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: November 30,

Date of reporting period: February 28, 2009

ITEM 1. SCHEDULE OF INVESTMENTS

LEGG MASON PARTNERS EQUITY TRUST

LEGG MASON PARTNERS

U.S. LARGE CAP EQUITY FUND

FORM N-Q

FEBRUARY 28, 2009

LEGG MASON PARTNERS U.S. LARGE CAP EQUITY FUND

Schedule of Investments (unaudited) February 28, 2009

SHARES	SECURITY		VALUE
COMMON STOCKS - 98.1%
CONSUMER DISCRETIONARY - 9.3%
Diversified Consumer Services - 1.2%
25,400	Apollo Group Inc., Class A Shares *	$	1,841,500
24,040	Brink’s Home Security Holdings Inc. *		504,119
16,750	ITT Educational Services Inc. *		1,901,125
	Total Diversified Consumer Services		4,246,744
Hotels, Restaurants & Leisure - 2.1%
48,090	Burger King Holdings Inc.		1,033,454
15,900	Darden Restaurants Inc.		431,526
67,830	McDonald’s Corp.		3,544,118
78,000	Yum! Brands Inc.		2,049,840
	Total Hotels, Restaurants & Leisure		7,058,938
Household Durables - 0.5%
96,500	D.R. Horton Inc.		815,425
93,100	Pulte Homes Inc.		854,658
	Total Household Durables		1,670,083
Media - 1.6%
61,290	Comcast Corp., Class A Shares		800,447
95,400	DISH Network Corp. *		1,073,250
64,520	Liberty Media Corp. - Entertainment, Series A *		1,117,486
104,700	News Corp., Class A Shares		582,132
132,140	Time Warner Inc.		1,008,228
60,950	Walt Disney Co.		1,022,132
	Total Media		5,603,675
Multiline Retail - 0.8%
56,850	Dollar Tree Inc. *		2,206,917
19,600	Family Dollar Stores Inc.		537,824
	Total Multiline Retail		2,744,741
Specialty Retail - 2.5%
40,650	Advance Auto Parts Inc.		1,554,863
12,590	AutoZone Inc. *		1,790,676
92,460	Home Depot Inc.		1,931,489
94,900	Lowe’s Cos. Inc.		1,503,216
58,670	Ross Stores Inc.		1,731,938
	Total Specialty Retail		8,512,182
Textiles, Apparel & Luxury Goods - 0.6%
20,700	NIKE Inc., Class B Shares		859,671
32,625	Polo Ralph Lauren Corp.		1,124,584
	Total Textiles, Apparel & Luxury Goods		1,984,255
	TOTAL CONSUMER DISCRETIONARY		31,820,618
CONSUMER STAPLES - 12.3%
Beverages - 1.5%
76,090	Coca-Cola Co.		3,108,276
41,840	PepsiCo Inc.		2,014,178
	Total Beverages		5,122,454
Food & Staples Retailing - 4.1%
72,180	BJ’s Wholesale Club Inc. *		2,156,738
69,990	CVS Corp.		1,801,543
37,510	Safeway Inc.		693,935
13,900	SUPERVALU Inc.		216,979
72,200	Sysco Corp.		1,552,300
138,190	Wal-Mart Stores Inc.		6,804,476
29,370	Walgreen Co.		700,768
	Total Food & Staples Retailing		13,926,739

See Notes to Schedule of Investments.

1

LEGG MASON PARTNERS U.S. LARGE CAP EQUITY FUND

Schedule of Investments (unaudited) (continued) February 28, 2009

SHARES	SECURITY		VALUE
Food Products - 2.1%
37,660	Archer-Daniels-Midland Co.	$	1,004,015
34,875	Dean Foods Co. *		713,194
50,590	Hershey Co.		1,704,377
49,040	J.M. Smucker Co.		1,820,365
39,010	Kraft Foods Inc., Class A Shares		888,648
17,100	Ralcorp Holdings Inc. *		1,036,260
	Total Food Products		7,166,859
Household Products - 2.5%
30,800	Colgate-Palmolive Co.		1,853,544
137,180	Procter & Gamble Co.		6,607,961
	Total Household Products		8,461,505
Personal Products - 0.1%
18,800	Alberto-Culver Co.		416,232
Tobacco - 2.0%
157,920	Altria Group Inc.		2,438,285
134,560	Philip Morris International Inc.		4,503,723
	Total Tobacco		6,942,008
	TOTAL CONSUMER STAPLES		42,035,797
ENERGY - 14.2%
Energy Equipment & Services - 1.5%
21,525	Diamond Offshore Drilling Inc.		1,348,326
51,140	ENSCO International Inc.		1,257,021
68,530	Oil States International Inc. *		912,820
13,600	Pride International Inc. *		234,464
33,890	Schlumberger Ltd.		1,289,853
	Total Energy Equipment & Services		5,042,484
Oil, Gas & Consumable Fuels - 12.7%
26,090	Anadarko Petroleum Corp.		911,845
21,740	Apache Corp.		1,284,617
34,450	Canadian Natural Resources Ltd.		1,111,701
115,740	Chevron Corp.		7,026,575
90,500	ConocoPhillips		3,380,175
25,890	Devon Energy Corp.		1,130,616
78,600	El Paso Corp.		530,550
34,650	Enerplus Resources Fund, Series G		583,160
17,920	EOG Resources Inc.		896,717
260,910	Exxon Mobil Corp.		17,715,789
27,380	Hess Corp.		1,497,412
43,000	Marathon Oil Corp.		1,000,610
55,300	Occidental Petroleum Corp.		2,868,411
89,250	Penn West Energy Trust		788,078
137,500	Valero Energy Corp.		2,664,750
	Total Oil, Gas & Consumable Fuels		43,391,006
	TOTAL ENERGY		48,433,490
FINANCIALS - 7.6%
Capital Markets - 1.5%
33,890	Bank of New York Mellon Corp.		751,341
12,530	Goldman Sachs Group Inc.		1,141,232
44,200	Morgan Stanley		863,668
161,285	Raymond James Financial Inc.		2,251,539
	Total Capital Markets		5,007,780
Commercial Banks - 0.6%
41,840	U.S. Bancorp		598,730

See Notes to Schedule of Investments.

2

LEGG MASON PARTNERS U.S. LARGE CAP EQUITY FUND

Schedule of Investments (unaudited) (continued) February 28, 2009

SHARES	SECURITY		VALUE
Commercial Banks - 0.6% (continued)
138,400	Wells Fargo & Co.	$	1,674,640
	Total Commercial Banks		2,273,370
Diversified Financial Services - 1.7%
179,950	Bank of America Corp.		710,802
188,680	JPMorgan Chase & Co.		4,311,338
102,830	Principal Financial Group Inc.		821,612
	Total Diversified Financial Services		5,843,752
Insurance - 2.1%
30,850	AFLAC Inc.		517,046
5,900	Aon Corp.		225,616
24,650	Arch Capital Group Ltd. *		1,331,100
32,830	Chubb Corp.		1,281,683
1,090	Fairfax Financial Holdings Ltd.		268,140
27,150	Fidelity National Financial Inc., Class A Shares		449,876
72,840	Prudential Financial Inc.		1,195,304
39,460	Travelers Cos. Inc.		1,426,479
48,770	Unum Group		496,479
	Total Insurance		7,191,723
Real Estate Investment Trusts (REITs) - 0.5%
49,300	Liberty Property Trust		900,711
14,600	Public Storage Inc.		810,008
	Total Real Estate Investment Trusts (REITs)		1,710,719
Real Estate Management & Development - 0.6%
47,000	Brookfield Asset Management Inc., Class A Shares		629,330
267,000	Brookfield Properties Corp.		1,321,650
	Total Real Estate Management & Development		1,950,980
Thrifts & Mortgage Finance - 0.6%
200,380	Hudson City Bancorp Inc.		2,077,941
	TOTAL FINANCIALS		26,056,265
HEALTH CARE - 18.7%
Biotechnology - 3.5%
67,030	Amgen Inc. *		3,279,778
47,400	Biogen Idec Inc. *		2,182,296
38,220	Cephalon Inc. *		2,506,850
18,600	Genentech Inc. *		1,591,230
54,420	Gilead Sciences Inc. *		2,438,016
	Total Biotechnology		11,998,170
Health Care Equipment & Supplies - 2.8%
37,130	Baxter International Inc.		1,890,288
14,600	Becton, Dickinson & Co.		903,594
28,200	C.R. Bard Inc.		2,263,332
30,100	Covidien Ltd.		953,267
8,200	Edwards Lifesciences Corp. *		456,002
29,560	Medtronic Inc.		874,680
37,266	St. Jude Medical Inc. *		1,235,741
35,380	Varian Medical Systems Inc. *		1,079,444
	Total Health Care Equipment & Supplies		9,656,348
Health Care Providers & Services - 2.8%
5,300	AmerisourceBergen Corp.		168,328
156,948	CIGNA Corp.		2,473,501
70,450	Express Scripts Inc. *		3,543,635
3,775	Humana Inc. *		89,354
44,600	McKesson Corp.		1,829,492
17,000	Medco Health Solutions Inc. *		689,860

See Notes to Schedule of Investments.

3

LEGG MASON PARTNERS U.S. LARGE CAP EQUITY FUND

Schedule of Investments (unaudited) (continued) February 28, 2009

SHARES	SECURITY		VALUE
Health Care Providers & Services - 2.8% (continued)
36,340	UnitedHealth Group Inc.	$	714,081
	Total Health Care Providers & Services		9,508,251
Life Sciences Tools & Services - 0.6%
71,568	Life Technologies Corp. *		2,086,207
Pharmaceuticals - 9.0%
60,300	Abbott Laboratories		2,854,602
118,260	Bristol-Myers Squibb Co.		2,177,167
61,380	Eli Lilly & Co.		1,803,344
146,730	Endo Pharmaceuticals Holdings Inc. *		2,784,935
32,300	Forest Laboratories Inc. *		692,512
102,980	Johnson & Johnson		5,149,000
253,170	King Pharmaceuticals Inc. *		1,858,268
75,230	Merck & Co. Inc.		1,820,566
372,750	Pfizer Inc.		4,588,553
99,600	Schering-Plough Corp.		1,732,044
121,320	Watson Pharmaceuticals Inc. *		3,429,716
38,570	Wyeth		1,574,427
	Total Pharmaceuticals		30,465,134
	TOTAL HEALTH CARE		63,714,110
INDUSTRIALS - 7.7%
Aerospace & Defense - 1.4%
22,450	Boeing Co.		705,828
25,830	General Dynamics Corp.		1,131,871
23,230	Honeywell International Inc.		623,261
19,210	Lockheed Martin Corp.		1,212,343
27,390	Raytheon Co.		1,094,778
	Total Aerospace & Defense		4,768,081
Air Freight & Logistics - 0.2%
15,640	United Parcel Service Inc., Class B Shares		644,055
Airlines - 0.4%
260,380	Delta Air Lines Inc. *		1,309,711
Commercial Services & Supplies - 0.3%
27,440	Brink’s Co.		654,993
25,069	Republic Services Inc.		498,873
	Total Commercial Services & Supplies		1,153,866
Construction & Engineering - 2.1%
102,120	Fluor Corp.		3,395,490
42,800	Foster Wheeler AG *		643,712
77,100	KBR Inc.		971,460
65,000	Shaw Group Inc. *		1,517,100
23,700	URS Corp. *		732,804
	Total Construction & Engineering		7,260,566
Electrical Equipment - 0.2%
25,330	Emerson Electric Co.		677,578
Industrial Conglomerates - 1.5%
37,650	3M Co.		1,711,569
235,870	General Electric Co.		2,007,254
31,400	United Technologies Corp.		1,282,062
	Total Industrial Conglomerates		5,000,885
Machinery - 0.7%
100,600	Joy Global Inc.		1,756,476
25,500	Navistar International Corp. *		719,100
	Total Machinery		2,475,576
Road & Rail - 0.9%
16,830	Burlington Northern Santa Fe Corp.		989,099

See Notes to Schedule of Investments.

4

LEGG MASON PARTNERS U.S. LARGE CAP EQUITY FUND

Schedule of Investments (unaudited) (continued) February 28, 2009

SHARES	SECURITY	VALUE
Road & Rail - 0.9% (continued)
22,360	Norfolk Southern Corp.	$	709,259
31,450	Union Pacific Corp.		1,180,004
	Total Road & Rail		2,878,362
	TOTAL INDUSTRIALS		26,168,680
INFORMATION TECHNOLOGY - 17.0%
Communications Equipment - 1.8%
298,920	Cisco Systems Inc. *		4,355,264
50,390	QUALCOMM Inc.		1,684,538
	Total Communications Equipment		6,039,802
Computers & Peripherals - 5.8%
38,220	Apple Inc. *		3,413,428
121,600	Dell Inc. *		1,037,248
187,270	Hewlett-Packard Co.		5,436,448
87,220	International Business Machines Corp.		8,026,857
118,540	NCR Corp. *		938,837
186,000	Sun Microsystems Inc. *		870,480
	Total Computers & Peripherals		19,723,298
Electronic Equipment, Instruments & Components - 0.2%
45,000	Agilent Technologies Inc. *		624,150
Internet Software & Services - 0.8%
7,700	Google Inc., Class A Shares *		2,602,523
IT Services - 2.1%
40,580	Accenture Ltd., Class A Shares		1,184,530
36,480	Affiliated Computer Services Inc., Class A Shares *		1,701,062
29,800	Automatic Data Processing Inc.		1,017,670
59,560	Computer Sciences Corp. *		2,069,115
45,300	Global Payments Inc.		1,389,804
	Total IT Services		7,362,181
Semiconductors & Semiconductor Equipment - 1.4%
128,000	Altera Corp.		1,962,240
178,520	Intel Corp.		2,274,345
12,470	Texas Instruments Inc.		178,944
25,456	Xilinx Inc.		450,062
	Total Semiconductors & Semiconductor Equipment		4,865,591
Software - 4.9%
41,950	McAfee Inc. *		1,172,503
453,870	Microsoft Corp.		7,330,001
252,410	Oracle Corp. *		3,922,451
120,200	Symantec Corp. *		1,662,366
101,700	Synopsys Inc. *		1,894,671
31,300	VMware Inc., Class A Shares *		649,788
	Total Software		16,631,780
	TOTAL INFORMATION TECHNOLOGY		57,849,325
MATERIALS - 3.1%
Chemicals - 2.2%
17,800	CF Industries Holdings Inc.		1,145,074
27,680	E.I. du Pont de Nemours & Co.		519,277
40,670	Monsanto Co.		3,101,901
18,464	Potash Corporation of Saskatchewan Inc.		1,550,422
37,380	Terra Industries Inc.		964,030
	Total Chemicals		7,280,704
Containers & Packaging - 0.3%
54,210	Crown Holdings Inc. *		1,142,747

See Notes to Schedule of Investments.

5

LEGG MASON PARTNERS U.S. LARGE CAP EQUITY FUND

Schedule of Investments (unaudited) (continued) February 28, 2009

SHARES		SECURITY	VALUE
	Metals & Mining - 0.6%
	56,470	Cliffs Natural Resources Inc.	$	871,332
	71,300	Kinross Gold Corp.		1,125,114
		Total Metals & Mining		1,996,446
		TOTAL MATERIALS		10,419,897
	TELECOMMUNICATION SERVICES - 3.9%
	Diversified Telecommunication Services - 3.9%
	251,560	AT&T Inc.		5,979,581
	48,900	CenturyTel Inc.		1,287,537
	36,090	Embarq Corp.		1,262,067
	171,560	Verizon Communications Inc.		4,894,607
		TOTAL TELECOMMUNICATION SERVICES		13,423,792
	UTILITIES - 4.3%
	Electric Utilities - 2.7%
	93,980	American Electric Power Co. Inc.		2,636,139
	75,476	Duke Energy Corp.		1,016,661
	70,060	Edison International		1,907,033
	13,570	Exelon Corp.		640,776
	18,200	FirstEnergy Corp.		774,592
	23,900	FPL Group Inc.		1,083,387
	36,200	Pinnacle West Capital Corp.		950,612
		Total Electric Utilities		9,009,200
	Multi-Utilities - 1.6%
	35,200	Dominion Resources Inc.		1,062,336
	21,900	NSTAR		704,523
	65,400	PG&E Corp.		2,499,588
	7,800	Sempra Energy		324,246
	43,500	Vectren Corp.		907,410
		Total Multi-Utilities		5,498,103
		TOTAL UTILITIES		14,507,303
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost - $451,253,788)		334,429,277
FACE AMOUNT
	SHORT-TERM INVESTMENT - 1.3%
	Repurchase Agreement - 1.3%
$	4,644,000	State Street Bank & Trust Co., dated 02/27/09, 0.010% due 3/2/09; Proceeds due at maturity - $4,644,004; (Fully collateralized by U.S. Treasury Bill, 0.000% due 8/27/09; Market value - $4,739,550) (Cost - $4,644,000)		4,644,000
		TOTAL INVESTMENTS - 99.4% (Cost - $455,897,788#)		339,073,277
		Other Assets in Excess of Liabilities - 0.6%		1,906,922
		TOTAL NET ASSETS - 100.0%	$	340,980,199

* Non-income producing security.

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

See Notes to Schedule of Investments.

6

Notes to Schedule of Investments (unaudited)

1. Organization and Significant Accounting Policies

Legg Mason Partners 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.

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:

	February 28, 2009	Quoted Prices (Level 1)	Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Investments in Securities	$339,073,277	$334,429,277	$4,644,000	—

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

2. Investments

At February 28, 2009, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

Gross unrealized appreciation	$	3,327,266
Gross unrealized depreciation		(120,151,777	)
Net unrealized depreciation	$	(116,824,511	)

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:	April 27, 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:	April 27, 2009
By:	/s/    KAPREL OZSOLAK
	Kaprel Ozsolak
	Chief Financial Officer
Date:	April 27, 2009