CLEARBRIDGE MID CAP FUND

Schedule of investments (unaudited) January 31, 2021

SECURITY	SHARES		VALUE
COMMON STOCKS - 99.5%
COMMUNICATION SERVICES - 2.7%
Entertainment - 2.7%
Live Nation Entertainment Inc.		400,000	$	26,580,000	*
World Wrestling Entertainment Inc., Class A Shares		502,000		28,277,660
TOTAL COMMUNICATION SERVICES				54,857,660
CONSUMER DISCRETIONARY - 15.2%
Auto Components - 4.3%
Aptiv PLC		502,000		67,067,200
Lear Corp.		128,000		19,297,280
Total Auto Components				86,364,480
Diversified Consumer Services - 1.5%
Service Corp. International		590,000		29,753,700
Hotels, Restaurants & Leisure - 0.5%
Carnival Corp.		590,000		11,015,300
Internet & Direct Marketing Retail - 3.1%
Chewy Inc., Class A Shares		315,000		32,073,300	*
Expedia Group Inc.		240,000		29,784,000
Total Internet & Direct Marketing Retail				61,857,300
Leisure Products - 1.8%
Hasbro Inc.		398,000		37,340,360
Specialty Retail - 4.0%
Carvana Co.		150,000		39,178,500	*
Petco Health & Wellness Co. Inc.		280,750		7,307,923	*
Ross Stores Inc.		310,000		34,499,900
Total Specialty Retail				80,986,323
TOTAL CONSUMER DISCRETIONARY				307,317,463
CONSUMER STAPLES - 5.9%
Food & Staples Retailing - 4.8%
Casey’s General Stores Inc.		253,000		47,432,440
Performance Food Group Co.		1,078,000		50,536,640	*
Total Food & Staples Retailing				97,969,080
Household Products - 1.1%
Reynolds Consumer Products Inc.		714,000		21,420,000
TOTAL CONSUMER STAPLES				119,389,080
ENERGY - 1.8%
Oil, Gas & Consumable Fuels - 1.8%
Pioneer Natural Resources Co.		300,000		36,270,000

See Notes to Schedule of Investments.

ClearBridge Mid Cap Fund 2021 Quarterly Report         1

CLEARBRIDGE MID CAP FUND

Schedule of investments (unaudited) (cont’d) January 31, 2021

SECURITY	SHARES		VALUE
FINANCIALS - 12.7%
Banks - 5.9%
Fifth Third Bancorp		1,124,000	$	32,517,320
First Republic Bank		249,000		36,102,510
Western Alliance Bancorp		740,000		50,453,200
Total Banks				119,073,030
Insurance - 5.3%
Arch Capital Group Ltd.		1,325,000		41,618,250	*
Hartford Financial Services Group Inc.		950,001		45,619,048
Progressive Corp.		225,000		19,617,750
Total Insurance				106,855,048
Mortgage Real Estate Investment Trusts (REITs) - 1.5%
Starwood Property Trust Inc.		1,674,000		31,404,240
TOTAL FINANCIALS				257,332,318
HEALTH CARE - 11.9%
Biotechnology - 1.2%
BioMarin Pharmaceutical Inc.		285,000		23,592,300	*
Life Sciences Tools & Services - 9.0%
Avantor Inc.		1,710,800		50,451,492	*
Bio-Rad Laboratories Inc., Class A Shares		45,000		25,819,650	*
Bio-Techne Corp.		71,000		23,068,610
ICON PLC		100,000		20,381,000	*
Maravai LifeSciences Holdings Inc., Class A Shares		590,000		20,555,600	*
Syneos Health Inc.		575,000		42,751,250	*
Total Life Sciences Tools & Services				183,027,602
Pharmaceuticals - 1.7%
Catalent Inc.		203,500		23,412,675	*
Horizon Therapeutics PLC		145,000		10,509,600	*
Total Pharmaceuticals				33,922,275
TOTAL HEALTH CARE				240,542,177
INDUSTRIALS - 18.9%
Aerospace & Defense - 1.4%
Teledyne Technologies Inc.		76,000		27,132,760	*
Building Products - 5.0%
Masonite International Corp.		425,000		42,287,500	*
Resideo Technologies Inc.		725,000		16,747,500	*
Trane Technologies PLC		292,000		41,858,200
Total Building Products				100,893,200

See Notes to Schedule of Investments.

    2     ClearBridge Mid Cap Fund 2021 Quarterly Report

CLEARBRIDGE MID CAP FUND

Schedule of investments (unaudited) (cont’d) January 31, 2021

SECURITY	SHARES		VALUE
Commercial Services & Supplies - 0.9%
Waste Connections Inc.		179,000	$	17,633,290
Construction & Engineering - 2.4%
API Group Corp.		873,731		15,648,522	*(a)
WillScot Mobile Mini Holdings Corp.		1,384,000		32,814,640	*
Total Construction & Engineering				48,463,162
Electrical Equipment - 5.7%
AMETEK Inc.		205,000		23,218,300
Regal Beloit Corp.		265,000		33,252,200
Shoals Technologies Group Inc., Class A Shares		493,715		16,751,750	*
Vertiv Holdings Co.		2,093,000		42,111,160
Total Electrical Equipment				115,333,410
Machinery - 1.2%
Rexnord Corp.		652,000		24,684,720
Professional Services - 1.1%
Clarivate PLC		771,000		22,312,740	*
Road & Rail - 1.2%
Old Dominion Freight Line Inc.		127,000		24,638,000
TOTAL INDUSTRIALS				381,091,282
INFORMATION TECHNOLOGY - 19.0%
Communications Equipment - 1.2%
Arista Networks Inc.		80,000		24,604,800	*
Electronic Equipment, Instruments & Components - 4.3%
CDW Corp.		295,000		38,839,700
Keysight Technologies Inc.		331,000		46,866,290	*
Total Electronic Equipment, Instruments & Components				85,705,990
IT Services - 2.5%
Amdocs Ltd.		265,000		18,714,300
Black Knight Inc.		389,000		31,777,410	*
Total IT Services				50,491,710
Semiconductors & Semiconductor Equipment - 4.8%
Lam Research Corp.		70,000		33,876,500
ON Semiconductor Corp.		1,125,000		38,801,250	*
SolarEdge Technologies Inc.		86,000		24,796,380	*
Total Semiconductors & Semiconductor Equipment				97,474,130
Software - 4.9%
Aspen Technology Inc.		202,000		27,047,800	*
Autodesk Inc.		114,000		31,627,020	*
DocuSign Inc.		40,000		9,315,600	*
Splunk Inc.		190,000		31,355,700	*
Total Software				99,346,120

See Notes to Schedule of Investments.

ClearBridge Mid Cap Fund 2021 Quarterly Report         3

CLEARBRIDGE MID CAP FUND

Schedule of investments (unaudited) (cont’d) January 31, 2021

SECURITY				SHARES		VALUE
Technology Hardware, Storage & Peripherals - 1.3%
NCR Corp.					800,000	$	26,688,000	*
TOTAL INFORMATION TECHNOLOGY							384,310,750
MATERIALS - 3.6%
Chemicals - 1.6%
Ashland Global Holdings Inc.					405,000		32,395,950
Containers & Packaging - 2.0%
Ball Corp.					469,000		41,281,380
TOTAL MATERIALS							73,677,330
REAL ESTATE - 3.4%
Equity Real Estate Investment Trusts (REITs) - 3.4%
Alexandria Real Estate Equities Inc.					251,000		41,944,610
Americold Realty Trust					758,000		26,461,780
TOTAL REAL ESTATE							68,406,390
UTILITIES - 4.4%
Electric Utilities - 1.7%
Eversource Energy					389,000		34,037,500
Multi-Utilities - 2.7%
Ameren Corp.					477,000		34,687,440
DTE Energy Co.					170,000		20,182,400
Total Multi-Utilities							54,869,840
TOTAL UTILITIES							88,907,340
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $1,240,958,762)							2,012,101,790
	RATE
SHORT-TERM INVESTMENTS - 0.2%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class		0.006	%		3,498,773		3,498,773
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		0.010	%		874,693		874,693	(b)
TOTAL SHORT-TERM INVESTMENTS (Cost - $4,373,466)							4,373,466
TOTAL INVESTMENTS - 99.7% (Cost - $1,245,332,228)							2,016,475,256
Other Assets in Excess of Liabilities - 0.3%							5,895,933
TOTAL NET ASSETS - 100.0%						$	2,022,371,189

See Notes to Schedule of Investments.

    4     ClearBridge Mid Cap Fund 2021 Quarterly Report

CLEARBRIDGE MID CAP FUND

Schedule of investments (unaudited) (cont’d) January 31, 2021

* Non-income producing security.

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.

(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 January 31, 2021, the total market value of investments in Affiliated Companies was $874,693 and the cost was $874,693 (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.

ClearBridge Mid Cap Fund 2021 Quarterly Report         5

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.

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) (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†	$	2,012,101,790		—		—	$	2,012,101,790
Short-Term Investments†		4,373,466		—		—		4,373,466
Total Investments	$	2,016,475,256		—		—	$	2,016,475,256

† 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 January 31, 2021. The following transactions were effected in such company for the period ended January 31, 2021.

	Affiliate Value at October 31, 2020		Purchased				Sold
			Cost		Shares		Cost		Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	$	3,072,910	$	22,840,842		22,840,842	$	25,039,059		25,039,059

(cont’d)	Realized Gain (Loss)		Interest Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at January 31, 2021
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		—	$	100		—	$	874,693

8