CLEARBRIDGE SELECT FUND

Schedule of investments (unaudited) January 31, 2020

SECURITY	SHARES		VALUE
COMMON STOCKS - 93.7%
COMMUNICATION SERVICES - 5.6%
Entertainment - 4.6%
Sea Ltd., ADR		230,670	$	10,435,511	*
Spotify Technology SA		64,388		9,098,024	*
World Wrestling Entertainment Inc., Class A Shares		168,920		8,256,810
Zynga Inc., Class A Shares		1,820,810		10,961,276	*
Total Entertainment				38,751,621
Interactive Media & Services - 0.8%
Cargurus Inc.		187,845		6,696,674	*
Media - 0.2%
comScore Inc.		371,411		1,467,074	*
TOTAL COMMUNICATION SERVICES				46,915,369
CONSUMER DISCRETIONARY - 15.2%
Auto Components - 1.2%
Fox Factory Holding Corp.		149,418		9,834,693	*
Hotels, Restaurants & Leisure - 0.3%
Luckin Coffee Inc., ADR		69,550		2,257,941	*
Internet & Direct Marketing Retail - 5.7%
Alibaba Group Holding Ltd., ADR		66,700		13,779,553	*
Expedia Group Inc.		98,042		10,632,655
MercadoLibre Inc.		29,852		19,791,876	*
RealReal Inc.		223,710		3,237,084	*
Total Internet & Direct Marketing Retail				47,441,168
Specialty Retail - 6.9%
Advance Auto Parts Inc.		91,727		12,085,032
Carvana Co.		164,664		13,049,622	*
Lowe’s Cos. Inc.		121,370		14,108,049
Ross Stores Inc.		167,301		18,769,499
Total Specialty Retail				58,012,202
Textiles, Apparel & Luxury Goods - 1.1%
Crocs Inc.		243,750		9,240,562	*
TOTAL CONSUMER DISCRETIONARY				126,786,566
CONSUMER STAPLES - 3.6%
Beverages - 1.1%
Constellation Brands Inc., Class A Shares		46,331		8,724,127
Food & Staples Retailing - 2.5%
BJ’s Wholesale Club Holdings Inc.		560,650		11,504,538	*
Casey’s General Stores Inc.		60,035		9,657,230
Total Food & Staples Retailing				21,161,768
TOTAL CONSUMER STAPLES				29,885,895

See Notes to Schedule of Investments.

ClearBridge Select Fund 2020 Quarterly Report       1

CLEARBRIDGE SELECT FUND

Schedule of investments (unaudited) (cont’d) January 31, 2020

SECURITY	SHARES		VALUE
FINANCIALS - 2.9%
Banks - 1.1%
Bank of America Corp.		267,220	$	8,772,832
Capital Markets - 1.8%
KKR & Co. Inc., Class A Shares		465,841		14,860,328
TOTAL FINANCIALS				23,633,160
HEALTH CARE - 13.1%
Biotechnology - 2.5%
Alexion Pharmaceuticals Inc.		68,539		6,812,091	*
BioMarin Pharmaceutical Inc.		137,410		11,473,735	*
Ultragenyx Pharmaceutical Inc.		46,480		2,442,524	*
Total Biotechnology				20,728,350
Health Care Equipment & Supplies - 3.4%
Insulet Corp.		95,450		18,521,118	*
SmileDirectClub Inc.		706,550		9,460,705	*
Total Health Care Equipment & Supplies				27,981,823
Health Care Providers & Services - 1.7%
Surgery Partners Inc.		833,922		14,068,264	*
Health Care Technology - 0.4%
Livongo Health Inc.		154,551		3,733,952	*
Life Sciences Tools & Services - 5.1%
Bio-Rad Laboratories Inc., Class A Shares		36,379		13,129,909	*
PerkinElmer Inc.		107,215		9,915,243
Syneos Health Inc.		320,046		19,638,022	*
Total Life Sciences Tools & Services				42,683,174
TOTAL HEALTH CARE				109,195,563
INDUSTRIALS - 9.7%
Aerospace & Defense - 1.4%
L3Harris Technologies Inc.		52,250		11,564,492
Building Products - 2.3%
Trex Co. Inc.		192,844		18,944,995	*
Commercial Services & Supplies - 2.6%
Copart Inc.		210,167		21,323,544	*
Electrical Equipment - 0.5%
GS Acquisition Holdings Corp., Class A Shares		341,520		4,234,848	*
Machinery - 0.7%
Tennant Co.		78,879		6,091,036
Road & Rail - 1.3%
Lyft Inc., Class A Shares		114,062		5,415,664	*
Uber Technologies Inc.		160,160		5,812,206	*
Total Road & Rail				11,227,870

See Notes to Schedule of Investments.

  2     ClearBridge Select Fund 2020 Quarterly Report Report

CLEARBRIDGE SELECT FUND

Schedule of investments (unaudited) (cont’d) January 31, 2020

SECURITY	SHARES		VALUE
Trading Companies & Distributors - 0.9%
H&E Equipment Services Inc.		280,997	$	7,617,829
TOTAL INDUSTRIALS				81,004,614
INFORMATION TECHNOLOGY - 37.2%
Electronic Equipment, Instruments & Components - 0.7%
nLight Inc.		347,430		6,104,345	*
IT Services - 10.9%
Cardtronics PLC, Class A Shares		344,171		15,487,695	*
InterXion Holding NV		147,170		12,808,205	*
Shopify Inc., Class A Shares		60,349		28,102,115	*
Visa Inc., Class A Shares		82,363		16,387,766
Wix.com Ltd.		125,173		17,860,936	*
Total IT Services				90,646,717
Software - 22.8%
Adobe Inc.		48,596		17,063,999	*
Cornerstone OnDemand Inc.		279,560		16,438,128	*
Datadog Inc., Class A Shares		96,980		4,481,446	*
DocuSign Inc.		251,099		19,713,783	*
Dynatrace Inc.		196,090		6,139,578	*
FireEye Inc.		540,073		8,630,367	*
ForeScout Technologies Inc.		323,898		9,234,332	*
Fortinet Inc.		169,354		19,536,677	*
HubSpot Inc.		48,460		8,768,352	*
Medallia Inc.		85,620		2,416,196	*
New Relic Inc.		166,404		10,984,328	*
Qualys Inc.		116,860		10,019,576	*
ServiceNow Inc.		81,909		27,704,081	*
Sprout Social Inc., Class A Shares		547,418		11,238,492	*
Varonis Systems Inc.		95,860		8,019,648	*
Yext Inc.		611,116		9,130,073	*
Total Software				189,519,056
Technology Hardware, Storage & Peripherals - 2.8%
Apple Inc.		75,661		23,417,836
TOTAL INFORMATION TECHNOLOGY				309,687,954
MATERIALS - 1.2%
Construction Materials - 1.2%
Summit Materials Inc., Class A Shares		436,510		9,590,125	*

See Notes to Schedule of Investments.

ClearBridge Select Fund 2020 Quarterly Report       3

CLEARBRIDGE SELECT FUND

Schedule of investments (unaudited) (cont’d) January 31, 2020

SECURITY				SHARES		VALUE
REAL ESTATE - 5.2%
Equity Real Estate Investment Trusts (REITs) - 4.0%
Outfront Media Inc.					360,110	$	10,709,672
SBA Communications Corp.					92,211		23,012,177
Total Equity Real Estate Investment Trusts (REITs)							33,721,849
Real Estate Management & Development - 1.2%
CBRE Group Inc., Class A Shares					161,441		9,855,973	*
TOTAL REAL ESTATE							43,577,822
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $627,638,504)							780,277,068
	RATE
SHORT-TERM INVESTMENTS - 5.5%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class		1.386	%		36,487,179		36,487,179
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		1.475	%		9,121,795		9,121,795	(a)
TOTAL SHORT-TERM INVESTMENTS (Cost - $45,608,974)							45,608,974
TOTAL INVESTMENTS - 99.2% (Cost - $673,247,478)							825,886,042
Other Assets in Excess of Liabilities - 0.8%							6,710,950
TOTAL NET ASSETS - 100.0%						$	832,596,992

* Non-income producing security.

(a) In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control. At January 31, 2020, the total market value of investments in Affiliated Companies was $9,121,795 and the cost was $9,121,795 (Note 2).

Abbreviation used in this schedule:

ADR — American Depositary Receipts

SECURITY	SHARES			VALUE
SECURITIES SOLD SHORT‡ - (0.7)%
COMMON STOCKS - (0.7)%
COMMUNICATION SERVICES - (0.4)%
Media - (0.4)%
Omnicom Group Inc.		(37,060	)	$	(2,790,988	)
INFORMATION TECHNOLOGY - (0.3)%
Software - (0.3)%
Mastercard Inc., Class A Shares		(8,370	)		(2,644,418	)
TOTAL SECURITIES SOLD SHORT (Proceeds - $(5,038,712))				$	(5,435,406	)

‡ Percentages indicated are based on net assets.

See Notes to Schedule of Investments.

  4     ClearBridge Select Fund 2020 Quarterly Report

CLEARBRIDGE SELECT FUND

Schedule of investments (unaudited) (cont’d) January 31, 2020

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.

ClearBridge Select Fund 2020 Quarterly Report       5

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

ClearBridge Select Fund (the “Fund”) is a separate non-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.

6

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.

7

Notes to Schedule of Investments (unaudited) (cont’d)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities carried at fair value:

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Common Stocks†	$	780,277,068		—		—	$	780,277,068
Short-Term Investments†		45,608,974		—		—		45,608,974
Total Investments	$	825,886,042		—		—	$	825,886,042
LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Securities Sold Short†	$	5,435,406		—		—	$	5,435,406

† See Schedule of Investments for additional detailed categorizations.

2. Transactions with affiliated companies

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control. Based on the Fund’s relative ownership, the following company was considered an affiliated company for all or some portion of the period ended January 31, 2020. The following transactions were effected in shares of such company for the period ended January 31, 2020.

	Affiliate Value At October 31, 2019		Purchased				Sold				Realized Gain (Loss)		Interest Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at January 31, 2020
			Cost		Shares		Cost		Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		—	$	21,872,874		21,872,874	$	12,751,079		12,751,079		—	$	21,556		—	$	9,121,795

8