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)

620 Eighth Avenue, 49^th Floor, New York, NY 10018

(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: October 31

Date of reporting period: January 31, 2019

ITEM 1. SCHEDULE OF INVESTMENTS.

LEGG MASON PARTNERS EQUITY TRUST

CLEARBRIDGE MID CAP FUND

FORM N-Q

JANUARY 31, 2019

CLEARBRIDGE MID CAP FUND

Schedule of investments (unaudited) January 31, 2019

SECURITY	SHARES		VALUE
COMMON STOCKS - 98.9%
COMMUNICATION SERVICES - 2.4%
Entertainment - 2.4%
Live Nation Entertainment Inc.		870,000	$	46,553,700	*
CONSUMER DISCRETIONARY - 10.8%
Auto Components - 1.4%
Aptiv PLC		331,000		26,192,030
Diversified Consumer Services - 1.8%
U.S. Service Corp. International		819,000		35,151,480
Internet & Direct Marketing Retail - 1.8%
Expedia Group Inc.		292,000		34,821,000
Leisure Products - 1.8%
Hasbro Inc.		381,000		34,503,360
Specialty Retail - 4.0%
Carvana Co.		450,000		16,717,500	*
Foot Locker Inc.		328,000		18,331,920
Ross Stores Inc.		441,000		40,624,920
Total Specialty Retail				75,674,340
TOTAL CONSUMER DISCRETIONARY				206,342,210
CONSUMER STAPLES - 3.8%
Food & Staples Retailing - 3.8%
Casey’s General Stores Inc.		311,000		40,019,480
US Foods Holding Corp.		978,000		32,978,160	*
TOTAL CONSUMER STAPLES				72,997,640
ENERGY - 3.4%
Energy Equipment & Services - 1.7%
Apergy Corp.		420,000		14,120,400	*
Core Laboratories NV		288,000		19,428,480
Total Energy Equipment & Services				33,548,880
Oil, Gas & Consumable Fuels - 1.7%
Newfield Exploration Co.		717,000		13,106,760	*
Pioneer Natural Resources Co.		135,000		19,213,200
Total Oil, Gas & Consumable Fuels				32,319,960
TOTAL ENERGY				65,868,840
FINANCIALS - 12.8%
Banks - 3.5%
First Republic Bank		403,000		38,941,890
Western Alliance Bancorp		643,000		28,472,040	*
Total Banks				67,413,930
Capital Markets - 1.6%
Lazard Ltd., Class A Shares		766,000		30,479,140

See Notes to Schedule of Investments.

1

CLEARBRIDGE MID CAP FUND

Schedule of investments (unaudited) (cont’d) January 31, 2019

SECURITY	SHARES		VALUE
Insurance - 5.3%
Arch Capital Group Ltd.		1,148,000	$	33,693,800	*
Hartford Financial Services Group Inc.		595,000		27,917,400
Progressive Corp.		585,000		39,364,650
Total Insurance				100,975,850
Mortgage Real Estate Investment Trusts (REITs) - 2.4%
Starwood Property Trust Inc.		2,106,000		46,500,480
TOTAL FINANCIALS				245,369,400
HEALTH CARE - 13.0%
Biotechnology - 3.8%
Alexion Pharmaceuticals Inc.		240,000		29,510,400	*
BioMarin Pharmaceutical Inc.		438,000		42,998,460	*
Total Biotechnology				72,508,860
Health Care Equipment & Supplies - 1.5%
Varian Medical Systems Inc.		214,000		28,254,420	*
Health Care Providers & Services - 3.8%
AmerisourceBergen Corp.		355,000		29,596,350
Premier Inc., Class A Shares		580,000		23,078,200	*
WellCare Health Plans Inc.		76,000		21,012,480	*
Total Health Care Providers & Services				73,687,030
Life Sciences Tools & Services - 3.9%
Bio-Rad Laboratories Inc., Class A Shares		104,000		25,986,480	*
ICON PLC		190,000		26,577,200	*
Syneos Health Inc.		427,000		21,794,080	*
Total Life Sciences Tools & Services				74,357,760
TOTAL HEALTH CARE				248,808,070
INDUSTRIALS - 17.5%
Aerospace & Defense - 4.0%
Harris Corp.		245,000		37,529,100
L3 Technologies Inc.		51,000		10,040,880
Teledyne Technologies Inc.		129,000		28,924,380	*
Total Aerospace & Defense				76,494,360
Airlines - 1.8%
Alaska Air Group Inc.		531,000		33,957,450
Building Products - 1.0%
Masonite International Corp.		344,000		19,676,800	*
Commercial Services & Supplies - 1.5%
Waste Connections Inc.		355,000		29,663,800

See Notes to Schedule of Investments.

2

CLEARBRIDGE MID CAP FUND

Schedule of investments (unaudited) (cont’d) January 31, 2019

SECURITY	SHARES		VALUE
Electrical Equipment - 2.9%
AMETEK Inc.		383,000	$	27,920,700
Rockwell Automation Inc.		166,000		28,140,320
Total Electrical Equipment				56,061,020
Machinery - 3.8%
Ingersoll-Rand PLC		408,000		40,816,320
WABCO Holdings Inc.		286,000		32,669,780	*
Total Machinery				73,486,100
Road & Rail - 1.1%
Old Dominion Freight Line Inc.		151,000		20,525,430
Trading Companies & Distributors - 1.4%
Air Lease Corp.		689,000		26,140,660
TOTAL INDUSTRIALS				336,005,620
INFORMATION TECHNOLOGY - 19.2%
Electronic Equipment, Instruments & Components - 3.8%
CDW Corp.		499,000		41,551,730
IPG Photonics Corp.		151,000		20,083,000	*
Keysight Technologies Inc.		137,000		10,140,740	*
Total Electronic Equipment, Instruments & Components				71,775,470
IT Services - 2.7%
Alliance Data Systems Corp.		128,000		22,731,520
Amdocs Ltd.		500,000		27,940,000
Total IT Services				50,671,520
Semiconductors & Semiconductor Equipment - 4.1%
Lam Research Corp.		130,000		22,045,400
Xilinx Inc.		509,000		56,977,460
Total Semiconductors & Semiconductor Equipment				79,022,860
Software - 8.6%
Aspen Technology Inc.		431,000		41,647,530	*
Autodesk Inc.		232,000		34,150,400	*
Box Inc., Class A Shares		1,100,000		23,012,000	*
Palo Alto Networks Inc.		174,000		37,378,680	*
Splunk Inc.		234,000		29,212,560	*
Total Software				165,401,170
TOTAL INFORMATION TECHNOLOGY				366,871,020
MATERIALS - 3.8%
Chemicals - 1.3%
Methanex Corp.		452,000		24,665,640

See Notes to Schedule of Investments.

3

CLEARBRIDGE MID CAP FUND

Schedule of investments (unaudited) (cont’d) January 31, 2019

SECURITY				SHARES		VALUE
Containers & Packaging - 2.5%
Ardagh Group SA					996,000	$	12,071,520
Berry Global Group Inc.					747,000		36,789,750	*
Total Containers & Packaging							48,861,270
TOTAL MATERIALS							73,526,910
REAL ESTATE - 7.0%
Equity Real Estate Investment Trusts (REITs) - 5.5%
Alexandria Real Estate Equities Inc.					350,000		46,098,500
Liberty Property Trust					572,000		26,964,080
Vornado Realty Trust					462,000		32,298,420
Total Equity Real Estate Investment Trusts (REITs)							105,361,000
Real Estate Management & Development - 1.5%
Jones Lang LaSalle Inc.					195,000		27,964,950
TOTAL REAL ESTATE							133,325,950
UTILITIES - 5.2%
Electric Utilities - 2.1%
Eversource Energy					570,000		39,563,700
Multi-Utilities - 3.1%
Ameren Corp.					550,000		38,137,000
DTE Energy Co.					186,000		21,901,500
Total Multi-Utilities							60,038,500
TOTAL UTILITIES							99,602,200
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $1,379,181,333)							1,895,271,560
	RATE
SHORT-TERM INVESTMENTS - 1.2%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class (Cost - $23,792,265)		2.234	%		23,792,265		23,792,265
TOTAL INVESTMENTS - 100.1% (Cost - $1,402,973,598)							1,919,063,825
Liabilities in Excess of Other Assets - (0.1)%							(2,337,113	)
TOTAL NET ASSETS - 100.0%						$	1,916,726,712

* Non-income producing security.

This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.

See Notes to Schedule of Investments.

4

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

ClearBridge Mid Cap Fund (the “Fund”) is a 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 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. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed 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 valuation techniques and methodologies. The independent third party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). 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 or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. 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 Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees.

The Board of Trustees is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include,

5

Notes to Schedule of Investments (unaudited) (continued)

but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Trustees quarterly.

The Fund uses 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.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed 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 methodologies used to value 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:

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Common Stocks†	$	1,895,271,560		—		—	$	1,895,271,560
Short-Term Investments†		23,792,265		—		—		23,792,265
Total Investments	$	1,919,063,825		—		—	$	1,919,063,825

† See Schedule of Investments for additional detailed categorizations.

6

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/    JANE TRUST
	Jane Trust
	Chief Executive Officer
Date:	March 21, 2019

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/    JANE TRUST
	Jane Trust
	Chief Executive Officer
Date:	March 21, 2019
By	/s/    RICHARD F. SENNETT
	Richard F. Sennett
	Principal Financial Officer
Date:	March 21, 2019