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LEGG MASON PARTNERS EQUITY TRUST
SUPPLEMENT DATED NOVEMBER 7, 2013
TO THE SUMMARY PROSPECTUS, PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION OF
CLEARBRIDGE MID CAP GROWTH FUND,
EACH DATED MARCH 1, 2013

 

 

The following language is added to the fund's Summary Prospectus, Prospectus and Statement of Additional Information:

Class R1 shares of the fund will be reclassified as Class A2 shares of the fund, effective on or about December 2, 2013.

Effective on or about December 2, 2013, the fund will offer Class A2 shares to clients of financial intermediaries with a direct transfer agent relationship with the fund.

Effective on or about December 2, 2013, the following text is added to the section titled "Fees and expenses of the fund" in the fund's Summary Prospectus and Prospectus:

 

Shareholder fees (fees paid directly from your investment)     
     Class A2
Maximum sales charge (load) imposed on purchases (as a % of offering price)    5.75
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption)
       (may be reduced over time)
   Generally,
none
Small account fee1    $15
  
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of
your investment) (%)
     Class A2
Management fees    0.80
Distribution and service (12b-1) fees    0.25
Other expenses2    2.77
Total annual fund operating expenses    3.82
Fees waived and/or expenses reimbursed3    (2.32)
Total annual fund operating expenses after waiving fees and/or reimbursing expenses    1.50

 

  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 A2 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 1.50% for Class A2 shares. This arrangement cannot be terminated prior to December 31, 2015 without the Board of Trustees' consent. The manager is permitted to recapture amounts waived and/or reimbursed to the class during the same fiscal year if the class' total annual operating expenses have fallen to a level below the limit described above.

 

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:

 

    You invest $10,000 in the fund for the time periods indicated

 

    Your investment has a 5% return each year and the fund's operating expenses remain the same

 

    You reinvest all distributions and dividends without a sales charge

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

Number of years you own your shares ($)    1 year    3 years    5 years    10 years
Class A2 (with or without redemption at end of period)    719    1,256    2,046    4,103