0000880366
2011-09-02
2012-09-01
0000880366
lmpit28:S000016658Member
2011-09-02
2012-09-01
Other
2012-04-30
LEGG MASON PARTNERS EQUITY TRUST
0000880366
false
2012-11-28
2012-11-28
2012-09-01
<font style="font-family:ARIAL" size="2"><b>LEGG MASON PARTNERS EQUITY TRUST </b></font> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:ARIAL" size="2"><b>SUPPLEMENT DATED NOVEMBER 28, 2012 </b></font></p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:ARIAL" size="2"><b>TO THE SUMMARY PROSPECTUS AND PROSPECTUS, </b></font></p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:ARIAL" size="2"><b>EACH DATED SEPTEMBER 1, 2012, OF </b></font></p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:ARIAL" size="2"><b>LEGG MASON CAPITAL MANAGEMENT ALL CAP FUND </b></font></p> <p style="margin-top:10px;margin-bottom:0px"><font style="font-family:ARIAL" size="2"><b>Effective as of January 1, 2013, the following text replaces any inconsistent information in the section titled “Fees and expenses of the fund” in the fund’s Summary Prospectus and Prospectus: </b></font></p> <p style="font-size:10px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="77%"></td> <td valign="bottom" width="4%"></td> <td width="19%"></td></tr> <tr> <td valign="bottom" colspan="3"><font style="font-family:ARIAL" size="2"><b><font style="font-family:ARIAL" size="2">Shareholder fees </font></b><font style="font-family:ARIAL" size="2">(fees paid directly from your investment)<b><font style="font-family:ARIAL" size="2"></font></b></font></font></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> <font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2"><b>Class 1</b></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:ARIAL" size="2">Maximum sales charge (load) imposed on purchases (as a % of offering price)</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2">N/A</font></td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:ARIAL" size="2">Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) (may be reduced over time)</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2">N/A</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:ARIAL" size="2">Small account fee</font><font style="font-family:ARIAL" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:ARIAL" size="2"></font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2">$15</font></td></tr> </table> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="77%"></td> <td valign="bottom" width="4%"></td> <td width="19%"></td></tr> <tr> <td valign="bottom" colspan="3"><font style="font-family:ARIAL" size="2"><b><font style="font-family:ARIAL" size="2">Annual fund operating expenses </font></b><font style="font-family:ARIAL" size="2">(expenses that you pay each year as a percentage of<br />the value of your investment)<b> (%)<font style="font-family:ARIAL" size="2"></font></b></font></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:ARIAL" size="2">Management fees</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2">0.70</font></td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:ARIAL" size="2">Distribution and service (12b-1) fees</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2">None</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:ARIAL" size="2">Other expenses</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2">0.37</font></td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:ARIAL" size="2">Total annual fund operating expenses</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2">1.07</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:ARIAL" size="2">Fees waived and/or expenses reimbursed</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2">—</font><font style="font-family:ARIAL" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">2</sup></font> <font style="font-family:ARIAL" size="2"></font></td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:ARIAL" size="2">Total annual fund operating expenses after waiving fees and/or reimbursing expenses</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2">1.07</font></td></tr> </table> <p style="font-size:4px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="6%"><font size="1"> </font></td> <td width="2%" valign="top" align="left"><font style="font-family:ARIAL" size="2"></font><font style="font-family:ARIAL" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup> </font><font style="font-family:ARIAL" size="2"></font></td> <td align="left" valign="top"> <font style="font-family:ARIAL" size="2">If your shares are held in a direct account and the value of your account is below $1,000 ($250 for retirement plans that are not employer-sponsored), the fund may charge you a fee of $3.75 per account that is determined and assessed quarterly (with an annual maximum of $15.00 per account). Direct accounts generally include accounts held in the name of the individual investor on the fund’s books and records. </font></td></tr></table> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="6%"><font size="1"> </font></td> <td width="2%" valign="top" align="left"><font style="font-family:ARIAL" size="2"></font><font style="font-family:ARIAL" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">2</sup> </font><font style="font-family:ARIAL" size="2"></font></td> <td align="left" valign="top"> <font style="font-family:ARIAL" size="2">The manager has agreed to waive fees and/or reimburse operating expenses (other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses) so that total annual operating expenses for Class 1 shares are not expected to exceed total annual operating expenses for Class A shares. This arrangement cannot be terminated prior to December 31, 2014 without the Board of Trustees’ consent. </font></td></tr></table> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:ARIAL" size="2"><b>Example </b></font></p> <p style="margin-top:4px;margin-bottom:0px"><font style="font-family:ARIAL" size="2">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes: </font></p> <p style="font-size:4px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%" valign="top" align="left"><font style="font-family:ARIAL" size="2">•</font></td> <td width="1%" valign="top"><font size="1"> </font></td> <td align="left" valign="top"> <font style="font-family:ARIAL" size="2">You invest $10,000 in the fund for the time periods indicated </font></td></tr></table> <p style="font-size:4px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%" valign="top" align="left"><font style="font-family:ARIAL" size="2">•</font></td> <td width="1%" valign="top"><font size="1"> </font></td> <td align="left" valign="top"> <font style="font-family:ARIAL" size="2">Your investment has a 5% return each year and the fund’s operating expenses remain the same </font></td></tr></table> <p style="font-size:4px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%" valign="top" align="left"><font style="font-family:ARIAL" size="2">•</font></td> <td width="1%" valign="top"><font size="1"> </font></td> <td align="left" valign="top"> <font style="font-family:ARIAL" size="2">You reinvest all distributions and dividends without a sales charge </font></td></tr></table> <p style="margin-top:10px;margin-bottom:0px"><font style="font-family:ARIAL" size="2">Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font></p> <p style="font-size:10px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="84%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="54%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom" colspan="16"><font style="font-family:ARIAL" size="2"><b><font style="font-family:ARIAL" size="2">Number of years you own your shares ($)</font><font style="font-family:ARIAL" size="2"></font></b></font></td> <td valign="bottom"><font size="1"> </font></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> <font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2"><b>1 year</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2"><b>3 years</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2"><b>5 years</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2"><b>10 years</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:ARIAL" size="2">Class 1 (with or without redemption at end of period)</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:ARIAL" size="2">109</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:ARIAL" size="2">340</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:ARIAL" size="2">589</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:ARIAL" size="2">1,304</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2"> </font></td></tr> </table>
<font style="font-family:ARIAL" size="2"><b>LEGG MASON PARTNERS EQUITY TRUST </b></font> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:ARIAL" size="2"><b>SUPPLEMENT DATED NOVEMBER 28, 2012 </b></font></p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:ARIAL" size="2"><b>TO THE SUMMARY PROSPECTUS AND PROSPECTUS, </b></font></p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:ARIAL" size="2"><b>EACH DATED SEPTEMBER 1, 2012, OF </b></font></p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:ARIAL" size="2"><b>LEGG MASON CAPITAL MANAGEMENT ALL CAP FUND </b></font></p> <p style="margin-top:10px;margin-bottom:0px"><font style="font-family:ARIAL" size="2"><b>Effective as of January 1, 2013, the following text replaces any inconsistent information in the section titled “Fees and expenses of the fund” in the fund’s Summary Prospectus and Prospectus: </b></font></p> <p style="font-size:10px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="77%"></td> <td valign="bottom" width="4%"></td> <td width="19%"></td></tr> <tr> <td valign="bottom" colspan="3"><font style="font-family:ARIAL" size="2"><b><font style="font-family:ARIAL" size="2">Shareholder fees </font></b><font style="font-family:ARIAL" size="2">(fees paid directly from your investment)<b><font style="font-family:ARIAL" size="2"></font></b></font></font></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> <font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2"><b>Class 1</b></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:ARIAL" size="2">Maximum sales charge (load) imposed on purchases (as a % of offering price)</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2">N/A</font></td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:ARIAL" size="2">Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) (may be reduced over time)</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2">N/A</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:ARIAL" size="2">Small account fee</font><font style="font-family:ARIAL" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:ARIAL" size="2"></font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2">$15</font></td></tr> </table> <p style="font-size:12px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="77%"></td> <td valign="bottom" width="4%"></td> <td width="19%"></td></tr> <tr> <td valign="bottom" colspan="3"><font style="font-family:ARIAL" size="2"><b><font style="font-family:ARIAL" size="2">Annual fund operating expenses </font></b><font style="font-family:ARIAL" size="2">(expenses that you pay each year as a percentage of<br />the value of your investment)<b> (%)<font style="font-family:ARIAL" size="2"></font></b></font></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:ARIAL" size="2">Management fees</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2">0.70</font></td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:ARIAL" size="2">Distribution and service (12b-1) fees</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2">None</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:ARIAL" size="2">Other expenses</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2">0.37</font></td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:ARIAL" size="2">Total annual fund operating expenses</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2">1.07</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:ARIAL" size="2">Fees waived and/or expenses reimbursed</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2">—</font><font style="font-family:ARIAL" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">2</sup></font> <font style="font-family:ARIAL" size="2"></font></td></tr> <tr> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:ARIAL" size="2">Total annual fund operating expenses after waiving fees and/or reimbursing expenses</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2">1.07</font></td></tr> </table> <p style="font-size:4px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="6%"><font size="1"> </font></td> <td width="2%" valign="top" align="left"><font style="font-family:ARIAL" size="2"></font><font style="font-family:ARIAL" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup> </font><font style="font-family:ARIAL" size="2"></font></td> <td align="left" valign="top"> <font style="font-family:ARIAL" size="2">If your shares are held in a direct account and the value of your account is below $1,000 ($250 for retirement plans that are not employer-sponsored), the fund may charge you a fee of $3.75 per account that is determined and assessed quarterly (with an annual maximum of $15.00 per account). Direct accounts generally include accounts held in the name of the individual investor on the fund’s books and records. </font></td></tr></table> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="6%"><font size="1"> </font></td> <td width="2%" valign="top" align="left"><font style="font-family:ARIAL" size="2"></font><font style="font-family:ARIAL" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">2</sup> </font><font style="font-family:ARIAL" size="2"></font></td> <td align="left" valign="top"> <font style="font-family:ARIAL" size="2">The manager has agreed to waive fees and/or reimburse operating expenses (other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses) so that total annual operating expenses for Class 1 shares are not expected to exceed total annual operating expenses for Class A shares. This arrangement cannot be terminated prior to December 31, 2014 without the Board of Trustees’ consent. </font></td></tr></table> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:ARIAL" size="2"><b>Example </b></font></p> <p style="margin-top:4px;margin-bottom:0px"><font style="font-family:ARIAL" size="2">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes: </font></p> <p style="font-size:4px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%" valign="top" align="left"><font style="font-family:ARIAL" size="2">•</font></td> <td width="1%" valign="top"><font size="1"> </font></td> <td align="left" valign="top"> <font style="font-family:ARIAL" size="2">You invest $10,000 in the fund for the time periods indicated </font></td></tr></table> <p style="font-size:4px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%" valign="top" align="left"><font style="font-family:ARIAL" size="2">•</font></td> <td width="1%" valign="top"><font size="1"> </font></td> <td align="left" valign="top"> <font style="font-family:ARIAL" size="2">Your investment has a 5% return each year and the fund’s operating expenses remain the same </font></td></tr></table> <p style="font-size:4px;margin-top:0px;margin-bottom:0px"> </p> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%" valign="top" align="left"><font style="font-family:ARIAL" size="2">•</font></td> <td width="1%" valign="top"><font size="1"> </font></td> <td align="left" valign="top"> <font style="font-family:ARIAL" size="2">You reinvest all distributions and dividends without a sales charge </font></td></tr></table> <p style="margin-top:10px;margin-bottom:0px"><font style="font-family:ARIAL" size="2">Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font></p> <p style="font-size:10px;margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="84%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="54%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td></tr> <tr> <td valign="bottom" colspan="16"><font style="font-family:ARIAL" size="2"><b><font style="font-family:ARIAL" size="2">Number of years you own your shares ($)</font><font style="font-family:ARIAL" size="2"></font></b></font></td> <td valign="bottom"><font size="1"> </font></td></tr> <tr> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"> <font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2"><b>1 year</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2"><b>3 years</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2"><b>5 years</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2"><b>10 years</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-BOTTOM:1px solid #000000"> <div style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:ARIAL" size="2">Class 1 (with or without redemption at end of period)</font></div></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:ARIAL" size="2">109</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:ARIAL" size="2">340</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:ARIAL" size="2">589</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2"> </font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:ARIAL" size="2">1,304</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:ARIAL" size="2"> </font></td></tr> </table>