CLEARBRIDGE LARGE CAP GROWTH FUND

Schedule of investments (unaudited) August 31, 2019

SECURITY	SHARES		VALUE
COMMON STOCKS - 97.7%
COMMUNICATION SERVICES - 14.0%
Entertainment - 2.7%
Walt Disney Co.		2,814,143	$	386,269,268
Interactive Media & Services - 9.2%
Alphabet Inc., Class A Shares		143,617		170,980,347	*
Alphabet Inc., Class C Shares		361,914		429,990,023	*
Facebook Inc., Class A Shares		3,967,641		736,671,905	*
Total Interactive Media & Services				1,337,642,275
Media - 2.1%
Comcast Corp., Class A Shares		6,820,126		301,858,777
TOTAL COMMUNICATION SERVICES				2,025,770,320
CONSUMER DISCRETIONARY - 14.9%
Hotels, Restaurants & Leisure - 1.7%
Chipotle Mexican Grill Inc.		295,462		247,721,250	*
Internet & Direct Marketing Retail - 9.6%
Alibaba Group Holding Ltd., ADR		1,427,920		249,928,838	*
Amazon.com Inc.		500,564		889,146,828	*
Booking Holdings Inc.		66,672		131,104,487	*
GrubHub Inc.		2,027,073		120,286,512	*
Total Internet & Direct Marketing Retail				1,390,466,665
Specialty Retail - 3.6%
Advance Auto Parts Inc.		1,545,310		213,175,514
Home Depot Inc.		1,356,570		309,175,869
Total Specialty Retail				522,351,383
TOTAL CONSUMER DISCRETIONARY				2,160,539,298
CONSUMER STAPLES - 4.9%
Beverages - 2.1%
Anheuser-Busch InBev SA/NV, ADR		3,151,392		297,806,544
Food & Staples Retailing - 1.8%
Costco Wholesale Corp.		898,133		264,733,683
Food Products - 1.0%
McCormick & Co. Inc., Non Voting Shares		938,964		152,929,067
TOTAL CONSUMER STAPLES				715,469,294
ENERGY - 1.1%
Oil, Gas & Consumable Fuels - 1.1%
Pioneer Natural Resources Co.		1,242,988		153,409,579
FINANCIALS - 4.7%
Capital Markets - 3.0%
BlackRock Inc.		478,225		202,078,756
Charles Schwab Corp.		6,229,976		238,421,182
Total Capital Markets				440,499,938
Consumer Finance - 1.7%
American Express Co.		2,062,246		248,232,551
TOTAL FINANCIALS				688,732,489

See Notes to Schedule of Investments.

1

CLEARBRIDGE LARGE CAP GROWTH FUND

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

SECURITY	SHARES		VALUE
HEALTH CARE - 12.4%
Biotechnology - 2.4%
Alexion Pharmaceuticals Inc.		2,006,714	$	202,196,502	*
BioMarin Pharmaceutical Inc.		1,918,735		144,020,249	*
Total Biotechnology				346,216,751
Health Care Providers & Services - 3.0%
UnitedHealth Group Inc.		1,848,382		432,521,388
Life Sciences Tools & Services - 2.5%
Thermo Fisher Scientific Inc.		1,269,047		364,292,632
Pharmaceuticals - 4.5%
Johnson & Johnson		1,944,398		249,582,927
Zoetis Inc.		3,149,806		398,198,475
Total Pharmaceuticals				647,781,402
TOTAL HEALTH CARE				1,790,812,173
INDUSTRIALS - 10.5%
Air Freight & Logistics - 3.0%
CH Robinson Worldwide Inc.		1,405,008		118,709,126
United Parcel Service Inc., Class B Shares		2,719,624		322,710,584
Total Air Freight & Logistics				441,419,710
Industrial Conglomerates - 2.1%
Honeywell International Inc.		1,830,199		301,287,359
Machinery - 0.8%
Caterpillar Inc.		925,582		110,144,258
Professional Services - 1.7%
IHS Markit Ltd.		3,829,746		251,269,635	*
Road & Rail - 1.1%
Uber Technologies Inc.		4,930,027		160,570,979	*
Trading Companies & Distributors - 1.8%
W.W. Grainger Inc.		940,667		257,413,525
TOTAL INDUSTRIALS				1,522,105,466
INFORMATION TECHNOLOGY - 29.7%
IT Services - 7.9%
Akamai Technologies Inc.		3,500,358		311,986,908	*
Fidelity National Information Services Inc.		1,190,453		162,163,508
Visa Inc., Class A Shares		3,713,958		671,557,886
Total IT Services				1,145,708,302
Semiconductors & Semiconductor Equipment - 5.1%
NVIDIA Corp.		976,692		163,605,677
QUALCOMM Inc.		4,046,000		314,657,420
Texas Instruments Inc.		2,093,010		259,009,987
Total Semiconductors & Semiconductor Equipment				737,273,084
Software - 14.5%
Adobe Inc.		1,450,759		412,755,443	*
Microsoft Corp.		5,232,571		721,362,238
Nutanix Inc., Class A Shares		4,075,109		98,739,891	*

See Notes to Schedule of Investments.

2

CLEARBRIDGE LARGE CAP GROWTH FUND

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

SECURITY				SHARES		VALUE
Software - (continued)
Oracle Corp.					5,630,017	$	293,098,685
Palo Alto Networks Inc.					1,065,181		216,892,155	*
Splunk Inc.					1,820,369		203,553,662	*
VMware Inc., Class A Shares					1,064,207		150,521,438
Total Software							2,096,923,512
Technology Hardware, Storage & Peripherals - 2.2%
Apple Inc.					1,538,070		321,056,732
TOTAL INFORMATION TECHNOLOGY							4,300,961,630
MATERIALS - 3.7%
Chemicals - 3.7%
Ecolab Inc.					1,451,626		299,484,960
Linde PLC					1,244,887		235,171,603
TOTAL MATERIALS							534,656,563
REAL ESTATE - 1.8%
Equity Real Estate Investment Trusts (REITs) - 1.8%
Equinix Inc.					470,642		261,808,732
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $10,545,679,438)							14,154,265,544
	RATE
SHORT-TERM INVESTMENTS - 2.2%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class (Cost - $314,722,747)		1.915	%		314,722,747		314,722,747
TOTAL INVESTMENTS - 99.9% (Cost - $10,860,402,185)							14,468,988,291
Other Assets in Excess of Liabilities - 0.1%							18,098,024
TOTAL NET ASSETS - 100.0%						$	14,487,086,315

* 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.

3

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

ClearBridge Large Cap Growth 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,

4

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.

5

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†	$	14,154,265,544		—		—	$	14,154,265,544
Short-Term Investments†		314,722,747		—		—		314,722,747
Total Investments	$	14,468,988,291		—		—	$	14,468,988,291

† See Schedule of Investments for additional detailed categorizations.

6

QS U.S. LARGE CAP EQUITY FUND

Schedule of investments (unaudited) August 31, 2019

SECURITY	SHARES		VALUE
COMMON STOCKS - 98.8%
COMMUNICATION SERVICES - 8.9%
Diversified Telecommunication Services - 0.2%
AT&T Inc.		25,998	$	916,689
Verizon Communications Inc.		12,967		754,161
Total Diversified Telecommunication Services				1,670,850
Entertainment - 1.1%
Electronic Arts Inc.		49,725		4,658,238	*
Netflix Inc.		14,197		4,170,369	*
Total Entertainment				8,828,607
Interactive Media & Services - 4.7%
Alphabet Inc., Class A Shares		5,557		6,615,775	*
Alphabet Inc., Class C Shares		3,685		4,378,149	*
Facebook Inc., Class A Shares		60,385		11,211,683	*
Snap Inc., Class A Shares		200,000		3,166,000	*
TripAdvisor Inc.		79,560		3,022,484	*
Twitter Inc.		230,000		9,809,500	*
Total Interactive Media & Services				38,203,591
Media - 1.7%
CBS Corp., Class B Shares, Non Voting Shares		23,497		988,284
Comcast Corp., Class A Shares		180,395		7,984,282
Sinclair Broadcast Group Inc., Class A Shares		110,600		4,929,442
Total Media				13,902,008
Wireless Telecommunication Services - 1.2%
Telephone & Data Systems Inc.		185,000		4,662,000
United States Cellular Corp.		140,630		5,061,274	*
Total Wireless Telecommunication Services				9,723,274
TOTAL COMMUNICATION SERVICES				72,328,330
CONSUMER DISCRETIONARY - 12.7%
Auto Components - 0.4%
Lear Corp.		30,949		3,474,335
Diversified Consumer Services - 0.9%
frontdoor Inc.		145,000		7,444,300	*
Hotels, Restaurants & Leisure - 1.8%
Norwegian Cruise Line Holdings Ltd.		27,787		1,410,190	*
Royal Caribbean Cruises Ltd.		22,435		2,339,522
Starbucks Corp.		108,500		10,476,760
Total Hotels, Restaurants & Leisure				14,226,472

See Notes to Schedule of Investments.

1

QS U.S. LARGE CAP EQUITY FUND

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

SECURITY	SHARES		VALUE
Household Durables - 1.3%
PulteGroup Inc.		187,451	$	6,335,844
Toll Brothers Inc.		122,752		4,442,395
Total Household Durables				10,778,239
Internet & Direct Marketing Retail - 4.5%
Amazon.com Inc.		13,601		24,159,320	*
Booking Holdings Inc.		4,700		9,242,127	*
Etsy Inc.		50,000		2,639,500	*
Total Internet & Direct Marketing Retail				36,040,947
Specialty Retail - 2.5%
AutoZone Inc.		3,412		3,758,966	*
Foot Locker Inc.		57,149		2,068,222
Home Depot Inc.		55,000		12,535,050
Urban Outfitters Inc.		97,597		2,284,746	*
Total Specialty Retail				20,646,984
Textiles, Apparel & Luxury Goods - 1.3%
Deckers Outdoor Corp.		36,495		5,381,188	*
Ralph Lauren Corp.		56,357		4,978,577
Total Textiles, Apparel & Luxury Goods				10,359,765
TOTAL CONSUMER DISCRETIONARY				102,971,042
CONSUMER STAPLES - 4.6%
Beverages - 0.8%
Monster Beverage Corp.		110,470		6,481,275	*
Food & Staples Retailing - 0.8%
Kroger Co.		206,212		4,883,101
Walgreens Boots Alliance Inc.		24,485		1,253,387
Total Food & Staples Retailing				6,136,488
Food Products - 1.8%
Bunge Ltd.		117,550		6,278,345
Pilgrim’s Pride Corp.		254,085		7,917,289	*
Total Food Products				14,195,634
Household Products - 0.6%
Procter & Gamble Co.		24,375		2,930,606
Spectrum Brands Holdings Inc.		33,800		1,888,406
Total Household Products				4,819,012
Tobacco - 0.6%
Altria Group Inc.		120,900		5,288,166
TOTAL CONSUMER STAPLES				36,920,575

See Notes to Schedule of Investments.

2

QS U.S. LARGE CAP EQUITY FUND

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

SECURITY	SHARES		VALUE
ENERGY - 4.4%
Oil, Gas & Consumable Fuels - 4.4%
Chevron Corp.		84,727	$	9,974,062
ConocoPhillips		70,400		3,673,472
Exxon Mobil Corp.		40,472		2,771,523
HollyFrontier Corp.		71,057		3,152,089
Marathon Petroleum Corp.		71,482		3,517,629
Phillips 66		64,000		6,312,320
Valero Energy Corp.		84,858		6,388,110
TOTAL ENERGY				35,789,205
FINANCIALS - 10.8%
Banks - 4.9%
Associated Banc-Corp.		144,800		2,785,952
Bank of America Corp.		68,445		1,882,922
CIT Group Inc.		129,512		5,515,916
Fifth Third Bancorp		189,540		5,013,333
First Horizon National Corp.		260,000		4,115,800
JPMorgan Chase & Co.		38,610		4,241,695
Regions Financial Corp.		347,621		5,082,219
Wells Fargo & Co.		143,812		6,697,325
Zions Bancorp NA		103,350		4,246,651
Total Banks				39,581,813
Capital Markets - 1.6%
Affiliated Managers Group Inc.		23,400		1,793,142
E*TRADE Financial Corp.		37,600		1,569,424
Invesco Ltd.		225,000		3,532,500
Lazard Ltd., Class A Shares		25,350		870,519
Virtu Financial Inc., Class A Shares		275,800		5,185,040
Total Capital Markets				12,950,625
Consumer Finance - 1.1%
Navient Corp.		199,875		2,546,407
SLM Corp.		179,800		1,517,512
Synchrony Financial		157,393		5,044,446
Total Consumer Finance				9,108,365
Diversified Financial Services - 0.7%
Berkshire Hathaway Inc., Class B Shares		27,007		5,493,494	*
Insurance - 1.7%
Allstate Corp.		33,000		3,378,870
American Financial Group Inc.		13,000		1,312,610
Everest Re Group Ltd.		11,500		2,712,620
Principal Financial Group Inc.		85,000		4,523,700
Unum Group		84,000		2,134,440
Total Insurance				14,062,240

See Notes to Schedule of Investments.

3

QS U.S. LARGE CAP EQUITY FUND

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

SECURITY	SHARES		VALUE
Thrifts & Mortgage Finance - 0.8%
MGIC Investment Corp.		490,900	$	6,209,885
TOTAL FINANCIALS				87,406,422
HEALTH CARE - 14.8%
Biotechnology - 3.6%
AbbVie Inc.		36,000		2,366,640
Amgen Inc.		44,349		9,252,088
Biogen Inc.		33,527		7,367,558	*
Gilead Sciences Inc.		21,411		1,360,455
Incyte Corp.		42,000		3,436,440	*
Regeneron Pharmaceuticals Inc.		3,412		989,651	*
Vertex Pharmaceuticals Inc.		23,000		4,140,460	*
Total Biotechnology				28,913,292
Health Care Equipment & Supplies - 4.3%
ABIOMED Inc.		6,337		1,223,484	*
Align Technology Inc.		13,162		2,410,094	*
Baxter International Inc.		83,067		7,305,743
Edwards Lifesciences Corp.		22,554		5,003,379	*
Haemonetics Corp.		49,175		6,566,338	*
Masimo Corp.		43,100		6,605,075	*
Penumbra Inc.		38,200		5,560,010	*
Total Health Care Equipment & Supplies				34,674,123
Health Care Providers & Services - 2.4%
Chemed Corp.		16,282		6,991,979
Humana Inc.		18,045		5,110,525
Molina Healthcare Inc.		45,500		5,927,740	*
UnitedHealth Group Inc.		5,849		1,368,666
Total Health Care Providers & Services				19,398,910
Health Care Technology - 0.8%
Veeva Systems Inc., Class A Shares		40,800		6,543,504	*
Life Sciences Tools & Services - 0.4%
Bruker Corp.		67,948		2,933,315
Pharmaceuticals - 3.3%
Bristol-Myers Squibb Co.		175,000		8,412,250
Johnson & Johnson		33,150		4,255,134
Merck & Co. Inc.		134,883		11,663,333
Pfizer Inc.		73,801		2,623,626
Total Pharmaceuticals				26,954,343
TOTAL HEALTH CARE				119,417,487

See Notes to Schedule of Investments.

4

QS U.S. LARGE CAP EQUITY FUND

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

SECURITY	SHARES		VALUE
INDUSTRIALS - 10.5%
Aerospace & Defense - 1.5%
Boeing Co.		34,025	$	12,388,162
Airlines - 1.7%
JetBlue Airways Corp.		192,660		3,336,871	*
Southwest Airlines Co.		139,057		7,275,463
United Airlines Holdings Inc.		37,500		3,161,625	*
Total Airlines				13,773,959
Commercial Services & Supplies - 0.8%
Tetra Tech Inc.		76,700		6,221,904
Electrical Equipment - 0.2%
Eaton Corp. PLC		17,226		1,390,483
Industrial Conglomerates - 0.5%
Honeywell International Inc.		24,862		4,092,782
Machinery - 2.8%
AGCO Corp.		85,400		5,902,848
Allison Transmission Holdings Inc.		104,671		4,650,533
Caterpillar Inc.		10,725		1,276,275
Cummins Inc.		42,000		6,269,340
Dover Corp.		45,000		4,218,300
Total Machinery				22,317,296
Professional Services - 1.4%
Insperity Inc.		50,602		5,012,634
ManpowerGroup Inc.		20,837		1,703,216
Robert Half International Inc.		92,967		4,970,946
Total Professional Services				11,686,796
Road & Rail - 0.9%
Union Pacific Corp.		44,166		7,153,125
Trading Companies & Distributors - 0.7%
W.W. Grainger Inc.		16,200		4,433,130
WESCO International Inc.		34,300		1,546,244	*
Total Trading Companies & Distributors				5,979,374
TOTAL INDUSTRIALS				85,003,881
INFORMATION TECHNOLOGY - 20.8%
Communications Equipment - 1.5%
Cisco Systems Inc.		253,500		11,866,335
Electronic Equipment, Instruments & Components - 1.0%
Avnet Inc.		58,402		2,446,460
Jabil Inc.		188,662		5,435,352
Total Electronic Equipment, Instruments & Components				7,881,812

See Notes to Schedule of Investments.

5

QS U.S. LARGE CAP EQUITY FUND

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

SECURITY	SHARES		VALUE
IT Services - 4.8%
Akamai Technologies Inc.		70,200	$	6,256,926	*
Booz Allen Hamilton Holding Corp.		97,800		7,384,878
Euronet Worldwide Inc.		20,000		3,062,800	*
Mastercard Inc., Class A Shares		25,000		7,034,250
PayPal Holdings Inc.		81,997		8,941,773	*
Switch Inc., Class A Shares		200,600		3,289,840
Visa Inc., Class A Shares		14,000		2,531,480
Total IT Services				38,501,947
Semiconductors & Semiconductor Equipment - 2.4%
Broadcom Inc.		27,300		7,716,072
Intel Corp.		34,125		1,617,866
Lam Research Corp.		33,762		7,107,239
NXP Semiconductors NV		31,700		3,237,838
Total Semiconductors & Semiconductor Equipment				19,679,015
Software - 7.9%
Adobe Inc.		38,924		11,074,267	*
Citrix Systems Inc.		64,000		5,950,720
Dropbox Inc., Class A Shares		165,000		2,953,500	*
Fortinet Inc.		65,032		5,149,234	*
Manhattan Associates Inc.		20,300		1,677,389	*
Microsoft Corp.		165,825		22,860,634
Oracle Corp.		121,875		6,344,813
Proofpoint Inc.		20,000		2,272,200	*
salesforce.com Inc.		36,671		5,723,243	*
Total Software				64,006,000
Technology Hardware, Storage & Peripherals - 3.2%
Apple Inc.		124,891		26,069,747
TOTAL INFORMATION TECHNOLOGY				168,004,856
MATERIALS - 2.5%
Chemicals - 1.3%
Eastman Chemical Co.		87,000		5,687,190
Huntsman Corp.		180,000		3,585,600
LyondellBasell Industries NV, Class A Shares		18,000		1,392,840
Total Chemicals				10,665,630
Containers & Packaging - 0.5%
International Paper Co.		103,000		4,027,300
Metals & Mining - 0.7%
Steel Dynamics Inc.		210,000		5,670,000
TOTAL MATERIALS				20,362,930

See Notes to Schedule of Investments.

6

QS U.S. LARGE CAP EQUITY FUND

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

SECURITY				SHARES		VALUE
REAL ESTATE - 4.0%
Equity Real Estate Investment Trusts (REITs) - 3.6%
Apartment Investment & Management Co., Class A Shares					38,500	$	1,963,500
Brixmor Property Group Inc.					293,085		5,401,557
CoreCivic Inc.					151,296		2,564,467
Host Hotels & Resorts Inc.					175,000		2,807,000
Kimco Realty Corp.					362,804		6,668,337
Lamar Advertising Co., Class A Shares					42,400		3,249,960
Medical Properties Trust Inc.					295,327		5,490,129
Retail Properties of America Inc., Class A Shares					101,303		1,150,802
Total Equity Real Estate Investment Trusts (REITs)							29,295,752
Real Estate Management & Development - 0.4%
CBRE Group Inc., Class A Shares					60,000		3,136,200	*
TOTAL REAL ESTATE							32,431,952
UTILITIES - 4.8%
Electric Utilities - 1.8%
Edison International					85,245		6,160,656
IDACORP Inc.					63,700		6,994,897
Pinnacle West Capital Corp.					13,500		1,286,685
Total Electric Utilities							14,442,238
Gas Utilities - 1.6%
National Fuel Gas Co.					90,000		4,206,600
Spire Inc.					44,685		3,793,757
UGI Corp.					95,500		4,647,985
Total Gas Utilities							12,648,342
Independent Power and Renewable Electricity Producers - 1.4%
AES Corp.					390,000		5,978,700
NRG Energy Inc.					153,660		5,593,224
Total Independent Power and Renewable Electricity Producers							11,571,924
TOTAL UTILITIES							38,662,504
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $648,023,944)							799,299,184
	RATE
SHORT-TERM INVESTMENTS - 1.1%
Invesco Treasury Portfolio, Institutional Class (Cost - $8,498,384)		1.997	%		8,498,384		8,498,384
TOTAL INVESTMENTS - 99.9% (Cost - $656,522,328)							807,797,568
Other Assets in Excess of Liabilities - 0.1%							1,164,097
TOTAL NET ASSETS - 100.0%						$	808,961,665

* Non-income producing security.

See Notes to Schedule of Investments.

7

QS U.S. LARGE CAP EQUITY FUND

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

At August 31, 2019, the Fund had the following open futures contracts:

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation
Contracts to Buy:
E-mini S&P 500 Index		65		9/19	$	9,463,435	$	9,505,600	$	42,165

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.

8

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

QS U.S. Large Cap Equity 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. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. 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.

9

Notes to Schedule of Investments (unaudited) (continued)

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

10

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†	$	799,299,184		—		—	$	799,299,184
Short-Term Investments†		8,498,384		—		—		8,498,384
Total Investments	$	807,797,568		—		—	$	807,797,568
Other Financial Instruments:
Futures Contracts	$	42,165		—		—	$	42,165
Total	$	807,839,733		—		—	$	807,839,733

† See Schedule of Investments for additional detailed categorizations.

11