0000880366 lmpet34:S000016235Member 2011-12-29 2012-12-28 0000880366 2011-12-29 2012-12-28 0000880366 lmpet34:S000016235Member lmpet34:C000044856Member 2011-12-29 2012-12-28 0000880366 lmpet34:S000016235Member lmpet34:C000044857Member 2011-12-29 2012-12-28 0000880366 lmpet34:S000016235Member lmpet34:C000044858Member 2011-12-29 2012-12-28 0000880366 lmpet34:S000016235Member lmpet34:C000044861Member 2011-12-29 2012-12-28 0000880366 lmpet34:S000016235Member lmpet34:C000044860Member 2011-12-29 2012-12-28 0000880366 lmpet34:S000016235Member lmpet34:C000082476Member 2011-12-29 2012-12-28 0000880366 lmpet34:S000016235Member lmpet34:C000044859Member 2011-12-29 2012-12-28 0000880366 lmpet34:S000016235Member lmpet34:C000066226Member 2011-12-29 2012-12-28 0000880366 lmpet34:S000016235Member rr:AfterTaxesOnDistributionsMember lmpet34:C000044856Member 2011-12-29 2012-12-28 0000880366 lmpet34:S000016235Member rr:AfterTaxesOnDistributionsAndSalesMember lmpet34:C000044856Member 2011-12-29 2012-12-28 0000880366 lmpet34:S000016235Member lmpet34:RussellThreeThousandGrowthIndexMember 2011-12-29 2012-12-28 pure iso4217:USD <div style="display:none">~ http://www.leggmason.com/role/ScheduleShareholderFeesLeggMasonClearBridgeAggressiveGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleAnnualFundOperatingExpensesLeggMasonClearBridgeAggressiveGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleExpenseExampleTransposedLeggMasonClearBridgeAggressiveGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleAverageAnnualTotalReturnsTransposedLeggMasonClearBridgeAggressiveGrowthFund column period compact * ~</div> LEGG MASON PARTNERS EQUITY TRUST 0000880366 false 485BPOS 2012-08-31 2012-12-18 2012-12-28 2012-12-28 ClearBridge Aggressive Growth Fund Investment objective The fund seeks capital appreciation. Fees and expenses of the fund The accompanying table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in funds sold by Legg Mason Investor Services, LLC (“LMIS”), the fund’s distributor. More information about these and other discounts is available from your financial intermediary, in this Prospectus on page 18 under the heading “Sales charges” and in the fund’s statement of additional information (“SAI”) on page 52 under the heading “Sales Charge Waivers and Reductions.” The fund no longer offers Class B shares and Class R1 shares for purchase by new or existing investors. Class B shares will continue to be available for dividend reinvestment and incoming exchanges. Shareholder fees (fees paid directly from your investment) 0.0575 0 0 0 0 0 0 0 0.05 0 0 0 0 0 0.01 0 0 0 0 0 15 15 15 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) (%) 0.0071 0.0071 0.0071 0.0071 0.0071 0.0071 0.0071 0.0071 0.0025 0.01 0.01 0.0025 0.005 0.01 0 0 0.0031 0.0053 0.0018 0.0047 0.0027 0.0014 0.0003 0.0127 0.0224 0.0189 0.0143 0.0148 0.0198 0.0085 0.0074 0.0127 0.0224 0.0189 0.013 0.0148 0.0198 0.0085 0.0074 0.0027 -0.0013 December 31, 2014 Example 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:<ul type="square"><li>You invest $10,000 in the fund for the time periods indicated</li></ul><ul type="square"><li>Your investment has a 5% return each year and the fund’s operating expenses remain the same</li></ul><ul type="square"><li>You reinvest all distributions and dividends without a sales charge</li></ul>Although your actual costs may be higher or lower, based on these assumptions your costs would be: Number of years you own your shares ($) Number of years you own your shares ($) 697 727 292 132 151 201 87 76 954 1000 594 426 468 271 237 621 1231 1299 1021 756 808 1067 471 412 2020 2329 2212 1690 1769 2306 1048 919 697 227 192 132 151 201 87 76 700 954 594 426 468 621 271 237 1231 1199 1021 756 808 1067 471 412 2020 2329 2212 1690 1769 2306 1048 919 Portfolio turnover. The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 8% of the average value of its portfolio. 0.08 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in funds sold by Legg Mason Investor Services, LLC (“LMIS”), the fund’s distributor. “Other expenses” for Class R1 shares are estimated for the current fiscal year. Actual expenses may differ from estimates. The fund invests primarily in common stocks of companies the portfolio managers believe are experiencing, or will experience, growth in earnings exceeding the average rate of earnings growth of the companies which comprise the S&P 500 Index. 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 capitalization 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 net assets (at the time of investment) in foreign securities. Risk is inherent in all investing. There is no assurance that the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of certain risks of investing in the fund. Stock market and equity securities risk. The securities markets are volatile and the market prices of the fund’s securities may decline generally. Securities fluctuate in price based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the fund fall, the value of your investment in the fund will decline. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. In response to the crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts to respond to the crisis, or investor perception that such efforts are not succeeding could also negatively affect financial markets generally as well as the value and liquidity of certain securities. In addition, policy and legislative changes in the United States and in other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. Market sector risk. The fund may be significantly overweight or underweight certain companies, industries or market sectors, which may cause the fund’s performance to be more sensitive to developments affecting those companies, industries or sectors. Large capitalization company risk. Large capitalization companies may fall out of favor with investors. Small and medium capitalization company risk. The fund will be exposed to additional risks as a result of its investments in the securities of small and medium capitalization companies. Small and medium capitalization companies may fall out of favor with investors; may have limited product lines, operating histories, markets or financial resources; or may be dependent upon a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. Issuer risk. The value of a security can go up or down more than the market as a whole and can perform differently from the value of the market as a whole, often due to disappointing earnings reports by the issuer, unsuccessful products or services, loss of major customers, major litigation against the issuer or changes in government regulations affecting the issuer or the competitive environment. The fund may experience a substantial or complete loss on an individual security. Historically, the prices of securities of small and medium capitalization companies have generally gone up or down more than those of large capitalization companies, although even large capitalization companies may fall out of favor with investors. Foreign investments risk. The fund’s investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability. Lack of information may also affect the value of these securities. The risks of foreign investments are heightened when investing in issuers in emerging market countries. Currency risk. The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls and speculation. Growth investing risk. The fund’s growth-oriented investment style may increase the risks of investing in the fund. Growth securities typically are very sensitive to market movements because their market prices tend to reflect future expectations. When it appears those expectations will not be met, the prices of growth securities typically fall. Growth stocks as a group may be out of favor and underperform the overall equity market while the market concentrates on value stocks. Although the fund will not concentrate its investments in any one industry or industry group, it may, like many growth funds, weight its investments toward certain industries, thus increasing its exposure to factors adversely affecting issuers within those industries. Liquidity risk. Some securities held by the fund may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid securities may also be difficult to value. If the fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. Portfolio selection risk. The value of your investment may decrease if the subadviser’s judgment about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements is incorrect. Risk of increase in expenses. Your actual costs of investing in the fund may be higher than the expenses shown in “Annual fund operating expenses” for a variety of reasons. For example, expense ratios may be higher than those shown if a fee limitation is changed or terminated or 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. These risks are discussed in more detail later in this Prospectus or in the SAI. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. Principal investment strategies Certain risks Performance The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of an index or other benchmark. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information available at the fund’s website, http://www.leggmason.com/individualinvestors/products/mutual-funds/annualized_performance (select share class), or by calling the fund at 1-877-721-1926. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. The bar chart shows changes in the fund's performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund's performance with the average annual total returns of an index or other benchmark. 1-877-721-1926 http://www.leggmason.com/individualinvestors/products/mutual-funds/annualized_performance (select share class) The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Total returns (before taxes) (%) Calendar Years ended December 31 Best quarter (06/30/2009): 17.34 Worst quarter (06/30/2002): (25.52) The year-to-date return as of the most recent calendar quarter, which ended 09/30/2012, was 18.62 Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Average annual total returns (for periods ended December 31, 2011) (%) After-tax returns for classes other than Class A will vary from returns shown for Class A. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns are shown only for Class A shares, are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns are shown only for Class A shares, are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class A will vary from returns shown for Class A. -0.0441 -0.0474 -0.0242 -0.0443 -0.0019 0.0139 0.0123 0.0186 0.0196 -0.018 -0.0147 -0.0173 -0.0156 -0.0114 -0.007 -0.0014 0.0246 0.0218 0.0124 0.0121 0.0106 0.0115 0.0119 0.0228 0.0274 -0.0131 -0.0079 0.0426 2007-04-30 2006-12-28 2008-08-04 -0.3275 0.3657 0.1061 0.1255 0.0798 0.0122 -0.424 0.3269 0.2392 0.0141 The year-to-date return as of the most recent calendar quarter 2012-09-30 0.1862 Best quarter 2009-06-30 0.1734 Worst quarter 2002-06-30 -0.2552 <div style="display:none">~ http://www.leggmason.com/role/ScheduleExpenseExampleNoRedemptionTransposedLeggMasonClearBridgeAggressiveGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.leggmason.com/role/ScheduleAnnualTotalReturnsLeggMasonClearBridgeAggressiveGrowthFundBarChart column period compact * ~</div> 25000 Generally, 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. "Other expenses" for Class R1 shares are estimated for the current fiscal year. Actual expenses may differ from estimates. 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 are not expected to exceed 1.30% for Class FI shares, 1.55% for Class R shares, 2.05% for Class R1 shares and 1.00% for Class I shares. In addition, total annual fund operating expenses for Class IS shares will not exceed total annual fund operating expenses for Class I shares. These arrangements cannot be terminated prior to December 31, 2014 without the Board of Trustees' consent. The manager is permitted to recapture amounts waived and/or reimbursed to a class during the same fiscal year if the class' total annual operating expenses have fallen to a level below the limits described above. N/A For Class FI shares, Class R shares and Class IS shares, each for the period from the class' commencement of operations to December 31, 2011, the average annual total return of the Russell 3000 Growth Index was 1.39%, 2.37% and 4.34%, respectively.