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:

Funds Investors Services 1-800-822-5544

or

Institutional Shareholder Services 1-888-425-6432

Date of fiscal year end: October 31

Date of reporting period: January 31, 2009

ITEM 1. SCHEDULE OF INVESTMENTS

LEGG MASON PARTNERS EQUITY TRUST

LEGG MASON PARTNERS 130/30 U.S. LARGE CAP

EQUITY FUND

FORM N-Q

JANUARY 31, 2009

LEGG MASON PARTNERS 130/30 U.S. LARGE CAP EQUITY FUND

Schedule of Investments (unaudited) January 31, 2009

SHARES	SECURITY		VALUE
COMMON STOCKS - 125.5%
CONSUMER DISCRETIONARY - 14.3%
Distributors - 0.3%
690	Genuine Parts Co.	$	22,094
Diversified Consumer Services - 2.4%
610	Apollo Group Inc., Class A Shares *		49,690
590	DeVry Inc. (a)		31,612
1,430	H&R Block Inc. (a)		29,644
190	ITT Educational Services Inc. *		23,277
120	Strayer Education Inc.		25,972
	Total Diversified Consumer Services		160,195
Hotels, Restaurants & Leisure - 2.5%
2,628	Burger King Holdings Inc. (a)		58,473
1,280	McDonald’s Corp. (a)		74,265
810	Panera Bread Co. *		38,054
	Total Hotels, Restaurants & Leisure		170,792
Household Durables - 0.8%
2,130	Centex Corp. (a)		18,126
1,700	KB HOME (a)		18,139
1,610	Leggett & Platt Inc. (a)		20,109
	Total Household Durables		56,374
Internet & Catalog Retail - 0.5%
481	Priceline.com Inc. (a)*		32,270
Leisure Equipment & Products - 0.4%
1,143	Hasbro Inc. (a)		27,581
Media - 1.6%
2,940	DIRECTV Group Inc. (a)*		64,386
1,940	DISH Network Corp. *		24,910
980	Walt Disney Co.		20,266
	Total Media		109,562
Multiline Retail - 2.0%
1,544	Dollar Tree Inc. (a)*		65,944
2,460	Family Dollar Stores Inc. (a)		68,314
	Total Multiline Retail		134,258
Specialty Retail - 2.8%
1,800	Aeropostale Inc. (a)*		37,998
260	AutoZone Inc. *		34,551
1,280	Lowe’s Cos. Inc.		23,386
1,460	PETsMART Inc.		27,404
1,500	Ross Stores Inc. (a)		44,130
980	TJX Cos. Inc. (a)		19,032
	Total Specialty Retail		186,501
Textiles, Apparel & Luxury Goods - 1.0%
1,110	NIKE Inc., Class B Shares (a)		50,228
470	Polo Ralph Lauren Corp.		19,284
	Total Textiles, Apparel & Luxury Goods		69,512
	TOTAL CONSUMER DISCRETIONARY		969,139
CONSUMER STAPLES - 12.9%
Beverages - 2.3%
1,534	Coca-Cola Co. (a)		65,532
2,500	Constellation Brands Inc., Class A Shares *		36,300
1,034	PepsiCo Inc.		51,938
	Total Beverages		153,770

See Notes to Schedule of Investments.

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LEGG MASON PARTNERS 130/30 U.S. LARGE CAP EQUITY FUND

Schedule of Investments (unaudited) (continued) January 31, 2009

SHARES	SECURITY	VALUE
Food & Staples Retailing - 3.4%
1,340	BJ’s Wholesale Club Inc. (a)*	$	38,431
1,166	CVS Corp. (a)		31,342
2,020	Kroger Co. (a)		45,450
2,381	Wal-Mart Stores Inc. (a)		112,193
	Total Food & Staples Retailing		227,416
Food Products - 2.1%
770	Campbell Soup Co.		23,385
1,640	ConAgra Foods Inc.		28,044
560	General Mills Inc.		33,124
620	Ralcorp Holdings Inc. *		36,716
936	Unilever NV (a)		20,564
	Total Food Products		141,833
Household Products - 2.4%
650	Colgate-Palmolive Co.		42,276
2,196	Procter & Gamble Co. (a)		119,682
	Total Household Products		161,958
Personal Products - 0.6%
1,760	Alberto-Culver Co. (a)		43,050
Tobacco - 2.1%
2,937	Altria Group Inc. (a)		48,578
2,567	Philip Morris International Inc. (a)		95,364
	Total Tobacco		143,942
	TOTAL CONSUMER STAPLES		871,969
ENERGY - 17.2%
Energy Equipment & Services - 2.4%
430	Diamond Offshore Drilling Inc.		26,987
1,060	ENSCO International Inc. (a)		29,002
1,070	Nabors Industries Ltd. *		11,716
2,770	Patterson-UTI Energy Inc. (a)		26,481
470	Schlumberger Ltd.		19,181
430	SEACOR Holdings Inc. *		27,967
1,260	Superior Energy Services Inc. (a)*		19,631
	Total Energy Equipment & Services		160,965
Oil, Gas & Consumable Fuels - 14.8%
1,249	Apache Corp. (a)		93,675
520	BP Prudhoe Bay Royalty Trust		37,851
2,077	Chevron Corp. (a)		146,470
1,724	ConocoPhillips (a)		81,942
810	Devon Energy Corp. (a)		49,896
4,805	Exxon Mobil Corp. (a)		367,486
734	Hess Corp. (a)		40,818
880	Southwestern Energy Co. *		27,852
1,570	Sunoco Inc. (a)		72,722
4,710	Talisman Energy Inc.		44,462
1,060	Valero Energy Corp.		25,567
1,120	Williams Cos. Inc. (a)		15,848
	Total Oil, Gas & Consumable Fuels		1,004,589
	TOTAL ENERGY		1,165,554
FINANCIALS - 12.6%
Capital Markets - 2.0%
754	Bank of New York Mellon Corp. (a)		19,408
230	Goldman Sachs Group Inc. (a)		18,568
630	Northern Trust Corp. (a)		36,237
1,310	Raymond James Financial Inc. (a)		24,248
600	State Street Corp.		13,962

See Notes to Schedule of Investments.

2

LEGG MASON PARTNERS 130/30 U.S. LARGE CAP EQUITY FUND

Schedule of Investments (unaudited) (continued) January 31, 2009

SHARES	SECURITY		VALUE
Capital Markets - 2.0% (continued)
2,370	TD Ameritrade Holding Corp. (a)*	$	26,639
	Total Capital Markets		139,062
Commercial Banks - 2.4%
1,500	BancorpSouth Inc. (a)		28,350
711	Credicorp Ltd. (a)		29,365
830	Cullen/Frost Bankers Inc. (a)		36,329
1,000	U.S. Bancorp		14,840
2,710	Wells Fargo & Co. (a)		51,219
	Total Commercial Banks		160,103
Diversified Financial Services - 1.2%
2,935	Bank of America Corp. (a)		19,312
2,293	Citigroup Inc. (a)		8,140
2,125	JPMorgan Chase & Co. (a)		54,209
	Total Diversified Financial Services		81,661
Insurance - 3.4%
820	ACE Ltd.		35,801
920	AFLAC Inc. (a)		21,353
730	Aon Corp. (a)		27,046
90	Fairfax Financial Holdings Ltd.		29,311
1,118	Platinum Underwriters Holdings Ltd.		31,092
590	StanCorp Financial Group Inc.		15,234
1,065	Travelers Cos. Inc. (a)		41,152
1,930	Unum Group (a)		27,329
	Total Insurance		228,318
Real Estate Investment Trusts (REITs) - 2.6%
3,976	Annaly Capital Management Inc. (a)		60,197
216	Apartment Investment and Management Co., Class A Shares		1,920
1,030	Equity Residential (a)		24,648
970	HCP Inc.		22,640
1,700	Liberty Property Trust		34,000
500	Public Storage Inc.		30,935
	Total Real Estate Investment Trusts (REITs)		174,340
Real Estate Management & Development - 0.5%
2,030	Brookfield Asset Management Inc., Class A Shares		32,033
Thrifts & Mortgage Finance - 0.5%
860	Capitol Federal Financial		35,604
	TOTAL FINANCIALS		851,121
HEALTH CARE - 19.9%
Biotechnology - 3.0%
1,120	Amgen Inc. (a)*		61,432
650	Cephalon Inc. (a)*		50,167
450	Genentech Inc. *		36,558
1,150	Gilead Sciences Inc. *		58,385
	Total Biotechnology		206,542
Health Care Equipment & Supplies - 2.8%
460	Baxter International Inc.		26,979
420	Becton, Dickinson & Co.		30,521
450	C.R. Bard Inc.		38,507
680	Edwards Lifesciences Corp. *		39,093
1,420	St. Jude Medical Inc. (a)*		51,645
	Total Health Care Equipment & Supplies		186,745
Health Care Providers & Services - 3.4%
1,290	AmerisourceBergen Corp. (a)		46,853
1,820	CIGNA Corp. (a)		31,595
1,008	Express Scripts Inc. (a)*		54,190

See Notes to Schedule of Investments.

3

LEGG MASON PARTNERS 130/30 U.S. LARGE CAP EQUITY FUND

Schedule of Investments (unaudited) (continued) January 31, 2009

SHARES	SECURITY		VALUE
Health Care Providers & Services - 3.4% (continued)
520	Humana Inc. (a)*	$	19,724
1,070	Medco Health Solutions Inc. (a)*		48,075
1,080	Omnicare Inc.		30,197
	Total Health Care Providers & Services		230,634
Life Sciences Tools & Services - 1.1%
1,602	Life Technologies Corp. *		40,787
540	Techne Corp.		32,384
	Total Life Sciences Tools & Services		73,171
Pharmaceuticals - 9.6%
1,790	Abbott Laboratories (a)		99,238
2,067	Bristol-Myers Squibb Co. (a)		44,254
730	Eli Lilly & Co.		26,879
2,060	Endo Pharmaceuticals Holdings Inc. (a)*		46,288
1,880	Johnson & Johnson (a)		108,457
1,561	Merck & Co. Inc. (a)		44,567
1,650	Perrigo Co. (a)		48,428
4,842	Pfizer Inc. (a)		70,596
2,940	Schering-Plough Corp. (a)		51,626
2,700	Warner Chilcott Ltd., Class A Shares (a)*		37,125
2,664	Watson Pharmaceuticals Inc. (a)*		72,674
	Total Pharmaceuticals		650,132
	TOTAL HEALTH CARE		1,347,224
INDUSTRIALS - 12.6%
Aerospace & Defense - 3.4%
722	General Dynamics Corp. (a)		40,959
1,050	Honeywell International Inc. (a)		34,451
350	Lockheed Martin Corp.		28,714
536	Northrop Grumman Corp. (a)		25,792
1,211	Raytheon Co. (a)		61,301
807	United Technologies Corp. (a)		38,728
	Total Aerospace & Defense		229,945
Airlines - 0.8%
2,710	AMR Corp. *		16,097
770	Copa Holdings SA, Class A Shares		20,205
2,790	Delta Air Lines Inc. (a)*		19,251
	Total Airlines		55,553
Commercial Services & Supplies - 1.4%
2,020	Brink’s Co. (a)		53,389
1,632	Republic Services Inc. (a)		42,203
	Total Commercial Services & Supplies		95,592
Construction & Engineering - 1.5%
1,370	EMCOR Group Inc. (a)*		28,208
940	Fluor Corp. (a)		36,566
2,360	KBR Inc. (a)		33,418
	Total Construction & Engineering		98,192
Electrical Equipment - 0.4%
1,540	General Cable Corp. *		25,348
Industrial Conglomerates - 1.1%
480	3M Co.		25,819
3,937	General Electric Co. (a)		47,756
	Total Industrial Conglomerates		73,575
Machinery - 2.3%
590	Flowserve Corp. (a)		31,453
1,270	Gardner Denver Inc. (a)*		27,648
1,400	Joy Global Inc. (a)		29,162

See Notes to Schedule of Investments.

4

LEGG MASON PARTNERS 130/30 U.S. LARGE CAP EQUITY FUND

Schedule of Investments (unaudited) (continued) January 31, 2009

SHARES	SECURITY	VALUE
Machinery - 2.3% (continued)
1,500	Pall Corp. (a)	$	39,105
1,840	Timken Co. (a)		27,398
	Total Machinery		154,766
Marine - 0.4%
1,100	Kirby Corp. *		26,378
Road & Rail - 1.0%
660	Norfolk Southern Corp.		25,318
840	Ryder System Inc.		28,375
360	Union Pacific Corp.		15,764
	Total Road & Rail		69,457
Trading Companies & Distributors - 0.3%
320	W. W. Grainger Inc.		23,344
	TOTAL INDUSTRIALS		852,150
INFORMATION TECHNOLOGY - 21.8%
Communications Equipment - 2.0%
4,590	Cisco Systems Inc. (a)*		68,712
1,290	CommScope Inc. *		18,602
880	F5 Networks Inc. *		19,510
739	Harris Corp. (a)		31,991
	Total Communications Equipment		138,815
Computers & Peripherals - 6.0%
589	Apple Inc. (a)*		53,087
3,393	Hewlett-Packard Co. (a)		117,907
1,700	International Business Machines Corp. (a)		155,805
1,980	NCR Corp. (a)*		24,849
2,836	QLogic Corp. (a)*		32,103
1,317	Western Digital Corp. (a)*		19,333
	Total Computers & Peripherals		403,084
Electronic Equipment, Instruments & Components - 0.8%
1,330	Agilent Technologies Inc. (a)*		24,046
1,100	Dolby Laboratories Inc., Class A Shares *		28,116
	Total Electronic Equipment, Instruments & Components		52,162
Internet Software & Services - 0.9%
182	Google Inc., Class A Shares (a)*		61,613
IT Services - 4.0%
1,800	Accenture Ltd., Class A Shares		56,808
640	Affiliated Computer Services Inc., Class A Shares *		29,350
4,752	CGI Group Inc. (a)*		38,301
930	Computer Sciences Corp. (a)*		34,261
800	Hewitt Associates Inc., Class A Shares *		22,704
238	MasterCard Inc., Class A Shares (a)		32,316
1,350	Metavante Technologies Inc. (a)*		19,589
1,940	SAIC Inc. (a)*		38,296
	Total IT Services		271,625
Semiconductors & Semiconductor Equipment - 2.1%
1,900	Altera Corp. (a)		29,222
1,124	ASML Holding NV, New York Registered Shares		18,591
3,640	Integrated Device Technology Inc. (a)*		20,894
3,617	Intel Corp. (a)		46,659
1,520	Xilinx Inc. (a)		25,612
	Total Semiconductors & Semiconductor Equipment		140,978
Software - 6.0%
1,843	BMC Software Inc. (a)*		46,683
690	McAfee Inc. *		21,038
6,805	Microsoft Corp.		116,365

See Notes to Schedule of Investments.

5

LEGG MASON PARTNERS 130/30 U.S. LARGE CAP EQUITY FUND

Schedule of Investments (unaudited) (continued) January 31, 2009

SHARES	SECURITY		VALUE
Software - 6.0% (continued)
4,712	Oracle Corp. (a)*	$	79,303
3,298	Parametric Technology Corp. (a)*		29,682
1,463	Sybase Inc. (a)*		39,955
2,060	Symantec Corp. *		31,580
1,030	Synopsys Inc. *		19,055
950	VMware Inc., Class A Shares *		19,665
	Total Software		403,326
	TOTAL INFORMATION TECHNOLOGY		1,471,603
MATERIALS - 3.9%
Chemicals - 2.0%
367	CF Industries Holdings Inc. (a)		17,249
660	FMC Corp.		29,449
390	Monsanto Co.		29,663
460	Potash Corporation of Saskatchewan Inc.		34,436
1,043	Terra Industries Inc. (a)		21,361
	Total Chemicals		132,158
Containers & Packaging - 0.4%
1,530	Crown Holdings Inc. (a)*		28,688
Metals & Mining - 1.5%
781	ArcelorMittal		17,627
1,390	Cliffs Natural Resources Inc. (a)		32,206
810	Nucor Corp.		33,040
730	Reliance Steel & Aluminum Co.		16,155
	Total Metals & Mining		99,028
	TOTAL MATERIALS		259,874
TELECOMMUNICATION SERVICES - 3.8%
Diversified Telecommunication Services - 3.4%
4,672	AT&T Inc. (a)		115,025
2,803	Verizon Communications Inc. (a)		83,725
3,460	Windstream Corp. (a)		30,033
	Total Diversified Telecommunication Services		228,783
Wireless Telecommunication Services - 0.4%
640	U.S. Cellular Corp. *		26,848
	TOTAL TELECOMMUNICATION SERVICES		255,631
UTILITIES - 6.5%
Electric Utilities - 1.5%
1,380	Edison International (a)		44,947
350	Entergy Corp.		26,726
580	FirstEnergy Corp. (a)		28,994
	Total Electric Utilities		100,667
Gas Utilities - 0.3%
950	Atmos Energy Corp.		23,323
Independent Power Producers & Energy Traders - 1.2%
2,250	Mirant Corp. *		38,632
1,750	NRG Energy Inc. *		40,880
	Total Independent Power Producers & Energy Traders		79,512
Multi-Utilities - 3.1%
2,560	CenterPoint Energy Inc. (a)		34,253
910	Dominion Resources Inc.		32,014
1,170	DTE Energy Co.		40,365
990	MDU Resources Group Inc. (a)		19,691
800	NSTAR		27,056
930	PG&E Corp.		35,963

See Notes to Schedule of Investments.

6

LEGG MASON PARTNERS 130/30 U.S. LARGE CAP EQUITY FUND

Schedule of Investments (unaudited) (continued) January 31, 2009

SHARES	SECURITY	VALUE
Multi-Utilities - 3.1% (continued)
800	Vectren Corp.	$	20,632
	Total Multi-Utilities		209,974
Water Utilities - 0.4%
1,150	American Water Works Co. Inc.		24,357
	TOTAL UTILITIES		437,833
	TOTAL INVESTMENTS - 125.5% (Cost - $11,416,868#)		8,482,098
	Securities Sold Short, at Value - (25.9)% (Proceeds - $2,291,967#)		(1,747,449	)
	Other Assets in Excess of Liabilities - 0.4%		24,610
	TOTAL NET ASSETS - 100.0%	$	6,759,259

* Non-income producing security.

(a) All or a portion of this security is held at the broker as collateral for short sales.

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

See Notes to Schedule of Investments.

7

LEGG MASON PARTNERS 130/30 U.S. LARGE CAP EQUITY FUND

Schedule of Securities Sold Short^† (unaudited) January 31, 2009

SHARES	SECURITY	VALUE
COMMON STOCKS - (25.9)%
CONSUMER DISCRETIONARY - (3.5)%
Auto Components - (0.4)%
1,710	Gentex Corp.	$	14,347
870	Johnson Controls Inc.		10,884
	Total Auto Components		25,231
Automobiles - (0.1)%
640	Harley-Davidson Inc.		7,795
Hotels, Restaurants & Leisure - (0.6)%
2,241	Starbucks Corp. *		21,155
1,090	Starwood Hotels & Resorts Worldwide Inc.		16,481
	Total Hotels, Restaurants & Leisure		37,636
Household Durables - (0.4)%
410	Black & Decker Corp.		11,853
1,790	Newell Rubbermaid Inc.		14,463
	Total Household Durables		26,316
Internet & Catalog Retail - (0.3)%
410	Amazon.com Inc. *		24,116
Media - (0.3)%
600	Morningstar Inc. *		20,802
Multiline Retail - (0.2)%
960	J.C. Penney Co. Inc.		16,080
Specialty Retail - (0.7)%
680	Bed Bath & Beyond Inc. *		15,797
1,220	Dick’s Sporting Goods Inc. *		13,432
2,060	Williams-Sonoma Inc.		16,315
	Total Specialty Retail		45,544
Textiles, Apparel & Luxury Goods - (0.5)%
1,450	Hanesbrands Inc. *		13,036
370	V.F. Corp.		20,727
	Total Textiles, Apparel & Luxury Goods		33,763
	TOTAL CONSUMER DISCRETIONARY		237,283
CONSUMER STAPLES - (0.3)%
Beverages - (0.3)%
1,190	Dr. Pepper Snapple Group Inc. *		19,576
ENERGY - (3.0)%
Energy Equipment & Services - (1.0)%
1,050	Exterran Holdings Inc. *		23,268
410	Oceaneering International Inc. *		14,128
850	Smith International Inc.		19,295
1,320	Weatherford International Ltd. *		14,560
	Total Energy Equipment & Services		71,251
Oil, Gas & Consumable Fuels - (2.0)%
650	Cabot Oil & Gas Corp.		17,869
710	Cimarex Energy Co.		17,636
1,200	Forest Oil Corp. *		18,000
760	Pioneer Natural Resources Co.		11,127
960	Plains Exploration & Production Co. *		20,275
560	Range Resources Corp.		20,070
1,030	Southern Union Co.		13,277
1,120	Spectra Energy Corp.		16,251
	Total Oil, Gas & Consumable Fuels		134,505
	TOTAL ENERGY		205,756

See Notes to Schedule of Investments.

8

LEGG MASON PARTNERS 130/30 U.S. LARGE CAP EQUITY FUND

Schedule of Securities Sold Short^† (unaudited) (continued) January 31, 2009

SHARES	SECURITY	VALUE
FINANCIALS - (3.2)%
Capital Markets - (0.7)%
1,120	Invesco Ltd.	$	13,205
690	Lazard Ltd., Class A Shares		18,285
1,120	SEI Investments Co.		14,190
	Total Capital Markets		45,680
Commercial Banks - (0.3)%
420	Canadian Imperial Bank of Commerce		15,725
576	SunTrust Banks Inc.		7,061
	Total Commercial Banks		22,786
Consumer Finance - (0.1)%
540	Capital One Financial Corp.		8,554
Insurance - (1.2)%
970	Manulife Financial Corp.		16,054
400	Mercury General Corp.		15,496
1,890	Old Republic International Corp.		19,505
880	Sun Life Financial Inc.		17,714
50	White Mountains Insurance Group Ltd.		12,075
	Total Insurance		80,844
Real Estate Investment Trusts (REITs) - (0.6)%
1,020	Kimco Realty Corp.		14,668
1,030	Macerich Co.		15,182
620	Taubman Centers Inc.		12,307
	Total Real Estate Investment Trusts (REITs)		42,157
Real Estate Management & Development - (0.3)%
790	St. Joe Co. *		18,999
	TOTAL FINANCIALS		219,020
HEALTH CARE - (2.9)%
Biotechnology - (0.3)%
1,070	BioMarin Pharmaceutical Inc. *		20,608
Health Care Equipment & Supplies - (0.9)%
540	IDEXX Laboratories Inc. *		17,712
130	Intuitive Surgical Inc. *		13,420
350	Stryker Corp.		14,784
406	Zimmer Holdings Inc. *		14,779
	Total Health Care Equipment & Supplies		60,695
Health Care Providers & Services - (0.6)%
500	Henry Schein Inc. *		18,715
1,050	VCA Antech Inc. *		19,761
	Total Health Care Providers & Services		38,476
Life Sciences Tools & Services - (0.8)%
510	Covance Inc. *		19,686
740	Illumina Inc. *		20,246
1,550	MDS Inc. *		12,044
	Total Life Sciences Tools & Services		51,976
Pharmaceuticals - (0.3)%
560	Allergan Inc.		21,347
	TOTAL HEALTH CARE		193,102
INDUSTRIALS - (3.6)%
Air Freight & Logistics - (0.2)%
300	United Parcel Service Inc.		12,747
Building Products - (0.3)%
2,363	Masco Corp.		18,479

See Notes to Schedule of Investments.

9

LEGG MASON PARTNERS 130/30 U.S. LARGE CAP EQUITY FUND

Schedule of Securities Sold Short^† (unaudited) (continued) January 31, 2009

SHARES	SECURITY	VALUE
Commercial Services & Supplies - (0.5)%
920	Iron Mountain Inc. *	$	18,823
340	Stericycle Inc. *		16,633
	Total Commercial Services & Supplies		35,456
Electrical Equipment - (0.6)%
680	Cooper Industries Ltd.		18,299
530	Roper Industries Inc.		21,804
	Total Electrical Equipment		40,103
Machinery - (1.1)%
330	Danaher Corp.		18,457
550	Illinois Tool Works Inc.		17,963
570	PACCAR Inc.		15,042
550	Parker Hannifin Corp.		21,016
	Total Machinery		72,478
Marine - (0.2)%
630	Alexander & Baldwin Inc.		13,885
Professional Services - (0.2)%
350	FTI Consulting Inc. *		14,353
Road & Rail - (0.5)%
520	Canadian Pacific Railway Ltd.		15,735
900	Kansas City Southern *		16,344
	Total Road & Rail		32,079
	TOTAL INDUSTRIALS		239,580
INFORMATION TECHNOLOGY - (5.5)%
Communications Equipment - (0.8)%
1,980	Corning Inc.		20,018
1,130	Juniper Networks Inc. *		16,001
1,070	Polycom Inc. *		15,033
	Total Communications Equipment		51,052
Computers & Peripherals - (1.1)%
2,190	EMC Corp. *		24,177
990	Logitech International SA *		9,494
1,530	NetApp Inc. *		22,690
1,548	SanDisk Corp. *		17,694
	Total Computers & Peripherals		74,055
Electronic Equipment, Instruments & Components - (0.3)%
1,070	Avnet Inc. *		21,207
Internet Software & Services - (0.3)%
330	Equinix Inc. *		17,605
520	Yahoo! Inc. *		6,100
	Total Internet Software & Services		23,705
IT Services - (0.6)%
980	Cognizant Technology Solutions Corp., Class A Shares *		18,355
785	Paychex Inc.		19,068
	Total IT Services		37,423
Semiconductors & Semiconductor Equipment - (1.2)%
1,750	Applied Materials Inc.		16,398
1,000	International Rectifier Corp. *		13,620
770	KLA-Tencor Corp.		15,431
1,320	MEMC Electronic Materials Inc. *		17,952
1,870	NVIDIA Corp. *		14,866
	Total Semiconductors & Semiconductor Equipment		78,267
Software - (1.2)%
610	ANSYS Inc. *		15,165

See Notes to Schedule of Investments.

10

LEGG MASON PARTNERS 130/30 U.S. LARGE CAP EQUITY FUND

Schedule of Securities Sold Short^† (unaudited) (continued) January 31, 2009

SHARES	SECURITY	VALUE
Software - (1.2)% (continued)
740	Autodesk Inc. *	$	12,254
900	Check Point Software Technologies Ltd. *		20,403
1,000	Citrix Systems Inc. *		21,040
990	Electronic Arts Inc. *		15,286
	Total Software		84,148
	TOTAL INFORMATION TECHNOLOGY		369,857
MATERIALS - (1.5)%
Chemicals - (0.8)%
550	Ecolab Inc.		18,678
630	International Flavors & Fragrances Inc.		18,031
1,630	RPM International Inc.		20,065
	Total Chemicals		56,774
Containers & Packaging - (0.3)%
1,380	Packaging Corp. of America		19,596
Paper & Forest Products - (0.4)%
910	Weyerhaeuser Co.		24,879
	TOTAL MATERIALS		101,249
TELECOMMUNICATION SERVICES - (0.8)%
Wireless Telecommunication Services - (0.8)%
765	Leap Wireless International Inc. *		19,278
1,240	MetroPCS Communications Inc. *		16,852
440	Millicom International Cellular SA		17,230
	TOTAL TELECOMMUNICATION SERVICES		53,360
UTILITIES - (1.6)%
Electric Utilities - (1.2)%
630	Allegheny Energy Inc.		20,941
1,110	Great Plains Energy Inc.		21,168
1,030	Pepco Holdings Inc.		18,344
600	PPL Corp.		18,396
	Total Electric Utilities		78,849
Multi-Utilities - (0.4)%
1,270	NiSource Inc.		12,294
710	OGE Energy Corp.		17,523
	Total Multi-Utilities		29,817
	TOTAL UTILITIES		108,666
	TOTAL SECURITIES SOLD SHORT (Proceeds - $2,291,967)	$	1,747,449

* Non-income producing security.

† Percentages indicated are based on net assets.

See Notes to Schedule of Investments.

11

Notes to Schedule of Investments (unaudited)

1. Organization and Significant Accounting Policies

Legg Mason Partners 130/30 U.S. Large Cap Equity 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) 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.

Effective November 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)

The inputs or methodology used for valuing 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:

	January 31, 2009			Quoted Prices (Level 1)			Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Investments in Securities	$	8,482,098		$	8,482,098		—	—
Other Financial Instruments *		(1,747,449	)		(1,747,449	)	—	—
Total	$	6,734,649		$	6,734,649		—	—

* Other financial instruments may include written options, futures, swaps and forward contracts.

(b) Short Sales of Securities. A short sale is a transaction in which the Fund sells a security it does not own (but has borrowed) in anticipation of a decline in the market price of that security. To complete a short sale, the Fund may arrange through a broker to borrow the security to be delivered to the buyer. The proceeds received by the Fund for the short sale may be retained by the broker until the Fund replaces the borrowed security. However, the Fund is expected to use the cash proceeds of short sales to purchase additional securities or for any other Fund purpose. When the Fund does this, it is required to pledge replacement securities as collateral for the broker. The Fund may use securities it owns to meet any such collateral obligations. In borrowing the security to be delivered to the buyer, the Fund becomes obligated to replace the security borrowed at the market price at the time of replacement, whatever that price may be. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale. Dividends declared on short positions existing on the record date are recorded on the ex-dividend date as an expense.

12

Notes to Schedule of Investments (unaudited) (continued)

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

2. Investments

At January 31, 2009, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

Gross unrealized appreciation	$	738,295
Gross unrealized depreciation		(3,128,547	)
Net unrealized depreciation	$	(2,390,252	)

3. Recent Accounting Pronouncement

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.

13

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 25, 2009

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 25, 2009
By	/s/ KAPREL OZSOLAK
	Kaprel Ozsolak
	Chief Financial Officer
Date:	March 25, 2009