CLEARBRIDGE ALL CAP VALUE FUND

Schedule of investments (unaudited) June 30, 2021

SECURITY	SHARES		VALUE
COMMON STOCKS - 98.6%
COMMUNICATION SERVICES - 5.1%
Interactive Media & Services - 0.8%
Facebook Inc., Class A Shares		40,000	$	13,908,400	*
Media - 2.8%
Comcast Corp., Class A Shares		500,000		28,510,000
Gray Television Inc.		750,000		17,550,000
Total Media				46,060,000
Wireless Telecommunication Services - 1.5%
T-Mobile US Inc.		170,000		24,621,100	*
TOTAL COMMUNICATION SERVICES				84,589,500
CONSUMER DISCRETIONARY - 7.8%
Auto Components - 0.7%
Goodyear Tire & Rubber Co.		700,000		12,005,000	*
Hotels, Restaurants & Leisure - 2.9%
Bloomin’ Brands Inc.		500,000		13,570,000	*
Carnival Corp.		650,000		17,134,000	*
Melco Resorts & Entertainment Ltd., ADR		400,000		6,628,000	*
Six Flags Entertainment Corp.		250,000		10,820,000	*
Total Hotels, Restaurants & Leisure				48,152,000
Household Durables - 0.9%
Sony Group Corp., ADR		150,000		14,583,000
Specialty Retail - 3.3%
AutoZone Inc.		12,000		17,906,640	*
Lithia Motors Inc.		45,000		15,463,800
Murphy USA Inc.		150,000		20,005,500
Total Specialty Retail				53,375,940
TOTAL CONSUMER DISCRETIONARY				128,115,940
CONSUMER STAPLES - 4.2%
Food & Staples Retailing - 1.1%
Sprouts Farmers Market Inc.		750,000		18,637,500	*
Food Products - 0.6%
TreeHouse Foods Inc.		220,000		9,794,400	*
Household Products - 0.9%
Reynolds Consumer Products Inc.		475,002		14,416,311
Personal Products - 1.6%
Unilever PLC		449,995		26,319,741	(a)
TOTAL CONSUMER STAPLES				69,167,952

See Notes to Schedule of Investments.

ClearBridge All Cap Value Fund 2021 Quarterly Report         1

CLEARBRIDGE ALL CAP VALUE FUND

Schedule of investments (unaudited) (cont’d) June 30, 2021

SECURITY	SHARES		VALUE
ENERGY - 7.4%
Oil, Gas & Consumable Fuels - 7.4%
EQT Corp.		1,297,930	$	28,891,922	*
Kinder Morgan Inc.		1,500,000		27,345,000
Pioneer Natural Resources Co.		135,000		21,940,200
Suncor Energy Inc.		1,200,000		28,764,000
TotalEnergies SE, ADR		330,000		14,935,800
TOTAL ENERGY				121,876,922
FINANCIALS - 24.3%
Banks - 8.4%
KeyCorp		800,000		16,520,000
Signature Bank		90,000		22,108,500
US Bancorp		750,000		42,727,500
Wells Fargo & Co.		1,250,000		56,612,500
Total Banks				137,968,500
Consumer Finance - 7.2%
OneMain Holdings Inc.		1,000,000		59,910,000
Synchrony Financial		1,200,000		58,224,000
Total Consumer Finance				118,134,000
Diversified Financial Services - 2.6%
Equitable Holdings Inc.		625,000		19,031,250
Voya Financial Inc.		400,000		24,600,000
Total Diversified Financial Services				43,631,250
Insurance - 5.2%
American International Group Inc.		800,000		38,080,000
Fairfax Financial Holdings Ltd.		28,968		12,685,377
First American Financial Corp.		235,000		14,652,250
Progressive Corp.		110,000		10,803,100
Unum Group		300,000		8,520,000
Total Insurance				84,740,727
Thrifts & Mortgage Finance - 0.9%
MGIC Investment Corp.		1,100,000		14,960,000
TOTAL FINANCIALS				399,434,477
HEALTH CARE - 11.9%
Biotechnology - 3.4%
AbbVie Inc.		230,000		25,907,200
Biogen Inc.		40,000		13,850,800	*
Gilead Sciences Inc.		240,000		16,526,400
Total Biotechnology				56,284,400
Health Care Equipment & Supplies - 1.7%
Medtronic PLC		225,000		27,929,250

See Notes to Schedule of Investments.

    2     ClearBridge All Cap Value Fund 2021 Quarterly Report

CLEARBRIDGE ALL CAP VALUE FUND

Schedule of investments (unaudited) (cont’d) June 30, 2021

SECURITY	SHARES		VALUE
Health Care Providers & Services - 2.4%
Covetrus Inc.		510,000	$	13,770,000	*
CVS Health Corp.		300,000		25,032,000
Total Health Care Providers & Services				38,802,000
Pharmaceuticals - 4.4%
Johnson & Johnson		350,000		57,659,000
Merck & Co. Inc.		200,000		15,554,000
Total Pharmaceuticals				73,213,000
TOTAL HEALTH CARE				196,228,650
INDUSTRIALS - 12.0%
Aerospace & Defense - 2.5%
Curtiss-Wright Corp.		95,000		11,282,200
General Dynamics Corp.		100,000		18,826,000
Spirit AeroSystems Holdings Inc., Class A Shares		245,000		11,561,550
Total Aerospace & Defense				41,669,750
Building Products - 3.4%
Johnson Controls International PLC		600,000		41,178,000
Owens Corning		150,000		14,685,000
Total Building Products				55,863,000
Construction & Engineering - 1.0%
Quanta Services Inc.		180,000		16,302,600
Electrical Equipment - 1.5%
Eaton Corp. PLC		90,000		13,336,200
Sensata Technologies Holding PLC		180,000		10,434,600	*
Total Electrical Equipment				23,770,800
Industrial Conglomerates - 1.1%
Honeywell International Inc.		85,000		18,644,750
Machinery - 1.5%
Oshkosh Corp.		80,000		9,971,200
Stanley Black & Decker Inc.		75,000		15,374,250
Total Machinery				25,345,450
Trading Companies & Distributors - 1.0%
GATX Corp.		180,000		15,924,600
TOTAL INDUSTRIALS				197,520,950
INFORMATION TECHNOLOGY - 10.8%
Communications Equipment - 0.9%
Arista Networks Inc.		40,000		14,492,400	*
Electronic Equipment, Instruments & Components - 0.6%
Vontier Corp.		300,000		9,774,000

See Notes to Schedule of Investments.

ClearBridge All Cap Value Fund 2021 Quarterly Report         3

CLEARBRIDGE ALL CAP VALUE FUND

Schedule of investments (unaudited) (cont’d) June 30, 2021

SECURITY	SHARES		VALUE
IT Services - 3.5%
DXC Technology Co.		1,050,000	$	40,887,000	*
Euronet Worldwide Inc.		125,000		16,918,750	*
Total IT Services				57,805,750
Semiconductors & Semiconductor Equipment - 1.1%
Applied Materials Inc.		70,000		9,968,000
ON Semiconductor Corp.		200,000		7,656,000	*
Total Semiconductors & Semiconductor Equipment				17,624,000
Software - 2.4%
NortonLifeLock Inc.		525,000		14,290,500
Oracle Corp.		325,000		25,298,000
Total Software				39,588,500
Technology Hardware, Storage & Peripherals - 2.3%
NetApp Inc.		200,000		16,364,000
Western Digital Corp.		300,000		21,351,000	*
Total Technology Hardware, Storage & Peripherals				37,715,000
TOTAL INFORMATION TECHNOLOGY				176,999,650
MATERIALS - 6.5%
Chemicals - 2.9%
Air Liquide SA		95,000		16,646,286	(a)
Corteva Inc.		400,000		17,740,000
DuPont de Nemours Inc.		175,000		13,546,750
Total Chemicals				47,933,036
Construction Materials - 0.8%
Vulcan Materials Co.		75,000		13,055,250
Metals & Mining - 2.8%
Freeport-McMoRan Inc.		400,000		14,844,000
Nucor Corp.		200,000		19,186,000
Wheaton Precious Metals Corp.		250,000		11,017,500
Total Metals & Mining				45,047,500
TOTAL MATERIALS				106,035,786
REAL ESTATE - 3.1%
Equity Real Estate Investment Trusts (REITs) - 3.1%
American Homes 4 Rent, Class A Shares		515,000		20,007,750
Kimco Realty Corp.		480,000		10,008,000
Sunstone Hotel Investors Inc.		660,000		8,197,200	*
Weyerhaeuser Co.		350,002		12,047,069
TOTAL REAL ESTATE				50,260,019
UTILITIES - 5.5%
Electric Utilities - 1.6%
Exelon Corp.		600,000		26,586,000

See Notes to Schedule of Investments.

    4     ClearBridge All Cap Value Fund 2021 Quarterly Report

CLEARBRIDGE ALL CAP VALUE FUND

Schedule of investments (unaudited) (cont’d) June 30, 2021

SECURITY				SHARES		VALUE
Independent Power and Renewable Electricity Producers - 3.2%
AES Corp.					1,400,000	$	36,498,000
Vistra Corp.					900,000		16,695,000
Total Independent Power and Renewable Electricity Producers							53,193,000
Multi-Utilities - 0.7%
DTE Energy Co.					85,000		11,016,000
TOTAL UTILITIES							90,795,000
TOTAL COMMON STOCKS (Cost - $1,138,699,250)							1,621,024,846
	RATE
PREFERRED STOCKS - 1.1%
CONSUMER DISCRETIONARY - 1.1%
Automobiles - 1.1%
Volkswagen AG (Cost - $11,837,446)		4.860	%		70,000		17,554,285	(a)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $1,150,536,696)							1,638,579,131
SHORT-TERM INVESTMENTS - 0.4%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class		0.006	%		4,913,186		4,913,186
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		0.010	%		1,228,296		1,228,296	(b)
TOTAL SHORT-TERM INVESTMENTS (Cost - $6,141,482)							6,141,482
TOTAL INVESTMENTS - 100.1% (Cost - $1,156,678,178)							1,644,720,613
Liabilities in Excess of Other Assets - (0.1)%							(1,152,754	)
TOTAL NET ASSETS - 100.0%						$	1,643,567,859

* 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 June 30, 2021, the total market value of investments in Affiliated Companies was $1,228,296 and the cost was $1,228,296 (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 2021 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 typically 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 Global Fund Valuation Committee (formerly known as Legg Mason North Atlantic Fund Valuation Committee prior to March 1, 2021) (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
Long-Term Investments†:
Common Stocks:
Consumer Staples	$	42,848,211	$	26,319,741		—	$	69,167,952
Materials		89,389,500		16,646,286		—		106,035,786
Other Common Stocks		1,445,821,108		—		—		1,445,821,108
Preferred Stocks		—		17,554,285		—		17,554,285
Total Long-Term Investments		1,578,058,819		60,520,312		—		1,638,579,131
Short-Term Investments†		6,141,482		—		—		6,141,482
Total Investments	$	1,584,200,301	$	60,520,312		—	$	1,644,720,613

* 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 June 30, 2021. The following transactions were effected in such company for the period ended June 30, 2021.

	Affiliate Value at September 30, 2020		Purchased				Sold								Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at June 30, 2021
			Cost		Shares		Cost		Shares		Realized Gain (Loss)		Interest Income
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	$	1,937,548	$	24,633,938		24,633,938	$	25,343,190		25,343,190		—	$	97		—	$	1,228,296

8