealized appreciation	$	485,001,455

5

ITEM 2. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.

ITEM 3. EXHIBITS.

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Legg Mason Partners Equity Trust
By	/S/ R. JAY GERKEN
	R. Jay Gerken
	Chief Executive Officer
Date:	March 27, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/S/ R. JAY GERKEN
	R. Jay Gerken
	Chief Executive Officer
Date:	March 27, 2008
By	/S/ KAPREL OZSOLAK
	Kaprel Ozsolak
	Chief Financial Officer
Date:	March 27, 2008