CLEARBRIDGE ALL CAP VALUE FUND

Schedule of investments (unaudited) December 31, 2020

SECURITY	SHARES		VALUE
COMMON STOCKS - 98.4%
COMMUNICATION SERVICES - 6.1%
Diversified Telecommunication Services - 2.5%
Verizon Communications Inc.		600,000	$	35,250,000
Media - 3.6%
Comcast Corp., Class A Shares		500,000		26,200,000
Gray Television Inc.		750,000		13,417,500	*
ViacomCBS Inc., Class B Shares		300,000		11,178,000
Total Media				50,795,500
TOTAL COMMUNICATION SERVICES				86,045,500
CONSUMER DISCRETIONARY - 6.8%
Hotels, Restaurants & Leisure - 2.1%
Carnival Corp.		650,000		14,079,000
Melco Resorts & Entertainment Ltd., ADR		400,000		7,420,000
Six Flags Entertainment Corp.		250,000		8,525,000
Total Hotels, Restaurants & Leisure				30,024,000
Household Durables - 1.1%
Sony Corp., ADR		150,000		15,165,000
Specialty Retail - 3.6%
AutoZone Inc.		15,000		17,781,600	*
Lithia Motors Inc., Class A Shares		45,000		13,170,150
Murphy USA Inc.		150,000		19,630,500
Total Specialty Retail				50,582,250
TOTAL CONSUMER DISCRETIONARY				95,771,250
CONSUMER STAPLES - 5.6%
Food & Staples Retailing - 1.1%
Sprouts Farmers Market Inc.		750,000		15,075,000	*
Food Products - 1.6%
Sanderson Farms Inc.		100,000		13,220,000
TreeHouse Foods Inc.		220,000		9,347,800	*
Total Food Products				22,567,800
Household Products - 1.0%
Reynolds Consumer Products Inc.		475,002		14,269,060
Personal Products - 1.9%
Unilever PLC		449,995		27,088,510	(a)
TOTAL CONSUMER STAPLES				79,000,370
ENERGY - 6.1%
Oil, Gas & Consumable Fuels - 6.1%
EQT Corp.		1,297,930		16,496,690
Kinder Morgan Inc.		1,500,000		20,505,000
Pioneer Natural Resources Co.		135,000		15,375,150

See Notes to Schedule of Investments.

ClearBridge All Cap Value Fund 2020 Quarterly Report          1

CLEARBRIDGE ALL CAP VALUE FUND

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

SECURITY	SHARES		VALUE
Oil, Gas & Consumable Fuels - (continued)
Suncor Energy Inc.		1,200,000	$	20,136,000
TOTAL SE, ADR		330,000		13,830,300
TOTAL ENERGY				86,343,140
FINANCIALS - 26.3%
Banks - 10.0%
Citigroup Inc.		750,000		46,245,000
KeyCorp		1,400,000		22,974,000
US Bancorp		750,000		34,942,500
Wells Fargo & Co.		1,250,000		37,725,000
Total Banks				141,886,500
Consumer Finance - 7.5%
OneMain Holdings Inc.		1,000,000		48,160,000
Synchrony Financial		1,650,000		57,271,500
Total Consumer Finance				105,431,500
Diversified Financial Services - 2.8%
Equitable Holdings Inc.		625,000		15,993,750
Voya Financial Inc.		400,000		23,524,000
Total Diversified Financial Services				39,517,750
Insurance - 4.5%
American International Group Inc.		800,000		30,288,000
Fairfax Financial Holdings Ltd.		28,968		9,876,350
First American Financial Corp.		235,000		12,133,050
Progressive Corp.		110,000		10,876,800
Total Insurance				63,174,200
Thrifts & Mortgage Finance - 1.5%
MGIC Investment Corp.		1,700,000		21,335,000
TOTAL FINANCIALS				371,344,950
HEALTH CARE - 12.3%
Biotechnology - 2.7%
AbbVie Inc.		170,000		18,215,500
Alexion Pharmaceuticals Inc.		130,000		20,311,200	*
Total Biotechnology				38,526,700
Health Care Equipment & Supplies - 1.9%
Medtronic PLC		225,000		26,356,500
Health Care Providers & Services - 2.7%
Covetrus Inc.		610,000		17,531,400	*
CVS Health Corp.		300,000		20,490,000
Total Health Care Providers & Services				38,021,400

See Notes to Schedule of Investments.

    2     ClearBridge All Cap Value Fund 2020 Quarterly Report

CLEARBRIDGE ALL CAP VALUE FUND

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

SECURITY	SHARES		VALUE
Pharmaceuticals - 5.0%
Johnson & Johnson		350,000	$	55,083,000
Merck & Co. Inc.		200,000		16,360,000
Total Pharmaceuticals				71,443,000
TOTAL HEALTH CARE				174,347,600
INDUSTRIALS - 11.8%
Aerospace & Defense - 2.5%
Curtiss-Wright Corp.		95,000		11,053,250
General Dynamics Corp.		100,000		14,882,000
Spirit AeroSystems Holdings Inc., Class A Shares		245,000		9,577,050
Total Aerospace & Defense				35,512,300
Building Products - 3.4%
Johnson Controls International PLC		600,000		27,954,000
Owens Corning		275,000		20,834,000
Total Building Products				48,788,000
Electrical Equipment - 1.2%
Eaton Corp. PLC		60,000		7,208,400
Sensata Technologies Holding PLC		180,000		9,493,200	*
Total Electrical Equipment				16,701,600
Industrial Conglomerates - 1.3%
Honeywell International Inc.		85,000		18,079,500
Machinery - 2.3%
Allison Transmission Holdings Inc.		280,000		12,076,400
Oshkosh Corp.		80,000		6,885,600
Stanley Black & Decker Inc.		75,000		13,392,000
Total Machinery				32,354,000
Trading Companies & Distributors - 1.1%
GATX Corp.		180,000		14,972,400
TOTAL INDUSTRIALS				166,407,800
INFORMATION TECHNOLOGY - 8.9%
Communications Equipment - 1.3%
Arista Networks Inc.		65,000		18,887,050	*
IT Services - 3.1%
DXC Technology Co.		1,000,000		25,750,000
Euronet Worldwide Inc.		125,000		18,115,000	*
Total IT Services				43,865,000
Software - 2.4%
NortonLifeLock Inc.		375,000		7,792,500
Oracle Corp.		400,000		25,876,000
Total Software				33,668,500

See Notes to Schedule of Investments.

ClearBridge All Cap Value Fund 2020 Quarterly Report         3

CLEARBRIDGE ALL CAP VALUE FUND

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

SECURITY	SHARES		VALUE
Technology Hardware, Storage & Peripherals - 2.1%
NetApp Inc.		200,000	$	13,248,000
Western Digital Corp.		300,000		16,617,000
Total Technology Hardware, Storage & Peripherals				29,865,000
TOTAL INFORMATION TECHNOLOGY				126,285,550
MATERIALS - 4.5%
Chemicals - 2.0%
Corteva Inc.		400,000		15,488,000
DuPont de Nemours Inc.		175,000		12,444,250
Total Chemicals				27,932,250
Construction Materials - 0.8%
Vulcan Materials Co.		75,000		11,123,250
Metals & Mining - 1.7%
Nucor Corp.		250,000		13,297,500
Wheaton Precious Metals Corp.		250,000		10,435,000
Total Metals & Mining				23,732,500
TOTAL MATERIALS				62,788,000
REAL ESTATE - 3.4%
Equity Real Estate Investment Trusts (REITs) - 3.4%
American Homes 4 Rent, Class A Shares		515,000		15,450,000
Kimco Realty Corp.		480,000		7,204,800
Sunstone Hotel Investors Inc.		660,000		7,477,800
Weyerhaeuser Co.		550,002		18,441,567
TOTAL REAL ESTATE				48,574,167
UTILITIES - 6.6%
Electric Utilities - 2.0%
Exelon Corp.		650,000		27,443,000
Independent Power and Renewable Electricity Producers - 3.9%
AES Corp.		1,700,000		39,950,000
Vistra Corp.		800,000		15,728,000
Total Independent Power and Renewable Electricity Producers				55,678,000
Multi-Utilities - 0.7%
DTE Energy Co.		85,000		10,319,850
TOTAL UTILITIES				93,440,850
TOTAL COMMON STOCKS (Cost - $1,106,381,917)				1,390,349,177

See Notes to Schedule of Investments.

    4     ClearBridge All Cap Value Fund 2020 Quarterly Report

CLEARBRIDGE ALL CAP VALUE FUND

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

SECURITY	RATE			SHARES		VALUE
PREFERRED STOCKS - 0.9%
CONSUMER DISCRETIONARY - 0.9%
Automobiles - 0.9%
Volkswagen AG (Cost - $11,837,446)		4.860	%		70,000	$	13,041,715	(a)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $1,118,219,363)							1,403,390,892
SHORT-TERM INVESTMENTS - 0.8%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class		0.006	%		9,419,066		9,419,066
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		0.010	%		2,354,766		2,354,766	(b)
TOTAL SHORT-TERM INVESTMENTS (Cost - $11,773,832)							11,773,832
TOTAL INVESTMENTS - 100.1% (Cost - $1,129,993,195)							1,415,164,724
Liabilities in Excess of Other Assets - (0.1)%							(1,158,751	)
TOTAL NET ASSETS - 100.0%						$	1,414,005,973

* Non-income producing security.

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

(b) 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 December 31, 2020, the total market value of investments in Affiliated Companies was $2,354,766 and the cost was $2,354,766 (Note 2).

Abbreviation(s) 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.

ClearBridge All Cap Value Fund 2020 Quarterly Report         5

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

ClearBridge All Cap Value 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.

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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.

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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	$	51,911,860	$	27,088,510		—	$	79,000,370
Other Common Stocks		1,311,348,807		—		—		1,311,348,807
Preferred Stocks		—		13,041,715		—		13,041,715
Total Long-Term Investments		1,363,260,667		40,130,225		—		1,403,390,892
Short-Term Investments†		11,773,832		—		—		11,773,832
Total Investments	$	1,375,034,499	$	40,130,225		—	$	1,415,164,724

* As a result of the fair value pricing procedures for international equities utilized by the Fund, which account for events occurring after the close of the principal market of the security but prior to the calculation of the Fund’s net asset value, certain securities were classified as Level 2 within the fair value hierarchy.

† 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 with the Fund. The following company was considered an affiliated company for all or some portion of the period ended December 31, 2020. The following transactions were effected in such company for the period ended December 31, 2020.

	Affiliate Value at September 30, 2020		Purchased				Sold								Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at December 31, 2020
			Cost		Shares		Cost		Shares		Realized Gain (Loss)		Interest Income
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	$	1,937,548	$	7,584,109		7,584,109	$	7,166,891		7,166,891		—	$	26		—	$	2,354,766

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