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: 1-877-721-1926

Date of fiscal year end: January 31

Date of reporting period: October 31, 2011

ITEM 1. SCHEDULES OF INVESTMENTS

LEGG MASON PARTNERS EQUITY TRUST

LEGG MASON TARGET

RETIREMENT SERIES

LEGG MASON TARGET RETIREMENT 2015

LEGG MASON TARGET RETIREMENT 2020

LEGG MASON TARGET RETIREMENT 2025

LEGG MASON TARGET RETIREMENT 2030

LEGG MASON TARGET RETIREMENT 2035

LEGG MASON TARGET RETIREMENT 2040

LEGG MASON TARGET RETIREMENT 2045

LEGG MASON TARGET RETIREMENT 2050

LEGG MASON TARGET RETIREMENT FUND

FORM N-Q

OCTOBER 31, 2011

LEGG MASON TARGET RETIREMENT 2015

Schedules of Investments (unaudited) October 31, 2011

DESCRIPTION	SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS - 64.2%
iShares Trust:
iShares MSCI EAFE Index Fund		5,220	$	273,371
iShares Russell 1000 Growth Index Fund		1,320		76,969
iShares Russell 1000 Value Index Fund		2,835		178,803
iShares Russell 2000 Index Fund		810		59,916
Legg Mason Capital Management Growth Trust, Inc., Class I Shares		2,598		57,587	*(a)
Legg Mason Capital Management Value Trust, Inc., Class I Shares		1,311		57,752	*(a)
Legg Mason Charles Street Trust, Inc. - Legg Mason BW Global Opportunities Bond Fund, Class IS Shares		39,370		440,161	(a)
Legg Mason Global Asset Management Trust - Legg Mason Strategic Real Return Fund, Class I Shares		11,315		151,965	(a)
Legg Mason Global Trust, Inc.:
Legg Mason Batterymarch Emerging Markets Trust, Class IS Shares		3,582		72,757	(a)
Legg Mason Batterymarch International Equity Trust, Class IS Shares		15,488		186,012	(a)
Legg Mason Partners Equity Trust:
Legg Mason Batterymarch U.S. Large Cap Equity Fund, Class IS Shares		8,288		86,939	(a)
Legg Mason ClearBridge Aggressive Growth Fund, Class IS Shares		472		57,528	*(a)
Legg Mason ClearBridge Appreciation Fund, Class IS Shares		6,301		86,960	(a)
Legg Mason Global Currents International All Cap Opportunity Fund, Class IS Shares		23,324		187,991	(a)
The Royce Fund - Royce Value Fund, Institutional Class Shares		6,733		82,411	(a)
Vanguard International Equity Index Funds - Vanguard Emerging Markets Stock Index Fund, ETF Shares		1,275		52,900
Vanguard Specialized Funds - Vanguard REIT Index Fund, ETF Shares		2,513		146,106
Western Asset Funds, Inc.:
Western Asset Core Bond Portfolio, Class IS Shares		61,941		736,474	(a)
Western Asset High Yield Portfolio, Class IS Shares		7,387		61,606	(a)
TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $2,701,668)				3,054,208

SECURITY	RATE			MATURITY DATE		FACE AMOUNT
SHORT-TERM INVESTMENTS - 31.8%
Repurchase Agreements - 31.8%
State Street Bank & Trust Co. repurchase agreement dated 10/31/11; Proceeds at maturity - $1,510,000; (Fully collateralized by U.S. Treasury Bill, 0.000% due 12/29/11; Market Value - $1,544,975) (Cost - $1,510,000)		0.010	%		11/1/11	$	1,510,000		1,510,000
TOTAL INVESTMENTS - 96.0% (Cost - $4,211,668#)									4,564,208
Other Assets in Excess of Liabilities - 4.0%									192,180
TOTAL NET ASSETS - 100.0%								$	4,756,388

* Non-income producing security.

(a) Underlying Fund is affiliated with Legg Mason, Inc.

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

See Notes to Schedules of Investments.

Page 1

LEGG MASON TARGET RETIREMENT 2020

Schedules of Investments (unaudited) (cont’d) October 31, 2011

DESCRIPTION	SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS - 99.1%
iShares Trust:
iShares MSCI EAFE Index Fund		8,411	$	440,484
iShares Russell 1000 Growth Index Fund		2,293		133,705
iShares Russell 1000 Value Index Fund		4,967		313,269
iShares Russell 2000 Index Fund		1,257		92,980
Legg Mason Capital Management Growth Trust, Inc., Class I Shares		5,110		113,295	*(a)
Legg Mason Capital Management Value Trust, Inc., Class I Shares		2,724		119,962	*(a)
Legg Mason Charles Street Trust, Inc. - Legg Mason BW Global Opportunities Bond Fund, Class IS Shares		50,455		564,090	(a)
Legg Mason Global Asset Management Trust - Legg Mason Strategic Real Return Fund, Class I Shares		17,452		234,378	(a)
Legg Mason Global Trust, Inc.:
Legg Mason Batterymarch Emerging Markets Trust, Class IS Shares		6,024		122,347	(a)
Legg Mason Batterymarch International Equity Trust, Class IS Shares		28,262		339,423	(a)
Legg Mason Partners Equity Trust:
Legg Mason Batterymarch U.S. Large Cap Equity Fund, Class IS Shares		17,137		179,763	(a)
Legg Mason ClearBridge Aggressive Growth Fund, Class IS Shares		944		115,021	*(a)
Legg Mason ClearBridge Appreciation Fund, Class IS Shares		12,416		171,340	(a)
Legg Mason Global Currents International All Cap Opportunity Fund, Class IS Shares		41,322		333,055	(a)
The Royce Fund - Royce Value Fund, Institutional Class Shares		12,025		147,188	(a)
Vanguard International Equity Index Funds - Vanguard Emerging Markets Stock Index Fund, ETF Shares		2,040		84,640
Vanguard Specialized Funds - Vanguard REIT Index Fund, ETF Shares		3,995		232,269
Western Asset Funds, Inc.:
Western Asset Core Bond Portfolio, Class IS Shares		67,471		802,228	(a)
Western Asset High Yield Portfolio, Class IS Shares		3,009		25,099	(a)
TOTAL INVESTMENTS IN UNDERLYING FUNDS - 99.1% (Cost - $3,977,359#)				4,564,536
Other Assets in Excess of Liabilities - 0.9%				42,452
TOTAL NET ASSETS - 100.0%			$	4,606,988

* Non-income producing security.

(a) Underlying Fund is affiliated with Legg Mason, Inc.

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

See Notes to Schedules of Investments.

2

LEGG MASON TARGET RETIREMENT 2025

Schedules of Investments (unaudited) (cont’d) October 31, 2011

DESCRIPTION	SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS - 99.3%
iShares Trust:
iShares MSCI EAFE Index Fund		11,351	$	594,452
iShares Russell 1000 Growth Index Fund		3,217		187,583
iShares Russell 1000 Value Index Fund		7,446		469,619
iShares Russell 2000 Index Fund		1,638		121,163
Legg Mason Capital Management Growth Trust, Inc., Class I Shares		8,163		180,985	*(a)
Legg Mason Capital Management Value Trust, Inc., Class I Shares		3,893		171,468	*(a)
Legg Mason Charles Street Trust, Inc. - Legg Mason BW Global Opportunities Bond Fund, Class IS Shares		60,282		673,953	(a)
Legg Mason Global Asset Management Trust - Legg Mason Strategic Real Return Fund, Class I Shares		22,078		296,512	(a)
Legg Mason Global Trust, Inc.:
Legg Mason Batterymarch Emerging Markets Trust, Class IS Shares		6,356		129,082	(a)
Legg Mason Batterymarch International Equity Trust, Class IS Shares		36,984		444,182	(a)
Legg Mason Partners Equity Trust:
Legg Mason Batterymarch U.S. Large Cap Equity Fund, Class IS Shares		24,409		256,049	(a)
Legg Mason ClearBridge Aggressive Growth Fund, Class IS Shares		1,392		169,669	*(a)
Legg Mason ClearBridge Appreciation Fund, Class IS Shares		18,767		258,978	(a)
Legg Mason Global Currents International All Cap Opportunity Fund, Class IS Shares		53,536		431,500	(a)
Legg Mason Partners Income Trust - Western Asset Emerging Markets Debt Portfolio, Class I Shares		17,063		92,483	(a)
The Royce Fund - Royce Value Fund, Institutional Class Shares		14,873		182,049	(a)
Vanguard International Equity Index Funds - Vanguard Emerging Markets Stock Index Fund, ETF Shares		1,690		70,118
Vanguard Specialized Funds - Vanguard REIT Index Fund, ETF Shares		5,037		292,851
Western Asset Funds, Inc.:
Western Asset Core Bond Portfolio, Class IS Shares		49,099		583,787	(a)
Western Asset High Yield Portfolio, Class IS Shares		3,900		32,524	(a)
TOTAL INVESTMENTS IN UNDERLYING FUNDS - 99.3% (Cost - $5,036,210#)				5,639,007
Other Assets in Excess of Liabilities - 0.7%				40,452
TOTAL NET ASSETS - 100.0%			$	5,679,459

* Non-income producing security.

(a) Underlying Fund is affiliated with Legg Mason, Inc.

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

See Notes to Schedules of Investments.

3

LEGG MASON TARGET RETIREMENT 2030

Schedules of Investments (unaudited) (cont’d) October 31, 2011

DESCRIPTION	SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS - 98.6%
iShares Trust:
iShares MSCI EAFE Index Fund		8,165	$	427,601
iShares Russell 1000 Growth Index Fund		3,077		179,420
iShares Russell 1000 Value Index Fund		6,667		420,488
iShares Russell 2000 Index Fund		1,116		82,551
Legg Mason Capital Management Growth Trust, Inc., Class I Shares		7,222		160,114	*(a)
Legg Mason Capital Management Value Trust, Inc., Class I Shares		3,542		155,973	*(a)
Legg Mason Charles Street Trust, Inc. - Legg Mason BW Global Opportunities Bond Fund, Class IS Shares		29,755		332,660	(a)
Legg Mason Global Trust, Inc.:
Legg Mason Batterymarch Emerging Markets Trust, Class IS Shares		2,880		58,491	(a)
Legg Mason Batterymarch International Equity Trust, Class IS Shares		27,341		328,370	(a)
Legg Mason Partners Equity Trust:
Legg Mason Batterymarch U.S. Large Cap Equity Fund, Class IS Shares		22,510		236,126	(a)
Legg Mason ClearBridge Aggressive Growth Fund, Class IS Shares		1,327		161,748	*(a)
Legg Mason ClearBridge Appreciation Fund, Class IS Shares		17,351		239,439	(a)
Legg Mason Global Currents International All Cap Opportunity Fund, Class IS Shares		41,927		337,929	(a)
Legg Mason Partners Income Trust - Western Asset Emerging Markets Debt Portfolio, Class I Shares		27,843		150,908	(a)
The Royce Fund - Royce Value Fund, Institutional Class Shares		10,743		131,494	(a)
Vanguard International Equity Index Funds - Vanguard Emerging Markets Stock Index Fund, ETF Shares		878		36,428
Vanguard Specialized Funds - Vanguard REIT Index Fund, ETF Shares		3,432		199,536
Western Asset Funds, Inc.:
Western Asset Core Bond Portfolio, Class IS Shares		26,363		313,453	(a)
Western Asset High Yield Portfolio, Class IS Shares		4,726		39,413	(a)
TOTAL INVESTMENTS IN UNDERLYING FUNDS - 98.6% (Cost - $3,420,252#)				3,992,142
Other Assets in Excess of Liabilities - 1.4%				55,995
TOTAL NET ASSETS - 100.0%			$	4,048,137

* Non-income producing security.

(a) Underlying Fund is affiliated with Legg Mason, Inc.

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

See Notes to Schedules of Investments.

4

LEGG MASON TARGET RETIREMENT 2035

Schedules of Investments (unaudited) (cont’d) October 31, 2011

DESCRIPTION	SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS - 99.7%
iShares Trust:
iShares MSCI EAFE Index Fund		7,365	$	385,705
iShares Russell 1000 Growth Index Fund		3,554		207,234
iShares Russell 1000 Value Index Fund		7,429		468,547
iShares Russell 2000 Index Fund		1,008		74,562
Legg Mason Capital Management Growth Trust, Inc., Class I Shares		7,671		170,062	*(a)
Legg Mason Capital Management Value Trust, Inc., Class I Shares		3,890		171,310	*(a)
Legg Mason Charles Street Trust, Inc. - Legg Mason BW Global Opportunities Bond Fund, Class IS Shares		3,699		41,352	(a)
Legg Mason Global Trust, Inc.:
Legg Mason Batterymarch Emerging Markets Trust, Class IS Shares		1,481		30,071	(a)
Legg Mason Batterymarch International Equity Trust, Class IS Shares		24,139		289,911	(a)
Legg Mason Partners Equity Trust:
Legg Mason Batterymarch U.S. Large Cap Equity Fund, Class IS Shares		25,479		267,278	(a)
Legg Mason ClearBridge Aggressive Growth Fund, Class IS Shares		1,499		182,661	*(a)
Legg Mason ClearBridge Appreciation Fund, Class IS Shares		19,248		265,627	(a)
Legg Mason Global Currents International All Cap Opportunity Fund, Class IS Shares		37,531		302,504	(a)
Legg Mason Partners Income Trust - Western Asset Emerging Markets Debt Portfolio, Class I Shares		27,698		150,123	(a)
The Royce Fund - Royce Value Fund, Institutional Class Shares		8,990		110,041	(a)
Vanguard International Equity Index Funds - Vanguard Emerging Markets Stock Index Fund, ETF Shares		526		21,824
Vanguard Specialized Funds - Vanguard REIT Index Fund, ETF Shares		3,170		184,304
Western Asset Funds, Inc.:
Western Asset Core Bond Portfolio, Class IS Shares		12,911		153,511	(a)
Western Asset High Yield Portfolio, Class IS Shares		9,205		76,767	(a)
TOTAL INVESTMENTS IN UNDERLYING FUNDS - 99.7% (Cost - $3,088,797#)				3,553,394
Other Assets in Excess of Liabilities - 0.3%				10,125
TOTAL NET ASSETS - 100.0%			$	3,563,519

* Non-income producing security.

(a) Underlying Fund is affiliated with Legg Mason, Inc.

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

See Notes to Schedules of Investments.

5

LEGG MASON TARGET RETIREMENT 2040

Schedules of Investments (unaudited) (cont’d) October 31, 2011

DESCRIPTION	SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS - 99.6%
iShares Trust:
iShares MSCI EAFE Index Fund		7,563	$	396,074
iShares Russell 1000 Growth Index Fund		3,962		231,024
iShares Russell 1000 Value Index Fund		8,656		545,934
iShares Russell 2000 Index Fund		1,273		94,164
Legg Mason Capital Management Growth Trust, Inc., Class I Shares		8,767		194,359	*(a)
Legg Mason Capital Management Value Trust, Inc., Class I Shares		4,474		197,016	*(a)
Legg Mason Global Trust, Inc.:
Legg Mason Batterymarch Emerging Markets Trust, Class IS Shares		3,441		69,883	(a)
Legg Mason Batterymarch International Equity Trust, Class IS Shares		24,090		289,324	(a)
Legg Mason Partners Equity Trust:
Legg Mason Batterymarch U.S. Large Cap Equity Fund, Class IS Shares		28,065		294,402	(a)
Legg Mason ClearBridge Aggressive Growth Fund, Class IS Shares		1,659		202,237	*(a)
Legg Mason ClearBridge Appreciation Fund, Class IS Shares		22,022		303,910	(a)
Legg Mason Global Currents International All Cap Opportunity Fund, Class IS Shares		35,337		284,813	(a)
Legg Mason Partners Income Trust - Western Asset Emerging Markets Debt Portfolio, Class I Shares		33,988		184,216	(a)
The Royce Fund - Royce Value Fund, Institutional Class Shares		11,958		146,367	(a)
Vanguard International Equity Index Funds - Vanguard Emerging Markets Stock Index Fund, ETF Shares		990		41,075
Vanguard Specialized Funds - Vanguard REIT Index Fund, ETF Shares		3,189		185,408
Western Asset Funds, Inc. - Western Asset Core Bond Portfolio, Class IS Shares		9,309		110,681	(a)
TOTAL INVESTMENTS IN UNDERLYING FUNDS BEFORE SHORT-TERM INVESTMENTS (Cost - $3,292,029)				3,770,887

SECURITY	RATE			MATURITY DATE		FACE AMOUNT
SHORT-TERM INVESTMENTS - 4.7%
Repurchase Agreements - 4.7%
State Street Bank & Trust Co. repurchase agreement dated 10/31/11; Proceeds at maturity - $178,000; (Fully collateralized by U.S. Treasury Bill, 0.000% due 12/29/11; Market Value - $184,997) (Cost - $178,000)		0.010	%		11/1/11	$	178,000		178,000
TOTAL INVESTMENTS - 104.3% (Cost - $3,470,029#)									3,948,887
Liabilities in Excess of Other Assets - (4.3)%									(163,683	)
TOTAL NET ASSETS - 100.0%								$	3,785,204

* Non-income producing security.

(a) Underlying Fund is affiliated with Legg Mason, Inc.

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

See Notes to Schedules of Investments.

6

LEGG MASON TARGET RETIREMENT 2045

Schedules of Investments (unaudited) (cont’d) October 31, 2011

DESCRIPTION	SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS - 100.9%
iShares Trust:
iShares MSCI EAFE Index Fund		4,408	$	230,847
iShares Russell 1000 Growth Index Fund		2,638		153,822
iShares Russell 1000 Value Index Fund		5,617		354,264
iShares Russell 2000 Index Fund		957		70,789
Legg Mason Capital Management Growth Trust, Inc., Class I Shares		5,608		124,319	*(a)
Legg Mason Capital Management Value Trust, Inc., Class I Shares		2,813		123,874	*(a)
Legg Mason Global Trust, Inc.:
Legg Mason Batterymarch Emerging Markets Trust, Class IS Shares		2,751		55,869	(a)
Legg Mason Batterymarch International Equity Trust, Class IS Shares		13,809		165,848	(a)
Legg Mason Partners Equity Trust:
Legg Mason Batterymarch U.S. Large Cap Equity Fund, Class IS Shares		17,916		187,939	(a)
Legg Mason ClearBridge Aggressive Growth Fund, Class IS Shares		1,054		128,437	*(a)
Legg Mason ClearBridge Appreciation Fund, Class IS Shares		13,862		191,292	(a)
Legg Mason Global Currents International All Cap Opportunity Fund, Class IS Shares		20,800		167,644	(a)
Legg Mason Partners Income Trust - Western Asset Emerging Markets Debt Portfolio, Class I Shares		16,742		90,743	(a)
The Royce Fund - Royce Value Fund, Institutional Class Shares		8,686		106,322	(a)
Vanguard International Equity Index Funds - Vanguard Emerging Markets Stock Index Fund, ETF Shares		918		38,088
Vanguard Specialized Funds - Vanguard REIT Index Fund, ETF Shares		2,147		124,826
Western Asset Funds, Inc. - Western Asset Core Bond Portfolio, Class IS Shares		5,706		67,845	(a)
TOTAL INVESTMENTS IN UNDERLYING FUNDS - 100.9% (Cost - $2,043,280#)				2,382,768
Liabilities in Excess of Other Assets - (0.9)%				(20,349	)
TOTAL NET ASSETS - 100.0%			$	2,362,419

* Non-income producing security.

(a) Underlying Fund is affiliated with Legg Mason, Inc.

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

See Notes to Schedules of Investments.

7

LEGG MASON TARGET RETIREMENT 2050

Schedules of Investments (unaudited) (cont’d) October 31, 2011

DESCRIPTION	SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS - 101.5%
iShares Trust:
iShares MSCI EAFE Index Fund		4,555	$	238,545
iShares Russell 1000 Growth Index Fund		2,800		163,268
iShares Russell 1000 Value Index Fund		5,825		367,383
iShares Russell 2000 Index Fund		1,000		73,970
Legg Mason Capital Management Growth Trust, Inc., Class I Shares		6,175		136,890	*(a)
Legg Mason Capital Management Value Trust, Inc., Class I Shares		3,024		133,195	*(a)
Legg Mason Global Trust, Inc.:
Legg Mason Batterymarch Emerging Markets Trust, Class IS Shares		2,959		60,088	(a)
Legg Mason Batterymarch International Equity Trust, Class IS Shares		14,538		174,606	(a)
Legg Mason Partners Equity Trust:
Legg Mason Batterymarch U.S. Large Cap Equity Fund, Class IS Shares		19,094		200,299	(a)
Legg Mason ClearBridge Aggressive Growth Fund, Class IS Shares		1,119		136,450	*(a)
Legg Mason ClearBridge Appreciation Fund, Class IS Shares		14,741		203,421	(a)
Legg Mason Global Currents International All Cap Opportunity Fund, Class IS Shares		22,482		181,206	(a)
Legg Mason Partners Income Trust - Western Asset Emerging Markets Debt Portfolio, Class I Shares		16,291		88,295	(a)
The Royce Fund - Royce Value Fund, Institutional Class Shares		9,042		110,678	(a)
Vanguard International Equity Index Funds - Vanguard Emerging Markets Stock Index Fund, ETF Shares		975		40,453
Vanguard Specialized Funds - Vanguard REIT Index Fund, ETF Shares		2,291		133,199
Western Asset Funds, Inc. - Western Asset Core Bond Portfolio, Class IS Shares		6,547		77,849	(a)
TOTAL INVESTMENTS IN UNDERLYING FUNDS - 101.5% (Cost - $2,256,046#)				2,519,795
Liabilities in Excess of Other Assets - (1.5)%				(38,029	)
TOTAL NET ASSETS - 100.0%			$	2,481,766

* Non-income producing security.

(a) Underlying Fund is affiliated with Legg Mason, Inc.

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

See Notes to Schedules of Investments.

8

LEGG MASON TARGET RETIREMENT FUND

Schedules of Investments (unaudited) (cont’d) October 31, 2011

DESCRIPTION	SHARES		VALUE
INVESTMENTS IN UNDERLYING FUNDS - 100.2%
iShares Trust:
iShares MSCI EAFE Index Fund		1,992	$	104,321
iShares Russell 1000 Growth Index Fund		455		26,531
iShares Russell 1000 Value Index Fund		750		47,302
iShares Russell 2000 Index Fund		610		45,122
Legg Mason Capital Management Growth Trust, Inc., Class I Shares		703		15,586	*(a)
Legg Mason Capital Management Value Trust, Inc., Class I Shares		330		14,539	*(a)
Legg Mason Charles Street Trust, Inc. - Legg Mason BW Global Opportunities Bond Fund, Class IS Shares		23,469		262,379	(a)
Legg Mason Global Asset Management Trust - Legg Mason Strategic Real Return Fund, Class I Shares		6,974		93,665	(a)
Legg Mason Global Trust, Inc.:
Legg Mason Batterymarch Emerging Markets Trust, Class IS Shares		1,896		38,516	(a)
Legg Mason Batterymarch International Equity Trust, Class IS Shares		6,995		84,011	(a)
Legg Mason Partners Equity Trust:
Legg Mason Batterymarch U.S. Large Cap Equity Fund, Class IS Shares		2,190		22,969	(a)
Legg Mason ClearBridge Aggressive Growth Fund, Class IS Shares		128		15,609	*(a)
Legg Mason ClearBridge Appreciation Fund, Class IS Shares		1,705		23,526	(a)
Legg Mason Global Currents International All Cap Opportunity Fund, Class IS Shares		9,709		78,254	(a)
The Royce Fund - Royce Value Fund, Institutional Class Shares		5,157		63,125	(a)
Vanguard International Equity Index Funds - Vanguard Emerging Markets Stock Index Fund, ETF Shares		660		27,383
Vanguard Specialized Funds - Vanguard REIT Index Fund, ETF Shares		1,710		99,419
Western Asset Funds, Inc.:
Western Asset Core Bond Portfolio, Class IS Shares		63,631		756,567	(a)
Western Asset High Yield Portfolio, Class IS Shares		15,583		129,963	(a)
TOTAL INVESTMENTS IN UNDERLYING FUNDS - 100.2% (Cost - $1,641,875#)				1,948,787
Liabilities in Excess of Other Assets - (0.2)%				(3,577	)
TOTAL NET ASSETS - 100.0%			$	1,945,210

* Non-income producing security.

(a) Underlying Fund is affiliated with Legg Mason, Inc.

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

See Notes to Schedules of Investments.

9

Notes to Schedules of Investments (unaudited)

1. Organization and Significant Accounting Policies

Legg Mason Target Retirement 2015 (“Retirement 2015”), Legg Mason Target Retirement 2020 (“Retirement 2020”), Legg Mason Target Retirement 2025 (“Retirement 2025”), Legg Mason Target Retirement 2030 (“Retirement 2030”), Legg Mason Target Retirement 2035 (“Retirement 2035”), Legg Mason Target Retirement 2040 (“Retirement 2040”), Legg Mason Target Retirement 2045 (“Retirement 2045”), Legg Mason Target Retirement 2050 (“Retirement 2050”), and Legg Mason Target Retirement Fund (“Retirement Fund”) (collectively, the “Funds”) are separate diversified investment series of Legg Mason Partners Equity 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 Funds invest in other funds (“Underlying Funds”) which are mutual funds affiliated with Legg Mason, Inc. (“Legg Mason”) or exchange-traded funds that are based on an index and managed by unaffiliated investment advisers.

The following are significant accounting policies consistently followed by the Funds and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(a) Investment Valuation. Investments in the Underlying Funds, excluding ETFs, are valued at the closing net asset value per share of each Underlying Fund on the day of 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 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 fair valuation techniques and methodologies. Short-term fixed income securities that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment’s fair value. 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. When the Funds hold securities or other assets that are denominated in a foreign currency, the Funds will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). 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 Funds calculate its net asset value, the Funds value these securities as determined in accordance with procedures approved by the Funds’ Board of Trustees.

The Funds have adopted Financial Accounting Standards Board Codification Topic 820 (“ASC Topic 820”). ASC Topic 820 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 Funds’ 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 Funds’ 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 Funds use 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.

10

Notes to Schedules of Investments (unaudited) (continued)

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

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER  SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Retirement 2015
Investments in Underlying Funds†	$	3,054,208		—		—	$	3,054,208
Short-term investments†		—	$	1,510,000		—		1,510,000
Total investments	$	3,054,208	$	1,510,000		—	$	4,564,208

† See Schedules of Investments for additional detailed categorizations.

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER  SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Retirement 2020
Investments in Underlying Funds†	$	4,564,536		—		—	$	4,564,536

† See Schedules of Investments for additional detailed categorizations.

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE  INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Retirement 2025
Investments in Underlying Funds†	$	5,639,007		—		—	$	5,639,007

† See Schedules of Investments for additional detailed categorizations.

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER  SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Retirement 2030
Investments in Underlying Funds†	$	3,992,142		—		—	$	3,992,142

† See Schedules of Investments for additional detailed categorizations.

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER  SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Retirement 2035
Investments in Underlying Funds†	$	3,553,394		—		—	$	3,553,394

† See Schedules of Investments for additional detailed categorizations.

11

Notes to Schedules of Investments (unaudited) (continued)

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER  SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Retirement 2040
Investments in Underlying Funds†	$	3,770,887		—		—	$	3,770,887
Short-term investments†		—	$	178,000		—		178,000
Total investments	$	3,770,887	$	178,000		—	$	3,948,887

† See Schedules of Investments for additional detailed categorizations.

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER  SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Retirement 2045
Investments in Underlying Funds†	$	2,382,768		—		—	$	2,382,768

† See Schedules of Investments for additional detailed categorizations.

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER  SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Retirement 2050
Investments in Underlying Funds†	$	2,519,795		—		—	$	2,519,795

† See Schedules of Investments for additional detailed categorizations.

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER  SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Target Retirement
Investments in Underlying Funds†	$	1,948,787		—		—	$	1,948,787

† See Schedules of Investments for additional detailed categorizations.

(b) Repurchase Agreements. The Funds may enter into repurchase agreements with institutions that their investment adviser has determined are creditworthy. Each repurchase agreement is recorded at cost. Under the terms of a typical repurchase agreement, the Funds acquire a debt security subject to an obligation of the seller to repurchase, and of the Funds to resell, the security at an agreed-upon price and time, thereby determining the yield during the Funds’ holding period. When entering into repurchase agreements, it is the Funds’ policy that their custodian or a third party custodian, acting on the Funds’ behalf, 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 maturity exceeds one business day, the value of the collateral is marked-to-market and measured against the value of the agreement in an effort to ensure the adequacy of the collateral. If the counterparty defaults, the Funds generally have the right to use the collateral to satisfy the terms of the repurchase transaction. However, if the market value of the collateral declines during the period in which the Funds seek to assert their rights or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited.

(c) Fund of Funds Risk. Your cost of investing in the Funds, as funds of funds, may be higher than the cost of investing in a mutual fund that only invests directly in individual securities. An underlying fund may change its investment objective or policies without the Funds’ approval, which could force the Funds to withdraw their investments from such underlying fund at a time that is unfavorable to the Funds. In addition, one underlying fund may buy the same securities that another underlying fund sells. Therefore, the Funds would indirectly bear the costs of these trades without accomplishing any investment purpose.

12

Notes to Schedules of Investments (unaudited) (continued)

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

2. Investments

At October 31, 2011, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

	Gross unrealized appreciation		Gross unrealized depreciation			Net  unrealized appreciation
Retirement 2015	$	352,540		—		$	352,540
Retirement 2020		587,177		—			587,177
Retirement 2025		619,364	$	(16,567	)		602,797
Retirement 2030		571,890		—			571,890
Retirement 2035		472,127		(7,530	)		464,597
Retirement 2040		485,931		(7,073	)		478,858
Retirement 2045		343,129		(3,641	)		339,488
Retirement 2050		277,942		(14,193	)		263,749
Retirement Fund		306,912		—			306,912

3. Derivative Instruments and Hedging Activities

Financial Accounting Standards Board Codification Topic 815 requires enhanced disclosure about an entity’s derivative and hedging activities.

During the period ended October 31, 2011, the Funds did not invest directly in any derivative instruments.

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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 27, 2011

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 27, 2011

By	/s/    RICHARD F. SENNETT
	Richard F. Sennett
	Principal Financial Officer

Date: December 27, 2011