CLEARBRIDGE SELECT FUND

Schedule of investments (unaudited) July 31, 2020

SECURITY	SHARES		VALUE
COMMON STOCKS - 92.5%
COMMUNICATION SERVICES - 1.6%
Entertainment - 1.5%
Zynga Inc., Class A Shares		2,023,600	$	19,891,988	*
Media - 0.1%
comScore Inc.		375,601		1,126,803	*
TOTAL COMMUNICATION SERVICES				21,018,791
CONSUMER DISCRETIONARY - 15.7%
Auto Components - 1.2%
Fox Factory Holding Corp.		167,218		14,882,402	*
Internet & Direct Marketing Retail - 6.4%
Alibaba Group Holding Ltd., ADR		82,840		20,794,497	*
Chewy Inc., Class A Shares		190,730		10,011,418	*
Expedia Group Inc.		164,542		13,329,547
MercadoLibre Inc.		33,392		37,553,311	*
Total Internet & Direct Marketing Retail				81,688,773
Specialty Retail - 6.9%
American Eagle Outfitters Inc.		921,730		9,217,300
Carvana Co.		243,854		37,785,177	*
Lowe’s Cos. Inc.		149,700		22,291,827
Ross Stores Inc.		222,851		19,983,049
Total Specialty Retail				89,277,353
Textiles, Apparel & Luxury Goods - 1.2%
Crocs Inc.		436,170		15,675,950	*
TOTAL CONSUMER DISCRETIONARY				201,524,478
CONSUMER STAPLES - 7.0%
Beverages - 2.1%
Constellation Brands Inc., Class A Shares		69,011		12,297,760
Monster Beverage Corp.		190,560		14,955,149	*
Total Beverages				27,252,909
Food & Staples Retailing - 4.0%
BJ’s Wholesale Club Holdings Inc.		631,480		25,290,774	*
Casey’s General Stores Inc.		77,585		12,350,756
Performance Food Group Co.		506,960		14,205,019	*
Total Food & Staples Retailing				51,846,549
Food Products - 0.9%
Vital Farms Inc.		310,030		10,931,658	*
TOTAL CONSUMER STAPLES				90,031,116
ENERGY - 0.5%
Oil, Gas & Consumable Fuels - 0.5%
Pioneer Natural Resources Co.		60,420		5,855,907

See Notes to Schedule of Investments.

ClearBridge Select Fund 2020 Quarterly Report       1

CLEARBRIDGE SELECT FUND

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

SECURITY	SHARES		VALUE
FINANCIALS - 4.4%
Banks - 1.5%
First Republic Bank		54,720	$	6,154,906
Truist Financial Corp.		335,420		12,564,833
Total Banks				18,719,739
Capital Markets - 2.2%
Intercontinental Exchange Inc.		77,370		7,487,868
KKR & Co. Inc.		584,221		20,663,897
Total Capital Markets				28,151,765
Diversified Financial Services - 0.7%
GS Acquisition Holdings Corp. II		452,080		4,701,632	*
Insurance Acquisition Corp.		492,650		4,625,484	*(a)(b)
Total Diversified Financial Services				9,327,116
TOTAL FINANCIALS				56,198,620
HEALTH CARE - 12.9%
Biotechnology - 2.0%
BioMarin Pharmaceutical Inc.		149,860		17,954,727	*
Ultragenyx Pharmaceutical Inc.		100,220		7,833,195	*
Total Biotechnology				25,787,922
Health Care Equipment & Supplies - 1.9%
Insulet Corp.		103,260		20,998,954	*
SmileDirectClub Inc.		437,290		3,695,100	*
Total Health Care Equipment & Supplies				24,694,054
Health Care Providers & Services - 1.2%
Surgery Partners Inc.		983,022		15,010,746	*
Health Care Technology - 2.4%
Livongo Health Inc.		244,341		31,092,392	*
Life Sciences Tools & Services - 5.4%
Bio-Rad Laboratories Inc., Class A Shares		42,999		22,569,745	*
PerkinElmer Inc.		119,985		14,267,416
PPD Inc.		290,880		8,543,146	*
Syneos Health Inc.		388,046		24,210,190	*
Total Life Sciences Tools & Services				69,590,497
TOTAL HEALTH CARE				166,175,611
INDUSTRIALS - 9.5%
Aerospace & Defense - 1.3%
L3Harris Technologies Inc.		97,830		16,467,724
Air Freight & Logistics - 1.2%
XPO Logistics Inc.		212,690		15,956,004	*
Building Products - 2.1%
Trex Co. Inc.		189,304		26,375,726	*

See Notes to Schedule of Investments.

  2     ClearBridge Select Fund 2020 Quarterly Report

CLEARBRIDGE SELECT FUND

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

SECURITY	SHARES		VALUE
Commercial Services & Supplies - 1.8%
Copart Inc.		252,767	$	23,570,523	*
Electrical Equipment - 1.0%
Vertiv Holdings Co.		896,620		13,000,990	*
Machinery - 0.6%
Tennant Co.		107,189		7,140,931
Road & Rail - 0.9%
Uber Technologies Inc.		379,290		11,477,316	*
Trading Companies & Distributors - 0.6%
H&E Equipment Services Inc.		442,317		7,780,356
TOTAL INDUSTRIALS				121,769,570
INFORMATION TECHNOLOGY - 35.1%
Electronic Equipment, Instruments & Components - 0.9%
Brain Corp.		413,158		2,404,579	*(a)(b)(c)
nLight Inc.		401,240		9,296,731	*
Total Electronic Equipment, Instruments & Components				11,701,310
IT Services - 8.8%
Cardtronics PLC, Class A Shares		371,751		8,301,200	*
Shopify Inc., Class A Shares		47,960		49,111,040	*
Visa Inc., Class A Shares		92,173		17,549,739
Wix.com Ltd.		133,893		38,893,239	*
Total IT Services				113,855,218
Semiconductors & Semiconductor Equipment - 0.9%
NVIDIA Corp.		26,830		11,391,750
Software - 21.8%
Adobe Inc.		52,576		23,360,568	*
Agora Inc., ADR		109,610		4,772,419	*
Cornerstone OnDemand Inc.		312,860		11,109,659	*
Crowdstrike Holdings Inc., Class A Shares		47,780		5,408,696	*
Datadog Inc., Class A Shares		134,020		12,579,117	*
DocuSign Inc.		268,629		58,246,826	*
Dynatrace Inc.		212,140		8,873,816	*
Fortinet Inc.		183,224		25,339,879	*
HubSpot Inc.		59,520		13,963,987	*
New Relic Inc.		217,894		15,450,864	*
Qualys Inc.		107,330		13,253,108	*
ServiceNow Inc.		88,609		38,917,073	*
Splunk Inc.		34,840		7,310,129	*
Sprout Social Inc., Class A Shares		646,008		18,663,171	*

See Notes to Schedule of Investments.

ClearBridge Select Fund 2020 Quarterly Report        3

CLEARBRIDGE SELECT FUND

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

SECURITY							SHARES		VALUE
Software - continued
Varonis Systems Inc.								107,280	$	11,623,788	*
Yext Inc.								660,836		11,115,262	*
Total Software										279,988,362
Technology Hardware, Storage & Peripherals - 2.7%
Apple Inc.								81,851		34,789,949
TOTAL INFORMATION TECHNOLOGY										451,726,589
MATERIALS - 1.0%
Construction Materials - 1.0%
Summit Materials Inc., Class A Shares								909,310		13,385,043	*
REAL ESTATE - 4.8%
Equity Real Estate Investment Trusts (REITs) - 4.2%
Digital Realty Trust Inc.								116,818		18,753,962
SBA Communications Corp.								113,341		35,310,255
Total Equity Real Estate Investment Trusts (REITs)										54,064,217
Real Estate Management & Development - 0.6%
CBRE Group Inc., Class A Shares								176,541		7,734,261	*
TOTAL REAL ESTATE										61,798,478
TOTAL COMMON STOCKS (Cost - $782,331,750)										1,189,484,203
	RATE			MATURITY DATE			FACE AMOUNT
CORPORATE BONDS & NOTES - 0.4%
ENERGY - 0.4%
Energy Equipment & Services - 0.4%
Newpark Resources Inc., Senior Notes (Cost - $4,023,089)		4.000	%		12/1/21		$	5,108,000		4,555,711
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $786,354,839)										1,194,039,914
							SHARES
SHORT-TERM INVESTMENTS - 7.1%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class					0.039	%		73,326,277		73,326,277
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares					0.075	%		18,331,569		18,331,569	(d)
TOTAL SHORT-TERM INVESTMENTS (Cost - $91,657,846)										91,657,846
TOTAL INVESTMENTS - 100.0% (Cost - $878,012,685)										1,285,697,760
Other Assets in Excess of Liabilities - 0.0%††										264,097
TOTAL NET ASSETS - 100.0%									$	1,285,961,857

See Notes to Schedule of Investments.

  4     ClearBridge Select Fund 2020 Quarterly Report

CLEARBRIDGE SELECT FUND

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

†† Represents less than 0.1%.

* Non-income producing security.

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

(b) Restricted security (Note 3).

(c) Security is valued using significant unobservable inputs (Note 1).

(d) 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 $18,331,569 and the cost was $18,331,569 (Note 2).

Abbreviation(s) used in this schedule:

ADR — American Depositary Receipts

SCHEDULE OF WRITTEN OPTIONS
Exchange-Traded Written Options
SECURITY	EXPIRATION DATE		STRIKE PRICE		CONTRACTS		NOTIONAL AMOUNT		VALUE
First Republic Bank, Put
(Premiums received - $124,641)		8/21/20	$	100.00		442	$	4,971,616	$	(28,730	)

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) (cont’d)

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
Long-Term Investments†:
Common Stocks:
Financials	$	51,573,136	$	4,625,484		—	$	56,198,620
Information Technology		449,322,010		—	$	2,404,579		451,726,589
Other Common Stocks		681,558,994		—		—		681,558,994
Corporate Bonds & Notes		—		4,555,711		—		4,555,711
Total Long-Term Investments		1,182,454,140		9,181,195		2,404,579		1,194,039,914
Short-Term Investments†		91,657,846		—		—		91,657,846
Total Investments	$	1,274,111,986	$	9,181,195	$	2,404,579	$	1,285,697,760
LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Written Options		—	$	28,730		—	$	28,730

† 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				Realized Gain (Loss)		Interest Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at July 31, 2020
			Cost		Shares		Cost		Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		—	$	68,559,183		68,559,183	$	50,227,614		50,227,614		—	$	43,594		—	$	18,331,569

8

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

3. Restricted securities

The following Fund investments are restricted as to resale and, in the absence of a readily ascertainable market value, is valued in good faith in accordance with procedures approved by the Board of Trustees.

Security	Number of Shares		Acquisition Date		Cost		Fair Value at 7/31/2020		Value Per Share		Percent of Net Assets
Brain Corp.		413,158		4/20	$	2,179,615	$	2,404,579	$	5.82		0.19	%
Insurance Acquisition Corp.		492,650		6/20		4,926,500		4,625,484		9.39		0.36
					$	7,106,115	$	7,030,063				0.55	%

9