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, NY 10041

(Address of principal executive offices) (Zip code)

Robert I. Frenkel, Esq.

Legg Mason & Co., LLC

100 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: January 31

Date of reporting period: October 31, 2008

ITEM 1. SCHEDULE OF INVESTMENTS

LEGG MASON PARTNERS EQUITY TRUST

LEGG MASON PARTNERS

SOCIAL AWARENESS FUND

FORM N-Q

October 31, 2008

LEGG MASON PARTNERS SOCIAL AWARENESS FUND

Schedule of Investments (unaudited) October 31, 2008

SHARES	SECURITY		VALUE
COMMON STOCKS - 66.4%
CONSUMER DISCRETIONARY - 4.6%
Hotels, Restaurants & Leisure - 1.7%
95,850	Yum! Brands Inc.	$	2,780,609
Multiline Retail - 1.0%
37,850	Target Corp.		1,518,542
Specialty Retail - 0.9%
69,950	Lowe’s Cos. Inc.		1,517,915
Textiles, Apparel & Luxury Goods - 1.0%
28,050	V.F. Corp.		1,545,555
	TOTAL CONSUMER DISCRETIONARY		7,362,621
CONSUMER STAPLES - 8.9%
Beverages - 2.3%
64,800	PepsiCo Inc.		3,694,248
Food & Staples Retailing - 2.7%
140,600	CVS Corp.		4,309,390
Food Products - 1.1%
238,450	Darling International Inc. *		1,797,913
Household Products - 2.8%
69,600	Procter & Gamble Co.		4,491,984
	TOTAL CONSUMER STAPLES		14,293,535
ENERGY - 7.6%
Energy Equipment & Services - 2.9%
98,350	FMC Technologies Inc. *		3,441,266
38,209	National-Oilwell Varco Inc. *		1,142,067
	Total Energy Equipment & Services		4,583,333
Oil, Gas & Consumable Fuels - 4.7%
42,400	Apache Corp.		3,490,792
82,231	BP PLC, ADR		4,086,881
	Total Oil, Gas & Consumable Fuels		7,577,673
	TOTAL ENERGY		12,161,006
FINANCIALS - 10.2%
Capital Markets - 1.6%
82,500	Invesco Ltd.		1,230,075
35,860	T. Rowe Price Group Inc.		1,417,904
	Total Capital Markets		2,647,979
Commercial Banks - 6.4%
57,800	Comerica Inc.		1,594,702
119,800	U.S. Bancorp		3,571,238
150,390	Wells Fargo & Co.		5,120,780
	Total Commercial Banks		10,286,720
Insurance - 2.2%
50,200	Arch Capital Group Ltd. *		3,501,450
	TOTAL FINANCIALS		16,436,149
HEALTH CARE - 11.7%
Biotechnology - 5.4%
66,400	BioMarin Pharmaceutical Inc. *		1,216,448
30,850	Celgene Corp. *		1,982,421
30,050	Genentech Inc. *		2,492,347
64,900	Gilead Sciences Inc. *		2,975,665
	Total Biotechnology		8,666,881

See Notes to Schedule of Investments.

Page 1

LEGG MASON PARTNERS SOCIAL AWARENESS FUND

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

SHARES	SECURITY		VALUE
Health Care Equipment & Supplies - 3.4%
58,850	Covidien Ltd.	$	2,606,466
34,350	Inverness Medical Innovations Inc. *		657,803
41,300	Stryker Corp.		2,207,898
	Total Health Care Equipment & Supplies		5,472,167
Health Care Providers & Services - 2.9%
35,910	Aetna Inc.		893,082
39,850	Express Scripts Inc. *		2,415,308
34,150	Pediatrix Medical Group Inc. *		1,319,898
	Total Health Care Providers & Services		4,628,288
	TOTAL HEALTH CARE		18,767,336
INDUSTRIALS - 6.0%
Commercial Services & Supplies - 3.4%
144,800	Covanta Holding Corp. *		3,121,888
98,200	Republic Services Inc.		2,327,340
	Total Commercial Services & Supplies		5,449,228
Electrical Equipment - 1.4%
67,450	Emerson Electric Co.		2,207,638
Machinery - 1.2%
51,700	Deere & Co.		1,993,552
	TOTAL INDUSTRIALS		9,650,418
INFORMATION TECHNOLOGY - 10.2%
Communications Equipment - 2.2%
124,050	Cisco Systems Inc. *		2,204,368
68,050	Juniper Networks Inc. *		1,275,257
	Total Communications Equipment		3,479,625
Computers & Peripherals - 1.5%
12,050	Apple Inc. *		1,296,459
81,550	NetApp Inc. *		1,103,372
	Total Computers & Peripherals		2,399,831
Internet Software & Services - 1.0%
4,320	Google Inc., Class A Shares *		1,552,435
IT Services - 2.1%
59,600	Accenture Ltd., Class A Shares		1,969,780
59,330	Lender Processing Services Inc.		1,368,743
	Total IT Services		3,338,523
Semiconductors & Semiconductor Equipment - 1.9%
50,350	Broadcom Corp., Class A Shares *		859,978
69,750	MEMC Electronic Materials Inc. *		1,282,005
50,100	Varian Semiconductor Equipment Associates Inc. *		982,962
	Total Semiconductors & Semiconductor Equipment		3,124,945
Software - 1.5%
55,800	Amdocs Ltd. *		1,258,848
55,250	Microsoft Corp.		1,233,733
	Total Software		2,492,581
	TOTAL INFORMATION TECHNOLOGY		16,387,940
MATERIALS - 3.1%
Chemicals - 2.4%
38,349	Air Products & Chemicals Inc.		2,229,227
19,900	Potash Corporation of Saskatchewan Inc.		1,696,674
	Total Chemicals		3,925,901

See Notes to Schedule of Investments.

Page 2

LEGG MASON PARTNERS SOCIAL AWARENESS FUND

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

SHARES	SECURITY		VALUE
Metals & Mining - 0.7%
38,960	Cliffs Natural Resources Inc.	$	1,051,531
	TOTAL MATERIALS		4,977,432
TELECOMMUNICATION SERVICES - 1.8%
Wireless Telecommunication Services - 1.8%
43,960	America Movil SAB de CV, Series L Shares, ADR		1,360,122
46,825	American Tower Corp., Class A Shares *		1,512,916
	TOTAL TELECOMMUNICATION SERVICES		2,873,038
UTILITIES - 2.3%
Electric Utilities - 2.3%
32,500	Exelon Corp.		1,762,800
83,200	Northeast Utilities		1,876,992
	TOTAL UTILITIES		3,639,792
	TOTAL COMMON STOCKS (Cost - $115,874,120)		106,549,267
Face Amount
ASSET-BACKED SECURITIES - 0.2%
FINANCIALS - 0.2%
Automobiles - 0.2%
$ 177,999	BMW Vehicle Owner Trust, 5.130% due 9/27/10		177,889
153,138	Harley-Davidson Motorcycle Trust, 3.200% due 5/15/12		151,882
	TOTAL ASSET-BACKED SECURITIES (Cost - $328,413)		329,771
COLLATERALIZED MORTGAGE OBLIGATION - 1.5%
2,405,135	Federal Home Loan Mortgage Corp. (FHLMC), 5.500% due 12/15/18 (a) (Cost - $2,391,142)		2,445,043
CORPORATE BONDS & NOTES - 10.5%
CONSUMER DISCRETIONARY - 1.3%
Media - 0.9%
600,000	Comcast Corp., Bonds, 5.650% due 6/15/35		409,948
1,000,000	Walt Disney Co., Medium-Term Notes, Global Notes, 5.700% due 7/15/11		1,005,536
	Total Media		1,415,484
Specialty Retail - 0.4%
700,000	Home Depot Inc., Senior Notes, 5.200% due 3/1/11		646,237
	TOTAL CONSUMER DISCRETIONARY		2,061,721
CONSUMER STAPLES - 0.3%
Beverages - 0.3%
655,000	PepsiCo Inc., 5.000% due 6/1/18		566,885
ENERGY - 0.4%
Oil, Gas & Consumable Fuels - 0.4%
750,000	Apache Corp., Senior Notes, 5.250% due 4/15/13		710,269
FINANCIALS - 5.8%
Capital Markets - 1.0%
715,000	Goldman Sachs Group Inc., Senior Notes, 5.700% due 9/1/12		642,575
1,000,000	Lehman Brothers Holdings Inc., Medium-Term Notes, 4.500% due 7/26/10 (b)		135,000
1,000,000	Morgan Stanley, Medium-Term Notes, 5.625% due 1/9/12		870,895
	Total Capital Markets		1,648,470
Commercial Banks - 0.4%
700,000	Wells Fargo Bank NA, Subordinated Notes, 6.450% due 2/1/11		699,549

See Notes to Schedule of Investments.

Page 3

LEGG MASON PARTNERS SOCIAL AWARENESS FUND

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

	FACE AMOUNT	SECURITY		VALUE
	Consumer Finance - 1.4%
$	1,000,000	American Express Credit Corp., Senior Notes, 5.000% due 12/2/10	$	900,483
	2,175,000	SLM Corp., Medium-Term Notes, 5.000% due 10/1/13		1,322,583
		Total Consumer Finance		2,223,066
	Diversified Financial Services - 2.8%
	1,000,000	Bank of America Corp., Senior Notes, 5.625% due 10/14/16		859,506
	1,000,000	Countrywide Home Loans Inc., Medium-Term Notes, 4.000% due 3/22/11		922,722
	750,000	HSBC Finance Corp., Notes, 6.375% due 10/15/11		692,080
	650,000	IBM International Group Capital LLC, 5.050% due 10/22/12		635,001
	700,000	John Deere Capital Corp., Medium-Term Notes, 5.650% due 7/25/11		691,576
	540,000	National Rural Utilities Cooperative Finance Corp., Medium-Term Notes, 8.000% due 3/1/32		431,591
	190,000	Private Export Funding Corp., 4.974% due 8/15/13		194,157
		Total Diversified Financial Services		4,426,633
	Insurance - 0.2%
	675,000	Genworth Financial Inc., Notes, 6.500% due 6/15/34		259,926
		TOTAL FINANCIALS		9,257,644
	HEALTH CARE - 1.4%
	Pharmaceuticals - 1.4%
	650,000	Abbott Laboratories, Senior Notes, 5.600% due 11/30/17		599,666
	850,000	AstraZeneca PLC, 5.400% due 9/15/12		837,085
	850,000	Johnson & Johnson, 5.150% due 8/15/12		884,548
		TOTAL HEALTH CARE		2,321,299
	INDUSTRIALS - 0.4%
	Road & Rail - 0.4%
	650,000	Norfolk Southern Corp., Senior Notes, 7.250% due 2/15/31		578,815
	MATERIALS - 0.3%
	Chemicals - 0.3%
	600,000	Potash Corp. of Saskatchewan Inc., Notes, 5.875% due 12/1/36		426,192
	TELECOMMUNICATION SERVICES - 0.6%
	Diversified Telecommunication Services - 0.6%
	1,000,000	Verizon Communications Inc., Senior Notes, 5.350% due 2/15/11		978,109
		TOTAL CORPORATE BONDS & NOTES (Cost - $20,547,077)		16,900,934
	MORTGAGE-BACKED SECURITIES - 11.5%
	FHLMC - 6.7%
		Federal Home Loan Mortgage Corp. (FHLMC):
	592,978	6.000% due 9/1/37 (a)		592,366
		Gold:
	4,410,889	5.000% due 3/1/19-7/1/35 (a)		4,262,351
	1,336,783	4.500% due 6/1/21 (a)		1,273,372
	2,454,533	6.000% due 2/1/22-2/1/36 (a)		2,454,814
	1,027,840	6.500% due 1/1/37 (a)		1,042,680
	1,067,372	5.500% due 2/1/37 (a)		1,041,677
		Total FHLMC		10,667,260
	FNMA - 3.7%
		Federal National Mortgage Association (FNMA):
	227	6.500% due 3/1/29 (a)		232
	586,132	4.500% due 2/1/35 (a)		533,331
	3,526,258	5.500% due 6/1/36-11/1/36 (a)		3,447,835
	2,005,066	6.000% due 5/1/37-9/1/37 (a)		2,005,475
		Total FNMA		5,986,873

See Notes to Schedule of Investments.

Page 4

LEGG MASON PARTNERS SOCIAL AWARENESS FUND

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

	FACE AMOUNT	SECURITY		VALUE
	GNMA - 1.1%
$	1,611,568	Government National Mortgage Association (GNMA) I, 5.000% due 12/15/35	$	1,540,990
	275,088	Government National Mortgage Association (GNMA) II, 7.000% due 11/20/36		276,797
		Total GNMA		1,817,787
		TOTAL MORTGAGE-BACKED SECURITIES (Cost - $18,625,946)		18,471,920
	U.S. GOVERNMENT & AGENCY OBLIGATIONS - 4.1%
	U.S. Government Agencies - 3.9%
		Federal National Mortgage Association (FNMA):
	303,000	Bonds, 6.625% due 11/15/30 (a)		343,485
		Notes:
	982,000	4.625% due 10/15/13 (a)		1,002,596
	2,029,000	5.000% due 4/15/15 (a)		2,074,212
	1,303,000	4.875% due 12/15/16 (a)		1,277,183
	1,587,000	5.375% due 6/12/17 (a)		1,606,958
		Total U.S. Government Agencies		6,304,434
	U.S. Government Obligations - 0.2%
		U.S. Treasury Bonds:
	47,000	8.875% due 8/15/17		62,282
	200,000	6.000% due 2/15/26		228,047
		Total U.S. Government Obligations		290,329
		TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $6,542,219)		6,594,763
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost - $164,308,917)		151,291,698
	SHORT-TERM INVESTMENT - 5.9%
	Repurchase Agreement - 5.9%
	9,394,281	Banc of America Securities LLC repurchase agreement dated 10/31/08, 0.100% due 11/3/08; Proceeds at maturity - $ 9,394,359; (Fully collateralized by U.S. government agency obligation, 2.500% due 3/17/09; Market value - $9,597,507) (Cost - $9,394,281)		9,394,281
		TOTAL INVESTMENTS - 100.1% (Cost - $173,703,198#)		160,685,979
		Liabilities in Excess of Other Assets - (0.1)%		(128,329	)
		TOTAL NET ASSETS - 100.0%	$	160,557,650

* Non-income producing security.

(a) On September 7, 2008, the Federal Housing Finance Agency placed Fannie Mae and Freddie Mac into Conservatorship.

(b) Security is currently in default.

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

Abbreviation used in this schedule:
ADR	— American Depositary Receipt

See Notes to Schedule of Investments.

Page 5

Notes to Schedule of Investments (unaudited)

1. Organization and Significant Accounting Policies

Legg Mason Partners Social Awareness Fund (the “Fund”) is a separate diversified investment series of 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) 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.

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

2. Investment Valuation

Effective February 1, 2008, the Fund adopted Statement of Financial Accounting Standards No. 157 (“FAS 157”). FAS 157 establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Fund’s investments, and requires additional disclosure about fair value. The hierarchy of inputs is summarized 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)

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.

The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:

	October 31, 2008		Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Investments in Securities	$	160,685,979	$	106,549,267	$	54,136,712	—

Page 6

Notes to Schedule of Investments (unaudited) (continued)

3. Investments

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

Gross unrealized appreciation	$	10,511,383
Gross unrealized depreciation		(23,528,602	)
Net unrealized depreciation	$	(13,017,219	)

4. Recent Accounting Pronouncements

In March 2008, the Financial Accounting Standards Board issued the Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (“FAS 161”). FAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. FAS 161 requires enhanced disclosures about the Fund’s derivative and hedging activities, including how such activities are accounted for and their effect on the Fund’s financial position, performance and cash flows. Management is currently evaluating the impact the adoption of FAS 161 will have on the Fund’s financial statements and related disclosures.

* * *

During September, 2008 FASB Staff Position FAS 133-1 and FASB Intepretation 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“Amendment”) was issued and is effective for annual and interim reporting periods ending after November 15, 2008. The Amendment requires enhanced disclosures regarding credit derivatives and hybrid financial instruments containing embedded credit derivatives. Management is currently evaluating the impact the adoption of the Amendment will have on the Fund’s financial statement disclosures.

Page 7

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: December 29, 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: December 29, 2008
By	/S/ KAPREL OZSOLAK
	Kaprel Ozsolak
	Chief Financial Officer
Date: December 29, 2008