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 TACTICAL DIVIDEND INCOME FUND

FORM N-Q

JANUARY 31, 2019

CLEARBRIDGE TACTICAL DIVIDEND INCOME FUND

Schedule of investments (unaudited) January 31, 2019

SECURITY	SHARES		VALUE
COMMON STOCKS - 69.1%
COMMUNICATION SERVICES - 3.9%
Diversified Telecommunication Services - 3.9%
AT&T Inc.		183,810	$	5,525,328
Verizon Communications Inc.		148,780		8,191,827
TOTAL COMMUNICATION SERVICES				13,717,155
CONSUMER DISCRETIONARY - 0.5%
Automobiles - 0.5%
General Motors Co.		49,110		1,916,272
CONSUMER STAPLES - 5.0%
Beverages - 1.8%
Coca-Cola Co.		36,500		1,756,745
Keurig Dr Pepper Inc.		90,320		2,458,510
PepsiCo Inc.		18,880		2,127,210
Total Beverages				6,342,465
Household Products - 3.2%
Kimberly-Clark Corp.		42,300		4,711,374
Procter & Gamble Co.		38,650		3,728,565
Reckitt Benckiser Group PLC		33,590		2,585,312	(a)
Total Household Products				11,025,251
TOTAL CONSUMER STAPLES				17,367,716
ENERGY - 1.5%
Oil, Gas & Consumable Fuels - 1.5%
Williams Cos Inc.		194,747		5,244,537
FINANCIALS - 11.0%
Banks - 2.5%
Bank of America Corp.		172,800		4,919,616
Citigroup Inc.		60,400		3,893,384
Total Banks				8,813,000
Capital Markets - 0.5%
Intercontinental Exchange Inc.		23,500		1,803,860
Insurance - 1.8%
MetLife Inc.		51,720		2,362,052
Progressive Corp.		55,000		3,700,950
Total Insurance				6,063,002

See Notes to Schedule of Investments.

1

CLEARBRIDGE TACTICAL DIVIDEND INCOME FUND

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

SECURITY	SHARES		VALUE
Mortgage Real Estate Investment Trusts (REITs) - 6.2%
AGNC Investment Corp.		335,060	$	6,000,925
Annaly Capital Management Inc.		484,080		5,053,795
Starwood Property Trust Inc.		314,000		6,933,120
TPG RE Finance Trust Inc.		187,270		3,713,564
Total Mortgage Real Estate Investment Trusts (REITs)				21,701,404
TOTAL FINANCIALS				38,381,266
HEALTH CARE - 6.4%
Pharmaceuticals - 6.4%
AstraZeneca PLC, ADR		54,940		2,009,705
GlaxoSmithKline PLC, ADR		43,490		1,704,808
Johnson & Johnson		19,600		2,608,368
Merck & Co. Inc.		141,120		10,503,562
Pfizer Inc.		130,470		5,538,451
TOTAL HEALTH CARE				22,364,894
INDUSTRIALS - 6.2%
Aerospace & Defense - 4.2%
Lockheed Martin Corp.		39,190		11,352,951
United Technologies Corp.		29,200		3,447,644
Total Aerospace & Defense				14,800,595
Electrical Equipment - 0.5%
Emerson Electric Co.		26,300		1,721,861
Machinery - 1.5%
Stanley Black & Decker Inc.		40,000		5,057,600
TOTAL INDUSTRIALS				21,580,056
INFORMATION TECHNOLOGY - 14.9%
Communications Equipment - 0.8%
Cisco Systems Inc.		60,290		2,851,114
IT Services - 1.8%
International Business Machines Corp.		28,000		3,763,760
Paychex Inc.		34,620		2,451,096
Total IT Services				6,214,856
Semiconductors & Semiconductor Equipment - 4.7%
Broadcom Inc.		12,300		3,299,475
Intel Corp.		33,200		1,564,384
Maxim Integrated Products Inc.		50,010		2,714,043
Microchip Technology Inc.		27,300		2,194,101
QUALCOMM Inc.		75,000		3,714,000
Texas Instruments Inc.		27,900		2,808,972
Total Semiconductors & Semiconductor Equipment				16,294,975

See Notes to Schedule of Investments.

2

CLEARBRIDGE TACTICAL DIVIDEND INCOME FUND

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

SECURITY	SHARES		VALUE
Software - 5.6%
Microsoft Corp.		140,000	$	14,620,200
Oracle Corp.		96,790		4,861,762
Total Software				19,481,962
Technology Hardware, Storage & Peripherals - 2.0%
Apple Inc.		42,550		7,082,022
TOTAL INFORMATION TECHNOLOGY				51,924,929
MATERIALS - 2.8%
Chemicals - 2.0%
DowDuPont Inc.		131,280		7,064,177
Containers & Packaging - 0.8%
International Paper Co.		58,600		2,779,398
TOTAL MATERIALS				9,843,575
REAL ESTATE - 13.0%
Equity Real Estate Investment Trusts (REITs) - 13.0%
Alexandria Real Estate Equities Inc.		42,900		5,650,359
American Tower Corp.		26,640		4,604,457
Apartment Investment & Management Co., Class A Shares		72,570		3,593,666
AvalonBay Communities Inc.		22,330		4,307,904
EPR Properties		57,680		4,214,101
Equity Residential		50,530		3,666,457
Park Hotels & Resorts Inc.		111,720		3,359,420
Retail Properties of America Inc., Class A Shares		268,350		3,391,944
Simon Property Group Inc.		26,300		4,789,756
STORE Capital Corp.		119,230		3,853,514
Weyerhaeuser Co.		143,340		3,761,242
TOTAL REAL ESTATE				45,192,820
UTILITIES - 3.9%
Electric Utilities - 2.3%
Exelon Corp.		75,000		3,582,000
NextEra Energy Inc.		24,991		4,472,889
Total Electric Utilities				8,054,889
Multi-Utilities - 1.6%
CenterPoint Energy Inc.		174,170		5,385,337
TOTAL UTILITIES				13,440,226
TOTAL COMMON STOCKS (Cost - $195,220,235)				240,973,446

See Notes to Schedule of Investments.

3

CLEARBRIDGE TACTICAL DIVIDEND INCOME FUND

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

SECURITY	SHARES/UNITS		VALUE
MASTER LIMITED PARTNERSHIPS - 22.0%
Diversified Energy Infrastructure - 6.3%
Energy Transfer LP		619,356	$	9,110,727
Enterprise Products Partners LP		209,670		5,801,569
Genesis Energy LP		345,960		7,237,483
Total Diversified Energy Infrastructure				22,149,779
Financials - 3.2%
Blackstone Group LP		335,400		11,302,980
General Partner - 1.0%
Western Gas Equity Partners LP		110,550		3,490,064
Global Infrastructure - 2.3%
Brookfield Infrastructure Partners LP		77,210		3,023,544
Brookfield Renewable Partners LP		176,370		5,068,481
Total Global Infrastructure				8,092,025
Liquids Transportation & Storage - 1.9%
Buckeye Partners LP		59,870		1,829,028
Magellan Midstream Partners LP		36,160		2,222,032
PBF Logistics LP		111,340		2,443,913
Total Liquids Transportation & Storage				6,494,973
Natural Gas Transportation & Storage - 2.1%
Hoegh LNG Partners LP		406,751		7,179,155
Oil/Refined Products - 2.5%
Andeavor Logistics LP		13,870		497,794
CrossAmerica Partners LP		81,970		1,426,278
MPLX LP		102,000		3,582,240
Sunoco LP		109,980		3,368,688
Total Oil/Refined Products				8,875,000
Petrochemicals - 0.9%
Westlake Chemical Partners LP		137,090		3,133,877
Shipping - 1.8%
KNOT Offshore Partners LP		328,050		6,118,132
TOTAL MASTER LIMITED PARTNERSHIPS (Cost - $67,655,060)				76,835,985
	SHARES
INVESTMENTS IN UNDERLYING FUNDS - 4.3%
Ares Capital Corp.		275,200		4,485,760	(b)
BlackRock TCP Capital Corp.		250,000		3,590,000	(b)
Golub Capital BDC Inc.		122,800		2,244,784	(b)
TriplePoint Venture Growth BDC Corp.		355,100		4,520,423	(b)
TOTAL INVESTMENTS IN UNDERLYING FUNDS (Cost - $15,486,825)				14,840,967

See Notes to Schedule of Investments.

4

CLEARBRIDGE TACTICAL DIVIDEND INCOME FUND

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

SECURITY	RATE			SHARES		VALUE
CONVERTIBLE PREFERRED STOCKS - 3.0%
REAL ESTATE - 1.6%
Equity Real Estate Investment Trusts (REITs) - 1.6%
Crown Castle International Corp.		6.875	%		5,100	$	5,642,640
UTILITIES - 1.4%
Multi-Utilities - 1.4%
Sempra Energy		6.750	%		49,000		4,985,260
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost - $10,531,019)							10,627,900
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $288,893,139)							343,278,298
SHORT-TERM INVESTMENTS - 1.3%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class (Cost - $4,729,668)		2.234	%		4,729,668		4,729,668
TOTAL INVESTMENTS - 99.7% (Cost - $293,622,807)							348,007,966
Other Assets in Excess of Liabilities - 0.3%							910,827
TOTAL NET ASSETS - 100.0%						$	348,918,793

(a) Security is valued in good faith in accordance with procedures approved by the Board of Trustees (Note 1).

(b) Security is a business development company.

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 Tactical Dividend Income 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
Long-Term Investments†:
Common Stocks:
Consumer Staples	$	14,782,404	$	2,585,312		—	$	17,367,716
Other Common Stocks		223,605,730		—		—		223,605,730
Master Limited Partnerships		76,835,985		—		—		76,835,985
Investments in Underlying Funds		14,840,967		—		—		14,840,967
Convertible Preferred Stocks		10,627,900		—		—		10,627,900
Total Long-Term Investments		340,692,986		2,585,312		—		343,278,298
Short-Term Investments†		4,729,668		—		—		4,729,668
Total Investments	$	345,422,654	$	2,585,312		—	$	348,007,966

† See Schedule of Investments for additional detailed categorizations.

For the period ended January 31, 2019, as a result of the fair value pricing procedures for the international equities utilized by the Fund, certain securities have transferred in and out of Level 1 and Level 2 measurements during the period. The Fund’s policy is to recognize transfers between levels as of the end of the reporting period. At January 31, 2019, securities valued at $2,585,312 were classified as Level 2 within the fair value hierarchy because fair value procedures were applied when the change in value of a domestic equity security index suggested that the closing prices on foreign exchanges may no longer have represented the value of those securities at the time of closing of the NYSE.

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 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