Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-06444

Legg Mason Partners Equity Trust

(Exact name of registrant as specified in charter)

620 Eighth Avenue, 49 ^th Floor, New York, NY 10018

(Address of principal executive offices) (Zip code)

Robert I. Frenkel, Esq.

Legg Mason & Co., LLC

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-877-721-1926

Date of fiscal year end: October 31

Date of reporting period: January 31, 2013

ITEM 1.

SCHEDULE OF INVESTMENTS.

LEGG MASON PARTNERS EQUITY TRUST

CLEARBRIDGE MID CAP GROWTH FUND

FORM N-Q

JANUARY 31, 2013

CLEARBRIDGE MID CAP GROWTH FUND


Schedule of Investments (unaudited)		January 31, 2013


SECURITY	SHARES		VALUE
COMMON STOCKS - 95.6%
CONSUMER DISCRETIONARY - 18.1%
Hotels, Restaurants & Leisure - 3.5%
Bally Technologies Inc.		2,530	$	121,845	*
Penn National Gaming Inc.		1,760		85,641	*

Total Hotels, Restaurants & Leisure				207,486

Specialty Retail - 14.6%
Advance Auto Parts Inc.		1,790		131,601
Bed Bath & Beyond Inc.		2,060		120,922	*
Hibbett Sports Inc.		2,080		109,533	*
Jos. A. Bank Clothiers Inc.		2,330		94,458	*
Ross Stores Inc.		2,910		173,727
Tractor Supply Co.		1,400		145,138
Urban Outfitters Inc.		1,790		76,594	*

Total Specialty Retail				851,973

TOTAL CONSUMER DISCRETIONARY				1,059,459

CONSUMER STAPLES - 2.3%
Food & Staples Retailing - 2.3%
Casey’s General Stores Inc.		2,410		131,899

ENERGY - 7.3%
Energy Equipment & Services - 5.1%
Lufkin Industries Inc.		1,160		67,176
Oceaneering International Inc.		2,050		129,580
Oil States International Inc.		1,350		104,733	*

Total Energy Equipment & Services				301,489

Oil, Gas & Consumable Fuels - 2.2%
Pioneer Natural Resources Co.		1,080		126,943

TOTAL ENERGY				428,432

FINANCIALS - 9.5%
Capital Markets - 3.3%
Affiliated Managers Group Inc.		820		118,023	*
Lazard Ltd., Class A		2,230		77,269

Total Capital Markets				195,292

Commercial Banks - 1.6%
Signature Bank		1,270		93,891	*

Diversified Financial Services - 2.5%
Moody’s Corp.		2,650		145,273

Real Estate Management & Development - 2.1%
Jones Lang LaSalle Inc.		1,330		122,547

TOTAL FINANCIALS				557,003

HEALTH CARE - 18.2%
Biotechnology - 6.8%
Alexion Pharmaceuticals Inc.		1,700		159,783	*
Onyx Pharmaceuticals Inc.		1,270		98,451	*
Regeneron Pharmaceuticals Inc.		780		135,673	*

Total Biotechnology				393,907

Health Care Providers & Services - 3.7%
Accretive Health Inc.		3,870		49,962	*
Mednax Inc.		1,940		165,986	*

Total Health Care Providers & Services				215,948

Life Sciences Tools & Services - 4.9%
Agilent Technologies Inc.		3,390		151,804
Mettler-Toledo International Inc.		640		136,019	*

Total Life Sciences Tools & Services				287,823

See Notes to Schedule of Investments.

CLEARBRIDGE MID CAP GROWTH FUND


Schedule of Investments (unaudited) (cont’d)		January 31, 2013


SECURITY	SHARES		VALUE
Pharmaceuticals - 2.8%
Auxilium Pharmaceuticals Inc.		3,380	$	62,192	*
Shire PLC, ADR		1,020		102,143

Total Pharmaceuticals				164,335

TOTAL HEALTH CARE				1,062,013

INDUSTRIALS - 13.1%
Electrical Equipment - 3.7%
EnerSys		2,120		86,772	*
Rockwell Automation Inc.		1,440		128,433

Total Electrical Equipment				215,205

Machinery - 4.3%
IDEX Corp.		3,120		155,657
Joy Global Inc.		1,570		99,177

Total Machinery				254,834

Professional Services - 2.5%
Equifax Inc.		2,450		143,815

Trading Companies & Distributors - 2.6%
MSC Industrial Direct Co. Inc., Class A Shares		1,900		150,328

TOTAL INDUSTRIALS				764,182

INFORMATION TECHNOLOGY - 22.0%
Communications Equipment - 2.2%
F5 Networks Inc.		1,210		126,905	*

Electronic Equipment, Instruments & Components - 2.2%
FEI Co.		2,070		126,187

Internet Software & Services - 2.6%
Mercadolibre Inc.		1,210		106,964
Monster Worldwide Inc.		7,970		46,226	*

Total Internet Software & Services				153,190

IT Services - 1.8%
Alliance Data Systems Corp.		680		107,168	*

Semiconductors & Semiconductor Equipment - 4.7%
Cymer Inc.		1,880		193,584	*
LSI Corp.		11,160		78,566	*

Total Semiconductors & Semiconductor Equipment				272,150

Software - 8.5%
Check Point Software Technologies Ltd.		2,170		108,500	*
Citrix Systems Inc.		1,920		140,467	*
Fortinet Inc.		4,190		98,842	*
Workday Inc., Class A Shares		2,837		151,553	*

Total Software				499,362

TOTAL INFORMATION TECHNOLOGY				1,284,962

MATERIALS - 2.4%
Chemicals - 2.4%
Rockwood Holdings Inc.		2,590		141,751

TELECOMMUNICATION SERVICES - 2.7%
Wireless Telecommunication Services - 2.7%
SBA Communications Corp., Class A Shares		2,270		158,128	*

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $4,159,532)				5,587,829

See Notes to Schedule of Investments.

CLEARBRIDGE MID CAP GROWTH FUND


Schedule of Investments (unaudited) (cont’d)		January 31, 2013


SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
SHORT-TERM INVESTMENTS - 4.0%
Repurchase Agreements - 4.0%
Interest in $155,753,000 joint tri-party repurchase agreement dated 1/31/13 with Deutsche Bank Securities Inc.; Proceeds at maturity - $235,001; (Fully collateralized by various U.S. government agency obligations, 0.375% to 1.250% due 12/21/15 to 9/28/16; Market Value - $239,701) (Cost - $235,000)		0.160	%		2/1/13	$	235,000	$	235,000

TOTAL INVESTMENTS - 99.6% (Cost - $4,394,532#)									5,822,829
Other Assets in Excess of Liabilities - 0.4%									21,803

TOTAL NET ASSETS - 100.0%								$	5,844,632

*	Non-income producing security.

#	Aggregate cost for federal income tax purposes is substantially the same.

Abbreviation used in this schedule:



ADR		— American Depositary Receipts

See Notes to Schedule of Investments.

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

ClearBridge Mid Cap Growth Fund (formerly Legg Mason ClearBridge Mid Cap Growth 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 Funds 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. Short-term fixed income securities that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment’s fair value. 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 American 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.

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:

Notes to Schedule of Investments (unaudited) (continued)

•

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.

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†	$	5,587,829		—		—	$	5,587,829
Short-term investments†		—	$	235,000		—		235,000

Total investments	$	5,587,829	$	235,000		—	$	5,822,829

†	See Schedule of Investments for additional detailed categorizations.

(b) Repurchase agreements. The Fund may enter into repurchase agreements with institutions that its investment adviser has determined are creditworthy. Each repurchase agreement is recorded at cost. Under the terms of a typical repurchase agreement, the Fund acquires a debt security subject to an obligation of the seller to repurchase, and of the Fund to resell, the security at an agreed-upon price and time, thereby determining the yield during the Fund’s holding period. When entering into repurchase agreements, it is the Fund’s policy that its custodian or a third party custodian, acting on the Fund’s behalf, take possession of the underlying collateral securities, the market value of which, at all times, at least equals the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction maturity exceeds one business day, the value of the collateral is marked-to-market and measured against the value of the agreement in an effort to ensure the adequacy of the collateral. If the counterparty defaults, the Fund generally has the right to use the collateral to satisfy the terms of the repurchase transaction. However, if the market value of the collateral declines during the period in which the Fund seeks to assert its rights or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.

(c) Written options. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the premium received is recorded as a realized gain. When a written call option is exercised, the difference between the premium received plus the option exercise price and the Fund’s basis in the underlying security (in the case of a covered written call option), or the cost to purchase the underlying security (in the case of an uncovered written call option), including brokerage commission, is recognized as a realized gain or loss. When a written put option is exercised, the amount of the premium received is subtracted from the cost of the security purchased by the Fund from the exercise of the written put option to form the Fund’s basis in the underlying security purchased. The writer or buyer of an option traded on an exchange can liquidate the position before the exercise of the option by entering into a closing transaction. The cost of a closing transaction is deducted from the original premium received resulting in a realized gain or loss to the Fund.

The risk in writing a covered call option is that the Fund may forego the opportunity of profit if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the underlying security decreases and the option is exercised. The risk in writing an uncovered call option is that the Fund is exposed to the risk of loss if the market price of the underlying security increases. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

(d) Foreign investment risks. The Fund’s investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

(e) Foreign currency translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Notes to Schedule of Investments (unaudited) (continued)

(f) Security transactions. Security transactions are accounted for on a trade date basis.

2. Investments

At January 31, 2013, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:


Gross unrealized appreciation	$	1,559,227
Gross unrealized depreciation		(130,930	)

Net unrealized appreciation	$	1,428,297

During the period ended January 31, 2013, written option transactions for the Fund were as follows:


	Number of Contracts			Premiums
Written options, outstanding as of October 31, 2012		—			—
Options written		1		$	212
Options closed		—			—
Options exercised		—			—
Options expired		(1	)		(212	)

Written options, outstanding as of January 31, 2013		—			—

3. Derivative instruments and hedging activities

GAAP requires enhanced disclosure about an entity’s derivative and hedging activities.

At January 31, 2013, the Fund did not have any derivative instruments outstanding.

During the period ended January 31, 2013, the volume of derivative activity for the Fund was as follows:


	Average Market Value
Written options†	$	13

†	At January 31, 2013, there were no open positions held in this derivative.

ITEM 2.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.

ITEM 3.

EXHIBITS.

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Legg Mason Partners Equity Trust

By		/s/ R. J AY G ERKEN
		R. Jay Gerken
		Chief Executive Officer

Date: March 26, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By		/s/ R. J AY G ERKEN
		R. Jay Gerken
		Chief Executive Officer

Date: March 26, 2013

By		/s/ R ICHARD F. S ENNETT
		Richard F. Sennett
		Principal Financial Officer

Date: March 26, 2013