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 APPRECIATION FUND

FORM N-Q

JANUARY 31, 2019

CLEARBRIDGE APPRECIATION FUND

Schedule of investments (unaudited) January 31, 2019

SECURITY	SHARES		VALUE
COMMON STOCKS - 97.3%
COMMUNICATION SERVICES - 12.5%
Diversified Telecommunication Services - 2.6%
AT&T Inc.		2,473,070	$	74,340,484
Verizon Communications Inc.		1,474,627		81,192,963
Total Diversified Telecommunication Services				155,533,447
Entertainment - 2.0%
Walt Disney Co.		1,054,454		117,592,710
Interactive Media & Services - 4.9%
Alphabet Inc., Class A Shares		93,045		104,758,435	*
Alphabet Inc., Class C Shares		99,063		110,590,961	*
Facebook Inc., Class A Shares		428,346		71,400,995	*
Total Interactive Media & Services				286,750,391
Media - 3.0%
Comcast Corp., Class A Shares		4,833,846		176,773,748
TOTAL COMMUNICATION SERVICES				736,650,296
CONSUMER DISCRETIONARY - 6.1%
Hotels, Restaurants & Leisure - 0.8%
McDonald’s Corp.		247,400		44,230,172
Internet & Direct Marketing Retail - 1.2%
Amazon.com Inc.		39,675		68,190,612	*
Specialty Retail - 4.1%
Home Depot Inc.		882,479		161,961,371
TJX Cos. Inc.		1,639,004		81,507,669
Total Specialty Retail				243,469,040
TOTAL CONSUMER DISCRETIONARY				355,889,824
CONSUMER STAPLES - 6.3%
Beverages - 2.2%
Coca-Cola Co.		1,411,453		67,933,233
PepsiCo Inc.		551,844		62,176,263
Total Beverages				130,109,496
Food & Staples Retailing - 1.8%
Walmart Inc.		1,085,154		103,990,308
Food Products - 0.7%
Mondelez International Inc., Class A Shares		871,502		40,315,683
Household Products - 1.6%
Kimberly-Clark Corp.		175,153		19,508,541
Procter & Gamble Co.		775,413		74,804,092
Total Household Products				94,312,633
TOTAL CONSUMER STAPLES				368,728,120

See Notes to Schedule of Investments.

1

CLEARBRIDGE APPRECIATION FUND

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

SECURITY	SHARES		VALUE
ENERGY - 6.3%
Energy Equipment & Services - 0.5%
Schlumberger Ltd.		633,993	$	28,028,830
Oil, Gas & Consumable Fuels - 5.8%
Anadarko Petroleum Corp.		796,707		37,708,143
Chevron Corp.		775,202		88,876,909
Exxon Mobil Corp.		1,411,357		103,424,241
Kinder Morgan Inc.		2,306,818		41,753,406
Phillips 66		308,866		29,468,905
Pioneer Natural Resources Co.		295,554		42,063,245
Total Oil, Gas & Consumable Fuels				343,294,849
TOTAL ENERGY				371,323,679
FINANCIALS - 15.1%
Banks - 7.6%
Bank of America Corp.		3,079,149		87,663,372
JPMorgan Chase & Co.		1,939,282		200,715,687
PNC Financial Services Group Inc.		242,157		29,705,399
U.S. Bancorp		1,149,783		58,822,899
Wells Fargo & Co.		1,437,276		70,297,169
Total Banks				447,204,526
Capital Markets - 1.4%
Bank of New York Mellon Corp.		544,524		28,489,495
CME Group Inc.		294,896		53,753,643
Total Capital Markets				82,243,138
Diversified Financial Services - 3.7%
Berkshire Hathaway Inc., Class A Shares		688		214,312,000	*
Insurance - 2.4%
MetLife Inc.		1,014,138		46,315,683
Travelers Cos. Inc.		774,778		97,265,630
Total Insurance				143,581,313
TOTAL FINANCIALS				887,340,977
HEALTH CARE - 15.7%
Biotechnology - 0.7%
Gilead Sciences Inc.		602,030		42,148,120
Health Care Equipment & Supplies - 2.5%
Becton Dickinson and Co.		246,486		61,488,398
Medtronic PLC		959,257		84,788,726
Total Health Care Equipment & Supplies				146,277,124

See Notes to Schedule of Investments.

2

CLEARBRIDGE APPRECIATION FUND

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

SECURITY	SHARES		VALUE
Health Care Providers & Services - 4.2%
CVS Health Corp.		394,474	$	25,857,771
UnitedHealth Group Inc.		820,650		221,739,630
Total Health Care Providers & Services				247,597,401
Life Sciences Tools & Services - 1.6%
Thermo Fisher Scientific Inc.		376,138		92,405,822
Pharmaceuticals - 6.7%
Bristol-Myers Squibb Co.		421,069		20,788,177
Johnson & Johnson		991,276		131,919,010
Merck & Co. Inc.		1,792,284		133,399,698
Pfizer Inc.		2,497,184		106,005,461
Total Pharmaceuticals				392,112,346
TOTAL HEALTH CARE				920,540,813
INDUSTRIALS - 8.5%
Aerospace & Defense - 2.6%
Raytheon Co.		664,218		109,436,557
United Technologies Corp.		393,739		46,488,764
Total Aerospace & Defense				155,925,321
Air Freight & Logistics - 1.1%
United Parcel Service Inc., Class B Shares		604,203		63,682,996
Commercial Services & Supplies - 1.2%
Waste Management Inc.		730,316		69,869,332
Industrial Conglomerates - 3.0%
3M Co.		271,855		54,452,557
Honeywell International Inc.		831,215		119,387,410
Total Industrial Conglomerates				173,839,967
Trading Companies & Distributors - 0.6%
W.W. Grainger Inc.		110,930		32,767,613
TOTAL INDUSTRIALS				496,085,229
INFORMATION TECHNOLOGY - 19.2%
Communications Equipment - 1.7%
Cisco Systems Inc.		2,067,223		97,758,976
IT Services - 5.1%
Automatic Data Processing Inc.		794,413		111,090,714
International Business Machines Corp.		328,150		44,109,923
Visa Inc., Class A Shares		1,081,461		146,008,049
Total IT Services				301,208,686
Semiconductors & Semiconductor Equipment - 0.8%
ASML Holding NV, Registered Shares		101,887		17,833,282
Texas Instruments Inc.		259,325		26,108,841
Total Semiconductors & Semiconductor Equipment				43,942,123

See Notes to Schedule of Investments.

3

CLEARBRIDGE APPRECIATION FUND

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

SECURITY				SHARES		VALUE
Software - 9.0%
Adobe Inc.					462,954	$	114,729,260	*
Microsoft Corp.					3,062,263		319,792,125
Oracle Corp.					742,263		37,283,871
salesforce.com Inc.					163,677		24,873,994	*
SAP SE, ADR					327,846		33,905,833
Total Software							530,585,083
Technology Hardware, Storage & Peripherals - 2.6%
Apple Inc.					906,539		150,884,351
TOTAL INFORMATION TECHNOLOGY							1,124,379,219
MATERIALS - 5.3%
Chemicals - 4.6%
Air Products & Chemicals Inc.					298,447		49,061,702
DowDuPont Inc.					660,253		35,528,214
Ecolab Inc.					482,434		76,306,586
PPG Industries Inc.					1,039,660		109,621,751
Total Chemicals							270,518,253
Construction Materials - 0.7%
Vulcan Materials Co.					409,836		41,659,829
TOTAL MATERIALS							312,178,082
REAL ESTATE - 1.7%
Equity Real Estate Investment Trusts (REITs) - 1.7%
American Tower Corp.					574,047		99,218,283
UTILITIES - 0.6%
Electric Utilities - 0.3%
NextEra Energy Inc.					111,385		19,935,687
Multi-Utilities - 0.3%
Sempra Energy					153,471		17,953,038
TOTAL UTILITIES							37,888,725
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $2,457,080,654)							5,710,223,247
	RATE
SHORT-TERM INVESTMENTS - 2.7%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class (Cost - $158,666,506)		2.234	%		158,666,506		158,666,506
TOTAL INVESTMENTS - 100.0% (Cost - $2,615,747,160)							5,868,889,753
Liabilities in Excess of Other Assets - 0.0%							(322,314	)
TOTAL NET ASSETS - 100.0%						$	5,868,567,439

* Non-income producing security.

See Notes to Schedule of Investments.

4

CLEARBRIDGE APPRECIATION FUND

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

Abbreviation used in this schedule:

ADR — American Depositary Receipts

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.

5

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

ClearBridge Appreciation 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,

6

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.

7

Notes to Schedule of Investments (unaudited) (continued)

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†	$	5,710,223,247		—		—	$	5,710,223,247
Short-Term Investments†		158,666,506		—		—		158,666,506
Total Investments	$	5,868,889,753		—		—	$	5,868,889,753

† See Schedule of Investments for additional detailed categorizations.

8

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 22, 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 22, 2019
By	/s/    RICHARD F. SENNETT
	Richard F. Sennett
	Principal Financial Officer
Date:	March 22, 2019