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)

620 Eighth Avenue, 47^th Floor, New York, NY 10018

(Address of principal executive offices) (Zip code)

Robert I. Frenkel, Esq.

Legg Mason & Co., LLC

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Date of reporting period: August 31, 2020

ITEM 1.   REPORT TO STOCKHOLDERS.

The Annual Report to Stockholders is filed herewith.

Annual Report August 31, 2020

CLEARBRIDGE

AGGRESSIVE GROWTH FUND

Beginning in or after February 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the Fund intends to no longer mail paper copies of the Fund’s shareholder reports like this one, unless you specifically request paper copies of the reports from the Fund or from your Service Agent or financial intermediary (such as a broker-dealer or bank). Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically (“e-delivery”), you will not be affected by this change and you need not take any action. If you have not already elected e-delivery, you may elect to receive shareholder reports and other communications from the Fund electronically by contacting your Service Agent or, if you are a direct shareholder with the Fund, by calling 1-877-721-1926.

You may elect to receive all future reports in paper free of charge. If you invest through a Service Agent, you can contact your Service Agent to request that you continue to receive paper copies of your shareholder reports. That election will apply to all Legg Mason Funds held in your account at that Service Agent. If you are a direct shareholder with the Fund, you can call the Fund at 1-877-721-1926, or write to the Fund by regular mail at Legg Mason Funds, P.O. Box 9699, Providence, RI 02940-9699 or by express, certified or registered mail to Legg Mason Funds, 4400 Computer Drive, Westborough, MA 01581 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. That election will apply to all Legg Mason Funds held in your account held directly with the fund complex.

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

What’s inside
Letter from the president	II
Fund overview	1
Fund at a glance	8
Fund expenses	9
Fund performance	11
Schedule of investments	13
Statement of assets and liabilities	16
Statement of operations	18
Statements of changes in net assets	19
Financial highlights	20
Notes to financial statements	26
Report of independent registered public accounting firm	36
Board approval of new management and new subadvisory agreements	37
Additional shareholder information	48
Statement regarding liquidity risk management program	49
Additional information	51
Important tax information	58

Fund objective

The Fund seeks capital appreciation.

Letter from the president

Dear Shareholder,

We are pleased to provide the annual report of ClearBridge Aggressive Growth Fund for the twelve-month reporting period ended August 31, 2020. Please read on for a detailed look at prevailing economic and market conditions during the Fund’s reporting period and to learn how those conditions have affected Fund performance.

Special shareholder notice

On July 31, 2020, Franklin Resources, Inc. (“Franklin Resources”) acquired Legg Mason, Inc. (“Legg Mason”) in an all-cash transaction. As a result of the transaction, Legg Mason Partners Fund Advisor, LLC (“LMPFA”) and the subadviser(s) became indirect, wholly-owned subsidiaries of Franklin Resources. Under the Investment Company Act of 1940, as amended, consummation of the transaction automatically terminated the management and subadvisory agreements that were in place for the Fund prior to the transaction. The Fund’s manager and subadviser(s) continue to provide uninterrupted services with respect to the Fund pursuant to either new management and subadvisory agreements that were approved by Fund shareholders or interim management and subadvisory agreements that were approved by the Fund’s board for use while the Fund continues to seek shareholder approval of the new agreements.

Franklin Resources, whose principal executive offices are at One Franklin Parkway, San Mateo, California 94403, is a global investment management organization operating, together with its subsidiaries, as Franklin Templeton. As of August 31, 2020, after giving effect to the transaction described above, Franklin Templeton’s asset management operations had aggregate assets under management of approximately $1.4 trillion.

II ClearBridge Aggressive Growth Fund 2020 Annual Report

As always, we remain committed to providing you with excellent service and a full spectrum of investment choices. We also remain committed to supplementing the support you receive from your financial advisor. One way we accomplish this is through our website, www.leggmason.com. Here you can gain immediate access to market and investment information, including:

• Fund prices and performance,

• Market insights and commentaries from our portfolio managers, and

• A host of educational resources.

We look forward to helping you meet your financial goals.

Sincerely,

Jane Trust, CFA

President and Chief Executive Officer

September 27, 2019

ClearBridge Aggressive Growth Fund 2020 Annual Report III

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Fund overview

Q. What is the Fund’s investment strategy?

A. The Fund seeks capital appreciation. The Fund invests primarily in common stocks of the average rate of earnings growth of the companies which make up the S&P 500 Indexi. The Fund may invest in the securities of large, well-known companies offering prospects of long-term earnings growth. However, because higher earnings growth rates are often achieved by small- to medium-sized companies, a significant portion of the Fund’s assets may be invested in the securities of such companies. The Fund may invest up to 25% of its assets in foreign securities.

We emphasize individual security selection while diversifying the Fund’s investments across industries, which may help to reduce risk. We focus primarily, but not exclusively, on emerging growth companies that have passed their “start-up” phase and show positive earnings and the prospect of achieving profit gains beginning in the two to three years after the Fund acquires their stocks. When evaluating an individual stock, we consider whether the company may benefit from:

• New technologies, products or services

• New cost reduction measures

• Changes in management

• Favorable changes in government regulations

We utilize ClearBridge’s fundamental research analysts who, using their industry expertise, determine the material ESG (environmental, social and governance) factors facing both individual companies and industry sectors and engage with company management regarding the extent to which they promote best practices of such factors. ESG factors may include, but are not necessarily limited to, environmentally friendly product initiatives, labor audits of overseas supply chains and strong corporate governance. The choice of ESG factors for any particular company reflects the specific industry.

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

A. The U.S. equity market shrugged off a global coronavirus pandemic, COVID-19, that severely reduced economic activity for a significant portion of the reporting period yet managed to finish with strong gains. The large cap S&P 500 Index gained 21.94% for the twelve-month reporting period, due in large part to unprecedented levels of fiscal and monetary stimulus from the U.S. Federal Reserve (the “Fed”)ii and Congress, while the small cap Russell 2000 Indexiii advanced 6.02% as investors gravitated to a limited number of mega cap technology and Internet stocks. Growth stocks outperformed value stocks by historically wide margins, driven by the momentum of buyers of capitalization weighted passive exchange-traded funds (“ETFs”) and other index funds. The Fund’s benchmark, the Russell 3000 Growth Indexiv (+42.59%), outperformed the Russell 3000 Value Indexv by 42.20 percentage points for the year.

ClearBridge Aggressive Growth Fund 2020 Annual Report 1

Fund overview (cont’d)

The Information Technology (“IT”) (+64.02%) and Consumer Discretionary (+60.05%) sectors, home to most of the mega cap companies that benefited from secular trends accelerated by the COVID-19 induced lockdowns, such as working from home (WFH) and e-commerce, were the best performers in the Russell 3000 Growth Index during the reporting period. The Communication Services sector (+43.18%), which was boosted by an increase in video streaming that offset the cancellation of live entertainment and sports, also outperformed. The Energy sector (-24.47%) was the most significant underperformer, hurt by the combination of an oversupply of crude oil and anemic global demand. The income-oriented Utilities (-9.99%), Real Estate (+4.17%) and Consumer Staples (+9.46%) sectors, which each carry a low weighting in the benchmark and no exposure in the Fund, as well as the Industrials (+6.12%), sector also underperformed during the period.

Three interest rate cuts in four months by the Fed, the last coming in October 2019, coupled with a resilient U.S. consumer, helped stocks post positive gains to start the reporting period. A partial resolution to many key concerns in the fourth quarter of 2019 — the U.S. and China reaching a phase one trade agreement and the Fed’s forward rate outlook signaling sustained accommodation — led to a cyclical rotation as mega cap IT and Internet stocks resumed leadership.

Stocks suffered a waterfall decline in the first quarter of 2020 as the spread of the coronavirus, combined with the outbreak of an oil price war, sparked historic volatility and ground parts of the U.S. economy to a halt. The S&P 500 Index dropped 19.60% for the quarter, its worst three-month decline since 2008, with growth stocks holding up better than value shares, and IT stocks showing the most resilience.

Momentum stocks generally continued to lead in a powerful rebound from bear market lows in late March of 2020 that continued through the end of the reporting period. Equities were supported by a massive injection of liquidity into the financial system and the pockets of U.S. consumers. The S&P 500 Index delivered its best 50-trading day performance in history from bear market lows in late March 2020 while growth stocks maintained a wide performance advantage over value shares. The market had not seen such dispersion between investment styles since early 2000.

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

A. The ongoing dominance of the mega cap and momentum trade has created challenges for the Fund from a relative performance standpoint, but it has not dissuaded us from an approach that has created long-term value for our shareholders over nearly four decades. As long-term investors, we seek to buy and hold attractively priced, profitable growth companies with high levels of free cash flow across the market capitalization spectrum. This has created a portfolio with a weighted average market cap of $60 billion compared to over $400 billion for the Russell 3000 Growth Index. The valuation discount of the Fund’s holdings versus the index also remains among its widest in 20 years across many metrics, including forward price/earnings and price/sales ratios.

2 ClearBridge Aggressive Growth Fund 2020 Annual Report

We have made meaningful moves over the last year to focus the Fund’s portfolio on our highest-conviction ideas. These have included reducing the number of positions held in the Fund by about a third and emphasizing companies with better earnings visibility and lower leverage. Our moves in the Energy sector are a good example of this active repositioning. In light of the decline in oil prices caused by the coincident supply and demand shock, we exited the Fund’s position in Occidental Petroleum. While the company has taken aggressive steps to manage costs during this period, we felt it prudent to exit the position and used it as a source of funds to reposition the portfolio in names we believe have better lines of sight to growth with less balance sheet uncertainty.

With the sale of Occidental, the Fund’s energy exposure is the lowest in 20 years. Meanwhile, the Fund’s weighting in the IT sector, an area where we are well-positioned to participate in innovative trends such as electric vehicles, has increased meaningfully. We believe the IT stocks we own have the fundamentals and leading market positions in areas with durable growth characteristics to deliver consistent long-term returns for the Fund.

We used the volatility caused by COVID-19 to establish a new position in Guardant Health, a leader in liquid biopsy used for therapy selection and early-stage cancer detection. Guardant Health is poised to benefit from the increased focus and spending on diagnostics. Health care stocks, especially biopharmaceutical companies such as Biogen and Vertex Pharmaceuticals, should be well-positioned in the current environment given their lack of economic sensitivity and the obvious need for investment in innovation, especially in prediction and prevention of diseases. We expect drug companies will be part of the solution to find a vaccine and treatment for the COVID-19 virus still impacting many parts of the country and the world. Such a discovery would highlight the scientific breakthroughs and new therapeutic treatments that have caused us to be overweight the Health Care sector for some time.

The Fund’s exposure in the Communication Services sector was the primary detractor from performance during the reporting period. While many of the Fund’s holdings in the sector saw strong engagement driven by stay-at-home consumer activity and growth in high-speed broadband connections, these strengths were more than offset by lower advertising spending due to a lack of live events and sports as well as increased cord cutting. The medium-term underperformance of programming companies such as AMC Networks and Discovery leaves both stocks with record-high free cash flow yields and record-low valuations. Longer-term, these gaps between public and private market values could lead to multiple expansion as well as the potential for M&A or leveraged buyout activity. We expect advertising growth to resume ahead of a broad economic recovery, aided by the return of live sports, which should provide a boost to the sector.

Because we are high active portfolio managers, we believe that the Fund’s returns often do not correlate to the market or a benchmark. Historically, when the Fund’s relative performance starts to turn it often leads to a multi-year reversal. While leadership in the market has been relatively narrow for the last few years, we expect different leadership

ClearBridge Aggressive Growth Fund 2020 Annual Report 3

Fund overview (cont’d)

sectors and companies moving forward. We believe a broad economic recovery and a gradual closing of the significant discount of the Fund to its benchmark have the potential to drive improved performance going forward.

Performance review

For the twelve months ended August 31, 2020, Class A shares of ClearBridge Aggressive Growth Fund, excluding sales charges, returned 13.94%. The Fund’s unmanaged benchmark, the Russell 3000 Growth Index, returned 42.59% for the same period. The Lipper Multi-Cap Growth Funds Category Averagevi returned 36.26% over the same time frame.

Performance Snapshot as of August 31, 2020 (unaudited)
(excluding sales charges)	6 months			12 months
ClearBridge Aggressive Growth Fund:
Class A		10.18	%		13.94	%
Class C		9.82	%		13.16	%
Class FI		10.18	%		13.93	%
Class R		10.03	%		13.60	%
Class I		10.37	%		14.31	%
Class IS		10.40	%		14.40	%
Russell 3000 Growth Index		35.61	%		42.59	%
Lipper Multi-Cap Growth Funds Category Average		31.73	%		36.26	%

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/mutualfunds.

All share class returns assume the reinvestment of all distributions 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 for periods shorter than one year represent cumulative figures and are not annualized.

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Total Annual Operating Expenses (unaudited)

As of the Fund’s current prospectus dated December 27, 2019, the gross total annual fund operating expense ratios for Class A, Class C, Class FI, Class R, Class I and Class IS shares were 1.12%, 1.81%, 1.11%, 1.42%, 0.79% and 0.72%, 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.

4 ClearBridge Aggressive Growth Fund 2020 Annual Report

Q. What were the leading contributors to performance?

A. On an absolute basis, the Fund’s positions in four of the eight sectors in which it was invested (out of nine sectors in total) contributed positively to performance for the reporting period. The greatest contributions to absolute returns came from the Fund’s holdings in the IT and Health Care sectors.

Relative to the benchmark, stock selection in the Health Care sector, an underweight to the Industrials sector and a lack of exposure to the Consumer Staples sector contributed the most to returns during the reporting period.

In terms of individual Fund holdings, leading contributors to performance for the period included positions in Vertex Pharmaceuticals, UnitedHealth Group and Biogen in the Health Care sector, as well as Autodesk and Nuance Communications in the IT sector.

Q. What were the leading detractors from performance?

A. Relative to the benchmark, the Fund’s overall stock selection and sector allocation detracted significantly from performance. In particular, stock selection within the Communication Services and IT sectors had the most significant negative impacts on relative returns during the reporting period. An underweight to the Consumer Discretionary and IT sectors and an overweight to Health Care also detracted from results.

In terms of individual Fund holdings, leading detractors from performance for the period included positions in AMC Networks, Discovery and Liberty Media in the Communication Services sector, Western Digital in the IT sector and L3Harris Technologies in the Industrials sector.

Q. Were there any significant changes to the Fund during the reporting period?

A. Over the course of the period, we established a new position in Guardant Health in the Health Care sector. We also closed fifteen positions, the largest being Sterling Bancorp and New York Community Bancorp in the Financials sector, Occidental Petroleum in the Energy sector as well as Liberty Global Class C and Class A in the Communication Services sector.

The Fund gained shares of AbbVie in the Health Care sector following its acquisition of portfolio holding Allergan, as well as shares of Cerence in the IT sector following its spinoff from portfolio holding Nuance Communications, and Madison Square Garden Entertainment following its spinoff from portfolio holding Madison Square Garden Sports.

ClearBridge Aggressive Growth Fund 2020 Annual Report 5

Fund overview (cont’d)

Thank you for your investment in ClearBridge Aggressive Growth 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,

Richard A. Freeman

Portfolio Manager

ClearBridge Investments, LLC

Evan Bauman

Portfolio Manager

ClearBridge Investments, LLC

September 30, 2020

RISKS: Equity securities are subject to market and price fluctuations. The Fund may invest a significant portion of its assets in small- and mid-cap companies, which may be more volatile than an investment that focuses only on large-cap companies. The Fund may focus its investments in certain companies, industries or market sectors, increasing its vulnerability to market volatility. Foreign securities are subject to certain risks of overseas investing, including currency fluctuations and social, political and economic uncertainties, which could result in significant market fluctuations. These risks are magnified in emerging markets. Emerging market countries tend to have economic, political and legal systems that are less developed and are less stable than those of more developed countries. Please see the Fund’s prospectus for a more complete discussion of these and other risks and the Fund’s investment strategies.

Portfolio holdings and breakdowns are as of August 31, 2020 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 August 31, 2020 were: Comcast Corp., Class A Shares (9.9%), Biogen Inc. (7.3%), UnitedHealth Group Inc. (6.8%), Vertex Pharmaceuticals Inc. (6.3%), Broadcom Inc. (4.8%), TE Connectivity Ltd. (4.4%), Seagate Technology PLC (4.4%), Autodesk Inc. (4.3%), Nuance Communications Inc. (3.7%), and Twitter Inc. (3.6%). Please refer to pages 13 through 15 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 August 31, 2020 were: Information Technology (33.0%), Health Care (30.1%), Communication

6 ClearBridge Aggressive Growth Fund 2020 Annual Report

Services (29.1%), Industrials (4.5%) and Financials (1.1%). The Fund’s portfolio composition is subject to change at any time.

All investments are subject to risk including the possible loss of principal. Past performance is no guarantee of future results. All index performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in an index.

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.

ⁱ  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.

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

ⁱⁱⁱ  The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the U.S. equity market.

^iv  The Russell 3000 Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values. (A price-to-book ratio is the price of a stock compared to the difference between a company’s assets and liabilities.)

^v  The Russell 3000 Value Index measures the performance of the broad value segment of the U.S. equity universe. It includes those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth values.

^vi  Lipper, Inc., a wholly-owned subsidiary of Reuters, provides independent insight on global collective investments. Returns are based on the period ended August 31, 2020, including the reinvestment of all distributions, including returns of capital, if any, calculated among the 513 funds for the six-month period and among the 510 funds for the twelve-month period in the Fund’s Lipper category, and excluding sales charges, if any.

ClearBridge Aggressive Growth Fund 2020 Annual Report 7

Fund at a glance^†(unaudited)

Investment breakdown (%) as a percent of total investments

† The bar graph above represents the composition of the Fund’s investments as of August 31, 2020 and August 31, 2019. The Fund is actively managed. As a result, the composition of the Fund’s investments is subject to change at any time.

8 ClearBridge Aggressive Growth Fund 2020 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; service and/or distribution (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 March 1, 2020 and held for the six months ended August 31, 2020.

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”.

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 actual total return1													Based on hypothetical total return1
	Actual Total Return Without Sales Charge2			Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During the Period3			Hypothetical Annualized Total Return			Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During the Period3
Class A		10.18	%	$	1,000.00	$	1,101.80		1.13	%	$	5.97	Class A		5.00	%	$	1,000.00	$	1,019.46		1.13	%	$	5.74
Class C		9.82			1,000.00		1,098.20		1.79			9.44	Class C		5.00			1,000.00		1,016.14		1.79			9.07
Class FI		10.18			1,000.00		1,101.80		1.14			6.02	Class FI		5.00			1,000.00		1,019.41		1.14			5.79
Class R		10.03			1,000.00		1,100.30		1.40			7.39	Class R		5.00			1,000.00		1,018.10		1.40			7.10
Class I		10.37			1,000.00		1,103.70		0.78			4.12	Class I		5.00			1,000.00		1,021.22		0.78			3.96
Class IS		10.40			1,000.00		1,104.00		0.73			3.86	Class IS		5.00			1,000.00		1,021.47		0.73			3.71

ClearBridge Aggressive Growth Fund 2020 Annual Report 9

Fund expenses (unaudited) (cont’d)

¹  For the six months ended August 31, 2020.

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 contingent deferred sales charge (“CDSC”) with respect to Class C shares. Total return is not annualized, as it may not be representative of the total return for the year. Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, 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 compensating balance arrangements, 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 (184), then divided by 366.

10 ClearBridge Aggressive Growth Fund 2020 Annual Report

Fund performance (unaudited)

Average annual total returns
Without sales charges1	Class A			Class C			Class FI			Class R			Class I			Class IS
Twelve Months Ended 8/31/20		13.94	%		13.16	%		13.93	%		13.60	%		14.31	%		14.40	%
Five Years Ended 8/31/20		6.75			6.01			6.76			6.44			7.09			7.19
Ten Years Ended 8/31/20		12.96			12.20			12.95			12.66			13.35			13.46
With sales charges2	Class A			Class C			Class FI			Class R			Class I			Class IS
Twelve Months Ended 8/31/20		7.39	%		12.19	%		13.93	%		13.60	%		14.31	%		14.40	%
Five Years Ended 8/31/20		5.49			6.01			6.76			6.44			7.09			7.19
Ten Years Ended 8/31/20		12.29			12.20			12.95			12.66			13.35			13.46

Cumulative total returns
Without sales charges1
Class A (8/31/10 through 8/31/20)	238.23	%
Class C (8/31/10 through 8/31/20)	216.29
Class FI (8/31/10 through 8/31/20)	238.03
Class R (8/31/10 through 8/31/20)	229.49
Class I (8/31/10 through 8/31/20)	250.04
Class IS (8/31/10 through 8/31/20)	253.63

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 compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower.

¹  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 contingent deferred sales charge (“CDSC”) with respect to Class C shares.

²  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 C shares reflect the deduction of a 1.00% CDSC, which applies if shares are redeemed within one year from purchase payment.

ClearBridge Aggressive Growth Fund 2020 Annual Report 11

Fund performance (unaudited) (cont’d)

Historical performance

Value of $10,000 invested in

Class A Shares of ClearBridge Aggressive Growth Fund vs. Russell 3000 Growth Index† — August 2010—August 2020

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 compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower.

† Hypothetical illustration of $10,000 invested in Class A shares of ClearBridge Aggressive Growth Fund on August 31, 2010, 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 August 31, 2020. The hypothetical illustration also assumes a $10,000 investment in the Russell 3000 Growth Index. The Russell 3000 Growth Index measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values. 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 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.

12 ClearBridge Aggressive Growth Fund 2020 Annual Report

Schedule of investments

August 31, 2020    

ClearBridge Aggressive Growth Fund

Security	Shares		Value
Common Stocks — 99.7%
Communication Services — 29.1%
Diversified Telecommunication Services — 0.4%
GCI Liberty Inc., Class A Shares		370,293	$	29,912,269	*
Entertainment — 3.8%
Liberty Media Corp.-Liberty Formula One, Class A Shares		378,389		13,690,114	*
Liberty Media Corp.-Liberty Formula One, Class C Shares		671,390		26,170,782	*
Madison Square Garden Entertainment Corp.		694,567		52,210,602	*
Madison Square Garden Sports Corp.		694,567		113,908,988	*
World Wrestling Entertainment Inc., Class A Shares		896,330		39,501,263
Total Entertainment				245,481,749
Interactive Media & Services — 4.0%
Facebook Inc., Class A Shares		77,387		22,689,868	*
Twitter Inc.		5,797,827		235,275,820	*
Total Interactive Media & Services				257,965,688
Media — 20.9%
AMC Networks Inc., Class A Shares		1,801,931		43,768,904	*
Comcast Corp., Class A Shares		14,385,331		644,606,681
Discovery Inc., Class A Shares		5,045,182		111,321,941	*
Discovery Inc., Class C Shares		2,607,770		52,077,167	*
Liberty Broadband Corp., Class A Shares		1,000,466		138,254,397	*
Liberty Broadband Corp., Class C Shares		1,215,939		170,340,894	*
Liberty Media Corp.-Liberty SiriusXM, Class A Shares		1,479,101		53,706,157	*
Liberty Media Corp.-Liberty SiriusXM, Class C Shares		2,705,254		97,375,618	*
MSG Networks Inc., Class A Shares		2,128,011		20,726,827	*
ViacomCBS Inc., Class B Shares		1,129,737		31,463,175
Total Media				1,363,641,761
Total Communication Services				1,897,001,467
Consumer Discretionary — 0.5%
Internet & Direct Marketing Retail — 0.5%
Qurate Retail Inc., Class A Shares		2,708,450		29,928,372	*
Energy — 0.6%
Energy Equipment & Services — 0.6%
Core Laboratories NV		1,220,023		25,535,081
National Oilwell Varco Inc.		1,108,464		13,301,568
Total Energy				38,836,649
Financials — 1.1%
Capital Markets — 1.1%
Cohen & Steers Inc.		1,207,887		73,077,163

See Notes to Financial Statements.

ClearBridge Aggressive Growth Fund 2020 Annual Report 13

Schedule of investments (cont’d)

August 31, 2020

ClearBridge Aggressive Growth Fund

Security	Shares		Value
Health Care — 30.1%
Biotechnology — 21.2%
AbbVie Inc.		502,638	$	48,137,641
Agios Pharmaceuticals Inc.		805,569		33,036,385	*
Alkermes PLC		941,768		15,576,843	*
Amgen Inc.		825,435		209,099,194
Biogen Inc.		1,662,557		478,217,895	*
Ionis Pharmaceuticals Inc.		2,306,791		125,720,110	*
Ultragenyx Pharmaceutical Inc.		528,697		44,970,967	*
Vertex Pharmaceuticals Inc.		1,472,461		410,993,314	*
Voyager Therapeutics Inc.		1,034,737		12,199,549	*
Total Biotechnology				1,377,951,898
Health Care Equipment & Supplies — 0.8%
Medtronic PLC		468,348		50,333,360
Health Care Providers & Services — 7.8%
Guardant Health Inc.		696,530		66,518,615	*
UnitedHealth Group Inc.		1,420,772		444,062,289
Total Health Care Providers & Services				510,580,904
Pharmaceuticals — 0.3%
Bausch Health Cos. Inc.		1,386,131		23,037,497	*
Total Health Care				1,961,903,659
Industrials — 4.5%
Aerospace & Defense — 2.6%
L3Harris Technologies Inc.		952,491		172,153,223
Building Products — 1.6%
Johnson Controls International PLC		2,591,422		105,548,618
Machinery — 0.3%
Pentair PLC		355,074		16,028,041
Total Industrials				293,729,882
Information Technology — 33.0%
Electronic Equipment, Instruments & Components — 5.2%
Dolby Laboratories Inc., Class A Shares		769,378		53,741,053
TE Connectivity Ltd.		2,964,978		286,416,875
Total Electronic Equipment, Instruments & Components				340,157,928
Semiconductors & Semiconductor Equipment — 10.2%
Broadcom Inc.		907,416		315,009,464
Cree Inc.		3,525,548		222,462,079	*
Intel Corp.		2,448,380		124,744,961
Total Semiconductors & Semiconductor Equipment				662,216,504
Software — 12.1%
Autodesk Inc.		1,139,588		279,996,772	*

See Notes to Financial Statements.

14 ClearBridge Aggressive Growth Fund 2020 Annual Report

ClearBridge Aggressive Growth Fund

Security				Shares		Value
Software — continued
Cerence Inc.					1,017,832	$	54,148,662	*
Citrix Systems Inc.					1,165,734		169,264,577
FireEye Inc.					2,760,675		40,526,709	*
Nuance Communications Inc.					8,142,662		243,954,154	*
Total Software							787,890,874
Technology Hardware, Storage & Peripherals — 5.5%
Seagate Technology PLC					5,967,016		286,357,098
Western Digital Corp.					1,907,679		73,293,027
Total Technology Hardware, Storage & Peripherals							359,650,125
Total Information Technology							2,149,915,431
Materials — 0.8%
Metals & Mining — 0.8%
Freeport-McMoRan Inc.					2,302,585		35,943,352
Nucor Corp.					293,706		13,351,875
Total Materials							49,295,227
Total Investments before Short-Term Investments (Cost — $1,979,090,450)							6,493,687,850
	Rate
Short-Term Investments — 0.2%
JPMorgan 100% U.S. Treasury Securities Money Market
Fund, Institutional Class		0.006	%		9,712,662		9,712,662
Western Asset Premier Institutional U.S. Treasury
Reserves, Premium Shares		0.037	%		2,428,166		2,428,166	(a)
Total Short-Term Investments (Cost — $12,140,828)							12,140,828
Total Investments — 99.9% (Cost — $1,991,231,278)							6,505,828,678
Other Assets in Excess of Liabilities — 0.1%							6,229,695
Total Net Assets — 100.0%						$	6,512,058,373

* Non-income producing security.

^(a)  In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At August 31, 2020, the total market value of investments in Affiliated Companies was $2,428,166 and the cost was $2,428,166 (Note 8).

See Notes to Financial Statements.

ClearBridge Aggressive Growth Fund 2020 Annual Report 15

Statement of assets and liabilities

August 31, 2020

Assets:
Investments in unaffiliated securities, at value (Cost — $1,988,803,112)	$	6,503,400,512
Investments in affiliated securities, at value (Cost — $2,428,166)		2,428,166
Receivable for securities sold		15,885,343
Dividends and interest receivable		3,551,971
Receivable for Fund shares sold		2,245,598
Prepaid expenses		112,651
Total Assets		6,527,624,241
Liabilities:
Payable for Fund shares repurchased		9,331,842
Investment management fee payable		3,850,422
Service and/or distribution fees payable		1,240,884
Transfer agent fees payable		908,083
Trustees’ fees payable		55,695
Accrued expenses		178,942
Total Liabilities		15,565,868
Total Net Assets	$	6,512,058,373
Net Assets:
Par value (Note 7)	$	363
Paid-in capital in excess of par value		1,049,194,158
Total distributable earnings (loss)		5,462,863,852
Total Net Assets	$	6,512,058,373

See Notes to Financial Statements.

16 ClearBridge Aggressive Growth Fund 2020 Annual Repor

Net Assets:
Class A	$	4,830,469,356
Class C	$	256,351,557
Class FI	$	4,184,629
Class R	$	33,618,068
Class I	$	896,068,495
Class IS	$	491,366,268
Shares Outstanding:
Class A		27,275,767
Class C		1,983,964
Class FI		23,438
Class R		195,758
Class I		4,435,621
Class IS		2,400,171
Net Asset Value:
Class A (and redemption price)	$	177.10
Class C*	$	129.21
Class FI (and redemption price)	$	178.54
Class R (and redemption price)	$	171.73
Class I (and redemption price)	$	202.02
Class IS (and redemption price)	$	204.72
Maximum Public Offering Price Per Share:
Class A (based on maximum initial sales charge of 5.75%)	$	187.90

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

See Notes to Financial Statements.

ClearBridge Aggressive Growth Fund 2020 Annual Report 17

Statement of operations

For the Year Ended August 31, 2020

Investment Income:
Dividends	$	91,903,500
Interest from unaffiliated investments		260,143
Interest from affiliated investments		2,742
Less: Foreign taxes withheld		(174,813)
Total Investment Income		91,991,572
Expenses:
Investment management fee (Note 2)		47,335,499
Service and/or distribution fees (Notes 2 and 5)		15,316,410
Transfer agent fees (Note 5)		8,529,701
Trustees’ fees		507,658
Registration fees		178,926
Legal fees		151,276
Fund accounting fees		129,437
Shareholder reports		102,179
Insurance		85,137
Audit and tax fees		82,216
Interest expense		60,772
Custody fees		54,541
Miscellaneous expenses		37,059
Total Expenses Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)		72,570,811 (42,576)
Net Expenses		72,528,235
Net Investment Income		19,463,337
Realized and Unrealized Gain (Loss) on Investments (Notes 1 and 3):
Net Realized Gain From Unaffiliated Investment Transactions		960,529,639
Change in Net Unrealized Appreciation (Depreciation) From Unaffiliated Investments		(100,473,736)
Net Gain on Investments		860,055,903
Increase in Net Assets From Operations	$	879,519,240

See Notes to Financial Statements.

18 ClearBridge Aggressive Growth Fund 2020 Annual Report

Statements of changes in net assets

For the Years Ended August 31,	2020		2019
Operations:
Net investment income	$	19,463,337	$	36,044,863
Net realized gain		960,529,639		1,014,615,053
Change in net unrealized appreciation (depreciation)		(100,473,736)		(1,920,102,357)
Increase (Decrease) in Net Assets From Operations		879,519,240		(869,442,441)
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings		(842,188,565)		(1,364,327,702)
Decrease in Net Assets From Distributions to Shareholders		(842,188,565)		(1,364,327,702)
Fund Share Transactions (Note 7):
Net proceeds from sale of shares		506,743,096		1,301,449,690
Reinvestment of distributions		807,245,614		1,303,704,429
Cost of shares repurchased		(2,005,721,946)		(3,782,570,400)
Shares redeemed in-kind (Note 9)		—		(123,250,702)
Decrease in Net Assets From Fund Share Transactions		(691,733,236)		(1,300,666,983)
Decrease in Net Assets		(654,402,561)		(3,534,437,126)
Net Assets:
Beginning of year		7,166,460,934		10,700,898,060
End of year	$	6,512,058,373	$	7,166,460,934

See Notes to Financial Statements.

ClearBridge Aggressive Growth Fund 2020 Annual Report 19

Financial highlights

For a share of each class of beneficial interest outstanding throughout each year ended August 31:
Class A Shares1	2020			2019			2018			2017			2016
Net asset value, beginning of year		$175.73			$224.85			$208.24			$192.23			$196.14
Income (loss) from operations:
Net investment income		0.40			0.63			0.39			0.80			0.07
Net realized and unrealized gain (loss)		23.23			(19.51)			28.36			24.20			3.57
Total income (loss) from operations		23.63			(18.88)			28.75			25.00			3.64
Less distributions from:
Net investment income		(0.83)			(0.40)			(0.39)			(0.68)			—
Net realized gains		(21.43)			(29.84)			(11.75)			(8.31)			(7.55)
Total distributions		(22.26)			(30.24)			(12.14)			(8.99)			(7.55)
Net asset value, end of year		$177.10			$175.73			$224.85			$208.24			$192.23
Total return2		13.94	%		(8.22)	%		14.61	%		13.43	%		1.97	%
Net assets, end of year (millions)		$4,830			$4,776			$5,327			$5,264			$5,015
Ratios to average net assets:
Gross expenses		1.13	%		1.12	%		1.12	%		1.12	%		1.14	%
Net expenses3		1.13	4		1.12	4		1.12	4		1.12	4		1.14
Net investment income		0.24			0.34			0.19			0.40			0.04
Portfolio turnover rate		2	%		2	%5		0	%5,6		1	%5		3	%

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

²  Performance figures, exclusive of sales charges, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

³  As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A shares did not exceed 1.25%. This expense limitation arrangement cannot be terminated prior to December 31, 2021 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.

⁴  Reflects fee waivers and/or expense reimbursements.

⁵  Excludes securities delivered as a result of a redemption in-kind.

⁶  Amount represents less than 1%.

See Notes to Financial Statements.

20 ClearBridge Aggressive Growth Fund 2020 Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended August 31:
Class CShares1	2020			2019			2018			2017			2016
Net asset value, beginning of year		$133.78			$179.73			$169.57			$158.56			$164.22
Income (loss) from operations:
Net investment loss		(0.55)			(0.42)			(0.83)			(0.47)			(1.01)
Net realized and unrealized gain (loss)		17.41			(15.69)			22.74			19.79			2.90
Total income (loss) from operations		16.86			(16.11)			21.91			19.32			1.89
Less distributions from:
Net realized gains		(21.43)			(29.84)			(11.75)			(8.31)			(7.55)
Total distributions		(21.43)			(29.84)			(11.75)			(8.31)			(7.55)
Net asset value, end of year		$129.21			$133.78			$179.73			$169.57			$158.56
Total return2		13.16	%		(8.86)	%		13.84	%		12.63	%		1.26	%
Net assets, end of year (millions)		$256			$404			$1,174			$1,290			$1,453
Ratios to average net assets:
Gross expenses		1.82	%		1.81	%		1.79	%		1.83	%		1.84	%
Net expenses3		1.82	4		1.81	4		1.79	4		1.83	4		1.84
Net investment loss		(0.43)			(0.29)			(0.49)			(0.29)			(0.66)
Portfolio turnover rate		2	%		2	%5		0	%5,6		1	%5		3	%

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

²  Performance figures, exclusive of CDSC, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

³  As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class C shares did not exceed 2.00%. This expense limitation arrangement cannot be terminated prior to December 31, 2021 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.

⁴  Reflects fee waivers and/or expense reimbursements.

⁵  Excludes securities delivered as a result of a redemption in-kind.

⁶  Amount represents less than 1%.

See Notes to Financial Statements.

ClearBridge Aggressive Growth Fund 2020 Annual Report 21

Financial highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended August 31:
Class FI Shares1	2020			2019			2018			2017			2016
Net asset value, beginning of year		$176.90			$226.03			$209.00			$192.76			$196.64
Income (loss) from operations:
Net investment income		0.42			0.88			0.41			0.88			0.09
Net realized and unrealized gain (loss)		23.35			(19.82)			28.51			24.23			3.58
Total income (loss) from operations		23.77			(18.94)			28.92			25.11			3.67
Less distributions from:
Net investment income		(0.70)			(0.35)			(0.14)			(0.56)			—
Net realized gains		(21.43)			(29.84)			(11.75)			(8.31)			(7.55)
Total distributions		(22.13)			(30.19)			(11.89)			(8.87)			(7.55)
Net asset value, end of year		$178.54			$176.90			$226.03			$209.00			$192.76
Total return2		13.93	%		(8.21)	%		14.62	%		13.45	%		1.98	%
Net assets, end of year (000s)		$4,185			$6,668			$20,013			$29,536			$35,448
Ratios to average net assets:
Gross expenses		1.15	%		1.11	%		1.11	%		1.10	%		1.13	%
Net expenses3		1.14	4		1.11			1.11			1.10	4		1.13
Net investment income		0.24			0.46			0.19			0.44			0.05
Portfolio turnover rate		2	%		2	%5		0	%5,6		1	%5		3	%

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

²  Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

³  As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class FI shares did not exceed 1.25%. This expense limitation arrangement cannot be terminated prior to December 31, 2021 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.

⁴  Reflects fee waivers and/or expense reimbursements.

⁵  Excludes securities delivered as a result of a redemption in-kind.

⁶  Amount represents less than 1%.

See Notes to Financial Statements.

22 ClearBridge Aggressive Growth Fund 2020 Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended August 31:
Class R Shares1	2020			2019			2018			2017			2016
Net asset value, beginning of year		$170.89			$219.67			$203.92			$188.37			$192.89
Income (loss) from operations:
Net investment income (loss)		(0.07)			0.11			(0.22)			0.24			(0.46)
Net realized and unrealized gain (loss)		22.51			(19.05)			27.72			23.68			3.49
Total income (loss) from operations		22.44			(18.94)			27.50			23.92			3.03
Less distributions from:
Net investment income		(0.17)			—			—			(0.06)			—
Net realized gains		(21.43)			(29.84)			(11.75)			(8.31)			(7.55)
Total distributions		(21.60)			(29.84)			(11.75)			(8.37)			(7.55)
Net asset value, end of year		$171.73			$170.89			$219.67			$203.92			$188.37
Total return2		13.60	%		(8.49)	%		14.27	%		13.09	%		1.68	%
Net assets, end of year (000s)		$33,618			$47,501			$70,746			$94,013			$103,837
Ratios to average net assets:
Gross expenses		1.42	%		1.42	%		1.41	%		1.42	%		1.43	%
Net expenses3		1.42	4		1.42			1.41			1.42	4		1.43
Net investment income (loss)		(0.04)			0.06			(0.11)			0.12			(0.25)
Portfolio turnover rate		2	%		2	%5		0	%5,6		1	%5		3	%

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

²  Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

³  As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class R shares did not exceed 1.50%. This expense limitation arrangement cannot be terminated prior to December 31, 2021 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.

⁴  Reflects fee waivers and/or expense reimbursements.

⁵  Excludes securities delivered as a result of a redemption in-kind.

⁶  Amount represents less than 1%.

See Notes to Financial Statements.

ClearBridge Aggressive Growth Fund 2020 Annual Report 23

Financial highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended August 31:
Class I Shares1	2020			2019			2018			2017			2016
Net asset value, beginning of year		$197.40			$248.42			$228.71			$210.12			$213.05
Income (loss) from operations:
Net investment income		1.13			1.44			1.17			1.67			0.71
Net realized and unrealized gain (loss)		26.18			(21.64)			31.31			26.41			3.91
Total income (loss) from operations		27.31			(20.20)			32.48			28.08			4.62
Less distributions from:
Net investment income		(1.26)			(0.98)			(1.02)			(1.18)			—
Net realized gains		(21.43)			(29.84)			(11.75)			(8.31)			(7.55)
Total distributions		(22.69)			(30.82)			(12.77)			(9.49)			(7.55)
Net asset value, end of year		$202.02			$197.40			$248.42			$228.71			$210.12
Total return2		14.31	%		(7.92)	%		14.97	%		13.79	%		2.28	%
Net assets, end of year (millions)		$896			$1,385			$3,046			$3,273			$3,786
Ratios to average net assets:
Gross expenses		0.81	%		0.79	%		0.80	%		0.81	%		0.83	%
Net expenses3		0.81	4		0.79			0.80			0.81			0.83
Net investment income		0.58			0.69			0.50			0.76			0.35
Portfolio turnover rate		2	%		2	%5		0	%5,6		1	%5		3	%

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

²  Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

³  As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class I shares did not exceed 0.90%. This expense limitation arrangement cannot be terminated prior to December 31, 2021 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.

⁴  Reflects fee waivers and/or expense reimbursements.

⁵  Excludes securities delivered as a result of a redemption in-kind.

⁶  Amount represents less than 1%.

See Notes to Financial Statements.

24 ClearBridge Aggressive Growth Fund 2020 Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended August 31:
Class ISShares1	2020			2019			2018			2017			2016
Net asset value, beginning of year		$199.81			$251.11			$231.06			$212.29			$214.91
Income (loss) from operations:
Net investment income		1.26			1.64			1.38			1.67			0.94
Net realized and unrealized gain (loss)		26.55			(21.93)			31.65			26.91			3.99
Total income (loss) from operations		27.81			(20.29)			33.03			28.58			4.93
Less distributions from:
Net investment income		(1.47)			(1.17)			(1.23)			(1.50)			—
Net realized gains		(21.43)			(29.84)			(11.75)			(8.31)			(7.55)
Total distributions		(22.90)			(31.01)			(12.98)			(9.81)			(7.55)
Net asset value, end of year		$204.72			$199.81			$251.11			$231.06			$212.29
Total return2		14.40	%		(7.86)	%		15.07	%		13.90	%		2.41	%
Net assets, end of year (millions)		$491			$547			$1,063			$1,614			$1,175
Ratios to average net assets:
Gross expenses		0.73	%		0.72	%		0.71	%		0.71	%		0.71	%
Net expenses3		0.73	4		0.72			0.71			0.71			0.71
Net investment income		0.64			0.78			0.59			0.75			0.46
Portfolio turnover rate		2	%		2	%5		0	%5,6		1	%5		3	%

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

²  Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

³  As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class IS shares did not exceed 0.80%. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2021 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.

⁴  Reflects fee waivers and/or expense reimbursements.

⁵  Excludes securities delivered as a result of a redemption in-kind.

⁶  Amount represents less than 1%.

See Notes to Financial Statements.

ClearBridge Aggressive Growth Fund 2020 Annual Report 25

Notes to financial statements

1. Organization and significant accounting policies

ClearBridge Aggressive Growth Fund (the “Fund”) is a separate diversified investment series of Legg Mason Partners Equity Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are significant accounting policies consistently followed by the 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 the date the financial statements were issued.

(a) Investment valuation. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees.

The Board of Trustees is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence

26 ClearBridge Aggressive Growth Fund 2020 Annual Report

reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Trustees quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 — quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

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

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

ClearBridge Aggressive Growth Fund 2020 Annual Report 27

Notes to financial statements (cont’d)

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

ASSETS
Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks†	$	6,493,687,850		—		—	$	6,493,687,850
Short-Term Investments†		12,140,828		—		—		12,140,828
Total Investments	$	6,505,828,678		—		—	$	6,505,828,678

† See Schedule of Investments for additional detailed categorizations.

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

(c) Security transactions and investment income. Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities), adjusted for amortization of premium and accretion of discount, is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. 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 or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

(d) 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.

(e) 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 class. Fees relating to a specific class are charged directly to that share class.

(f) Compensating balance arrangements. The Fund has an arrangement with its custodian bank whereby a portion of the custodian’s fees is paid indirectly by credits earned on the Fund’s cash on deposit with the bank.

28 ClearBridge Aggressive Growth Fund 2020 Annual Report

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

Management has analyzed the Fund’s tax positions taken on income tax returns for all open tax years and has concluded that as of August 31, 2020, no provision for income tax is 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 the 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.

(h) Reclassification. GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. During the current year, the Fund had no reclassifications.

2. Investment management agreement and other transactions with affiliates

Legg Mason Partners Fund Advisor, LLC (“LMPFA”) is the Fund’s investment manager and ClearBridge Investments, LLC (“ClearBridge”) is the Fund’s subadviser. Western Asset Management Company, LLC (“Western Asset”) manages the portion of the Fund’s cash and short-term instruments allocated to it. As of July 31, 2020, LMPFA, ClearBridge and Western Asset are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”). Prior to July 31, 2020, LMPFA, ClearBridge and Western Asset were wholly-owned subsidiaries of Legg Mason, Inc. (“Legg Mason”). As of July 31, 2020, Legg Mason is a subsidiary of Franklin Resources.

Under the investment management agreement, the Fund pays an investment management fee, calculated daily and paid monthly, in accordance with the following breakpoint schedule:

Average Daily Net Assets	Annual Rate
First $1 billion		0.750	%
Next $1 billion		0.725
Next $3 billion		0.700
Next $5 billion		0.675
Over $10 billion		0.650

LMPFA provides administrative and certain oversight services to the Fund. LMPFA delegates to the subadviser the day-to-day portfolio management of the Fund, except for the management of the portion of the cash and short-term instruments allocated to Western Asset. For their services, LMPFA pays ClearBridge and Western Asset a fee monthly, at an

ClearBridge Aggressive Growth Fund 2020 Annual Report 29

Notes to financial statements (cont’d)

annual rate equal to 70% of the net management fee it receives from the Fund. For Western Asset’s services to the Fund, LMPFA pays Western Asset monthly 0.02% of the portion of the Fund’s average daily net assets that are allocated to Western Asset by LMPFA.

As a result of expense limitation arrangements between the Fund and LMPFA, the ratio of total annual fund operating expenses, other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A, Class C, Class FI, Class R, Class I and Class IS shares did not exceed 1.25%, 2.00%, 1.25%, 1.50%, 0.90% and 0.80%, respectively. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2021 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the “affiliated money market fund waiver”). The affiliated money market fund waiver is not subject to the recapture provision discussed below.

During the year ended August 31, 2020, fees waived and/or expenses reimbursed amounted to $42,576, which included an affiliated money market fund waiver of $247.

LMPFA is permitted to recapture amounts waived and/or reimbursed to a class during the same fiscal year if the class’ total annual fund operating expenses have fallen to a level below the expense limitation (“expense cap”) in effect at the time the fees were earned or the expenses incurred. In no case will LMPFA recapture any amount that would result, on any particular business day of the Fund, in the class’ total annual fund operating expenses exceeding the expense cap or any other lower limit then in effect.

As of July 31, 2020, Legg Mason Investor Services, LLC (“LMIS”) is an indirect, wholly- owned broker-dealer subsidiary of Franklin Resources and serves as the Fund’s sole and exclusive distributor. Prior to July 31, 2020, LMIS was a wholly-owned broker-dealer subsidiary of Legg Mason.

There is a maximum initial sales charge of 5.75% for Class A shares. Class C shares have a 1.00% CDSC, which applies if redemption occurs within 12 months from purchase payment. In certain cases, Class A shares have a 1.00% CDSC, which applies if redemption occurs within 18 months from purchase payment. This CDSC only applies to those purchases of Class A shares, which, when combined with current holdings of other shares of funds sold by LMIS, equal or exceed $1,000,000 in the aggregate. These purchases do not incur an initial sales charge.

For the year ended August 31, 2020, sales charges retained by and CDSCs paid to LMIS and its affiliates, if any, were as follows:

	Class A		Class C
Sales charges	$	947,861		—
CDSCs		5,165	$	19,766

30 ClearBridge Aggressive Growth Fund 2020 Annual Report

As of July 31, 2020, all officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust. Prior to July 31, 2020, all officers and one Trustee of the Trust were employees of Legg Mason and did not receive compensation from the Trust.

3. Investments

During the year ended August 31, 2020, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

Purchases	$	140,105,678
Sales		1,477,631,929

At August 31, 2020, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation
Securities	$	1,991,231,278	$	4,600,770,485	$	(86,173,085)	$	4,514,597,400

4. Derivative instruments and hedging activities

During the year ended August 31, 2020, the Fund did not invest in derivative instruments.

5. Class specific expenses, waivers and/or expense reimbursements

The Fund has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan the Fund pays service and/or distribution fees with respect to its Class A, Class C, Class FI and Class R shares calculated at the annual rate of 0.25%, 1.00%, 0.25% and 0.50% of the average daily net assets of each class, respectively. Service and/or distribution fees are accrued daily and paid monthly.

For the year ended August 31, 2020, class specific expenses were as follows:

	Service and/or Distribution Fees			Transfer Agent Fees
Class A	$	11,848,475	†	$	7,220,300
Class C		3,260,776	†		313,299
Class FI		13,512			9,200
Class R		193,647			77,565
Class I		—			890,550
Class IS		—			18,787
Total	$	15,316,410		$	8,529,701

† Amounts shown are exclusive of expense reimbursements. For the year ended August 31, 2020, the service and/or distribution fees reimbursed amounted to $194 and $334 for Class A and Class C shares, respectively.

ClearBridge Aggressive Growth Fund 2020 Annual Report 31

Notes to financial statements (cont’d)

For the year ended August 31, 2020, waivers and/or expense reimbursements by class were as follows:

	Waivers/Expense Reimbursements
Class A	$	30,310
Class C		2,294
Class FI		36
Class R		224
Class I		6,414
Class IS		3,298
Total	$	42,576

6. Distributions to shareholders by class

	Year Ended August 31, 2020		Year Ended August 31, 2019
Net Investment Income:
Class A	$	24,438,044	$	10,655,514
Class C		—		—
Class FI		25,495		32,744
Class R		43,417		—
Class I		7,820,180		11,925,731
Class IS		4,172,873		5,384,979
Total	$	36,500,009	$	27,998,968
Net Realized Gains:
Class A	$	564,486,533	$	690,165,416
Class C		56,191,951		184,484,062
Class FI		704,972		2,388,412
Class R		5,002,330		8,625,810
Class I		123,998,360		330,579,248
Class IS		55,304,410		120,085,786
Total	$	805,688,556	$	1,336,328,734

7. Shares of beneficial interest

At August 31, 2020, 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 class of shares 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.

32 ClearBridge Aggressive Growth Fund 2020 Annual Report

Transactions in shares of each class were as follows:

	Year Ended August 31, 2020				Year Ended August 31, 2019
	Shares		Amount		Shares		Amount
Class A
Shares sold		1,717,340	$	289,613,355		3,929,244	$	719,892,995
Shares issued on reinvestment		3,351,753		573,889,203		3,912,628		680,491,866
Shares repurchased		(4,972,196)		(840,668,731)		(4,354,739)		(797,428,556)
Net increase		96,897	$	22,833,827		3,487,133	$	602,956,305
Class C
Shares sold		111,815	$	13,850,734		217,218	$	30,135,737
Shares issued on reinvestment		415,813		51,926,723		1,332,155		177,083,394
Shares repurchased		(1,560,885)		(197,621,775)		(5,065,213)		(708,611,917)
Net decrease		(1,033,257)	$	(131,844,318)		(3,515,840)	$	(501,392,786)
Class FI
Shares sold		5,959	$	1,015,738		8,583	$	1,601,830
Shares issued on reinvestment		4,235		730,467		13,816		2,417,807
Shares repurchased		(24,452)		(4,081,747)		(73,246)		(12,762,474)
Net decrease		(14,258)	$	(2,335,542)		(50,847)	$	(8,742,837)
Class R
Shares sold		44,453	$	7,168,514		55,197	$	9,839,725
Shares issued on reinvestment		27,634		4,578,620		43,313		7,332,771
Shares repurchased		(154,288)		(25,605,816)		(142,599)		(25,958,358)
Net decrease		(82,201)	$	(13,858,682)		(44,089)	$	(8,785,862)
Class I
Shares sold		753,256	$	143,319,975		2,217,787	$	452,483,017
Shares issued on reinvestment		599,801		117,057,086		1,594,664		311,124,320
Shares repurchased		(3,934,217)		(762,535,008)		(9,058,057)		(1,832,661,721)
Net decrease		(2,581,160)	$	(502,157,947)		(5,245,606)	$	(1,069,054,384)
Class IS
Shares sold		272,606	$	51,774,780		419,797	$	87,496,386
Shares issued on reinvestment		298,478		59,063,515		634,413		125,254,271
Shares repurchased		(909,862)		(175,208,869)		(1,960,981)		(405,147,374)
Shares redeemed in-kind		—		—		(586,489)		(123,250,702)
Net decrease		(338,778)	$	(64,370,574)		(1,493,260)	$	(315,647,419)

8. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for

ClearBridge Aggressive Growth Fund 2020 Annual Report 33

Notes to financial statements (cont’d)

all or some portion of the year ended August 31, 2020. The following transactions were effected in such company for the year ended August 31, 2020.

	Affiliate Value at August 31, 2019		Purchased		Sold
			Cost	Shares	Cost		Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares		—	$56,505,108	56,505,108	$	54,076,942		54,076,942

(cont’d)	Realized Gain (Loss)	Interest Income	Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at August 31, 2020
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	—	$2,742		—	$	2,428,166

9. Redemptions in-kind

The Fund may make payment for Fund shares redeemed wholly or in part by distributing portfolio securities to shareholders. For the year ended August 31, 2019, the Fund had redemptions in-kind with total proceeds in the amount of $123,250,702. The net realized gain on these redemptions in-kind amounted to $99,471,103, which was not realized for tax purposes.

10. Income tax information and distributions to shareholders

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

	2020		2019
Distributions paid from:
Ordinary income	$	36,500,009	$	28,087,624
Net long-term capital gains		805,688,556		1,336,240,078
Total distributions paid	$	842,188,565	$	1,364,327,702

34 ClearBridge Aggressive Growth Fund 2020 Annual Report

As of August 31, 2020, the components of distributable earnings (loss) on a tax basis were as follows:

Undistributed ordinary income — net	$	4,675,892
Undistributed long-term capital gains — net		943,712,542
Total undistributed earnings	$	948,388,434
Other book/tax temporary differences(a)		(121,982)
Unrealized appreciation (depreciation)		4,514,597,400
Total distributable earnings (loss) — net	$	5,462,863,852

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

11. Other matter

The outbreak of the respiratory illness COVID-19 (commonly referred to as “coronavirus”) has continued to rapidly spread around the world, causing considerable uncertainty for the global economy and financial markets. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The COVID-19 pandemic could adversely affect the value and liquidity of the Fund’s investments, impair the Fund’s ability to satisfy redemption requests, and negatively impact the Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to the Fund by its service providers.

ClearBridge Aggressive Growth Fund 2020 Annual Report 35

Report of independent registered public accounting firm

To the Board of Trustees of Legg Mason Partners Equity Trust and Shareholders of ClearBridge Aggressive Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of ClearBridge Aggressive Growth Fund (one of the funds constituting Legg Mason Partners Equity Trust, referred to hereafter as the “Fund”) as of August 31, 2020, the related statement of operations for the year ended August 31, 2020, the statement of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the three years in the period ended August 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2020 and the financial highlights for each of the three years in the period ended August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended August 31, 2017 and the financial highlights for each of the periods ended on or prior to August 31, 2017 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated October 18, 2017 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Baltimore, Maryland

October 16, 2020

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

36 ClearBridge Aggressive Growth Fund 2020 Annual Report

Board approval of new management and

new subadvisory agreements (unaudited)

At a meeting of the Trust’s Board of Trustees held on April 7, 2020, the Board, including a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”)) of the Trust, approved new management and investment advisory agreements to take effect, subject to shareholder approval, upon the sale of Legg Mason, Inc. to Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton.¹ The agreements were a new management agreement pursuant to which Legg Mason Partners Fund Advisor, LLC (the “Manager”) provides the Fund with investment advisory and administrative services, a new sub-advisory agreement pursuant to which ClearBridge Investments, LLC (“ClearBridge”) provides day-to-day management of the Fund’s portfolio, and a new sub-advisory agreement pursuant to which Western Asset Management Company, LLC (“Western Asset” and, together with ClearBridge, the “Subadvisers”) provides day-to-day management of the Fund’s cash and short-term instruments allocated to it by the Manager. (The new management agreement and new sub-advisory agreements are collectively referred to as the “New Agreements.”) The prior management agreement and prior sub-advisory agreements are collectively referred to as the “Prior Agreements.” The New Agreements are identical to the Prior Agreements, except for the dates of execution, effectiveness and termination. The Board considered that the Prior Agreements were the product of multiple years of review and negotiation and information received and considered by the Board in the exercise of its business judgment during those years, including as recently as at a meeting of the Trust’s Board of Trustees held in November 2019.

The sale of Legg Mason, Inc. to Franklin Resources, Inc. (referred to herein as the “Transaction”) was consummated on July 31, 2020. The Manager and the Subadvisers, each a wholly-owned subsidiary of Legg Mason, Inc., became indirect wholly-owned subsidiaries of Franklin Templeton. The sale resulted in what is commonly called a “change of control” of Legg Mason and caused the Prior Agreements to terminate in accordance with applicable law.

The Board also approved an interim management agreement with the Manager and interim sub-advisory agreements between the Manager and the Subadvisers that took effect because shareholders did not approve the New Agreements before the Transaction was completed. This allowed the Manager and the Subadvisers to continue providing services to the Fund while shareholder approval of the New Agreements continued to be sought. (The interim management agreement and interim sub-advisory agreements are collectively referred to as the “Interim Agreements.”) The terms of the Interim Agreements were

¹  The meeting was held telephonically in reliance on an exemptive order issued by the Securities and Exchange Commission on March 25, 2020. Reliance on the exemptive order was necessary and appropriate due to circumstances related to the effects of COVID-19. All Trustees participating in the telephonic meeting were able to hear each other simultaneously during the meeting. Reliance on the exemptive order requires Trustees, including a majority of the Independent Trustees, to ratify actions taken pursuant to the exemptive order by vote cast at the next in-person meeting.

ClearBridge Aggressive Growth Fund 2020 Annual Report 37

Board approval of new management and

new subadvisory agreements (unaudited) (cont’d)

identical to those of the Prior Agreements, except for the term and certain escrow provisions. At a meeting held on August 31, 2020, shareholders of the Fund approved the New Agreements.

At a telephonic meeting of the Trust’s Board of Trustees held on March 9, 2020, the Trustees discussed with Legg Mason management and certain Franklin Templeton representatives the Transaction and Franklin Templeton’s plans and intentions regarding the Legg Mason funds and Legg Mason’s asset management business, including the preservation and continued investment autonomy of the investment advisory businesses conducted by the Subadvisers and the combination of Legg Mason’s and Franklin Templeton’s distribution resources.

At the March and April meetings, the Independent Trustees considered, among other things, the anticipated impact of the Transaction on the Fund and its shareholders. To assist the Independent Trustees in their consideration of the New Agreements, Franklin Templeton provided materials and information about Franklin Templeton, including its financial condition and asset management capabilities and organization, Legg Mason provided materials and information about Legg Mason, including performance and expense comparison data and profitability information with respect to the Fund and the Legg Mason fund complex as a whole, and Franklin Templeton and Legg Mason provided materials and information about the proposed Transaction. The Independent Trustees were assisted in their review by Fund counsel and independent legal counsel and met with independent legal counsel in executive sessions separate from representatives of Franklin Templeton, Legg Mason, the Manager and the Subadvisers. The Independent Trustees requested and received information from Legg Mason and Franklin Templeton they deemed reasonably necessary for their review of the New Agreements. Included was information about the Transaction, distribution arrangements, Franklin Templeton’s business plan and other anticipated impacts of the Transaction on the Fund and its shareholders. This information was initially reviewed by a special committee of the Independent Trustees and then by the full Board. Following their review of this information, the Independent Trustees requested additional information from Franklin Templeton and Legg Mason. Franklin Templeton and Legg Mason provided further information in response to these requests, which the Board reviewed. Senior management representatives from Franklin Templeton and Legg Mason participated in portions of the meetings and addressed various questions raised by the Independent Trustees.

In voting to approve the New Agreements, the Independent Trustees considered whether the approval of the New Agreements would be in the best interests of the Fund and its shareholders. The Trustees’ evaluation of the New Agreements reflected the information provided specifically in connection with its review of the New Agreements, as well as, where relevant, information that was previously furnished to the Board in connection with

38 ClearBridge Aggressive Growth Fund 2020 Annual Report

the most recent renewal of the Prior Agreements at in-person meetings held in November 2019 and at other prior Board meetings.

Among other things, the Trustees considered:

(i) the reputation, experience, financial strength and resources of Franklin Templeton and its investment advisory subsidiaries;

(ii) that Franklin Templeton informed the Board that it intends to maintain the investment autonomy of the Legg Mason investment advisory subsidiaries;

(iii) that Franklin Templeton and Legg Mason informed the Board that, following the Transaction, there is not expected to be any diminution in the nature, quality and extent of services provided to the Fund and its shareholders by the Manager and Subadvisers, including compliance and other non-advisory services, and represented that there are not expected to be any changes in the portfolio management personnel managing the Fund as a result of the Transaction;

(iv) that Franklin Templeton and Legg Mason informed the Board regarding initial transition plans and that they are instituting long-term retention arrangements for key personnel;

(v) that Franklin Templeton informed the Board that there are not expected to be any changes to the brokerage practices and standards applied by the Subadvisers in seeking best execution;

(vi) that there are not expected to be any changes to the Fund’s custodian or other service providers as a result of the Transaction;

(vii) that Franklin Templeton informed the Board that it has no present intention to alter currently effective expense waivers and reimbursement arrangements after their expiration, and, while it reserves the right to do so in the future, it would consult with the Board before making any changes;

(viii) that Franklin Templeton does not expect to propose any changes to the investment objective of the Fund or any changes to the principal investment strategies of the Fund as a result of the Transaction;

(ix) the potential benefits to Fund shareholders from being part of a combined fund family with Franklin Templeton-sponsored funds and access to a broader array of investment opportunities;

(x) that Franklin Templeton’s distribution capabilities, particularly with respect to retail investors, and significant network of intermediary relationships may provide additional opportunities for the Fund to grow assets and lower expenses by spreading expenses over a larger asset base;

ClearBridge Aggressive Growth Fund 2020 Annual Report 39

Board approval of new management and

new subadvisory agreements (unaudited) (cont’d)

(xi) that Franklin Templeton and Legg Mason will each derive direct and ancillary benefits from the Transaction and that, as a result, they have a financial interest in the matters that were being considered;

(xii) the fact that the Fund’s contractual management fee rate will remain the same and will not increase by virtue of the New Agreements;

(xiii) the terms and conditions of the New Agreements, including that each New Agreement is identical to its corresponding Prior Agreement except for their respective dates of execution, effectiveness and termination;

(xiv) the support expressed by the current senior management team at Legg Mason for the Transaction and Legg Mason’s recommendation that the Board approve the New Agreements;

(xv) that the Prior Agreements are the product of multiple years of review and negotiation and information received and considered by the Board in the exercise of its business judgment during those years. At the November 2019 meeting, the Board conducted a full review of the investment advisory and distribution arrangements for the Fund and approved the Prior Agreements in accordance with the provisions of the Investment Company Act of 1940, as amended. Without any one factor being dispositive, in approving the Prior Agreements, the Board determined, in the exercise of the Trustees’ business judgment, that: (a) overall, the Board was satisfied with the nature, extent and quality of services provided (and expected to be provided) under the respective Prior Agreement by the Manager and Subadvisers and their affiliates; (b) the overall performance of the Fund was satisfactory and that management was committed to providing the resources necessary to assist the Fund’s portfolio managers; (c) the Fund’s management fees and cost structure was reasonable in light of the comparative performance and expense information and in relation to the services provided; (d) in light of the costs of providing investment management and other services to the Fund and the Manager’s and Subadvisers’ ongoing commitment to the Fund, the profits that Legg Mason and its affiliates received were considered to be not excessive; (e) the Fund had asset level break points in the management fee structure and that shareholders of the Fund would benefit to the extent the Fund’s assets increased, and that the benefits of any economies of scale also would be appropriately shared with shareholders through increased investment in fund management and administration resources; and (f) the ancillary benefits that the Manager and Subadvisers and their affiliates received were considered reasonable;

(xvi) that the Prior Agreements were considered and approved as recently as November 2019;

40 ClearBridge Aggressive Growth Fund 2020 Annual Report

(xvii) that the Fund would not bear the costs of obtaining shareholder approval of the New Agreements, including proxy solicitation costs, legal fees and the costs of printing and mailing the proxy statement, regardless of whether the Transaction was consummated; and

(xviii) that under the definitive agreement between Legg Mason and Franklin Templeton (the “Transaction Agreement”), Franklin Templeton has acknowledged that Legg Mason had entered into the Transaction Agreement in reliance upon the benefits and protections provided by Section 15(f) of the Investment Company Act of 1940, as amended, and that, in furtherance of the foregoing, Franklin Templeton agreed to use reasonable best efforts to conduct its business so that (a) for a period of not less than three years after the closing of the Transaction no more than 25% of the members of the Board shall be “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any investment adviser for the Fund, and (b) for a period of not less than two years after the closing, neither Franklin Templeton nor any of its affiliates shall impose an “unfair burden” (within the meaning of the Investment Company Act of 1940, as amended, including any interpretations or no-action letters of the Securities and Exchange Commission) on any Fund as a result of the transactions contemplated by the Transaction Agreement or any express or implied terms, conditions or understandings applicable thereto.

Certain of these considerations are discussed in more detail below.

In connection with the most recent approval or continuation of each Prior Agreement, and in connection with their review of each New Agreement, the Trustees did not identify any particular factor that was all-important or controlling, and each Trustee may have attributed different weights to the various factors.

The discussion below covers both the advisory and the administrative functions rendered by the Manager for the Fund, both of which functions are encompassed by the New Management Agreement for the Fund, as well as the advisory functions rendered by the Subadvisers pursuant to the New Sub-advisory Agreements for the Fund. The Independent Trustees considered the New Management Agreement and the New Sub-advisory Agreements separately in the course of their review. In doing so, they considered the respective roles and compensation of the Manager and the Subadvisers in providing services to the Fund.

The Independent Trustees were advised by separate independent legal counsel throughout the process. Prior to voting, the Independent Trustees received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the New Agreements for the Fund. The Independent Trustees discussed the Transaction and the proposed approval of the New Agreements for the Fund on multiple occasions with their

ClearBridge Aggressive Growth Fund 2020 Annual Report 41

Board approval of new management and

new subadvisory agreements (unaudited) (cont’d)

independent legal counsel in private sessions at which no representatives of Franklin Templeton, Legg Mason, or the Manager or Subadvisers for the Fund were present.

Nature, Extent and Quality of the Services to be provided to the Fund under the New Management Agreement and New Sub-Advisory Agreements

The Board received and considered information regarding the nature, extent and quality of services provided to the Fund by the Manager and the Subadvisers under the Prior Agreements. In evaluating the nature, extent and quality of the services expected to be provided to the Fund by the Manager and the Subadvisers under the New Management Agreement and New Sub-advisory Agreements, respectively, the Trustees considered, among other things, the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of the Manager and the Subadvisers, and that Franklin Templeton and Legg Mason have advised the Board that, following the Transaction, there is not expected to be any diminution in the nature, extent and quality of services provided to the Fund and its shareholders by the Manager and the Subadvisers, including compliance and other non-advisory services, and that there are not expected to be any changes in portfolio management personnel as a result of the Transaction. The Board considered information Franklin Templeton and Legg Mason provided regarding initial transition plans and the institution of long-term retention arrangements for key personnel. The Board considered that Franklin Templeton informed the Boards that there are not expected to be any changes to the brokerage practices and standards applied by the Subadvisers in seeking best execution. The Board also considered the reputation, experience, financial strength and resources of Franklin Templeton and its investment advisory subsidiaries, its business and operating structure, scale of operation, distribution capabilities, and leadership, as well as the combined financial resources of Legg Mason, Inc. and Franklin Templeton and the benefits to the Fund of being part of a larger combined organization with greater financial resources following the Transaction, particularly during periods of market disruptions and volatility.

The Board’s evaluation of the services provided by the Manager and the Subadvisers took into account the Board’s knowledge and familiarity gained as Trustees of funds in the Legg Mason fund complex, including the scope and quality of the investment management and other capabilities of the Manager and the Subadvisers and the quality of the Manager’s administrative and other services rendered to the Fund and its shareholders by the Manager. The Board observed that the scope of services provided by the Manager and the Subadvisers, and the undertakings required of the Manager and Subadvisers in connection with those services, including maintaining and monitoring their own and the Fund’s compliance programs, liquidity management programs and cybersecurity programs, had expanded over time as a result of regulatory, market and other developments. The Board received and reviewed on a regular basis information from the Manager and the Subadvisers regarding the Fund’s compliance policies and procedures established pursuant

42 ClearBridge Aggressive Growth Fund 2020 Annual Report

to Rule 38a-1 under the Investment Company Act of 1940, as amended, and took that information into account in its evaluation of the New Agreements. The Board also considered the risks associated with the Fund borne by the Manager and its affiliates (such as entrepreneurial, operational, reputational, litigation and regulatory risk), as well as the risk management processes of the Manager and Subadvisers.

The Board reviewed the qualifications, backgrounds and responsibilities of the Fund’s senior personnel and the portfolio management team primarily responsible for the day-to-day portfolio management of the Fund. The Board also considered the policies and practices of the Manager and the Subadvisers regarding the selection of brokers and dealers and the execution of portfolio transactions for the Fund (including policies and practices regarding soft dollars and brokerage allocation), and Franklin Templeton’s representations that the brokerage practices and standards applied by the Manager and Subadvisers in seeking best execution will continue.

Fund Performance

The Board received and reviewed performance information for the Fund and for all retail and institutional multi-cap growth funds (the “Performance Universe”) selected by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper. The Board was provided with a description of the methodology Broadridge used to determine the similarity of the Fund with the funds included in the Performance Universe. It was noted that, while the Board has found the Broadridge data generally useful, the Trustees recognized the limitations of such data, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group and its composition over time. The Trustees noted that they also had received and discussed with management at periodic intervals information on the investment performance of the Fund in comparison to similar mutual funds and benchmark performance indices. In addition, the Board considered the Fund’s performance in light of overall financial market conditions.

The information comparing the Fund’s performance to that of the Performance Universe was for the one-, three-, five- and ten-year periods ended December 31, 2019. The Fund’s Class I shares performed below the median performance of the funds in the Performance Universe for each period. The Board also reviewed performance information provided by the Manager for periods ended February 29, 2020 and March 31, 2020. The Board also reviewed information prepared by Broadridge comparing the Fund’s annualized total return for the three-year period ended December 31, 2019 in relation to the Fund’s standard deviation to that of the funds in the Performance Universe. The Trustees then discussed with representatives of management the portfolio management strategy of the Fund’s portfolio managers and the reasons for the Fund’s underperformance versus the Performance

ClearBridge Aggressive Growth Fund 2020 Annual Report 43

Board approval of new management and

new subadvisory agreements (unaudited) (cont’d)

Universe during the periods under review and noted that the portfolio managers are very experienced with an impressive long-term track record and continued to apply a consistent investment strategy.

******

Based on their review of the materials provided and the assurances they had received from Franklin Templeton and Legg Mason, Inc., the Trustees determined that the Transaction was not expected to affect adversely the nature, extent and quality of services provided by the Manager and the Subadvisers and that the Transaction was not expected to have an adverse effect on the ability of the Manager and the Subadvisers to provide those services, and the Board concluded that, overall, the nature, extent and quality of services, including portfolio management, expected to be provided under the New Agreements for the Fund were sufficient and supported a decision to approve each New Agreement.

Management Fees and Expense Ratios

The Board considered that it had reviewed the Fund’s management fee and total expense ratio in connection with the November 2019 contract renewal meeting. The Board noted that the New Agreements do not change the Fund’s management fee rate or the computation method for calculating such fee, and that there is no present intention to alter expense waiver and reimbursement arrangements that are currently in effect.

The Board reviewed and considered the contractual management fee rate (the “Contractual Management Fee”) payable by the Fund to the Manager in light of the nature, extent and quality of the management and sub-advisory services provided and expected to be provided by the Manager and the Subadvisers, respectively. The Board noted that the Manager, and not the Fund, pays the sub-advisory fees to the Subadvisers. In addition, the Board also reviewed and considered the actual management fee rate (the “Actual Management Fee”) paid by the Fund over the Fund’s last fiscal year. The Board also considered the management fee, the fees of each Subadviser and the portion of the management fee retained by the Manager after payment of the subadvisory fees, in each case in light of the services rendered for those amounts.

The Board also reviewed information regarding the fees the Manager and ClearBridge charged any of their U.S. clients investing primarily in an asset class similar to that of the Fund including, where applicable, institutional separate and commingled accounts and retail managed accounts. The Manager reviewed with the Board the differences in the scope of services provided to the Fund and to such other clients, noting that the Fund is provided with regulatory compliance and administrative services, office facilities and Fund officers (including the Fund’s chief financial, chief legal and chief compliance officers), and that the Manager coordinates and oversees the provision of services to the Fund by other fund service providers, including the Subadvisers. The Board considered the fee

44 ClearBridge Aggressive Growth Fund 2020 Annual Report

comparisons in light of the scope of services required to manage these different types of accounts and the differences in associated risks borne by the Manager and Subadvisers.

The Board received an analysis of complex-wide management fees provided by the Manager, which, among other things, set out a framework of fees based on asset classes.

Additionally, the Board received and considered information comparing the Fund’s Contractual Management Fee and Actual Management Fee and the Fund’s overall expense ratio with those of a group of 12 institutional multi-cap growth funds selected by Broadridge as comparable to the Fund (the “Expense Group”), and a broader group of funds selected by Broadridge consisting of all institutional multi-cap growth funds (the “Expense Universe”). It was noted that while the Board found the Broadridge data generally useful they recognized its limitations, including that the data may vary depending on the selection of the peer group. This information showed that the Fund’s Contractual Management Fee and Actual Management Fee were higher than the median of management fees paid by the funds in the Expense Group, that the Fund’s Actual Management Fee was higher than the median of management fees paid by the funds in the Expense Universe, and that the Fund’s total expense ratio was higher than the median of the total expense ratios of the funds in the Expense Group, but was lower than the median of the total expense ratios of the funds in the Expense Universe. The Trustees also noted the Manager’s fee waiver and/or expense reimbursement arrangement.

In evaluating the costs of the services to be provided by the Manager and the Subadvisers under the New Agreements, the Trustees considered, among other things, whether management fees or other expenses would change as a result of the Transaction. Based on their review of the materials provided and the assurances they had received from Franklin Templeton and Legg Mason, the Trustees determined that the Transaction would not increase the total fees payable by the Fund for management services.

Manager Profitability and Economies of Scale

The Board received and considered a profitability analysis of the Manager and its affiliates in providing services to the Fund. The Board also received profitability information with respect to the Legg Mason fund complex as a whole. In addition, the Board received information with respect to the Manager’s allocation methodologies used in preparing this profitability data. It was noted that the allocation methodologies had been previously reviewed by an outside consultant. The profitability of the Manager and its affiliates was considered by the Board not excessive in light of the nature, extent and quality of the services provided to the Fund.

The Board also received and considered information regarding whether there have been economies of scale with respect to the management of the Fund as the Fund’s assets grow. The Board noted that the Manager instituted breakpoints in the Fund’s Contractual

ClearBridge Aggressive Growth Fund 2020 Annual Report 45

Board approval of new management and

new subadvisory agreements (unaudited) (cont’d)

Management Fee, reflecting the potential for reducing the Contractual Management Fee as the Fund’s assets grow. The Board noted that the Fund’s assets exceeded the specified asset level at which one or more breakpoints to its Contractual Management Fee are triggered. Accordingly, the Fund and its shareholders realized economies of scale because the total expense ratio of the Fund was lower than it would have been if no breakpoints were in place. The Board also noted that to the extent the Fund’s assets increase over time, the Fund and its shareholders should realize other economies of scale or efficiencies as certain expenses, such as fixed fund fees, become a smaller percentage of overall assets. The Board noted that it appeared that the benefits of any economies of scale also would be appropriately shared with shareholders through increased investment in fund management and administration resources (e.g., enhanced cyber security oversight, enhanced risk management oversight, etc.).

The Trustees noted that Franklin Templeton and Legg Mason expected to realize cost savings from the Transaction based on synergies of operations, as well as to benefit from possible growth of the funds in the Legg Mason fund complex resulting from enhanced distribution capabilities. However, they noted that other factors could also affect profitability and potential economies of scale, and that it was not possible to predict with any degree of certainty how the Transaction would affect the profitability of the Manager and its affiliates in providing services to the Fund, nor to quantify any possible future economies of scale. The Trustees noted they will have the opportunity to periodically re-examine such profitability and any economies of scale going forward.

******

Taking all of the above into consideration, the Board determined that the management fee was reasonable in light of the comparative performance and expense information and the nature, extent and quality of the services expected to be provided to the Fund under the New Agreements after the Transaction.

Other Benefits to the Manager

The Board considered other benefits received by the Manager and its affiliates, including the Subadvisers, as a result of their relationship with the Fund, including the opportunity to offer additional products and services to Fund shareholders. In light of the costs of providing investment management and other services to the Fund and the ongoing commitment of the Manager and the Subadvisers to the Fund, the Board considered that the ancillary benefits that the Manager, the Subadvisers and their affiliates receive were reasonable. In evaluating the fall-out benefits to be received by the Manager and the Subadvisers under the New Agreements, the Trustees considered whether the Transaction would have an impact on the fall-out benefits received by virtue of the Prior Agreements.

46 ClearBridge Aggressive Growth Fund 2020 Annual Report

The Board also considered that Franklin Templeton may derive reputational and other benefits from its ability to use the Legg Mason investment affiliates’ names in connection with operating and marketing the Fund. The Board also considered that the Transaction, if completed, would significantly increase Franklin Templeton’s assets under management and expand Franklin Templeton’s investment capabilities. Such ancillary benefits were considered reasonable.

******

After consideration of the factors described above as well as other factors, and in the exercise of their business judgment, the Trustees, including the Independent Trustees, concluded that the New Agreements for the Fund, including the fees payable thereunder, were fair and reasonable and that entering into the New Agreements for the Fund was in the best interests of the Fund’s shareholders, and they voted to approve the New Agreements and to recommend that shareholders approve the New Agreements.

ClearBridge Aggressive Growth Fund 2020 Annual Report 47

Additional shareholder information (unaudited)

Results of special meeting of shareholders

On August 31, 2020, a special meeting of shareholders was held for the following purposes: 1) to approve a new management agreement between the Fund and its investment manager; and 2) to approve a new subadvisory agreement with respect to each of the Fund’s subadvisers. The following table provides the number of votes cast for or against, as well as the number of abstentions and broker non-votes as to each matter voted on at the special meeting of shareholders. Each item voted on was approved.

Item Voted On	Voted For		Voted Against		Abstentions		Broker Non- Votes
To Approve a New Management Agreement with Legg Mason Partners Fund Advisor, LLC		2,355,241,228.765		48,816,242.796		291,655,447.819		0
To Approve a New Subadvisory Agreement with ClearBridge Investments, LLC		2,350,681,673.664		51,351,022.404		293,680,223.312		0
To Approve a New Subadvisory Agreement with Western Asset Management Company, LLC		2,341,125,841.289		54,695,662.158		299,891,415.933		0

48 ClearBridge Aggressive Growth Fund 2020 Annual Report

Statement regarding liquidity risk management program

As required by law, the fund has adopted and implemented a liquidity risk management program (the “Program”) that is designed to assess and manage liquidity risk. Liquidity risk is the risk that the fund could not meet requests to redeem its shares without significant dilution of remaining investors’ interests in the fund. Legg Mason Partners Fund Advisor, LLC (the “Manager”), the fund’s manager, is the administrator of the Program. The Manager has established a liquidity risk management committee (the “Committee”) to administer the Program on a day-to-day basis.

The Committee, on behalf of the Manager, provided the fund’s Board of Trustees with a report that addressed the operation of the Program, assessed its adequacy and effectiveness of implementation, including, if applicable, the operation of any highly liquid investment minimum (“HLIM”), and described any material changes that had been made to the Program or were recommended (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Reporting Period”).

The Report confirmed that there were no material changes to the Program during the Reporting Period and that no changes were recommended.

The Report also confirmed that, throughout the Reporting Period, the Committee had monitored the fund’s portfolio liquidity and liquidity risk on an ongoing basis, as described in the Program and in Board reporting throughout the Reporting Period.

The Report discussed the Committee’s annual review of the Program, which addressed, among other things, the following elements of the Program:

Assessment, Management, and Periodic Review of Liquidity Risk. The Committee reviewed the fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. The Committee noted that the fund’s investment strategy continues to be appropriate for an open-end fund, taking into account, among other things, whether and to what extent the fund held less liquid and illiquid assets and the extent to which any such investments affected the fund’s ability to meet redemption requests. In managing and reviewing the fund’s liquidity risk, the Committee also considered the extent to which the fund’s investment strategy involves a relatively concentrated portfolio or large positions in particular issuers, the extent to which the fund uses borrowing for investment purposes, and the extent to which the fund uses derivatives (including for hedging purposes). The Committee also reviewed the fund’s short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. In assessing the fund’s cash flow projections, the Committee considered, among other factors, historical net redemption activity, redemption policies, ownership concentration, distribution channels, and the degree of certainty associated with the fund’s short-term and long-term cash flow projections. The Committee also considered the fund’s holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources, including, if applicable, the fund’s participation in a credit facility, as components of the fund’s ability to meet redemption requests.

ClearBridge Aggressive Growth Fund 2020 Annual Report 49

Liquidity Classification. The Committee reviewed the Program’s liquidity classification methodology for categorizing the fund’s investments into one of four liquidity buckets. In reviewing the fund’s investments, the Committee considered, among other factors, whether trading varying portions of a position in a particular portfolio investment or asset class in sizes the fund would reasonably anticipate trading, would be reasonably expected to significantly affect liquidity.

Highly Liquid Investment Minimum. The Committee performed an analysis to determine whether the fund is required to maintain a Highly Liquid Investment Minimum, and determined that no such minimum is required because the fund primarily holds highly liquid investments.

Compliance with Limitation on Illiquid Investments. The Committee confirmed that during the Reporting Period, the fund did not acquire any illiquid investment such that, after the acquisition, the fund would have invested more than 15% of its assets in illiquid investments that are assets, in accordance with the Program and applicable SEC rules.

Redemptions in Kind. The Committee confirmed that no redemptions in-kind were effected by the fund during the Reporting Period.

The Report stated that the Committee concluded that the Program is reasonably designed and operates effectively to assess and manage the fund’s liquidity risk throughout the Reporting Period.

50 ClearBridge Aggressive Growth Fund 2020 Annual Report

Additional information (unaudited)

Information about Trustees and Officers

The business and affairs of ClearBridge Aggressive Growth Fund (the “Fund”) are conducted by management under the supervision and subject to the direction of its Board of Trustees. The business address of each Trustee is c/o Jane Trust, Legg Mason, 100 International Drive, 11th Floor, Baltimore, Maryland 21202. Information pertaining to the Trustees and officers of the Fund is set forth below.

The Statement of Additional Information includes additional information about Trustees and is available, without charge, upon request by calling the Fund at 1-877-721-1926.

Independent Trustees†
Paul R. Ades
Year of birth	1940
Position(s) with Trust	Trustee
Term of office1 and length of time served2	Since 1983
Principal occupation(s) during the past five years	Paul R. Ades, PLLC (law firm) (since 2000)
Number of funds in fund complex overseen by Trustee	49
Other board memberships held by Trustee during the past five years	None
Andrew L. Breech
Year of birth	1952
Position(s) with Trust	Trustee
Term of office1 and length of time served2	Since 1991
Principal occupation(s) during the past five years	President, Dealer Operating Control Service, Inc. (automotive retail management) (since 1985)
Number of funds in fund complex overseen by Trustee	49
Other board memberships held by Trustee during the past five years	None
Dwight B. Crane
Year of birth	1937
Position(s) with Trust	Trustee
Term of office1 and length of time served2	Since 1981
Principal occupation(s) during the past five years	Professor Emeritus, Harvard Business School (since 2007); formerly, Professor, Harvard Business School (1969 to 2007); Independent Consultant (since 1969)
Number of funds in fund complex overseen by Trustee	49
Other board memberships held by Trustee during the past five years	None

ClearBridge Aggressive Growth Fund 2020 Annual Report 51

Additional information (unaudited) (cont’d)

Information about Trustees and Officers

Independent Trustees† (cont’d)
Althea L. Duersten
Year of birth	1951
Position(s) with Trust	Trustee
Term of office1 and length of time served2	Since 2014
Principal occupation(s) during the past five years	Retired (since 2011); formerly, Chief Investment Officer, North America, JPMorgan Chase (investment bank) and member of JPMorgan Executive Committee (2007 to 2011)
Number of funds in fund complex overseen by Trustee	49
Other board memberships held by Trustee during the past five years	Non-Executive Director, Rokos Capital Management LLP (since 2019)
Stephen R. Gross
Year of birth	1947
Position(s) with Trust	Trustee
Term of office1 and length of time served2	Since 1986
Principal occupation(s) during the past five years	Chairman Emeritus (since 2011) and formerly, Chairman, HLB Gross Collins, P.C. (accounting and consulting firm) (1979 to 2011); Executive Director of Business Builders Team, LLC (since 2005); Principal, Gross Consulting Group, LLC (since 2011); CEO, Gross Capital Partners, LLC (since 2014); CEO, Trusted CFO Solutions, LLC (since 2011)
Number of funds in fund complex overseen by Trustee	49
Other board memberships held by Trustee during the past five years	None
Susan M. Heilbron
Year of birth	1945
Position(s) with Trust	Trustee
Term of office1 and length of time served2	Since 1991
Principal occupation(s) during the past five years	Retired; formerly, President, Lacey & Heilbron (communications consulting) (1990 to 2002); General Counsel and Executive Vice President, The Trump Organization (1986 to 1990); Senior Vice President, New York State Urban Development Corporation (1984 to 1986); Associate, Cravath, Swaine & Moore LLP (1980 to 1984) and (1977 to 1979)
Number of funds in fund complex overseen by Trustee	49
Other board memberships held by Trustee during the past five years	Formerly, Director, Lincoln Savings Bank, FSB (1991 to 1994); Director, Trump Shuttle, Inc. (air transportation) (1989 to 1990); Director, Alexander’s Inc. (department store) (1987 to 1990)

52 ClearBridge Aggressive Growth Fund 2020 Annual Report

Independent Trustees† (cont’d)
Frank G. Hubbard
Year of birth	1937
Position(s) with Trust	Trustee
Term of office1 and length of time served2	Since 1993
Principal occupation(s) during the past five years	President, Fealds, Inc. (business development) (since 2016); formerly, President, Avatar International Inc. (business development) (1998 to 2015)
Number of funds in fund complex overseen by Trustee	49
Other board memberships held by Trustee during the past five years	None
Howard J. Johnson
Year of birth	1938
Position(s) with Trust	Trustee and Chairman
Term of office1 and length of time served2	From 1981 to 1998 and since 2000 (Chairman since 2013)
Principal occupation(s) during the past five years	Retired; formerly, Chief Executive Officer, Genesis Imaging LLC (technology company) (2003 to 2012)
Number of funds in fund complex overseen by Trustee	49
Other board memberships held by Trustee during the past five years	None
Jerome H. Miller
Year of birth	1938
Position(s) with Trust	Trustee
Term of office1 and length of time served2	Since 1995
Principal occupation(s) during the past five years	Retired; formerly, President, Shearson Lehman Asset Management (1991 to 1993), Vice Chairman, Shearson Lehman Hutton Inc. (1989 to 1992) and Senior Executive Vice President, E.F. Hutton Group Inc. (1986 to 1989)
Number of funds in fund complex overseen by Trustee	49
Other board memberships held by Trustee during the past five years	None
Ken Miller
Year of birth	1942
Position(s) with Trust	Trustee
Term of office1 and length of time served2	Since 1983
Principal occupation(s) during the past five years	Retired; formerly, President, Young Stuff Apparel Group, Inc. (apparel manufacturer), division of Li & Fung (1963 to 2012)
Number of funds in fund complex overseen by Trustee	49
Other board memberships held by Trustee during the past five years	None

ClearBridge Aggressive Growth Fund 2020 Annual Report 53

Additional information (unaudited) (cont’d)

Information about Trustees and Officers

Independent Trustees† (cont’d)
Thomas F. Schlafly
Year of birth	1948
Position(s) with Trust	Trustee
Term of office1 and length of time served2	Since 1983
Principal occupation(s) during the past five years	Chairman, The Saint Louis Brewery, LLC (brewery) (since 2012); formerly, President, The Saint Louis Brewery, Inc. (1989 to 2012);Senior Counsel (since 2017) and formerly, Partner (2009 to 2016), Thompson Coburn LLP (law firm)
Number of funds in fund complex overseen by Trustee	49
Other board memberships held by Trustee during the past five years	Director, Citizens National Bank of Greater St. Louis (since 2006)
Interested Trustee and Officer
Jane Trust, CFA3
Year of birth	1962
Position(s) with Trust	Trustee, President and Chief Executive Officer
Term of office1 and length of time served2	Since 2015
Principal occupation(s) during the past five years	Senior Vice President, Fund Board Management, Franklin Templeton (since 2020); Officer and/or Trustee/Director of 150 funds associated with Legg Mason Partners Fund Advisor, LLC (“LMPFA”) or its affiliates (since 2015); President and Chief Executive Officer of LMPFA (since 2015); formerly, Senior Managing Director (2018 to 2020) and Managing Director (2016 to 2018) of Legg Mason & Co., LLC (“Legg Mason & Co.”); Senior Vice President of LMPFA (2015)
Number of funds in fund complex overseen by Trustee	149
Other board memberships held by Trustee during the past five years	None
Additional Officers
Ted P. Becker
Legg Mason
620 Eighth Avenue, 47th Floor, New York, NY 10018
Year of birth	1951
Position(s) with Trust	Chief Compliance Officer
Term of office1 and length of time served2	Since 2007
Principal occupation(s) during the past five years	Vice President, Global Compliance of Franklin Templeton (since 2020); Chief Compliance Officer of LMPFA (since 2006); Chief Compliance Officer of certain funds associated with Legg Mason & Co. or its affiliates (since 2006); formerly, Director of Global Compliance at Legg Mason (2006 to 2020); Managing Director of Compliance of Legg Mason & Co. (2005 to 2020)

54 ClearBridge Aggressive Growth Fund 2020 Annual Report

Additional Officers (cont’d)
Susan Kerr Legg Mason 620 Eighth Avenue, 47th Floor, New York, NY 10018
Year of birth	1949
Position(s) with Trust	Chief Anti-Money Laundering Compliance Officer
Term of office1 and length of time served2	Since 2013
Principal occupation(s) during the past five years	Senior Compliance Analyst, Franklin Templeton (since 2020); Chief Anti-Money Laundering Compliance Officer of certain funds associated with Legg Mason & Co. or its affiliates (since 2013) and Anti-Money Laundering Compliance Officer (since 2012), Senior Compliance Officer (since 2011) and Assistant Vice President (since 2010) of Legg Mason Investors Services, LLC (“LMIS”); formerly, Assistant Vice President of Legg Mason & Co. (2010 to 2020)
Jenna Bailey Legg Mason 100 First Stamford Place, 5th Floor, Stamford, CT 06902
Year of birth	1978
Position(s) with Trust	Identity Theft Prevention Officer
Term of office1 and length of time served2	Since 2015
Principal occupation(s) during the past five years	Senior Compliance Analyst of Franklin Templeton (since 2020); Identity Theft Prevention Officer of certain funds associated with Legg Mason & Co. or its affiliates (since 2015); formerly, Compliance Officer of Legg Mason & Co. (2013 to 2020); Assistant Vice President of Legg Mason & Co. (2011 to 2020)
Marc A. De Oliveira* Legg Mason 100 First Stamford Place, 6th Floor, Stamford, CT 06902
Year of birth	1971
Position(s) with Trust	Secretary and Chief Legal Officer
Term of office1 and length of time served2	Since 2020
Principal occupation(s) during the past five years	Associate General Counsel of Franklin Templeton (since 2020); Assistant Secretary of certain funds associated with Legg Mason & Co. or its affiliates (since 2006); formerly, Managing Director (2016 to 2020) and Associate General Counsel of Legg Mason & Co. (2005 to 2020)

ClearBridge Aggressive Growth Fund 2020 Annual Report 55

Additional information (unaudited) (cont’d)

Information about Trustees and Officers

Additional Officers (cont’d)
Thomas C. Mandia Legg Mason 100 First Stamford Place, 6th Floor, Stamford, CT 06902
Year of birth	1962
Position(s) with Trust	Senior Vice President
Term of office1 and length of time served2	Since 2020
Principal occupation(s) during the past five years	Senior Associate General Counsel of Franklin Templeton (since 2020); Secretary of LMPFA (since 2006); Assistant Secretary of certain funds associated with Legg Mason & Co. or its affiliates (since 2006); Secretary of LM Asset Services, LLC (“LMAS”) (since 2002) and Legg Mason Fund Asset Management, Inc. (“LMFAM”) (since 2013) (formerly registered investment advisers); formerly, Managing Director and Deputy General Counsel of Legg Mason & Co. (2005 to 2020)
Christopher Berarducci Legg Mason 620 Eighth Avenue, 47th Floor, New York, NY 10018
Year of birth	1974
Position(s) with Trust	Treasurer and Principal Financial Officer
Term of office1 and length of time served2	Since 2014 and 2019
Principal occupation(s) during the past five years	Vice President, Fund Administration and Reporting, Franklin Templeton (since 2020); Treasurer (since 2010) and Principal Financial Officer (since 2019) of certain funds associated with Legg Mason & Co. or its affiliates; formerly, Managing Director (2020), Director (2015 to 2020), and Vice President (2011 to 2015) of Legg Mason & Co.
Jeanne M. Kelly Legg Mason 620 Eighth Avenue, 47th Floor, New York, NY 10018
Year of birth	1951
Position(s) with Trust	Senior Vice President
Term of office1 and length of time served2	Since 2007
Principal occupation(s) during the past five years	U.S. Fund Board Team Manager, Franklin Templeton (since 2020); Senior Vice President of certain funds associated with Legg Mason & Co. or its affiliates (since 2007); Senior Vice President of LMPFA (since 2006); President and Chief Executive Officer of LMAS and LMFAM (since 2015); formerly, Managing Director of Legg Mason & Co. (2005 to 2020); Senior Vice President of LMFAM (2013 to 2015)

† Trustees who are not “interested persons” of the Fund within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”).

* Effective August 6, 2020, Mr. De Oliveira became Secretary and Chief Legal Officer.

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

56 ClearBridge Aggressive Growth Fund 2020 Annual Report

²   Indicates the earliest year in which the Trustee became a board member for a fund in the Legg Mason fund complex or the officer took such office.

³  Ms. Trust is an “interested person” of the Fund, as defined in the 1940 Act, because of her position with LMPFA and/or certain of its affiliates.

ClearBridge Aggressive Growth Fund 2020 Annual Report 57

Important tax information (unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended August 31, 2020:

Record date:	12/4/2019	12/17/2019
Payable date:	12/5/2019	12/18/2019
Ordinary Income:
Qualified Dividend Income for Individuals	—	100.00	%
Dividends Qualifying for the Dividends
Received Deduction for Corporations	—	100.00	%
Long-Term Capital Gain Dividend	$21.427550	—

58 ClearBridge Aggressive Growth Fund 2020 Annual Report

ClearBridge

Aggressive Growth Fund

Trustees

Paul R. Ades

Andrew L. Breech

Dwight B. Crane

Althea L. Duersten

Stephen R. Gross

Susan M. Heilbron

Frank G. Hubbard

Howard J. Johnson

Chairman

Jerome H. Miller

Ken Miller

Thomas F. Schlafly

Jane Trust

Investment manager

Legg Mason Partners Fund Advisor, LLC

Subadviser

ClearBridge Investments, LLC

Distributor

Legg Mason Investor Services, LLC

Custodian

The Bank of New York Mellon

Transfer agent

BNY Mellon Investment

Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Independent registered public accounting firm

PricewaterhouseCoopers LLP

Baltimore, MD

ClearBridge Aggressive Growth Fund

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

ClearBridge Aggressive Growth Fund

Legg Mason Funds

620 Eighth Avenue, 47^th Floor

New York, NY 10018

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 as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at 1-877-721-1926.

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 related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at 1-877-721-1926, (2) at www.leggmason.com/mutualfunds and (3) on the SEC’s website at www.sec.gov.

This report is submitted for the general information of the shareholders of ClearBridge Aggressive Growth 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

^© 2020 Legg Mason Investor Services, LLC

Member FINRA, SIPC

Legg Mason Funds Privacy and Security Notice

Your Privacy and the Security of Your Personal Information is Very Important to the Legg Mason Funds

This Privacy and Security Notice (the “Privacy Notice”) addresses the Legg Mason Funds’ privacy and data protection practices with respect to nonpublic personal information the Funds receive. The Legg Mason Funds include any funds sold by the Funds’ distributor, Legg Mason Investor Services, LLC, as well as Legg Mason-sponsored closed-end funds. The provisions of this Privacy Notice apply to your information both while you are a shareholder and after you are no longer invested with the Funds.

The Type of Nonpublic Personal Information the Funds Collect About You

The Funds collect and maintain nonpublic personal information about you in connection with your shareholder account. Such information may include, but is not limited to:

• Personal information included on applications or other forms;

• Account balances, transactions, and mutual fund holdings and positions;

• Bank account information, legal documents, and identity verification documentation;

• Online account access user IDs, passwords, security challenge question responses; and

• Information received from consumer reporting agencies regarding credit history and creditworthiness (such as the amount of an individual’s total debt, payment history, etc.).

How the Funds Use Nonpublic Personal Information About You

The Funds do not sell or share your nonpublic personal information with third parties or with affiliates for their marketing purposes, or with other financial institutions or affiliates for joint marketing purposes, unless you have authorized the Funds to do so. The Funds do not disclose any nonpublic personal information about you except as may be required to perform transactions or services you have authorized or as permitted or required by law. The Funds may disclose information about you to:

• Employees, agents, and affiliates on a “need to know” basis to enable the Funds to conduct ordinary business or to comply with obligations to government regulators;

• Service providers, including the Funds’ affiliates, who assist the Funds as part of the ordinary course of business (such as printing, mailing services, or processing or servicing your account with us) or otherwise perform services on the Funds’ behalf, including companies that may perform statistical analysis, market research and marketing services solely for the Funds;

• Permit access to transfer, whether in the United States or countries outside of the United States to such Funds’ employees, agents and affiliates and service providers as required to enable the Funds to conduct ordinary business, or to comply with obligations to government regulators;

• The Funds’ representatives such as legal counsel, accountants and auditors to enable the Funds to conduct ordinary business, or to comply with obligations to government regulators;

• Fiduciaries or representatives acting on your behalf, such as an IRA custodian or trustee of a grantor trust.

NOT PART OF THE ANNUAL REPORT

Legg Mason Funds Privacy and Security Notice (cont’d)

Except as otherwise permitted by applicable law, companies acting on the Funds’ behalf, including those outside the United States, are contractually obligated to keep nonpublic personal information the Funds provide to them confidential and to use the information the Funds share only to provide the services the Funds ask them to perform.

The Funds may disclose nonpublic personal information about you when necessary to enforce their rights or protect against fraud, or as permitted or required by applicable law, such as in connection with a law enforcement or regulatory request, subpoena, or similar legal process. In the event of a corporate action or in the event a Fund service provider changes, the Funds may be required to disclose your nonpublic personal information to third parties. While it is the Funds’ practice to obtain protections for disclosed information in these types of transactions, the Funds cannot guarantee their privacy policy will remain unchanged.

Keeping You Informed of the Funds’ Privacy and Security Practices

The Funds will notify you annually of their privacy policy as required by federal law. While the Funds reserve the right to modify this policy at any time they will notify you promptly if this privacy policy changes.

The Funds’ Security Practices

The Funds maintain appropriate physical, electronic and procedural safeguards designed to guard your nonpublic personal information. The Funds’ internal data security policies restrict access to your nonpublic personal information to authorized employees, who may use your nonpublic personal information for Fund business purposes only.

Although the Funds strive to protect your nonpublic personal information, they cannot ensure or warrant the security of any information you provide or transmit to them, and you do so at your own risk. In the event of a breach of the confidentiality or security of your nonpublic personal information, the Funds will attempt to notify you as necessary so you can take appropriate protective steps. If you have consented to the Funds using electronic communications or electronic delivery of statements, they may notify you under such circumstances using the most current email address you have on record with them.

In order for the Funds to provide effective service to you, keeping your account information accurate is very important. If you believe that your account information is incomplete, not accurate or not current, if you have questions about the Funds’ privacy practices, or our use of your nonpublic personal information, write the Funds using the contact information on your account statements, email the Funds by clicking on the Contact Us section of the Funds’ website at www.leggmason.com, or contact the Funds at 1-877-721-1926.

Revised April 2018

NOT PART OF THE ANNUAL REPORT

www.leggmason.com

^© 2020 Legg Mason Investor Services, LLC Member FINRA, SIPC

FD0433 10/20 SR20-3971

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 Trustees of the registrant has determined that Dwight B. Crane 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 Dwight B. Crane as the Audit Committee’s financial expert Dwight B. Crane is an “independent” Trustees 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 August 31, 2019 and August 31, 2020 (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 $71,991 in August 31, 2019 and $74,491 in August 31, 2020.

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 $3,000 in August 31, 2019 and $0 in August 31, 2020.

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 Period.

(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 $0 in August 31, 2019 and $0 in August 31, 2020. 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.

The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) for the Item 4 for

the Legg Mason Partners Equity Trust., were $0 in August 31, 2019 and $0 in August 31, 2020.

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 August 31, 2019 and August 31, 2020; Tax Fees were 100% and 100% for August 31, 2019 and

August 31, 2020; and Other Fees were 100% and 100% for August 31, 2019 and August 31, 2020.

(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 $463,263 in August 31, 2019 and $443,845 in August 31, 2020.

(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

Althea L. Duersten

Stephen R. Gross

Susan M. Heilbron

Frank G. Hubbard

Howard J. Johnson

Jerome H. Miller

Ken Miller

Thomas F. Schlafly

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 second fiscal quarter of the period covered by this report that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. 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/Jane Trust
	Jane Trust
	Chief Executive Officer
Date:	October 23, 2020

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/Jane Trust
	Jane Trust
	Chief Executive Officer
Date:	October 23, 2020
By:	/s/Christopher Berarducci
	Christopher Berarducci
	Principal Financial Officer
Date:	October 23, 2020