N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06444

Legg Mason Partners Equity Trust

(Exact name of registrant as specified in charter)

55 Water Street, New York, NY	10041
(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:

Funds Investor Services 1-800-822-5544

or

Institutional Shareholder Services 1-888-425-6432

Date of fiscal year end: October 31

Date of reporting period: October 31, 2009

ITEM 1. REPORT TO STOCKHOLDERS.

The Annual Report to Stockholders is filed herewith.

ANNUAL REPORT / OCTOBER 31, 2009

Legg Mason Global Currents

International All Cap Opportunity Fund

Managed by GLOBAL CURRENTS

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Fund objective

The Fund seeks total return on its assets from growth of capital and income.

Fund name change

Prior to October 5, 2009, the Fund was known as Legg Mason Partners International All Cap Opportunity Fund. There was no change in the Fund’s investment objective or investment policies as a result of the name change.

What’s inside

Letter from the chairman	I
Fund overview	1
Fund at a glance	6
Fund expenses	7
Fund performance	9
Historical performance	10
Schedule of investments	11
Statement of assets and liabilities	15
Statement of operations	16
Statements of changes in net assets	17
Financial highlights	18
Notes to financial statements	23
Report of independent registered public accounting firm	36
Additional information	37
Important tax information	44

Legg Mason Partners Fund Advisor, LLC (“LMPFA”) is the Fund’s investment manager and Global Currents Investment Management, LLC (“Global Currents”) is the Fund’s subadviser. LMPFA and Global Currents are wholly-owned subsidiaries of Legg Mason, Inc.

Letter from the chairman

R. Jay Gerken, CFA

Chairman, President and Chief Executive Officer

Dear Shareholder,

While the U.S. economy remained weak during much of the twelve-month reporting period ended October 31, 2009, the lengthiest recession since the Great Depression finally appeared to have ended during the third quarter of 2009.

Looking back, the U.S. Department of Commerce reported that fourth quarter 2008 U.S. gross domestic product (“GDP”)ⁱ contracted 5.4%. Economic weakness accelerated during the first quarter of 2009, as GDP fell 6.4%. However, the economic environment started to get relatively better during the second quarter, as GDP fell 0.7%. The economy’s more modest contraction was due, in part, to smaller declines in both exports and business spending. After contracting four consecutive quarters, the Commerce Department’s preliminary estimate for third quarter 2009 GDP growth was 2.8%. A variety of factors helped the economy to expand, including the government’s $787 billion stimulus program and its “Cash for Clunkers” car rebate program, which helped spur an increase in car sales.

Even before GDP advanced in the third quarter, there were signs that the economy was starting to regain its footing. The manufacturing sector, as measured by the Institute for Supply Management’s PMIⁱⁱ, rose to 52.9 in August 2009, the first time it surpassed 50 since January 2008 (a reading below 50 indicates a contraction, whereas a reading above 50 indicates an expansion). While the PMI dipped to 52.6 in September, it rose to 55.7 in October, its best reading since April 2006.

The housing market also saw some improvement during the reporting period. According to its most recent data, the S&P/Case-Shiller Home Price Indexⁱⁱⁱ indicated that home prices rose 1.2% in August 2009 versus the prior month. This marked the fourth straight monthly gain. In addition, the National Association of Realtors’ Pending Home Sales Index^iv rose 6.1% in September, the eighth consecutive monthly increase.

One area that remained weak — and could hamper the magnitude of economic recovery — was the labor market. While monthly job losses have moderated compared to earlier in the year, the unemployment rate rose to

Legg Mason Global Currents International All Cap Opportunity Fund I

Letter from the chairman continued

10.2% in October 2009, its highest level in more than twenty-six years. Since December 2007, the number of unemployed has risen by approximately 8.2 million and there have been twenty-two consecutive months of job losses.

The Federal Reserve Board (“Fed”)^v continued to pursue an accommodative monetary policy during the reporting period. After reducing the federal funds rate^vi from 5.25% in August 2007 to a range of 0 to 1/4 percent in December 2008 — a historic low — the Fed has maintained this stance thus far in 2009. In conjunction with its November 2009 meeting, the Fed said that it “will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period.”

After a poor start, the U.S. stock market rallied and, overall, generated solid results during the twelve-month reporting period. Stock prices fell during three of the first four months of the reporting period. This was due to a number of factors, including the rapidly weakening global economy, an ongoing credit crisis and plunging corporate profits. Stock prices continued to decline in early March, reaching a twelve-year low on March 9^th. Stocks then rallied sharply through the end of September, as the S&P 500 Index^vii (the “Index”) rose approximately 58% from its March low. The Index then fell 1.86% in October, its first monthly loss since February. The market’s strong rebound was due to a variety of factors, including optimism that the economy was bottoming and that corporate profits would improve as the year progressed. All told, the Index returned 9.80% over the twelve-month reporting period ended October 31, 2009.

The international developed equity markets, as measured by the MSCI EAFE Index^viii, also posted positive results during the fiscal year and outperformed the Index during ten of the twelve months covered by this report. International stock prices were supported by signs that economic growth overseas was improving faster than in the U.S. and the weakening U.S. dollar. During the twelve-month period ended October 31, 2009, the MSCI EAFE Index returned 27.71%.

A special note regarding increased market volatility

Dramatically higher volatility in the financial markets has been very challenging for many investors. Market movements have been rapid — sometimes in reaction to economic news, and sometimes creating the news. In the midst of this evolving market environment, we at Legg Mason want to do everything we can to help you reach your financial goals. Now, as always, we remain committed to providing you with excellent service and a full

II Legg Mason Global Currents International All Cap Opportunity Fund

spectrum of investment choices. Rest assured, we will continue to work hard to ensure that our investment managers make every effort to deliver strong long-term results.

We also remain committed to supplementing the support you receive from your financial advisor. One way we accomplish this is through our enhanced website, www.leggmason.com/individualinvestors. Here you can gain immediate access to many special features to help guide you through difficult times, including:

• Fund prices and performance,

• Market insights and commentaries from our portfolio managers, and

• A host of educational resources.

During periods of market unrest, it is especially important to work closely with your financial advisor and remember that reaching one’s investment goals unfolds over time and through multiple market cycles. Time and again, history has shown that, over the long run, the markets have eventually recovered and grown.

Information about your fund

Please read on for a more detailed look at prevailing economic and market conditions during the Fund’s fiscal year and to learn how those conditions have affected Fund performance.

Important information with regard to recent regulatory developments that may affect the Fund is contained in the Notes to Financial Statements included in this report.

As always, we appreciate your continued confidence in our stewardship of your assets. We look forward to helping you to meet your financial goals.

Sincerely,

R. Jay Gerken, CFA

Chairman, President and Chief Executive Officer

November 27, 2009

Legg Mason Global Currents International All Cap Opportunity Fund III

Letter from the chairman continued

All index performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in an index.

ⁱ Gross domestic product (“GDP”) is the market value of all final goods and services produced within a country in a given period of time.

ⁱⁱ The Institute for Supply Management’s PMI is based on a survey of purchasing executives who buy the raw materials for manufacturing at more than 350 companies. It offers an early reading on the health of the manufacturing sector.

ⁱⁱⁱ The S&P/Case-Shiller Home Price Index measures the residential housing market, tracking changes in the value of the residential real estate market in twenty metropolitan regions across the United States.

^iv The Pending Home Sales Index is an index created by the National Association of Realtors that tracks home sales in which a contract is signed but the sale has not yet closed. The Index is a leading indicator of future existing home sales as it typically takes four to six weeks to close a sale after a contract has been signed.

^v The Federal Reserve Board (“Fed”) is responsible for the formulation of policies designed to promote economic growth, full employment, stable prices, and a sustainable pattern of international trade and payments.

^vi The federal funds rate is the rate charged by one depository institution on an overnight sale of immediately available funds (balances at the Federal Reserve) to another depository institution; the rate may vary from depository institution to depository institution and from day to day.

^vii The S&P 500 Index is an unmanaged index of 500 stocks and is generally representative of the performance of larger companies in the U.S.

^viii The MSCI EAFE Index is a free float-adjusted market capitalization index designed to measure developed market equity performance, excluding the U.S. and Canada.

IV Legg Mason Global Currents International All Cap Opportunity Fund

Fund overview

Q. What is the Fund’s investment strategy?

A. The Fund seeks total return on its assets from growth of capital and income. Under normal circumstances, the Fund invests primarily in a diversified portfolio of equity securities of foreign companies. The Fund may invest up to 20% of the value of its net assets in bonds, notes and debt securities. We leverage an integrated global research approach that seeks stocks in companies that we believe offer the best potential for capital appreciation. While we select investments primarily for their capital appreciation potential, some investments have an income component as well. The Fund may also invest in emerging markets on an opportunistic basis.

Q. What were the overall market conditions during the Fund’s reporting period?

A. During the reporting period, in a time that represented a roller coaster ride for investors, international equity markets suffered significant losses in the final months of 2008 and early months of 2009, only to see both domestic and international equities rally significantly in March through September of 2009. The month of October reflected lackluster performance for international investors, kicking off a disappointing start for the fourth quarter of 2009. The international equity markets, as measured by the MSCI EAFE Indexⁱ, posted a gain of 27.71% during the twelve months ended October 31, 2009.

During the fiscal year, both domestically and internationally, markets were dominated by a global financial crisis that led to recession, followed by a recovery in stocks in March of 2009. The recovery materialized as global economies began to stabilize and stocks discounted improving economic fundamentals spurring a rebound for many industries across the world. Despite a drawdown of stock prices in late 2008 and early 2009, over the full fiscal year, many stocks delivered solid performance as markets rebounded from the financial meltdown. The investment environment since the late first quarter 2009 rally is typical in recovery environments led by high betaⁱⁱ, lower-quality financial and cyclical company shares. What has been unusual is the magnitude of outperformance by the lowest-quality and highest-beta stocks, which transcends sectors and is seen in both defensive and pro-cyclical stock performance. In short, significant trading activity has been characterized by the purchase of low-quality stocks to gain exposure to the recovery or to cover previous short positions. Historically, this phase of recovery in the equity markets has led to a fundamental value phase where earnings growth and valuations account for stock price returns and regional/sector factors fade in performance.

On a macro level, the final months of 2008 and early months of 2009 reflected weakening economic growth, global recession and a credit crisis that froze

Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report 1

Fund overview continued

many capital markets across the globe. With each passing month beginning in March of 2009, the global economy seemed to stabilize and reflect a cyclical recovery but also exhibited a correction of past imbalances — that appears likely to make this global expansion a bit different from the past. As the fiscal reporting period drew to a close, the U.S. economy appeared to be in structural transition, characterized by a recovery that was occurring without current account deficit spending, i.e., it is not led by the U.S. consumer. The implication is that the U.S. current account deficit and trade deficits have not expanded and will not be a source of global liquidity growth; therefore, the major export nations, especially in Asia, will have to self-fund and stimulate their domestic economies. In short, the world economy can no longer rely on the profligate U.S. consumer. Moreover, the economic dislocation of the past year and beyond may shift the long-term focus from West to East, specifically, related to relative growth and value opportunities that appear promising in Asia and parts of the developing world.

Q. How did we respond to these changing market conditions?

A. Given its contrarian value approach, the portfolio was positioned in accordance with its fundamental stock-selection process, and we refined the holdings to assemble a portfolio focused on high-quality, leading franchises that we believed could compete in challenging market conditions. During the reporting period, the underperformance of the highest-quality and fundamentally best positioned companies in the world in virtually every sector caused the portfolio to underperform over specific periods in comparison to lower-quality, higher-risk securities that outperformed during the rally. The securities that comprise the portfolio tend to be industry leaders and have strong structural unit growth, product innovation, exposure to growing markets, flexible cost structures and a lean capital base. The portfolio is also comprised of what we characterize as platform companies: highly flexible, capital light businesses that focus on high value added activities such as product design, marketing, aftermarket services, research and development, etc., while outsourcing capital intensive manufacturing and distribution needs. Despite the outperformance of lower-quality stocks that we tend to avoid, we believe the portfolio is well positioned to benefit should the market rotate to high-quality stocks going forward, which could create a historic opportunity from a contrarian value standpoint.

2 Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report

Performance review

For the twelve months ended October 31, 2009, Class A shares of Legg Mason Global Currents International All Cap Opportunity Fund, excluding sales charges, returned 24.68%. The Fund’s unmanaged benchmark, the MSCI EAFE Index, returned 27.71% for the same period. The Lipper International Multi-Cap Value Funds Category Average¹ returned 28.11% over the same time frame.

PERFORMANCE SNAPSHOT as of October 31, 2009 (excluding sales charges) (unaudited)
	6 MONTHS	12 MONTHS
International All Cap Opportunity Fund — Class A Shares	27.35%	24.68%
MSCI EAFE Index	31.18%	27.71%
Lipper International Multi-Cap Value Funds Category Average1	29.95%	28.11%
The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown above. Principal value and investment returns will fluctuate and investors’ shares, when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent month-end, please visit our website at www.leggmason.com/individualinvestors.
Excluding sales charges, Class B shares returned 26.62%, Class C shares returned 26.89%, Class I shares returned 27.77% and Class IS shares returned 27.59% over the six months ended October 31, 2009. Excluding sales charges, Class B shares returned 23.09%, Class C shares returned 23.59%, Class I shares returned 25.16% and Class IS shares returned 25.25% over the twelve months ended October 31, 2009. All share class returns assume the reinvestment of all distributions, including returns of capital, if any, at net asset value and the deduction of all Fund expenses. Returns have not been adjusted to include sales charges that may apply or the deduction of taxes that a shareholder would pay on Fund distributions. If sales charges were reflected, the performance quoted would be lower.
Performance figures reflect expense reimbursements and/or fee waivers, without which the performance would have been lower.
TOTAL ANNUAL OPERATING EXPENSES (unaudited)
As of the Fund’s most current prospectus dated February 28, 2009, the gross total operating expense ratios for Class A, Class B, Class C, Class I and Class IS shares were 1.36%, 2.30%, 2.23%, 0.93% and 0.94%, respectively.
Actual expenses may be higher. For example, expenses may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile.

Q. What were the leading contributors to performance?

A. During the period, stock selection in the Consumer Discretionary, Consumer Staples and Utilities sectors significantly enhanced the Fund’s results. An overweight to the Consumer Staples sector and an underweight to the Utilities sector also contributed positively to relative performance. On a country basis, the Fund benefited through stock selection in the United

¹ Lipper, Inc., a wholly-owned subsidiary of Reuters, provides independent insight on global collective investments. Returns are based on the period ended October 31, 2009, including the reinvestment of all distributions, including returns of capital, if any, calculated among the 133 funds for the six-month period and among the 130 funds for the twelve-month period in the Fund’s Lipper category, and excluding sales charges.

Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report 3

Fund overview continued

Kingdom and Japan. Over the reporting period, individual stocks that made a significant positive contribution to performance included Anheuser-Busch InBev NV and Signet Jewelers Ltd., both in the Consumer Discretionary sector, Banco Santander SA in the Financials sector and Experian PLC and MTU Aero Engines Holding AG, both in the Industrials sector.

Q. What were the leading detractors from performance?

A. During the reporting period, stock selection in the Information Technology (“IT”), Telecommunication Services and Energy sectors negatively impacted performance. On a country basis, the Fund’s performance declined through stock selection in Australia and Switzerland. Individual holdings that had a negative impact on Fund performance during the period included European Aeronautic Defense & Space Co. in the Consumer Discretionary sector, Societe Generale and UniCredito Italiano SpA, both in the Financials sector, Bombardier Inc. (Class B Shares) in the Industrials sector and Infineon Technologies AG in the IT sector.

Thank you for your investment in Legg Mason Global Currents International All Cap Opportunity Fund. As always, we appreciate that you have chosen us to manage your assets and we remain focused on achieving the Fund’s investment goals.

Sincerely,

Paul D. Ehrlichman
Global Equities
Chief Investment Officer and Portfolio Manager
Global Currents Investment Management, LLC
Sean M. Bogda, CFA	Safa R. Muhtaseb, CFA
Portfolio Manager	Portfolio Manager
Global Currents Investment Management, LLC	Global Currents Investment Management, LLC
Elisa Mazen	George Foley
Portfolio Manager	Portfolio Manager
Global Currents Investment Management, LLC	Global Currents Investment Management, LLC

November 17, 2009

4 Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report

The information provided is not intended to be a forecast of future events, a guarantee of future results or investment advice. Views expressed may differ from those of the firm as a whole.

Portfolio holdings and breakdowns are as of October 31, 2009 and are subject to change and may not be representative of the portfolio managers’ current or future investments. The Fund’s top ten holdings (as a percentage of net assets) as of this date were: Anheuser-Busch InBev NV (3.1%), BNP Paribas SA (3.1%), HSBC Holdings PLC (3.0%), Banco Santander SA (2.7%), Denso Corp. (2.6%), AXA (2.3%), Cheung Kong Holdings Ltd. (2.2%), DaimlerChrysler AG, Registered Shares (2.2%), StatoilHydro ASA (2.2%) and Royal Dutch Shell PLC, Class A Shares (2.2%). Please refer to pages 11 through 14 for a list and percentage breakdown of the Fund’s holdings.

The mention of sector breakdowns is for informational purposes only and should not be construed as a recommendation to purchase or sell any securities. The information provided regarding such sectors is not a sufficient basis upon which to make an investment decision. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies discussed should consult their financial professional. The Fund’s top five sector holdings (as a percentage of net assets) as of October 31, 2009 were: Financials (24.7%), Consumer Discretionary (14.9%), Materials (11.4%), Industrials (9.5%) and Consumer Staples (9.2%). The Fund’s portfolio composition is subject to change at any time.

RISKS: Keep in mind, the Fund is subject to certain risks of overseas investing, not associated with domestic investing, including currency fluctuations, changes in political and economic conditions, differing securities regulations and periods of illiquidity, which could result in significant market fluctuations. These risks are magnified in emerging or developing markets. Fixed-income securities involve interest rate, credit, inflation and reinvestment risks. As interest rates rise, the value of fixed-income securities falls. Diversification does not assure against market loss. The Fund may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. Please see the Fund’s prospectus for more information on these and other risks.

All index performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in an index.

ⁱ The MSCI EAFE Index is a free float-adjusted market capitalization index designed to measure developed market equity performance, excluding the U.S. and Canada.

ⁱⁱ Beta measures the sensitivity of the investment to the movements of its benchmark. A beta higher than 1.0 indicates the investment has been more volatile than the benchmark and a beta of less than 1.0 indicates that the investment has been less volatile than the benchmark.

Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report 5

Fund at a glance^†(unaudited)

INVESTMENT BREAKDOWN (%) As a percent of total investments

† The bar graphs above represent the composition of the Fund’s investments as of October 31, 2009 and October 31, 2008. The Fund is actively managed. As a result, the composition of the Fund’s investments is subject to change at any time.

6 Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report

Fund expenses (unaudited)

Example

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including front-end and back-end sales charges (loads) on purchase payments and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested on May 1, 2009 and held for the six months ended October 31, 2009.

Actual expenses

The table below titled “Based on Actual Total Return” provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period”.

BASED ON ACTUAL TOTAL RETURN1
	ACTUAL TOTAL RETURN WITHOUT SALES CHARGES2		BEGINNING ACCOUNT VALUE		ENDING ACCOUNT VALUE		ANNUALIZED EXPENSE RATIO		EXPENSES PAID DURING THE PERIOD3
Class A	27.35	%	$	1,000.00	$	1,273.50	1.45	%	$	8.31
Class B	26.62			1,000.00		1,266.20	2.73			15.59
Class C	26.89			1,000.00		1,268.90	2.30			13.15
Class I	27.77			1,000.00		1,277.70	0.99			5.68
Class IS	27.59			1,000.00		1,275.90	0.96			5.51

¹ For the six months ended October 31, 2009.

² Assumes the reinvestment of all distributions, including returns of capital, if any, at net asset value and does not reflect the deduction of the applicable initial sales charge with respect to Class A shares or the applicable contingent deferred sales charges (“CDSC”) with respect to Class B and C shares. Total return is not annualized, as it may not be representative of the total return for the year. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

³ Expenses (net of fee waivers and/or expense reimbursements) are equal to each class’ respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365.

Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report 7

Fund expenses (unaudited)continued

Hypothetical example for comparison purposes

The table below titled “Based on Hypothetical Total Return” provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5.00% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5.00% hypothetical example relating to the Fund with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or back-end sales charges (loads). Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

BASED ON HYPOTHETICAL TOTAL RETURN1
	HYPOTHETICAL ANNUALIZED TOTAL RETURN		BEGINNING ACCOUNT VALUE		ENDING ACCOUNT VALUE		ANNUALIZED EXPENSE RATIO		EXPENSES PAID DURING THE PERIOD2
Class A	5.00	%	$	1,000.00	$	1,017.90	1.45	%	$	7.37
Class B	5.00			1,000.00		1,011.44	2.73			13.84
Class C	5.00			1,000.00		1,013.61	2.30			11.67
Class I	5.00			1,000.00		1,020.21	0.99			5.04
Class IS	5.00			1,000.00		1,020.37	0.96			4.89

¹ For the six months ended October 31, 2009.

² Expenses (net of fee waivers and/or expense reimbursements) are equal to each class’ respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365.

8 Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report

Fund performance (unaudited)

AVERAGE ANNUAL TOTAL RETURNS1
	WITHOUT SALES CHARGES2
	CLASS A		CLASS B		CLASS C		CLASS I		CLASS IS
Twelve Months Ended 10/31/09	24.68	%	23.09	%	23.59	%	25.16	%	25.25	%
Five Years Ended 10/31/09	2.82		1.84		1.89		N/A		N/A
Ten Years Ended 10/31/09	-2.64		-3.27		-3.50		N/A		N/A
Inception* through 10/31/09	5.52	3	0.46		2.38		-10.23		-12.16
	WITH SALES CHARGES4
	CLASS A		CLASS B		CLASS C		CLASS I		CLASS IS
Twelve Months Ended 10/31/09	17.47	%	18.09	%	22.59	%	25.16	%	25.25	%
Five Years Ended 10/31/09	1.62		1.74		1.89		N/A		N/A
Ten Years Ended 10/31/09	-3.22		-3.27		-3.50		N/A		N/A
Inception* through 10/31/09	5.253		0.46		2.38		-10.23		-12.16
CUMULATIVE TOTAL RETURNS1
	WITHOUT SALES CHARGES2
Class A (10/31/99 through 10/31/09)					-23.51	%
Class B (10/31/99 through 10/31/09)					-28.31
Class C (10/31/99 through 10/31/09)					-29.96
Class I (Inception date of 12/29/06 through 10/31/09)					-26.38
Class IS (Inception date of 8/4/08 through 10/31/09)					-14.86

¹ All figures represent past performance and are not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance figures may reflect fee waivers and/or expense reimbursements. Past performance is no guarantee of future results. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower.

² Assumes the reinvestment of all distributions, including returns of capital, if any, at net asset value and does not reflect the deduction of the applicable sales charge with respect to Class A shares or the applicable CDSC with respect to Class B and C shares.

³ Performance calculation for Class A shares includes the historical return information related to The Fenimore International Fund, which was the predecessor fund, for the period from February 18, 1986 through November 22, 1991.

⁴ Assumes the reinvestment of all distributions, including returns of capital, if any, at net asset value. In addition, Class A shares reflect the deduction of the maximum initial sales charge of 5.75%; Class B shares reflect the deduction of a 5.00% CDSC, which applies if shares are redeemed within one year from purchase payment and declines by 1.00% per year until no CDSC is incurred. Class C shares reflect the deduction of a 1.00% CDSC, which applies if shares are redeemed within one year from purchase payment.

* Inception dates for Class A, B, C, I and IS shares are February 18, 1986 (including predecessor fund), November 7, 1994, January 4, 1993, December 29, 2006 and August 4, 2008, respectively.

Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report 9

Historical performance (unaudited)

VALUE OF $10,000 INVESTED IN CLASS A, B AND C SHARES OF LEGG MASON GLOBAL CURRENTS
INTERNATIONAL ALL CAP OPPORTUNITY FUND VS. MSCI EAFE INDEX† — October 1999 - October 2009

† Hypothetical illustration of $10,000 invested in Class A, B and C shares of Legg Mason Global Currents International All Cap Opportunity Fund on October 31, 1999, assuming the deduction of the maximum initial sales charge of 5.75% at the time of investment for Class A shares and the reinvestment of all distributions, including returns of capital, if any, at net asset value through October 31, 2009. The MSCI EAFE Index is a free float-adjusted market capitalization index designed to measure developed market equity performance, excluding the U.S. and Canada. The Index is unmanaged and is not subject to the same management and trading expenses as a mutual fund. Please note that an investor cannot invest directly in an index. The performance of the Fund’s other classes may be greater or less than the Class A, B and C shares’ performance indicated on this chart, depending on whether greater or lesser sales charges and fees were incurred by shareholders investing in the other classes.

All figures represent past performance and are not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower.

10 Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report

Schedule of investments

October 31, 2009

LEGG MASON GLOBAL CURRENTS INTERNATIONAL ALL CAP OPPORTUNITY FUND
SHARES	SECURITY	VALUE
COMMON STOCKS — 99.6%
	Australia — 3.4%
645,676	Foster’s Group Ltd.(a)	$	3,141,955
1,494,400	Telstra Corp., Ltd.(a)		4,446,871
	Total Australia		7,588,826
	Belgium — 3.1%
147,900	Anheuser-Busch InBev NV(a)		6,960,610
72,800	Anheuser-Busch InBev NV(a)*		536
	Total Belgium		6,961,146
	Bermuda — 1.0%
812,900	Yue Yuen Industrial Holdings Ltd.(a)		2,252,611
	Brazil — 0.6%
144,200	Cia Brasileira de Meios de Pagamento		1,325,081
	Canada — 4.0%
10,300	5N Plus Inc.*		52,681
45,600	Agrium Inc.		2,123,108
73,300	Barrick Gold Corp.		2,633,669
42,300	Canadian Natural Resources Ltd.		2,747,231
134,500	Viterra Inc.*		1,281,308
	Total Canada		8,837,997
	Cayman Islands — 0.1%
137,000	China Shineway Pharmaceutical Group Ltd.(a)		191,791
	China — 1.1%
5,192,000	Shanghai Electric Group Co., Ltd., Class H Shares(a)		2,444,488
	Denmark — 0.5%
19,081	Danisco A/S(a)		1,187,523
	Finland — 1.2%
207,900	Nokia Oyj, ADR		2,621,619
	France — 8.0%
203,600	AXA(a)		5,066,919
91,326	BNP Paribas SA(a)		6,880,121
117,400	France Telecom SA(a)		2,906,960
76,800	Publicis Groupe SA(a)		2,926,002
4	Total SA(a)		239
	Total France		17,780,241
	Germany — 10.6%
61,500	BASF SE(a)		3,294,747
99,500	DaimlerChrysler AG, Registered Shares(a)		4,850,310
27,197	Deutsche Bank AG, Registered Shares(a)		1,972,206
18,600	Linde AG(a)		1,947,892
70,400	MTU Aero Engines Holding AG(a)		3,206,576

See Notes to Financial Statements.

Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report 11

Schedule of investments continued

October 31, 2009

LEGG MASON GLOBAL CURRENTS INTERNATIONAL ALL CAP OPPORTUNITY FUND
SHARES	SECURITY	VALUE
	Germany — 10.6% continued
121,200	Rhoen-Klinikum AG(a)	$	2,942,484
46,900	Siemens AG, Registered Shares(a)		4,232,168
64,700	Symrise AG(a)		1,192,622
	Total Germany		23,639,005
	Hong Kong — 5.0%
390,000	Cheung Kong Holdings Ltd.(a)		4,965,792
116,800	Jardine Matheson Holdings Ltd.(a)		3,480,171
490,000	Wharf Holdings Ltd.(a)		2,643,664
	Total Hong Kong		11,089,627
	Ireland — 0.9%
505,647	C&C Group PLC(a)		1,877,011
	Israel — 1.7%
72,700	Teva Pharmaceutical Industries Ltd., ADR		3,669,896
	Japan — 16.3%
77,500	Advantest Corp.(a)		1,700,466
100,800	Capcom Co., Ltd.(a)		1,718,583
212,600	Denso Corp.(a)		5,808,685
785	Japan Tobacco Inc.(a)		2,188,499
67,100	Makita Corp.(a)		2,243,931
43,700	Nidec Corp.(a)		3,728,263
587,276	NSK Ltd.(a)		3,366,434
461	Osaka Securities Exchange Co., Ltd.(a)		2,216,161
170,000	Ricoh Co., Ltd.(a)		2,346,439
76,100	Sumitomo Mitsui Financial Group Inc.(a)		2,614,557
96,500	Tokio Marine Holdings Inc.(a)		2,483,540
815,000	Tokyo Gas Co., Ltd.(a)		3,227,083
44,150	Yamada Denki Co., Ltd.(a)		2,691,106
	Total Japan		36,333,747
	Jersey — 1.9%
456,400	Experian PLC(a)		4,188,740
	Mexico — 1.3%
154,400	Grupo Televisa SA, ADR		2,989,184
	Netherlands — 4.9%
40,000	Akzo Nobel NV(a)		2,367,238
161,271	Royal Dutch Shell PLC, Class A Shares		4,803,375
124,416	Unilever NV, CVA(a)		3,837,218
	Total Netherlands		11,007,831

See Notes to Financial Statements.

12 Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report

LEGG MASON GLOBAL CURRENTS INTERNATIONAL ALL CAP OPPORTUNITY FUND
SHARES	SECURITY	VALUE
	Norway — 3.4%
417,051	Norsk Hydro ASA(a)*	$	2,727,432
203,054	StatoilHydro ASA(a)		4,823,705
	Total Norway		7,551,137
	Singapore — 1.5%
348,000	DBS Group Holdings Ltd.(a)		3,178,281
61,000	Haw Par Corp., Ltd.(a)		243,035
	Total Singapore		3,421,316
	South Korea — 2.8%
243,500	LG Display Co., Ltd., ADR		2,897,650
32,600	POSCO, ADR		3,329,112
	Total South Korea		6,226,762
	Spain — 2.8%
378,600	Banco Santander SA(a)		6,102,975
4,160	Banco Santander SA(a)*		67,408
8,200	Clinica Baviera SA(a)*		98,557
	Total Spain		6,268,940
	Switzerland — 9.1%
56,800	Credit Suisse Group AG, Registered Shares(a)		3,038,218
33,600	Lonza Group AG, Registered Shares(a)		2,621,622
50,000	Novartis AG, Registered Shares(a)		2,611,853
18,222	Roche Holding AG(a)		2,923,695
54,900	Transocean Ltd.*		4,606,659
270,831	UBS AG, Registered Shares(a)*		4,541,849
	Total Switzerland		20,343,896
	United Kingdom — 14.4%
97,300	Amdocs Ltd.*		2,451,960
93,600	Anglo American PLC(a)*		3,406,052
499,348	Barclays PLC(a)*		2,617,227
145,600	BG Group PLC(a)		2,514,466
89,800	Carnival PLC(a)		2,789,339
284,100	Halfords Group PLC(a)		1,826,703
496,000	Home Retail Group PLC(a)		2,365,859
594,421	HSBC Holdings PLC(a)		6,589,623
99,100	Lonmin PLC(a)*		2,364,282
357,200	Persimmon PLC(a)*		2,359,617
1,268,162	Vodafone Group PLC(a)		2,810,754
	Total United Kingdom		32,095,882
	TOTAL COMMON STOCKS (Cost — $203,506,411)		221,894,297

See Notes to Financial Statements.

Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report 13

Schedule of investments continued

October 31, 2009

LEGG MASON GLOBAL CURRENTS INTERNATIONAL ALL CAP OPPORTUNITY FUND
SHARES		SECURITY	VALUE
	RIGHTS — 0.0%
		Belgium — 0.0%
	113,900	Fortis, Expires 7/4/14(a)(b)* (Cost — $0)	$	0
		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost — $203,506,411)		221,894,297
FACE AMOUNT
	SHORT-TERM INVESTMENT — 0.3%
		Repurchase Agreement — 0.3%
$	763,000	State Street Bank & Trust Co., repurchase agreement dated 10/30/09, 0.010% due 11/2/09; Proceeds at maturity — $763,001; (Fully collateralized by U.S. Treasury Bills, 0.000% due 4/15/10; Market value — $779,454) (Cost — $763,000)		763,000
		TOTAL INVESTMENTS — 99.9% (Cost — $204,269,411#)		222,657,297
		Other Assets in Excess of Liabilities — 0.1%		191,573
		TOTAL NET ASSETS — 100.0%	$	222,848,870

* Non-income producing security.

^(a) Security is valued in good faith at fair value by or under the direction of the Board of Trustees (See Note 1).

^(b) Illiquid security.

# Aggregate cost for federal income tax purposes is $204,377,999.

Abbreviations used in this schedule:

ADR — American Depositary Receipt

CVA — Certificaaten van aandelen (Share Certificates)

SUMMARY OF INVESTMENTS BY SECTOR**
Financials	24.7	%
Consumer discretionary	14.9
Materials	11.4
Industrials	9.5
Consumer staples	9.2
Energy	8.7
Information technology	8.5
Health care	6.8
Telecommunication services	4.6
Utilities	1.4
Short-term investment	0.3
	100.0	%

** As a percentage of total investments. Please note that Fund holdings are as of October 31, 2009 and are subject to change.

See Notes to Financial Statements.

14 Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report

Statement of assets and liabilities

October 31, 2009

ASSETS:
Investments, at value (Cost — $204,269,411)	$	222,657,297
Foreign currency, at value (Cost — $22,484)		22,542
Cash		270
Dividends receivable		560,290
Receivable for Fund shares sold		170,969
Prepaid expenses		42,304
Total Assets		223,453,672
LIABILITIES:
Payable for Fund shares repurchased		227,604
Investment management fee payable		168,798
Distribution fees payable		41,990
Trustees’ fees payable		1,884
Accrued expenses		164,526
Total Liabilities		604,802
TOTAL NET ASSETS	$	222,848,870
NET ASSETS:
Par value (Note 7)	$	300
Paid-in capital in excess of par value		302,057,237
Undistributed net investment income		3,079,300
Accumulated net realized loss on investments and foreign currency transactions		(100,687,998	)
Net unrealized appreciation on investments and foreign currencies		18,400,031
TOTAL NET ASSETS	$	222,848,870
Shares Outstanding:
Class A		9,312,289
Class B		837,386
Class C		3,725,444
Class I		10,483
Class IS		16,088,326
Net Asset Value:
Class A (and redemption price)		$7.59
Class B*		$6.66
Class C*		$6.37
Class I (and redemption price)		$7.50
Class IS (and redemption price)		$7.63
Maximum Public Offering Price Per Share:
Class A (based on maximum initial sales charge of 5.75%)		$8.05

* Redemption price per share is NAV of Class B and C shares reduced by a 5.00% and 1.00% CDSC, respectively, if shares are redeemed within one year from purchase payment (See Note 2).

See Notes to Financial Statements.

Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report 15

Statement of operations

For the Year Ended October 31, 2009

INVESTMENT INCOME:
Dividends	$	5,835,220
Interest		151
Less: Foreign taxes withheld		(484,313	)
Total Investment Income		5,351,058
EXPENSES:
Investment management fee (Note 2)		1,649,046
Distribution fees (Notes 2 and 5)		426,863
Transfer agent fees (Note 5)		248,313
Shareholder reports (Note 5)		92,329
Custody fees		77,600
Registration fees		70,055
Audit and tax		29,628
Trustees’ fees		21,516
Legal fees		15,569
Insurance		6,421
Miscellaneous expenses		7,279
Total Expenses		2,644,619
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)		(29	)
Net Expenses		2,644,590
NET INVESTMENT INCOME		2,706,468
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 1 AND 3):
Net Realized Gain (Loss) From:
Investment transactions		(79,787,514	)
Foreign currency transactions		11,160
Net Realized Loss		(79,776,354	)
Change in Net Unrealized Appreciation/Depreciation From:
Investments		121,250,124
Foreign currencies		32,964
Change in Net Unrealized Appreciation/Depreciation		121,283,088
NET GAIN ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		41,506,734
INCREASE IN NET ASSETS FROM OPERATIONS	$	44,213,202

See Notes to Financial Statements.

16 Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report

Statements of changes in net assets

FOR THE YEARS ENDED OCTOBER 31,	2009			2008
OPERATIONS:
Net investment income	$	2,706,468		$	3,613,364
Net realized loss		(79,776,354	)		(20,576,429	)
Change in net unrealized appreciation/depreciation		121,283,088			(152,438,098	)
Increase (Decrease) in Net Assets From Operations		44,213,202			(169,401,163	)
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTES 1 AND 6):
Net investment income		(3,403,775	)		(4,632,507	)
Net realized gains		—			(104,866,254	)
Decrease in Net Assets From Distributions to Shareholders		(3,403,775	)		(109,498,761	)
FUND SHARE TRANSACTIONS (NOTE 7):
Net proceeds from sale of shares		31,712,900			189,151,690
Reinvestment of distributions		3,374,844			106,633,365
Cost of shares repurchased		(40,033,420	)		(229,122,738	)
Increase (Decrease) in Net Assets From Fund Share Transactions		(4,945,676	)		66,662,317
INCREASE (DECREASE) IN NET ASSETS		35,863,751			(212,237,607	)
NET ASSETS:
Beginning of year		186,985,119			399,222,726
End of year*	$	222,848,870		$	186,985,119
* Includes undistributed net investment income of:		$3,079,300			$3,356,718

See Notes to Financial Statements.

Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report 17

Financial highlights

FOR A SHARE OF EACH CLASS OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH YEAR ENDED OCTOBER 31:
CLASS A SHARES1	2009			2008			2007			20062			20052
NET ASSET VALUE, BEGINNING OF YEAR	$	6.19		$	16.12		$	14.84		$	14.31		$	13.15
INCOME (LOSS) FROM OPERATIONS:
Net investment income		0.08			0.11			0.18			0.08			0.07
Net realized and unrealized gain (loss)		1.42			(5.74	)		2.38			3.00			2.04
Total income (loss) from operations		1.50			(5.63	)		2.56			3.08			2.11
LESS DISTRIBUTIONS FROM:
Net investment income		(0.10	)		(0.13	)		(0.20	)		(0.18	)		(0.03	)
Net realized gains		—			(4.17	)		(1.08	)		(2.37	)		(0.92	)
Total distributions		(0.10	)		(4.30	)		(1.28	)		(2.55	)		(0.95	)
NET ASSET VALUE, END OF YEAR	$	7.59			$6.19		$	16.12		$	14.84		$	14.31
Total return3		24.68	%		(46.51	)%		18.44	%		24.75	%		16.64	%
NET ASSETS, END OF YEAR (000s)		$70,674			$64,767			$146,658			$133,978			$126,778
RATIOS TO AVERAGE NET ASSETS:
Gross expenses		1.50	%		1.36	%		1.36	%4		1.38	%		1.39	%
Net expenses		1.50			1.36			1.36	4,5		1.36	5		1.39
Net investment income		1.25			1.12			1.20			0.55			0.54
PORTFOLIO TURNOVER RATE		82	%		63	%		103	%		8	%		14	%

¹ Per share amounts have been calculated using the average shares method.

² Represents a share of capital stock outstanding prior to April 16, 2007.

³ Performance figures, exclusive of sales charges, may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

⁴ Included in the expense ratios are certain non-recurring restructuring (and reorganization, if applicable) fees that were incurred by the Fund during the period. Without these fees, the gross and net expense ratios would both have been 1.35%.

⁵ Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

18 Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report

FOR A SHARE OF EACH CLASS OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH YEAR ENDED OCTOBER 31:
CLASS B SHARES1	2009			2008			2007			20062			20052
NET ASSET VALUE, BEGINNING OF YEAR	$	5.46		$	14.77		$	13.70		$	13.39		$	12.43
INCOME (LOSS) FROM OPERATIONS:
Net investment income (loss)		(0.00	)3		0.01			0.04			(0.04	)		(0.04	)
Net realized and unrealized gain (loss)		1.25			(5.10	)		2.19			2.79			1.92
Total income (loss) from operations		1.25			(5.09	)		2.23			2.75			1.88
LESS DISTRIBUTIONS FROM:
Net investment income		(0.05	)		(0.05	)		(0.08	)		(0.07	)		—
Net realized gains		—			(4.17	)		(1.08	)		(2.37	)		(0.92	)
Total distributions		(0.05	)		(4.22	)		(1.16	)		(2.44	)		(0.92	)
NET ASSET VALUE, END OF YEAR	$	6.66			$5.46		$	14.77		$	13.70		$	13.39
Total return4		23.09	%		(47.02	)%		17.41	%		23.72	%		15.64	%
NET ASSETS, END OF YEAR (000s)		$5,575			$6,334			$19,665			$21,429			$22,560
RATIOS TO AVERAGE NET ASSETS:
Gross expenses		2.77	%		2.30	%		2.22	%5		2.23	%		2.22	%
Net expenses		2.77			2.30			2.21	5,6		2.22	6		2.22
Net investment income (loss)		(0.04	)		0.13			0.31			(0.32	)		(0.28	)
PORTFOLIO TURNOVER RATE		82	%		63	%		103	%		8	%		14	%

¹ Per share amounts have been calculated using the average shares method.

² Represents a share of capital stock outstanding prior to April 16, 2007.

³ Amount represents less than $0.01 per share.

⁴ Performance figures, exclusive of CDSC, may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

⁵ Included in the expense ratios are certain non-recurring restructuring (and reorganization, if applicable) fees that were incurred by the Fund during the period. Without these fees, the gross and net expense ratios would both have been 2.20%.

⁶ Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report 19

Financial highlights continued

FOR A SHARE OF EACH CLASS OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH YEAR ENDED OCTOBER 31:
CLASS C SHARES1	2009			2008			2007			20062			20052
NET ASSET VALUE, BEGINNING OF YEAR	$	5.21		$	14.30		$	13.31		$	13.07		$	12.17
INCOME (LOSS) FROM OPERATIONS:
Net investment income (loss)		0.02			0.02			0.04			(0.04	)		(0.05	)
Net realized and unrealized gain (loss)		1.20			(4.89	)		2.11			2.72			1.87
Total income (loss) from operations		1.22			(4.87	)		2.15			2.68			1.82
LESS DISTRIBUTIONS FROM:
Net investment income		(0.06	)		(0.05	)		(0.08	)		(0.07	)		—
Net realized gains		—			(4.17	)		(1.08	)		(2.37	)		(0.92	)
Total distributions		(0.06	)		(4.22	)		(1.16	)		(2.44	)		(0.92	)
NET ASSET VALUE, END OF YEAR	$	6.37			$5.21		$	14.30		$	13.31		$	13.07
Total return3		23.59	%		(47.02	)%		17.35	%		23.76	%		15.47	%
NET ASSETS, END OF YEAR (000s)		$23,743			$23,535			$60,392			$57,596			$53,097
RATIOS TO AVERAGE NET ASSETS:
Gross expenses		2.44	%		2.23	%		2.23	%4		2.26	%		2.33	%
Net expenses		2.44			2.23			2.23	4,5		2.23	5		2.33
Net investment income (loss)		0.32			0.24			0.33			(0.32	)		(0.39	)
PORTFOLIO TURNOVER RATE		82	%		63	%		103	%		8	%		14	%

¹ Per share amounts have been calculated using the average shares method.

² Represents a share of capital stock outstanding prior to April 16, 2007.

³ Performance figures, exclusive of CDSC, may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

⁴ Included in the expense ratios are certain non-recurring restructuring (and reorganization, if applicable) fees that were incurred by the Fund during the period. Without these fees, the gross and net expense ratios would both have been 2.22%.

⁵ Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

20 Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report

FOR A SHARE OF EACH CLASS OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH YEAR ENDED OCTOBER 31, UNLESS OTHERWISE NOTED:
CLASS I SHARES1	2009			2008			20072
NET ASSET VALUE, BEGINNING OF YEAR	$	6.12		$	16.16		$	14.53
INCOME (LOSS) FROM OPERATIONS:
Net investment income		0.12			0.19			0.25
Net realized and unrealized gain (loss)		1.39			(5.88	)		1.38
Total income (loss) from operations		1.51			(5.69	)		1.63
LESS DISTRIBUTIONS FROM:
Net investment income		(0.13	)		(0.18	)		—
Net realized gains		—			(4.17	)		—
Total distributions		(0.13	)		(4.35	)		—
NET ASSET VALUE, END OF YEAR	$	7.50			$6.12		$	16.16
Total return3		25.16	%		(47.11	)%		11.22	%
NET ASSETS, END OF YEAR (000s)		$79			$36			$172,508
RATIOS TO AVERAGE NET ASSETS:
Gross expenses		1.09	%		0.93	%		1.19	%4,5
Net expenses		1.03	6,7		0.93			1.19	4,5,6
Net investment income		1.91			1.73			2.46	4
PORTFOLIO TURNOVER RATE		82	%		63	%		103	%

¹ Per share amounts have been calculated using the average shares method.

² For the period December 29, 2006 (inception date) to October 31, 2007.

³ Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.

⁴ Annualized.

⁵ Included in the expense ratios are certain non-recurring restructuring (and reorganization, if applicable) fees that were incurred by the Fund during the period. Without these fees, the gross and net expense ratios would both have been 1.19%.

⁶ Reflects fee waivers and/or expense reimbursements.

⁷ As a result of an expense limitation, effective September 18, 2009 through December 31, 2011, the ratio of expenses, other than interest, brokerage, taxes and extraordinary expenses, to average net assets of Class I shares will not exceed 1.15%.

See Notes to Financial Statements.

Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report 21

Financial highlights continued

FOR A SHARE OF EACH CLASS OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH YEAR ENDED OCTOBER 31, UNLESS OTHERWISE NOTED:
CLASS IS SHARES1	2009			20082
NET ASSET VALUE, BEGINNING OF YEAR	$	6.22		$	9.15
INCOME (LOSS) FROM OPERATIONS:
Net investment income		0.11			0.02
Net realized and unrealized gain (loss)		1.43			(2.95	)
Total income (loss) from operations		1.54			(2.93	)
LESS DISTRIBUTIONS FROM:
Net investment income		(0.13	)		—
Total distributions		(0.13	)		—
NET ASSET VALUE, END OF YEAR	$	7.63		$	6.22
Total return3		25.25	%		(32.02	)%
NET ASSETS, END OF YEAR (000s)		$122,778			$92,313
RATIOS TO AVERAGE NET ASSETS:
Gross expenses		0.99	%		0.94	%4
Net expenses		0.99	5		0.94	4
Net investment income		1.78			0.87	4
PORTFOLIO TURNOVER RATE		82	%		63	%

¹ Per share amounts have been calculated using the average shares method.

² For the period August 4, 2008 (inception date) to October 31, 2008.

³ Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.

⁴ Annualized.

⁵ As a result of an expense limitation, effective September 18, 2009 through December 31, 2011, the total annual operating expenses for Class IS shares are expected to be equal or lower than those of Class I shares.

See Notes to Financial Statements.

22 Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report

Notes to financial statements

1. Organization and significant accounting policies

Legg Mason Global Currents International All Cap Opportunity Fund (formerly known as Legg Mason Partners International All Cap Opportunity Fund ) (the “Fund”) is a separate diversified investment series of Legg Mason Partners Equity Trust (the “Trust”). The Trust, a Maryland business 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”). Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through December 21, 2009, the issuance date of the financial statements.

(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. Debt securities are valued at the mean between the last quoted bid and asked prices provided by an independent pricing service that are based on transactions in debt obligations, quotations from bond dealers, market transactions in comparable securities and various other relationships between securities. When prices are not readily available, or are determined not to reflect fair value, 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 at fair value as determined in accordance with the procedures approved by the Fund’s Board of Trustees. Fair valuing of securities may also be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant American depositary receipts (ADRs) and futures contracts. Short-term obligations with maturities of 60 days or less are valued at amortized cost, which approximates fair value.

The Fund has adopted Financial Accounting Standards Board Codification Topic 820 (formerly Statement of Financial Accounting Standards No. 157) (“ASC Topic 820”). ASC Topic 820 establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Fund’s investments, and requires additional disclosure about fair value. The hierarchy of inputs is summarized 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.)

Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report 23

Notes to financial statements continued

• Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach, income approach and/or cost approach, depending on the type of the security and the particular circumstance.

The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:

DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Long-term investments:
Common stocks:
Consumer discretionary	$	2,989,184	$	30,114,163		—	$	33,103,347
Consumer staples		1,281,308		19,193,352		—		20,474,660
Energy		12,157,265		7,338,410		—		19,495,675
Financials		—		54,978,541		—		54,978,541
Health care		3,669,896		11,390,002		—		15,059,898
Industrials		—		21,161,612		—		21,161,612
Information technology		9,348,991		9,493,751		—		18,842,742
Materials		8,085,889		17,300,265		—		25,386,154
Telecommunication services		—		10,164,585		—		10,164,585
Utilities		—		3,227,083		—		3,227,083
Rights		—		—	$	0		0
Total long-term investments		37,532,533		184,361,764		0		221,894,297
Short-term investment†		—		763,000		—		763,000
Total investments	$	37,532,533	$	185,124,764	$	0	$	222,657,297

† See Schedule of Investments for additional detailed categorizations.

24 Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	RIGHTS
Balance as of October 31, 2008	$0
Accrued premium/discounts	—
Realized gain/(loss)	—
Change in unrealized appreciation/depreciation1	0
Net purchases/(sales)	—
Net transfers in and/or out of Level 3	—
Balance as of October 31, 2009	$0
Net unrealized appreciation (depreciation) for investments in securities still held at October 31, 20091	$0

¹ This amount is included in the change in net unrealized appreciation (depreciation) in the accompanying Statement of Operations. Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the reporting period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized.

(b) Repurchase agreements. When entering into repurchase agreements, it is the Fund’s policy that its custodian or a third party custodian 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 exceeds one business day, the value of the collateral is marked-to-market daily to ensure the adequacy of the collateral. If the seller defaults, and the market value of the collateral declines 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) 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 at 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.

The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized

Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report 25

Notes to financial statements continued

foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities, at the date of valuation, resulting from changes in exchange rates.

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.

(d) Foreign risk. 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) Security transactions and investment income. Security transactions are accounted for on a trade date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults on an expected interest payment, the Fund’s policy is to generally halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default.

(f) Distributions to shareholders. Distributions from net investment income and distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

(g) Share class accounting. Investment income, common expenses and realized/unrealized gains (losses) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each share class. Fees relating to a specific class are charged directly to that share class.

(h) Federal and other taxes. It is the Fund’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the “Code”), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized

26 Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report

gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal income tax provision is required in the Fund’s financial statements.

Management has analyzed the Fund’s tax positions taken on federal income tax returns for all open tax years and has concluded that as of October 31, 2009, no provision for income tax would be required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by Internal Revenue Service and state departments of revenue.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

(i) Reclassification. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. During the current year, the following reclassifications have been made:

	UNDISTRIBUTED NET INVESTMENT INCOME		ACCUMULATED NET REALIZED LOSS
(a)	$	419,889	$	(419,889	)

(a) Reclassifications are primarily due to foreign currency transactions treated as ordinary income for tax purposes and book/tax differences in the treatment of various items.

2. Investment management agreement and other transactions with affiliates

Legg Mason Partners Fund Advisor, LLC (“LMPFA”) is the Fund’s investment manager and Global Currents Asset Management LLC (“Global Currents”) is the Fund’s subadviser. LMPFA and Global Currents are wholly-owned subsidiaries of Legg Mason, Inc. (“Legg Mason”).

Under the investment management agreement, the Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of the Fund’s average daily net assets in accordance with the following breakpoint schedule:

AVERAGE DAILY NET ASSETS	ANNUAL RATE
First $1 billion	0.850	%
Next $1 billion	0.825
Next $3 billion	0.800
Next $5 billion	0.775
Over $10 billion	0.750

LMPFA provides administrative and certain oversight services to the Fund. LMPFA delegates to the subadviser the day-to-day portfolio management of

Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report 27

Notes to financial statements continued

the Fund, except for the management of cash and short-term instruments. For its services, LMPFA pays Global Currents 70% of the net management fee it receives from the Fund.

As a result of an expense limitation, effective September 18, 2009 through December 31, 2011, the ratio of expenses, other than interest, brokerage, taxes and extraordinary expenses, to average net assets of Class I shares will not exceed 1.15%. In addition, total annual operating expenses for Class IS shares are expected to be equal or lower than those of Class I shares. These expense limitations cannot be terminated prior to December 31, 2011 without the Board of Trustees’ consent.

During the period ended October 31, 2009, LMPFA reimbursed the Fund for expenses amounting to $29.

The manager is permitted to recapture amounts previously forgone or reimbursed to the Fund during the same fiscal year if the Fund’s total annual operating expenses have fallen to a level below an expense limitation (“expense cap”). In no case will the manager recapture any amount that would result, on any particular business day of the Fund, in the Fund’s total annual operating expenses exceeding the expense cap.

Legg Mason Investor Services, LLC (“LMIS”), a wholly-owned broker-dealer subsidiary of Legg Mason, serves as the Fund’s sole and exclusive distributor.

There is a maximum initial sales charge of 5.75% for Class A shares. There is a contingent deferred sales charge (“CDSC”) of 5.00% on Class B shares, which applies if redemption occurs within one year from purchase payment. This CDSC declines by 1.00% per year until no CDSC is incurred. Class C shares have a 1.00% CDSC, which applies if redemption occurs within one year from purchase payment. In certain cases, Class A shares have a 1.00% CDSC, which applies if redemption occurs within one year from purchase payment. This CDSC only applies to those purchases of Class A shares, which, when combined with current holdings of Class A shares, equal or exceed $1,000,000 in the aggregate. These purchases do not incur an initial sales charge.

For the year ended October 31, 2009, LMIS and its affiliates received sales charges of approximately $14,000 on sales of the Fund’s Class A shares. In addition, for the year ended October 31, 2009, CDSCs paid to LMIS and its affiliates were approximately:

	CLASS A			CLASS B		CLASS C
CDSCs	$	0	*	$	3,000	$	0	*

* Amount represents less than $1,000.

Certain officers and one Trustee of the Trust are employees of Legg Mason or its affiliates and do not receive compensation from the Trust.

28 Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report

3. Investments

During the year ended October 31, 2009, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

Purchases	$	156,730,431
Sales		154,927,273

At October 31, 2009, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

Gross unrealized appreciation	$	28,204,516
Gross unrealized depreciation		(9,925,218	)
Net unrealized appreciation	$	18,279,298

4. Derivative instruments and hedging activities

Financial Accounting Standards Board Codification Topic 815 (formerly Statement of Financial Accounting Standards No. 161) (“ASC Topic 815”) requires enhanced disclosure about an entity’s derivative and hedging activities.

During the year ended October 31, 2009, the Fund did not invest in any derivative instruments.

5. Class specific expenses, waivers and/or reimbursements

The Fund has adopted a Rule 12b-1 distribution plan and under that plan the Fund pays a service fee with respect to its Class A, B and C shares calculated at the annual rate of 0.25% of the average daily net assets of each respective class. The Fund also pays a distribution fee with respect to its Class B and C shares calculated at the annual rate of 0.75% of the average daily net assets of each respective class. Distribution fees are accrued daily and paid monthly.

For the year ended October 31, 2009, class specific expenses were as follows:

	DISTRIBUTION FEES		TRANSFER AGENT FEES		SHAREHOLDER REPORTS EXPENSES*
Class A	$	155,754	$	131,327	$	43,457
Class B		53,054		29,378		12,899
Class C		218,055		82,961		19,930
Class I		—		65		3
Class IS		—		4,582		15,590
Total	$	426,863	$	248,313	$	91,879

* For the period November 1, 2008 through September 16, 2009. Subsequent to September 16, 2009 these expenses were accrued as common fund expenses.

Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report 29

Notes to financial statements continued

For the year ended October 31, 2009, waivers and/or reimbursements were as follows:

	WAIVERS/ REIMBURSEMENTS
Class A		—
Class B		—
Class C		—
Class I	$	29
Class IS		—
Total	$	29

6. Distributions to shareholders by class

	YEAR ENDED OCTOBER 31, 2009		YEAR ENDED OCTOBER 31, 2008
Net Investment Income:
Class A	$	1,040,793	$	1,628,173
Class B		52,754		92,679
Class C		238,140		312,757
Class I		557		2,598,898
Class IS		2,071,531		—	†
Total	$	3,403,775	$	4,632,507
Net Realized Gains:
Class A		—	$	37,725,836
Class B		—		5,424,425
Class C		—		17,092,738
Class I		—		44,623,255
Class IS		—		—	†
Total		—	$	104,866,254

† For the period August 4, 2008 (inception date) to October 31, 2008.

7. Shares of beneficial interest

At October 31, 2009, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. The Fund has the ability to issue multiple classes of shares. Each share of a class represents an identical interest and has the same rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.

30 Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report

Transactions in shares of each class were as follows:

	YEAR ENDED OCTOBER 31, 2009					YEAR ENDED OCTOBER 31, 2008
	SHARES		AMOUNT			SHARES		AMOUNT
Class A
Shares sold	1,374,309		$	8,959,070		1,532,285		$	15,992,990
Shares issued on reinvestment	170,080			1,025,580		3,373,391			37,395,385
Shares repurchased	(2,698,585	)		(16,616,875	)	(3,536,314	)		(35,032,891	)
Net increase (decrease)	(1,154,196	)	$	(6,632,225	)	1,369,362		$	18,355,484
Class B
Shares sold	98,896		$	578,925		246,614		$	2,395,172
Shares issued on reinvestment	9,619			51,465		531,526			5,208,605
Shares repurchased	(431,779	)		(2,323,046	)	(948,929	)		(8,612,855	)
Net decrease	(323,264	)	$	(1,692,656	)	(170,789	)	$	(1,009,078	)
Class C
Shares sold	595,142		$	3,063,340		855,450		$	7,479,333
Shares issued on reinvestment	46,049			235,311		1,795,783			16,807,222
Shares repurchased	(1,428,863	)		(7,383,485	)	(2,360,248	)		(20,101,917	)
Net increase (decrease)	(787,672	)	$	(4,084,834	)	290,985		$	4,184,638
Class I
Shares sold	9,964		$	58,743		2,330,720		$	24,182,880
Shares issued on reinvestment	94			557		4,242,157			47,222,153
Shares repurchased	(5,442	)		(37,303	)	(17,240,170	)		(160,921,975	)
Net increase (decrease)	4,616		$	21,997		(10,667,293	)	$	(89,516,942	)
Class IS
Shares sold	3,095,383		$	19,052,822		15,423,228	†	$	139,101,315	†
Shares issued on reinvestment	341,379			2,061,931		—	†		—	†
Shares repurchased	(2,198,722	)		(13,672,711	)	(572,942	)†		(4,453,100	)†
Net increase	1,238,040		$	7,442,042		14,850,286	†	$	134,648,215	†

† For the period August 4, 2008 (inception date) to October 31, 2008.

8. Income tax information and distributions to shareholders

The tax character of distributions paid during the fiscal years ended October 31 was as follows:

	2009		2008
Distributions Paid From:
Ordinary income	$	3,403,775	$	4,632,519
Net long-term capital gains		—		104,866,242
Total distributions paid	$	3,403,775	$	109,498,761

Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report 31

Notes to financial statements continued

As of October 31, 2009, the components of accumulated earnings on a tax basis were as follows:

Undistributed ordinary income — net	$	3,221,618
Capital loss carryforward*		(100,668,368	)
Other book/tax temporary differences(a)		(53,360	)
Unrealized appreciation/(depreciation)(b)		18,291,443
Total accumulated earnings/(losses) — net	$	(79,208,667	)

* As of October 31, 2009, the Fund had the following net capital loss carryforward remaining:

YEAR OF EXPIRATION	AMOUNT
10/31/2016	$	(20,491,755	)
10/31/2017		(80,176,613	)
	$	(100,668,368	)

These amounts will be available to offset any future taxable capital gains,

^(a) Other book/tax temporary differences are attributable primarily to the book/tax differences in the timing of the deductibility of various expenses.

^(b) The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

9. Regulatory matters

On May 31, 2005, the U.S. Securities and Exchange Commission (“SEC”) issued an order in connection with the settlement of an administrative proceeding against Smith Barney Fund Management LLC (“SBFM”), a wholly-owned subsidiary of Legg Mason and the then investment adviser or manager to the Fund, and Citigroup Global Markets Inc. (“CGM”), a former distributor of the Fund, relating to the appointment of an affiliated transfer agent for the Smith Barney family of mutual funds, including the Fund (the “Affected Funds”).

The SEC order found that SBFM and CGM willfully violated Section 206(1) of the Investment Advisers Act of 1940, as amended, and the rules promulgated there under (the “Advisers Act”). Specifically, the order found that SBFM and CGM knowingly or recklessly failed to disclose to the boards of the Affected Funds in 1999 when proposing a new transfer agent arrangement with an affiliated transfer agent that: First Data Investors Services Group (“First Data”), the Affected Funds’ then-existing transfer agent, had offered to continue as transfer agent and do the same work for substantially less money than before; and that Citigroup Asset Management (“CAM”), the Citigroup business unit that, at the time, included the Affected Funds’ investment manager and other investment advisory companies, had entered into a side letter with First Data under which CAM agreed to recommend the appointment of First Data as sub-transfer agent to the affiliated transfer agent in exchange for, among other things, a guarantee by First Data of specified amounts of asset management and investment banking fees to CAM and CGM. The order also found that SBFM and CGM willfully violated Section 206(2) of the Advisers Act by virtue of the omissions discussed above and other misrepresentations and omissions in the materials

32 Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report

provided to the Affected Funds’ boards, including the failure to make clear that the affiliated transfer agent would earn a high profit for performing limited functions while First Data continued to perform almost all of the transfer agent functions, and the suggestion that the proposed arrangement was in the Affected Funds’ best interests and that no viable alternatives existed.

SBFM and CGM do not admit or deny any wrongdoing or liability. The settlement does not establish wrongdoing or liability for purposes of any other proceeding. The SEC censured SBFM and CGM and ordered them to cease and desist from violations of Sections 206(1) and 206(2) of the Advisers Act. The order required Citigroup to pay $208.1 million, including $109 million in disgorgement of profits, $19.1 million in interest, and a civil money penalty of $80 million. Approximately $24.4 million has already been paid to the Affected Funds, primarily through fee waivers. The remaining $183.7 million, including the penalty, has been paid to the U.S. Treasury and will be distributed pursuant to a plan submitted for the approval of the SEC. At this time, there is no certainty as to how the above-described proceeds of the settlement will be distributed, to whom such distributions will be made, the methodology by which such distributions will be allocated, and when such distributions will be made. The order also required that transfer agency fees received from the Affected Funds since December 1, 2004, less certain expenses, be placed in escrow and provided that a portion of such fees might be subsequently distributed in accordance with the terms of the order. On April 3, 2006, an aggregate amount of approximately $9 million held in escrow was distributed to the Affected Funds.

The order required SBFM to recommend a new transfer agent contract to the Affected Funds’ boards within 180 days of the entry of the order; if a Citigroup affiliate submitted a proposal to serve as transfer agent or sub-transfer agent, SBFM and CGM would have been required, at their expense, to engage an independent monitor to oversee a competitive bidding process. On November 21, 2005, and within the specified timeframe, the Affected Funds’ boards selected a new transfer agent for the Affected Funds. No Citigroup affiliate submitted a proposal to serve as transfer agent. Under the order, SBFM also must comply with an amended version of a vendor policy that Citigroup instituted in August 2004.

Although there can be no assurance, LMPFA does not believe that this matter will have a material adverse effect on the Affected Funds.

On December 1, 2005, Citigroup completed the sale of substantially all of its global asset management business, including SBFM, to Legg Mason.

10. Legal matters

Beginning in May 2004, class action lawsuits alleging violations of the federal securities laws were filed against CGM, a former distributor of the Fund, and

Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report 33

Notes to financial statements continued

other affiliated funds (collectively, the “Funds”) and a number of its then affiliates, including SBFM and Salomon Brothers Asset Management Inc. (“SBAM”), which were then investment adviser or manager to certain of the Funds (the “Managers”), substantially all of the mutual funds then managed by the Managers (the “Defendant Funds”), and Board members of the Defendant Funds (collectively, the “Defendants”). The complaints alleged, among other things, that CGM created various undisclosed incentives for its brokers to sell Smith Barney and Salomon Brothers funds. In addition, according to the complaints, the Managers caused the Defendant Funds to pay excessive brokerage commissions to CGM for steering clients towards proprietary funds. The complaints also alleged that the Defendants breached their fiduciary duty to the Defendant Funds by improperly charging Rule 12b-1 fees and by drawing on fund assets to make undisclosed payments of soft dollars and excessive brokerage commissions. The complaints also alleged that the Defendant Funds failed to adequately disclose certain of the allegedly wrongful conduct. The complaints sought injunctive relief and compensatory and punitive damages, rescission of the Defendant Funds’ contracts with the Managers, recovery of all fees paid to the Managers pursuant to such contracts and an award of attorneys’ fees and litigation expenses.

On December 15, 2004, a consolidated amended complaint (the “Complaint”) was filed alleging substantially similar causes of action. On May 27, 2005, all of the Defendants filed motions to dismiss the Complaint. On July 26, 2006, the court issued a decision and order (1) finding that plaintiffs lacked standing to sue on behalf of the shareholders of the Funds in which none of the plaintiffs had invested and dismissing those Funds from the case (although stating that they could be brought back into the case if standing as to them could be established), and (2) other than one stayed claim, dismissing all of the causes of action against the remaining Defendants, with prejudice, except for the cause of action under Section 36(b) of the 1940 Act, which the court granted plaintiffs leave to replead as a derivative claim.

On October 16, 2006, plaintiffs filed their Second Consolidated Amended Complaint (“Second Amended Complaint”) which alleges derivative claims on behalf of nine funds identified in the Second Amended Complaint, under Section 36(b) of the 1940 Act, against CAM, SBAM and SBFM as investment advisers to the identified funds, as well as CGM as a distributor for the identified funds (collectively, the “Second Amended Complaint Defendants”). The Fund was not identified in the Second Amended Complaint. The Second Amended Complaint alleges no claims against any of the funds or any of their Board Members. Under Section 36(b), the Second Amended Complaint alleges similar facts and seeks similar relief against the Second Amended Complaint Defendants as the Complaint.

On December 3, 2007, the court granted the Defendants’ motion to dismiss, with prejudice. On January 2, 2008, the plaintiffs filed a notice of appeal to the Second Circuit Court of Appeals. The appeal was fully briefed and oral

34 Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report

argument before the U.S. Court of Appeals for the Second Circuit took place on March 5, 2009. The parties currently are awaiting a decision from the U.S. Court of Appeals for the Second Circuit.

Additional lawsuits arising out of these circumstances and presenting similar allegations and requests for relief may be filed in the future.

*  *  *

Beginning in August 2005, five class action lawsuits alleging violations of federal securities laws and state law were filed against CGM and SBFM, (collectively, the “Defendants”) based on the May 31, 2005 settlement order issued against the Defendants by the SEC as described in Note 9. The complaints seek injunctive relief and compensatory and punitive damages, removal of SBFM as the investment manager for the Smith Barney family of funds, rescission of the funds’ management and other contracts with SBFM, recovery of all fees paid to SBFM pursuant to such contracts, and an award of attorneys’ fees and litigation expenses. The five actions were subsequently consolidated, and a consolidated complaint was filed.

On September 26, 2007, the United States District Court for the Southern District of New York issued an order dismissing the consolidated complaint, and judgment was later entered. An appeal was filed with the U.S. Court of Appeals for the Second Circuit. After full briefing, oral argument before the U.S. Court of Appeals for the Second Circuit took place on March 4, 2009. The parties currently are awaiting a decision from the U.S. Court of Appeals for the Second Circuit.

Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report 35

Report of independent registered public accounting firm

The Board of Trustees and Shareholders

Legg Mason Partners Equity Trust:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Legg Mason Global Currents International All Cap Opportunity Fund (formerly Legg Mason Partners International All Cap Opportunity Fund), a series of Legg Mason Partners Equity Trust, as of October 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian and broker. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Legg Mason Global Currents International All Cap Opportunity Fund as of October 31, 2009, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York

December 21, 2009

36 Legg Mason Global Currents International All Cap Opportunity Fund 2009 Annual Report

Additional information (unaudited)

Information about Trustees and Officers

The business and affairs of Legg Mason Global Currents International All Cap Opportunity Fund (formerly known as Legg Mason Partners International All Cap Opportunity Fund) (the “Fund”) are managed under the direction of the Board of Trustees. The current Trustees, including the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Fund (the “Independent Trustees”), and executive officers of the Fund, their years of birth, their principal occupations during at least the past five years (their titles may have varied during that period), the number of funds associated with Legg Mason the Trustees oversee, and other board memberships they hold are set forth below. The address of each Trustee is c/o R. Jay Gerken, 620 Eighth Avenue, New York, New York 10018.

The Statement of Additional Information includes additional information about Trustees and is available, without charge, upon request by calling Funds Investor Services at 1-800-822-5544 or Institutional Shareholder Services at 1-888-425-6432.

INDEPENDENT TRUSTEES
PAUL R. ADES
Birth year	1940
Position(s) held with Fund1	Trustee
Term of office1 and length of time served2	Since 1983
Principal occupation(s) during past five years	Law Firm of Paul R. Ades, PLLC (since 2000)
Number of portfolios in fund complex overseen by Trustee	55
Other board memberships held by Trustee	None
ANDREW L. BREECH
Birth year	1952
Position(s) held with Fund1	Trustee
Term of office1 and length of time served2	Since 1991
Principal occupation(s) during past five years	President, Dealer Operating Control Service, Inc. (automotive retail management) (since 1985)
Number of portfolios in fund complex overseen by Trustee	55
Other board memberships held by Trustee	None

Legg Mason Global Currents International All Cap Opportunity Fund 37

Additional information (unaudited) continued

Information about Trustees and Officers

DWIGHT B. CRANE
Birth year	1937
Position(s) held with Fund1	Trustee
Term of office1 and length of time served2	Since 1981
Principal occupation(s) during past five years	Professor Emeritus, Harvard Business School (since 2007); formerly, Professor, Harvard Business School (1969 to 2007); Independent Consultant (since 1969)
Number of portfolios in fund complex overseen by Trustee	55
Other board memberships held by Trustee	None
ROBERT M. FRAYN, JR.
Birth year	1934
Position(s) held with Fund1	Trustee
Term of office1 and length of time served2	Since 1981
Principal occupation(s) during past five years	Retired; formerly, President and Director, Book Publishing Co. (1970 to 2002)
Number of portfolios in fund complex overseen by Trustee	55
Other board memberships held by Trustee	None
FRANK G. HUBBARD
Birth year	1937
Position(s) held with Fund1	Trustee
Term of office1 and length of time served2	Since 1993
Principal occupation(s) during past five years	President, Avatar International, Inc. (business development) (since 1998)
Number of portfolios in fund complex overseen by Trustee	55
Other board memberships held by Trustee	None

38 Legg Mason Global Currents International All Cap Opportunity Fund

HOWARD J. JOHNSON
Birth year	1938
Position(s) held with Fund1	Trustee
Term of office1 and length of time served2	From 1981 to 1998 and 2000 to Present
Principal occupation(s) during past five years	Chief Executive Officer, Genesis Imaging LLC (technology company) (since 2003)
Number of portfolios in fund complex overseen by Trustee	55
Other board memberships held by Trustee	None
DAVID E. MARYATT
Birth year	1936
Position(s) held with Fund1	Trustee
Term of office1 and length of time served2	Since 1983
Principal occupation(s) during past five years	Private Investor; President and Director, ALS Co. (real estate management and development firm) (since 1992)
Number of portfolios in fund complex overseen by Trustee	55
Other board memberships held by Trustee	None
JEROME H. MILLER
Birth year	1938
Position(s) held with Fund1	Trustee
Term of office1 and length of time served2	Since 1995
Principal occupation(s) during past five years	Retired
Number of portfolios in fund complex overseen by Trustee	55
Other board memberships held by Trustee	None

Legg Mason Global Currents International All Cap Opportunity Fund 39

Additional information (unaudited) continued

Information about Trustees and Officers

KEN MILLER
Birth year	1942
Position(s) held with Fund1	Trustee
Term of office1 and length of time served2	Since 1983
Principal occupation(s) during past five years	President, Young Stuff Apparel Group, Inc. (apparel manufacturer) division of Li & Fung (since 1963)
Number of portfolios in fund complex overseen by Trustee	55
Other board memberships held by Trustee	None
JOHN J. MURPHY
Birth year	1944
Position(s) held with Fund1	Trustee
Term of office1 and length of time served2	Since 2002
Principal occupation(s) during past five years	Founder and Senior Principal, Murphy Capital Management (investment management) (since 1983)
Number of portfolios in fund complex overseen by Trustee	55
Other board memberships held by Trustee	Director, Nicholas Applegate Institutional Funds (since 2005); Trustee, Consulting Group Capital Markets Funds (since 2002); Trustee, UBS Funds (since 2008); formerly, Director, Atlantic Stewardship Bank (2004 to 2005); formerly, Director, Barclays International Funds Group Ltd. and affiliated companies (1983 to 2003)
THOMAS F. SCHLAFLY
Birth year	1948
Position(s) held with Fund1	Trustee
Term of office1 and length of time served2	Since 1983
Principal occupation(s) during past five years	President, The Saint Louis Brewery, Inc. (brewery) (since 1989); Partner, Thompson Coburn LLP (law firm) (since 2009); Of Counsel, Husch Blackwell Sanders LLP (law firm) and its predecessor firms (prior to May 2009)
Number of portfolios in fund complex overseen by Trustee	55
Other board memberships held by Trustee	Director, Citizens National Bank of Greater St. Louis (since 2006)

40 Legg Mason Global Currents International All Cap Opportunity Fund

JERRY A. VISCIONE
Birth year	1944
Position(s) held with Fund1	Trustee
Term of office1 and length of time served2	Since 1993
Principal occupation(s) during past five years	Retired
Number of portfolios in fund complex overseen by Trustee	55
Other board memberships held by Trustee	None
INTERESTED TRUSTEE
R. JAY GERKEN, CFA3
Birth year	1951
Position(s) held with Fund1	Trustee, President, Chairman, and Chief Executive Officer
Term of office1 and length of time served2	Since 2002
Principal occupation(s) during past five years	Managing Director, Legg Mason & Co., LLC; Chairman of the Board and Trustee/Director of 148 funds associated with Legg Mason Partners Fund Advisor, LLC (“LMPFA”) and its affiliates; President of LMPFA (since 2006); Chairman, President and Chief Executive Officer (“CEO”) of certain mutual funds associated with Legg Mason, Inc. or its affiliates; President and CEO, Smith Barney Fund Management LLC and Chairman, President and CEO, Citi Fund Management, Inc. (formerly registered investment advisers) (since 2002); formerly, Managing Director of Citigroup Global Markets Inc. (“CFM”) (1989 to 2006); formerly, Chairman, President and CEO, Travelers Investment Adviser Inc. (2002 to 2005)
Number of portfolios in fund complex overseen by Trustee	135
Other board memberships held by Trustee	Former Trustee, Consulting Group Capital Markets Funds (2002 to 2006)
OFFICERS
KAPREL OZSOLAK Legg Mason 55 Water Street, New York, NY 10041
Birth year	1965
Position(s) held with Fund1	Chief Financial Officer and Treasurer
Term of office1 and length of time served2	Since 2004
Principal occupation(s) during past five years	Director of Legg Mason; Chief Financial Officer and Treasurer of certain mutual funds associated with Legg Mason; formerly, Controller of certain mutual funds associated with certain predecessor firms of Legg Mason (2002 to 2004)

Legg Mason Global Currents International All Cap Opportunity Fund 41

Additional information (unaudited) continued

Information about Trustees and Officers

TED P. BECKER Legg Mason 620 Eighth Avenue, New York, NY 10018
Birth year	1951
Position(s) held with Fund1	Chief Compliance Officer
Term of office1 and length of time served2	Since 2006
Principal occupation(s) during past five years	Director of Global Compliance at Legg Mason (since 2006); Chief Compliance Officer of LMPFA (since 2006); Managing Director of Compliance at Legg Mason (since 2005); Chief Compliance Officer with certain mutual funds associated with Legg Mason, LMPFA and certain affiliates (since 2006); formerly, Managing Director of Compliance at CAM or its predecessor (2002 to 2005);
JOHN CHIOTA Legg Mason 100 First Stamford Place, Stamford, CT 06902
Birth year	1968
Position(s) held with Fund1	Chief Anti-Money Laundering Compliance Officer/Identity Theft Prevention Officer
Term of office1 and length of time served2	Since 2006/2008
Principal occupation(s) during past five years	Identity Theft Prevention Officer with certain mutual funds associated with Legg Mason or its affiliates (since 2008); Chief Anti-Money Laundering Compliance Officer with certain mutual funds associated with Legg Mason or its affiliates (since 2006); Vice President of Legg Mason or its predecessor (since 2004); Prior to August 2004, Chief AML Compliance Officer with TD Waterhouse
ROBERT I. FRENKEL Legg Mason 100 First Stamford Place, Stamford, CT 06902
Birth year	1954
Position(s) held with Fund1	Secretary and Chief Legal Officer
Term of office1 and length of time served2	Since 2003
Principal occupation(s) during past five years	Managing Director and General Counsel of Global Mutual Funds for Legg Mason and its predecessors (since 1994); Secretary and Chief Legal Officer of mutual funds associated with Legg Mason (since 2003); formerly, Secretary of CFM (2001 to 2004)
THOMAS C. MANDIA Legg Mason 100 First Stamford Place, Stamford, CT 06902
Birth year	1962
Position(s) held with Fund1	Assistant Secretary
Term of office1 and length of time served2	Since 2000
Principal occupation(s) during past five years	Managing Director and Deputy General Counsel of Legg Mason (since 2005); formerly, Managing Director and Deputy General Counsel for CAM (1992 to 2005)

42 Legg Mason Global Currents International All Cap Opportunity Fund

STEVEN FRANK Legg Mason 55 Water Street, New York, NY 10041
Birth year	1967
Position(s) held with Fund1	Controller
Term of office1 and length of time served2	Since 2005
Principal occupation(s) during past five years	Vice President of Legg Mason (since 2002); Controller of certain mutual funds associated with Legg Mason or its predecessors (since 2005); formerly, Assistant Controller of certain mutual funds associated with Legg Mason predecessors (2001 to 2005)
ALBERT LASKAJ Legg Mason 55 Water Street, New York, NY 10041
Birth year	1977
Position(s) held with Fund1	Controller
Term of office1 and length of time served2	Since 2007
Principal occupation(s) during past five years	Vice President of Legg Mason (since 2008); Controller of certain mutual funds associated with Legg Mason (since 2007); formerly, Assistant Controller of certain mutual funds associated with Legg Mason (2005 to 2007); formerly, Accounting Manager of certain mutual funds associated with certain predecessor firms of Legg Mason (2003 to 2005)

¹ Each Trustee and Officer serves until his or her successor has been duly elected and qualified or until his or her earlier death, resignation, retirement or removal.

² Indicates the earliest year in which the Trustee or Officer became a Board Member or Officer, as applicable for a fund in the Legg Mason Partners funds complex.

³ Mr. Gerken is an “interested person” of the Trust as defined in the 1940 Act because Mr. Gerken is an officer of LMPFA and certain of its affiliates.

Legg Mason Global Currents International All Cap Opportunity Fund 43

Important tax information (unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended October 31, 2009:

Record date:	12/26/2008
Payable date:	12/29/2008
Ordinary income:
Qualified dividend income for individuals	100.00	%
Foreign source income	100.00	%*
Foreign taxes paid per share	$0.024949

* Expressed as a percentage of the cash distribution grossed-up for foreign taxes.

The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. You should consult your tax adviser regarding the appropriate treatment of foreign taxes paid.

Please retain this information for your records.

44 Legg Mason Global Currents International All Cap Opportunity Fund

Legg Mason Global Currents International All Cap Opportunity Fund

Trustees   Paul R. Ades Andrew L. Breech Dwight B. Crane Robert M. Frayn, Jr. R. Jay Gerken, CFA
    Chairman Frank G. Hubbard Howard J. Johnson David E. Maryatt Jerome H. Miller Ken Miller John J. Murphy Thomas F. Schlafly Jerry A. Viscione   Investment manager   Legg Mason Partners Fund
Advisor, LLC   Subadviser   Global Currents
Investment Management, LLC Distributor   Legg Mason Investor Services, LLC   Custodian   State Street Bank and Trust Company   Co-transfer agents   Boston Financial Data Services, Inc. 2 Heritage Drive Quincy, Massachusetts 02171   PNC Global Investment Servicing   4400 Computer Drive Westborough, Massachusetts 01581   Independent registered public accounting firm   KPMG LLP 345 Park Avenue New York, New York 10154

Legg Mason Global Currents International All Cap Opportunity Fund

The Fund is a separate investment series of Legg Mason Partners Equity Trust, a Maryland business trust.

LEGG MASON GLOBAL CURRENTS INTERNATIONAL ALL CAP OPPORTUNITY FUND

Legg Mason Funds

55 Water Street

New York, New York 10041

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. To obtain information on Form N-Q from the Fund, shareholders can call Funds Investor Services at 1-800-822-5544 or Institutional Shareholder Services at 1-888-425-6432.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio transactions are available (1) without charge, upon request, by calling Funds Investor Services at 1-800-822-5544 or Institutional Shareholder Services at 1-888-425-6432, (2) on the Fund’s website at www.leggmason.com/individualinvestors and (3) on the SEC’s website at www.sec.gov.

This report is submitted for the general information of the shareholders of Legg Mason Global Currents International All Cap Opportunity Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.

www.leggmason.com/individualinvestors

^© 2009 Legg Mason Investors Services, LLC

Member FINRA, SIPC

Privacy policy

We are committed to keeping nonpublic personal information about you secure and confidential. This notice is intended to help you understand how we fulfill this commitment. From time to time, we may collect a variety of personal information about you, including:

• Information we receive from you on applications and forms, via the telephone, and through our websites;

• Information about your transactions with us, our affiliates, or others (such as your purchases, sales, or account balances); and

• Information we receive from consumer reporting agencies.

We do not disclose nonpublic personal information about our customers or former customers, except to our affiliates (such as broker-dealers or investment advisers within the Legg Mason family of companies) or as is otherwise permitted by applicable law or regulation. For example, we may share this information with others in order to process your transactions or service an account. We may also provide this information to companies that perform marketing services on our behalf, such as printing and mailing, or to other financial institutions with whom we have joint marketing agreements. When we enter into such agreements, we will require these companies to protect the confidentiality of this information and to use it only to perform the services for which we hired them.

With respect to our internal security procedures, we maintain physical, electronic, and procedural safeguards to protect your nonpublic personal information, and we restrict access to this information.

If you decide at some point either to close your account(s) or become an inactive customer, we will continue to adhere to our privacy policies and practices with respect to your nonpublic personal information.

NOT PART OF THE ANNUAL REPORT

BUILT TO WIN^SM

At Legg Mason, we’ve assembled a collection of experienced investment management firms and empowered each of them with the tools, the resources and, most importantly, the independence to pursue the strategies they know best.

• Each was purposefully chosen for their commitment to investment excellence.

• Each is focused on specific investment styles and asset classes.

• Each exhibits thought leadership in their chosen area of focus.

Together, we’ve built a powerful portfolio of solutions for financial advisors and their clients. And it has made us a world leader in money management.*

* Ranked eleventh-largest money manager in the world, according to Pensions & Investments, May 18, 2009, based on 12/31/08 worldwide assets under management.

www.leggmason.com/individualinvestors

©2009 Legg Mason Investor Services, LLC Member FINRA, SIPC

FD01936 12/09 SR09-960

NOT PART OF THE ANNUAL REPORT

ITEM 2. CODE OF ETHICS.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Directors of the registrant has determined that Jerry A. Viscione possesses the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an “audit committee financial expert,” and has designated Mr. Viscione as the Audit Committee’s financial expert. Mr. Viscione is an “independent” Director pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

ITEM 4. Principal Accountant Fees and Services.

a) Audit Fees. The aggregate fees billed in the last two fiscal years ending October 31, 2008 and October 31, 2009 (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $91,000 in 2008 and $120,400 in 2009.

b) Audit-Related Fees. The aggregate fees billed in the Reporting Period for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant’s financial statements were $4,500 in 2008 and $285 in 2009. These services consisted of procedures performed in connection with the Re-domiciliation of the various reviews of Prospectus supplements, and consent issuances related to the N-1A filings for the Legg Mason Partners Equity Trust.

In addition, there were no Audit-Related Fees billed in the Reporting Period for assurance and related services by the Auditor to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Legg Mason Partners Equity Trust (“service affiliates”), that were reasonably related to the performance of the annual audit of the service affiliates. Accordingly, there were no such fees that required pre-approval by the Audit Committee for the Reporting Periods (prior to August 6, 2003 services provided by the Auditor were not required to be pre-approved).

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $12,100 in 2008 and $12,900 in 2009. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Auditors to service affiliates during the Reporting Periods that required pre-approval by the Audit Committee.

d) All Other Fees. There were no other fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item 4 for the Legg Mason Partners Equity Trust.

All Other Fees. There were no other non-audit services rendered by the Auditor to Legg Mason Partners Fund Advisors, LLC (“LMPFA”), and any entity controlling, controlled by or under common control with LMPFA that provided ongoing services to Legg Mason Partners Equity Trust requiring pre-approval by the Audit Committee in the Reporting Period.

(e) Audit Committee’s pre-approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

(1) The Charter for the Audit Committee (the “Committee”) of the Board of each registered investment company (the “Fund”) advised by LMPFA or one of their affiliates (each, an “Adviser”) requires that the Committee shall approve (a) all audit and permissible non-audit services to be provided to the Fund and (b) all permissible non-audit services to be provided by the Fund’s independent auditors to the Adviser and any Covered Service Providers if the engagement relates directly to the operations and

financial reporting of the Fund. The Committee may implement policies and procedures by which such services are approved other than by the full Committee.

The Committee shall not approve non-audit services that the Committee believes may impair the independence of the auditors. As of the date of the approval of this Audit Committee Charter, permissible non-audit services include any professional services (including tax services), that are not prohibited services as described below, provided to the Fund by the independent auditors, other than those provided to the Fund in connection with an audit or a review of the financial statements of the Fund. Permissible non-audit services may not include: (i) bookkeeping or other services related to the accounting records or financial statements of the Fund; (ii) financial information systems design and implementation; (iii) appraisal or valuation services, fairness opinions or contribution-in-kind reports; (iv) actuarial services; (v) internal audit outsourcing services; (vi) management functions or human resources; (vii) broker or dealer, investment adviser or investment banking services; (viii) legal services and expert services unrelated to the audit; and (ix) any other service the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the Fund, the Adviser and any service providers controlling, controlled by or under common control with the Adviser that provide ongoing services to the Fund (“Covered Service Providers”) constitutes not more than 5% of the total amount of revenues paid to the independent auditors during the fiscal year in which the permissible non-audit services are provided to (a) the Fund, (b) the Adviser and (c) any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund during the fiscal year in which the services are provided that would have to be approved by the Committee; (ii) the permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.

(2) For the Legg Mason Partners Equity Trust, the percentage of fees that were approved by the audit committee, with respect to: Audit-Related Fees were 100% and 100% for 2008 and 2009; Tax Fees were 100% and 100% for 2008 and 2009; and Other Fees were 100% and 100% for 2008 and 2009.

(f) N/A

(g) Non-audit fees billed by the Auditor for services rendered to Legg Mason Partners Equity Trust, LMPFA and any entity controlling, controlled by, or under common control with LMPFA that provides ongoing services to Legg Mason Partners Equity Trust during the reporting period were $0 in 2009.

(h) Yes. Legg Mason Partners Equity Trust’s Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Accountant’s independence. All services provided by the Auditor to the Legg Mason Partners Equity Trust or to Service Affiliates, which were required to be pre-approved, were pre-approved as required.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

a) The independent board members are acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act .The Audit Committee consists of the following Board members:

Paul R. Ades

Andrew L. Breech

Dwight B. Crane

Robert M. Frayn, Jr.

Frank G. Hubbard

Howard J. Johnson

David E. Maryatt

Jerome H. Miller

Ken Miller

John J. Murphy

Thomas F. Schlafly

Jerry A. Viscione

b) Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Included herein under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 11. 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 half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a) (1) Code of Ethics attached hereto.

Exhibit 99.CODE ETH

(a) (2) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT

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, there unto duly authorized.

Legg Mason Partners Equity Trust
By:	/s/ R. Jay Gerken
	(R. Jay Gerken)
	Chief Executive Officer of Legg Mason Partners Equity Trust
Date: December 30, 2009

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. Jay Gerken
	(R. Jay Gerken)
	Chief Executive Officer of
	Legg Mason Partners Equity Trust
Date: December 30, 2009
By:	/s/ Kaprel Ozsolak
	(Kaprel Ozsolak)
	Chief Financial Officer of
	Legg Mason Partners Equity Trust
Date: December 30, 2009

EX-99.CODE

I. Covered Officers/Purpose of the Code

This code of ethics (the “Code”) for Legg Mason Partners Funds (“Funds” and each a, “Company”) applies to each Company’s Chief Executive Officer, Chief Administrative Officer, Chief Financial Officer and Controller (the “Covered Officers”¹) for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• full, fair, accurate, timely and understandable disclosure in reports and documents that the Company files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Company;

• compliance with applicable laws and governmental rules and regulations;

• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. Administration of Code

The Funds’ CCO is responsible for administration of this Code, including granting pre-approvals (see Section III below) and waivers (as described in Section VI below), applying this Code in specific situations in which questions are presented under it and interpreting this Code in any particular situation.

III. Covered Officers Should Ethically Handle Actual and Apparent Conflicts of Interest

Overview. A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (“Investment Company Act”) and the Investment Advisers Act of 1940 (“Investment Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as “affiliated

¹ Including persons performing similar functions.

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persons” of the Company. The compliance programs and procedures of the Company and its investment adviser are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code (see Section VII below).

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and a Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of a Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds’ Boards of Directors\Trustees (“Boards”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

Each Covered Officer must:

• not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting (e.g. through fraudulent accounting practices) by the Company whereby the Covered Officer² would benefit personally to the detriment of the Company;

• not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than for the benefit of the Company; and

• not use material non-public knowledge of portfolio transactions made or contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market affect of such transactions.

² Any activity or relationship that would present a conflict for a Covered Officer would also present a conflict for the Covered Officer if a member of a Covered Officer’s family (spouse, minor children and any account over which a Covered Officer is deemed to have beneficial interest) engages in such an activity or has such a relationship.

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There are some potential conflict of interest situations that should always be discussed with the CCO, if material. Examples are as follows:

(1) service as a director on the board of any public or private company;

(2) any ownership interest in, or any consulting or employment relationship with, any of the Company’s service providers, other than its investment adviser;

(3) a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership; and

4) the receipt of any gifts or the conveyance of any value (including entertainment ) from any company with which the Company has current or prospective business dealings, except:

(a) any non-cash gifts of nominal value (nominal value is less than $100); and

(b) customary and reasonable meals and entertainment at which the giver is present, such as the occasional business meal or sporting event.

IV. Disclosure and Compliance

Each Covered Officer:

• should be familiar with his or her responsibilities in connection with the disclosure requirements generally applicable to the Company;

• should not knowingly misrepresent, or knowingly cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company’s directors and auditors, and to governmental regulators and self-regulatory organizations;

• should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds and the investment adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

• is responsible to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

V. Reporting and Accountability

Each Covered Officer must:

• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that the Covered Officer has received, read, and understands the Code;

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• annually thereafter affirm to the Board that he or she has complied with the requirements of the Code;

• annually disclose affiliations and other relationships related to conflicts of interest;

• not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and

• notify the CCO promptly if he knows of any violation of this Code (failure to do so is itself a violation of this Code).

In rendering decisions and interpretations and in conducting investigations of potential violations under the Code, the CCO may, at his discretion, consult with such persons as he determines to be appropriate, including, but not limited to, a senior legal officer of the Company or its investment adviser or its affiliates, independent auditors or other consultants, subject to any requirement to seek pre-approval from the Company’s audit committee for the retention of independent auditors to perform permissible non-audit services. The Funds will follow these procedures in investigating and enforcing the Code:

• the CCO will take all appropriate action to investigate any potential violation of which he becomes aware;

• if, after investigation the CCO believes that no violation has occurred, the CCO is not required to take any further action;

• any matter that the CCO believes is a violation will be reported to the Directors of the Fund who are not “interested persons” as defined in the Investment Company Act the (“Non-interested Directors”)

• if the Non-interested Directors of the Board concur that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer; and

• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

The CCO shall submit an annual report to the Board describing any waivers granted.

VI. Waivers³

A Covered Officer may request a waiver of any of the provisions of the Code by submitting a written request for such waiver to the CCO, setting forth the basis of such request and explaining how the waiver would be consistent with the standards of conduct described herein. The CCO shall review such request and make a determination thereon in writing, which shall be binding.

³ For purposes of this Code, Item 2 of Form N-CSR defines “waiver” as “the approval by a Company of a material departure from a provision of the Code” and includes an “implicit waiver,” which means a Company’s failure to take action within a reasonable period of time regarding a material departure from a provision of the Code that has been made known to an executive officer of the Company.

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In determining whether to waive any provisions of this Code, the CCO shall consider whether the proposed waiver is consistent with honest and ethical conduct and other purposes of this Code.

VII. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds’ investment advisers, principal underwriters, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The codes of ethics of the funds and the investment advisers and principal underwriters under Rule 17j-1 of the Investment Company Act and the Legg Mason Code of Conduct as well as other policies of the Fund’s investment advisers or their affiliates are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VIII.  Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of Non-interested Directors.

IX. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and Company and their respective counsel, counsel to the non-Interested Directors or independent auditors or other consultants referred to in Section V above.

X. Internal Use

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

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EX-99.CERT

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

CERTIFICATIONS

I, R. Jay Gerken, certify that:

1. I have reviewed this report on Form N-CSR of Legg Mason Partners Equity Trust – Legg Mason Global Currents International All Cap Opportunity Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: December 30, 2009	/s/ R. Jay Gerken
	R. Jay Gerken
	Chief Executive Officer

I, Kaprel Ozsolak, certify that:

1. I have reviewed this report on Form N-CSR of Legg Mason Partners Equity Trust – Legg Mason Global Currents International All Cap Opportunity Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial information included in this report, and the financial statements on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: December 30, 2009	/s/ Kaprel Ozsolak
	Kaprel Ozsolak
	Chief Financial Officer

EX-99.906CT

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

CERTIFICATION

R. Jay Gerken, Chief Executive Officer, and Kaprel Ozsolak, Chief Financial Officer of Legg Mason Partners Equity Trust – Legg Mason Global Currents International All Cap Opportunity Fund (the “Registrant”), each certify to the best of his knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended October 31, 2009 (the “Form N-CSR”) fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Chief Executive Officer	Chief Financial Officer
Legg Mason Partners Equity Trust-	Legg Mason Partners Equity Trust-
Legg Mason Global Currents International	Legg Mason Global Currents International
All Cap Opportunity Fund	All Cap Opportunity Fund

/s/ R. Jay Gerken	/s/ Kaprel Ozsolak
R. Jay Gerken	Kaprel Ozsolak
Date: December 30, 2009	Date: December 30, 2009

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.