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 LARGE CAP VALUE FUND

FORM N-Q

JANUARY 31, 2019

CLEARBRIDGE LARGE CAP VALUE FUND

Schedule of investments (unaudited) January 31, 2019

SECURITY	SHARES		VALUE
COMMON STOCKS - 97.0%
COMMUNICATION SERVICES - 11.0%
Diversified Telecommunication Services - 1.6%
AT&T Inc.		865,754	$	26,024,565
Entertainment - 2.8%
Twenty-First Century Fox Inc., Class B Shares		892,301		43,776,287
Media - 6.6%
Charter Communications Inc., Class A Shares		108,331		35,862,978	*
Comcast Corp., Class A Shares		1,182,190		43,232,688
DISH Network Corp., Class A Shares		804,378		24,670,273	*
Total Media				103,765,939
TOTAL COMMUNICATION SERVICES				173,566,791
CONSUMER DISCRETIONARY - 1.9%
Specialty Retail - 1.9%
Home Depot Inc.		165,913		30,450,013
CONSUMER STAPLES - 2.9%
Beverages - 1.3%
Anheuser-Busch InBev SA, ADR		264,635		20,228,700
Tobacco - 1.6%
Philip Morris International Inc.		324,339		24,883,288
TOTAL CONSUMER STAPLES				45,111,988
ENERGY - 9.6%
Energy Equipment & Services - 2.6%
Halliburton Co.		830,566		26,046,550
Schlumberger Ltd.		322,080		14,239,157
Total Energy Equipment & Services				40,285,707
Oil, Gas & Consumable Fuels - 7.0%
Chevron Corp.		265,236		30,409,307
Exxon Mobil Corp.		357,855		26,223,614
Royal Dutch Shell PLC, Class A Shares, ADR		350,805		21,655,193
Suncor Energy Inc.		1,001,094		32,355,358
Total Oil, Gas & Consumable Fuels				110,643,472
TOTAL ENERGY				150,929,179
FINANCIALS - 25.4%
Banks - 12.6%
Bank of America Corp.		1,512,353		43,056,690
JPMorgan Chase & Co.		694,533		71,884,166
U.S. Bancorp		854,405		43,711,360
Wells Fargo & Co.		815,609		39,891,436
Total Banks				198,543,652

See Notes to Schedule of Investments.

1

CLEARBRIDGE LARGE CAP VALUE FUND

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

SECURITY	SHARES		VALUE
Capital Markets - 3.7%
Bank of New York Mellon Corp.		414,265	$	21,674,345
Charles Schwab Corp.		453,210		21,196,631
State Street Corp.		217,221		15,400,969
Total Capital Markets				58,271,945
Consumer Finance - 3.4%
American Express Co.		354,235		36,379,934
Capital One Financial Corp.		216,496		17,447,413
Total Consumer Finance				53,827,347
Insurance - 5.7%
Marsh & McLennan Cos. Inc.		338,923		29,889,619
MetLife Inc.		348,637		15,922,252
Progressive Corp.		335,138		22,551,436
Travelers Cos. Inc.		179,257		22,503,924
Total Insurance				90,867,231
TOTAL FINANCIALS				401,510,175
HEALTH CARE - 17.0%
Biotechnology - 1.7%
Amgen Inc.		144,820		27,097,270
Health Care Providers & Services - 8.4%
AmerisourceBergen Corp.		225,700		18,816,609
Anthem Inc.		191,352		57,979,656
CVS Health Corp.		370,393		24,279,261
UnitedHealth Group Inc.		113,490		30,664,998
Total Health Care Providers & Services				131,740,524
Pharmaceuticals - 6.9%
Johnson & Johnson		240,668		32,028,097
Merck & Co. Inc.		497,286		37,012,997
Novartis AG, ADR		207,301		18,142,984
Pfizer Inc.		508,990		21,606,626
Total Pharmaceuticals				108,790,704
TOTAL HEALTH CARE				267,628,498
INDUSTRIALS - 10.6%
Aerospace & Defense - 2.0%
United Technologies Corp.		265,257		31,318,894
Air Freight & Logistics - 1.8%
United Parcel Service Inc., Class B Shares		267,517		28,196,292
Industrial Conglomerates - 2.9%
Honeywell International Inc.		325,420		46,740,074

See Notes to Schedule of Investments.

2

CLEARBRIDGE LARGE CAP VALUE FUND

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

SECURITY				SHARES		VALUE
Machinery - 3.9%
Deere & Co.					153,280	$	25,137,920
Illinois Tool Works Inc.					262,900		36,098,799
Total Machinery							61,236,719
TOTAL INDUSTRIALS							167,491,979
INFORMATION TECHNOLOGY - 10.5%
Communications Equipment - 2.8%
Motorola Solutions Inc.					384,723		44,977,966
Electronic Equipment, Instruments & Components - 2.3%
TE Connectivity Ltd.					443,672		35,915,249
Software - 4.8%
Microsoft Corp.					425,966		44,483,629
Oracle Corp.					612,790		30,780,442
Total Software							75,264,071
Technology Hardware, Storage & Peripherals - 0.6%
Xerox Corp.					326,059		9,198,124
TOTAL INFORMATION TECHNOLOGY							165,355,410
MATERIALS - 4.0%
Chemicals - 2.8%
Air Products & Chemicals Inc.					145,138		23,859,236
PPG Industries Inc.					188,900		19,917,616
Total Chemicals							43,776,852
Construction Materials - 1.2%
Martin Marietta Materials Inc.					109,920		19,420,666
TOTAL MATERIALS							63,197,518
REAL ESTATE - 2.5%
Equity Real Estate Investment Trusts (REITs) - 2.5%
American Tower Corp.					228,236		39,448,310
UTILITIES - 1.6%
Multi-Utilities - 1.6%
Sempra Energy					221,680		25,932,126
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $895,245,615)							1,530,621,987
	RATE
SHORT-TERM INVESTMENTS - 2.9%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class (Cost - $46,708,908)		2.234	%		46,708,908		46,708,908
TOTAL INVESTMENTS - 99.9% (Cost - $941,954,523)							1,577,330,895
Other Assets in Excess of Liabilities - 0.1%							806,342
TOTAL NET ASSETS - 100.0%						$	1,578,137,237

See Notes to Schedule of Investments.

3

CLEARBRIDGE LARGE CAP VALUE FUND

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

* Non-income producing security.

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.

4

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

ClearBridge Large Cap Value 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.

6

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†	$	1,530,621,987		—		—	$	1,530,621,987
Short-Term Investments†		46,708,908		—		—		46,708,908
Total Investments	$	1,577,330,895		—		—	$	1,577,330,895

† See Schedule of Investments for additional detailed categorizations.

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/    JANE TRUST
	Jane Trust
	Chief Executive Officer
Date:	March 27, 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 27, 2019
By	/s/    RICHARD F. SENNETT
	Richard F. Sennett
	Principal Financial Officer
Date:	March 27, 2019