CLEARBRIDGE MID CAP FUND

Schedule of investments (unaudited) July 31, 2020

SECURITY	SHARES		VALUE
COMMON STOCKS - 98.3%
COMMUNICATION SERVICES - 2.4%
Entertainment - 2.4%
Live Nation Entertainment Inc.		385,000	$	18,021,850	*
World Wrestling Entertainment Inc., Class A Shares		510,000		23,771,100
TOTAL COMMUNICATION SERVICES				41,792,950
CONSUMER DISCRETIONARY - 12.0%
Auto Components - 2.2%
Aptiv PLC		510,000		39,652,500
Diversified Consumer Services - 1.8%
Service Corp. International		715,000		31,002,400
Hotels, Restaurants & Leisure - 1.0%
Vail Resorts Inc.		93,000		17,858,790
Internet & Direct Marketing Retail - 1.1%
Chewy Inc., Class A Shares		360,000		18,896,400	*
Leisure Products - 1.7%
Hasbro Inc.		404,000		29,395,040
Specialty Retail - 4.2%
Carvana Co.		290,000		44,935,500	*
Ross Stores Inc.		315,000		28,246,050
Total Specialty Retail				73,181,550
TOTAL CONSUMER DISCRETIONARY				209,986,680
CONSUMER STAPLES - 5.5%
Food & Staples Retailing - 4.1%
Casey’s General Stores Inc.		257,000		40,911,830
Performance Food Group Co.		1,095,000		30,681,900	*
Total Food & Staples Retailing				71,593,730
Household Products - 1.4%
Reynolds Consumer Products Inc.		725,000		24,693,500
TOTAL CONSUMER STAPLES				96,287,230
ENERGY - 1.4%
Oil, Gas & Consumable Fuels - 1.4%
Pioneer Natural Resources Co.		252,000		24,423,840
FINANCIALS - 10.2%
Banks - 3.3%
First Republic Bank		290,000		32,619,200
Western Alliance Bancorp		722,000		25,955,900
Total Banks				58,575,100

See Notes to Schedule of Investments.

ClearBridge Mid Cap Fund 2020 Quarterly Report       1

CLEARBRIDGE MID CAP FUND

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

SECURITY	SHARES		VALUE
Insurance - 5.4%
Arch Capital Group Ltd.		1,035,000	$	31,826,250	*
Hartford Financial Services Group Inc.		675,000		28,566,000
Progressive Corp.		380,000		34,329,200
Total Insurance				94,721,450
Mortgage Real Estate Investment Trusts (REITs) - 1.5%
Starwood Property Trust Inc.		1,700,000		25,415,000
TOTAL FINANCIALS				178,711,550
HEALTH CARE - 14.8%
Biotechnology - 2.7%
Alexion Pharmaceuticals Inc.		210,000		21,522,900	*
BioMarin Pharmaceutical Inc.		215,000		25,759,150	*
Total Biotechnology				47,282,050
Health Care Equipment & Supplies - 1.6%
Varian Medical Systems Inc.		200,000		28,544,000	*
Health Care Providers & Services - 0.7%
AmerisourceBergen Corp.		120,000		12,022,800
Life Sciences Tools & Services - 8.5%
Avantor Inc.		1,600,000		35,328,000	*
Bio-Rad Laboratories Inc., Class A Shares		57,000		29,918,730	*
Bio-Techne Corp.		72,000		19,811,520
ICON PLC		177,000		32,826,420	*
Syneos Health Inc.		495,000		30,883,050	*
Total Life Sciences Tools & Services				148,767,720
Pharmaceuticals - 1.3%
Catalent Inc.		255,000		22,271,700	*
TOTAL HEALTH CARE				258,888,270
INDUSTRIALS - 16.9%
Aerospace & Defense - 2.9%
L3Harris Technologies Inc.		160,000		26,932,800
Teledyne Technologies Inc.		77,000		23,615,900	*
Total Aerospace & Defense				50,548,700
Building Products - 3.8%
Masonite International Corp.		370,000		31,209,500	*
Trane Technologies PLC		315,000		35,239,050
Total Building Products				66,448,550
Commercial Services & Supplies - 3.0%
Copart Inc.		200,000		18,650,000	*
Waste Connections Inc.		330,000		33,782,100
Total Commercial Services & Supplies				52,432,100

See Notes to Schedule of Investments.

  2     ClearBridge Mid Cap Fund 2020 Quarterly Report

CLEARBRIDGE MID CAP FUND

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

SECURITY	SHARES		VALUE
Electrical Equipment - 5.6%
AMETEK Inc.		310,000	$	28,907,500
Regal Beloit Corp.		130,000		11,956,100
Rockwell Automation Inc.		120,000		26,176,800
Vertiv Holdings Co.		2,125,000		30,812,500	*
Total Electrical Equipment				97,852,900
Road & Rail - 1.6%
Old Dominion Freight Line Inc.		150,000		27,423,000
TOTAL INDUSTRIALS				294,705,250
INFORMATION TECHNOLOGY - 22.6%
Communications Equipment - 1.4%
Arista Networks Inc.		92,000		23,898,840	*
Electronic Equipment, Instruments & Components - 4.9%
CDW Corp.		300,000		34,875,000
IPG Photonics Corp.		100,000		17,901,000	*
Keysight Technologies Inc.		336,000		33,563,040	*
Total Electronic Equipment, Instruments & Components				86,339,040
IT Services - 2.8%
Amdocs Ltd.		300,000		18,630,000
Black Knight Inc.		395,000		29,593,400	*
Total IT Services				48,223,400
Semiconductors & Semiconductor Equipment - 5.5%
Lam Research Corp.		96,000		36,207,360
SolarEdge Technologies Inc.		160,000		28,016,000	*
Xilinx Inc.		295,000		31,668,250
Total Semiconductors & Semiconductor Equipment				95,891,610
Software - 6.2%
Aspen Technology Inc.		242,000		23,536,920	*
Autodesk Inc.		138,000		32,627,340	*
Splunk Inc.		200,000		41,964,000	*
Synopsys Inc.		55,000		10,957,100	*
Total Software				109,085,360
Technology Hardware, Storage & Peripherals - 1.8%
NCR Corp.		619,000		11,408,170	*
Western Digital Corp.		478,000		20,601,800
Total Technology Hardware, Storage & Peripherals				32,009,970
TOTAL INFORMATION TECHNOLOGY				395,448,220
MATERIALS - 2.7%
Containers & Packaging - 2.7%
Ardagh Group SA		928,000		12,630,080
Ball Corp.		476,000		35,047,880
TOTAL MATERIALS				47,677,960

See Notes to Schedule of Investments.

ClearBridge Mid Cap Fund 2020 Quarterly Report       3

CLEARBRIDGE MID CAP FUND

Schedule of Investments (unaudited) (cont’d) July 31, 2020

SECURITY				SHARES		VALUE
REAL ESTATE - 4.4%
Equity Real Estate Investment Trusts (REITs) - 4.4%
Alexandria Real Estate Equities Inc.					255,000	$	45,275,250
Americold Realty Trust					770,000		31,069,500
TOTAL REAL ESTATE							76,344,750
UTILITIES - 5.4%
Electric Utilities - 2.0%
Eversource Energy					395,000		35,577,650
Multi-Utilities - 3.4%
Ameren Corp.					484,000		38,836,160
DTE Energy Co.					173,000		20,003,990
Total Multi-Utilities							58,840,150
TOTAL UTILITIES							94,417,800
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $1,143,504,743)							1,718,684,500
	RATE
SHORT-TERM INVESTMENTS - 1.6%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class		0.039	%		22,404,056		22,404,056
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		0.075	%		5,601,014		5,601,014	(a)
TOTAL SHORT-TERM INVESTMENTS (Cost - $28,005,070)							28,005,070
TOTAL INVESTMENTS - 99.9% (Cost - $1,171,509,813)							1,746,689,570
Other Assets in Excess of Liabilities - 0.1%							1,143,012
TOTAL NET ASSETS - 100.0%						$	1,747,832,582

* 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 with the Fund. At July 31, 2020, the total market value of investments in Affiliated Companies was $5,601,014 and the cost was $5,601,014 (Note 2).

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     ClearBridge Mid Cap Fund 2020 Quarterly Report

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

ClearBridge Mid Cap 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.

5

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.

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†	$	1,718,684,500		—		—	$	1,718,684,500
Short-Term Investments†		28,005,070		—		—		28,005,070
Total Investments	$	1,746,689,570		—		—	$	1,746,689,570

† See Schedule of Investments for additional detailed categorizations.

2. Transactions with affiliated company

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 July 31, 2020. The following transactions were effected in shares of such company for the period ended July 31, 2020.

	Affiliate Value at October 31, 2019		Purchased				Sold
			Cost		Shares		Cost		Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		—	$	40,759,920		40,759,920	$	35,158,906		35,158,906

(cont’d)	Realized Gain (Loss)		Interest Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at July 31, 2020
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		—	$	16,998		—	$	5,601,014

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