0000880366 2016-06-01 2016-06-01 0000880366 lmpet:S000016655Member 2016-06-01 2016-06-01 0000880366 lmpet:S000016654Member 2016-06-01 2016-06-01 2016-06-01 Other 2016-01-31 LEGG MASON PARTNERS EQUITY TRUST 0000880366 false 2016-06-01 2016-06-01 <b>LEGG MASON PARTNERS EQUITY TRUST </b><p style="margin-top:0px;margin-bottom:0px"><b>SUPPLEMENT DATED JUNE 1, 2016 </b></p> <p style="margin-top:0px;margin-bottom:0px"><b>TO THE PROSPECTUS OF THE QS ASSET ALLOCATION FUNDS </b></p> <p style="margin-top:0px;margin-bottom:0px"><b>DATED JUNE 1, 2016 </b></p> <p style="margin-top:0px;margin-bottom:0px"> </p> <p style="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000"> </p> <p style="margin-top:12px;margin-bottom:0px"><b>The information in this supplement is effective through June 30, 2016. </b></p> <p style="margin-top:10px;margin-bottom:0px"><b>The following information is added to the cover page of the Prospectus: </b></p> <p style="margin-top:10px;margin-bottom:0px">QS GROWTH FUND </p> <p style="margin-top:0px;margin-bottom:0px">Share class (Symbol): B (SCHBX) </p> <p style="margin-top:10px;margin-bottom:0px">QS MODERATE GROWTH FUND </p> <p style="margin-top:0px;margin-bottom:0px">Share class (Symbol): B (SGRBX) </p> <p style="margin-top:10px;margin-bottom:0px"><b>The following information is added to the section of the Prospectus titled “QS Growth Fund—Fees and expenses of the fund”: </b></p> <p style="margin-top:10px;margin-bottom:0px">The fund no longer offers Class B or Class R1 shares for purchase by new or existing investors. Class B shares will continue to be available for dividend reinvestment and incoming exchanges until on or about June 28, 2016. </p> <p style="margin-top:10px;margin-bottom:0px">All outstanding Class B shares of the fund will be converted into Class A shares of the fund as soon as practicable on or about June 30, 2016 (the “Conversion Date”). The conversion of Class B shares into Class A shares will occur at the close of business on the Conversion Date. The conversion is not expected to be a taxable event for federal income tax purposes and should not result in recognition of gain or loss by converting shareholders. </p> <p style="margin-top:10px;margin-bottom:0px">Effective as of the close of business two business days prior to the Conversion Date (approximately June 28, 2016), the fund will no longer offer Class B shares for incoming exchanges. </p> <p style="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="87%"></td> <td valign="bottom" width="3%"></td> <td></td></tr> <tr> <td valign="bottom"><b>Shareholder fees</b></td> <td valign="bottom">  </td> <td valign="bottom"> </td></tr> <tr > <td valign="bottom"> <div style="margin-left:1.00em; text-indent:-1.00em">(fees paid directly from your investment)</div></td> <td valign="bottom">  </td> <td valign="bottom"></td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> </td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">Class B</td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Maximum sales charge (load) imposed on purchases (as a % of offering price)</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">None</td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption)<sup>1</sup></div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">5.00</td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Small account fee<sup>2</sup></div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">$15</td></tr> <tr> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"></td></tr> <tr> <td valign="bottom"><b>Annual fund operating expenses </b>(%)<b></b></td> <td valign="bottom">  </td> <td valign="bottom"> </td></tr> <tr > <td valign="bottom"> <div style="margin-left:1.00em; text-indent:-1.00em">(expenses that you pay each year as a percentage of the value of your investment)</div></td> <td valign="bottom">  </td> <td valign="bottom"></td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> </td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">Class B</td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Management fees</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">None</td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Distribution and/or service (12b-1) fees</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">1.00</td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Other expenses</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">0.52</td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Acquired fund fees and expenses (fees and expenses of underlying funds)</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">0.79</td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Total annual fund operating expenses<sup>3</sup></div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">2.31</td></tr> </table><br/> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%"> </td> <td width="2%" valign="top" align="left"><sup>1</sup> </td> <td align="left" valign="top"> <div align="left">Maximum deferred sales charge (load) may be reduced over time. </div></td></tr></table> <br/> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%"> </td> <td width="2%" valign="top" align="left"><sup>2</sup> </td> <td align="left" valign="top"> <div align="left">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 $15.00 per account). Direct accounts generally include accounts held in the name of the individual investor on the fund’s books and records. </div></td></tr></table> <br/><table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%"> </td> <td width="2%" valign="top" align="left"><sup>3</sup> </td> <td align="left" valign="top"> <div align="left">Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the financial highlights tables in the fund’s Prospectus and in the fund’s shareholder reports because the ratios in the financial highlights tables reflect the fund’s operating expenses and do not include acquired fund fees and expenses. </div></td></tr></table><p style="page-break-before:always"> </p> <p style="margin-top:0px;margin-bottom:0px">Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> <p style="margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="60%"></td> <td valign="bottom" width="3%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td> <td valign="bottom" width="4%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td> <td valign="bottom" width="4%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td> <td valign="bottom" width="4%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td></tr> <tr> <td valign="bottom"><b>Number of years you own your shares </b>($)<b></b></td> <td valign="bottom">  </td> <td colspan="4" valign="bottom"> </td> <td valign="bottom">  </td> <td colspan="4" valign="bottom"> </td> <td valign="bottom">  </td> <td colspan="4" valign="bottom"> </td> <td valign="bottom">  </td> <td colspan="4" valign="bottom"> </td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> </td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">1 year</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">3 years</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">5 years</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">10 years</td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Class B (with redemption at end of period)</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">734</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">1,021</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">1,335</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">2,400</td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Class B (without redemption at end of period)</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">234</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">721</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">1,235</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">2,400</td></tr> </table> <p style="margin-top:10px;margin-bottom:0px"><b>The following information is added to the section of the Prospectus titled “QS Growth Fund—Performance”: </b></p> <p style="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="70%"></td> <td valign="bottom" width="3%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td> <td valign="bottom" width="4%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td> <td valign="bottom" width="4%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td></tr> <tr> <td valign="bottom"><b>Average annual total returns </b>(%)<b></b></td> <td valign="bottom">  </td> <td colspan="4" valign="bottom"> </td> <td valign="bottom">  </td> <td colspan="4" valign="bottom"> </td> <td valign="bottom">  </td> <td colspan="4" valign="bottom"> </td></tr> <tr > <td valign="bottom"> <div style="margin-left:1.00em; text-indent:-1.00em">(for periods ended December 31, 2015)</div></td> <td valign="bottom">  </td> <td colspan="4" valign="bottom"></td> <td valign="bottom">  </td> <td colspan="4" valign="bottom"></td> <td valign="bottom">  </td> <td colspan="4" valign="bottom"></td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> </td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">1 year</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">5 years</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">10 years</td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Other Classes (Return before taxes only)</b></div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td colspan="4" valign="bottom" style="border-bottom:1px solid #b2b2b2"> </td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td colspan="4" valign="bottom" style="border-bottom:1px solid #b2b2b2"> </td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td colspan="4" valign="bottom" style="border-bottom:1px solid #b2b2b2"> </td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Class B</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">(7.90)</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">6.28</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">3.62</td></tr> </table><p style="margin-top:10px;margin-bottom:0px"><b>The following information is added to the section of the Prospectus titled “QS Moderate Growth Fund—Fees and expenses of the fund”: </b></p> <p style="margin-top:10px;margin-bottom:0px">The fund no longer offers Class B or Class R1 shares for purchase by new or existing investors. Class B shares will continue to be available for dividend reinvestment and incoming exchanges until on or about June 28, 2016. </p> <p style="margin-top:10px;margin-bottom:0px">All outstanding Class B shares of the fund will be converted into Class A shares of the fund as soon as practicable on or about June 30, 2016 (the “Conversion Date”). The conversion of Class B shares into Class A shares will occur at the close of business on the Conversion Date. The conversion is not expected to be a taxable event for federal income tax purposes and should not result in recognition of gain or loss by converting shareholders. </p> <p style="margin-top:10px;margin-bottom:0px">Effective as of the close of business two business days prior to the Conversion Date (approximately June 28, 2016), the fund will no longer offer Class B shares for incoming exchanges. </p> <p style="page-break-before:always"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="87%"></td> <td valign="bottom" width="3%"></td> <td></td></tr> <tr> <td valign="bottom"><b>Shareholder fees</b></td> <td valign="bottom">  </td> <td valign="bottom"> </td></tr> <tr > <td valign="bottom"> <div style="margin-left:1.00em; text-indent:-1.00em">(fees paid directly from your investment)</div></td> <td valign="bottom">  </td> <td valign="bottom"></td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> </td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">Class B</td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Maximum sales charge (load) imposed on purchases (as a % of offering price)</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">None</td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption)<sup>1</sup></div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">5.00</td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Small account fee<sup>2</sup></div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">$15</td></tr> <tr> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"></td></tr> <tr> <td valign="bottom"><b>Annual fund operating expenses </b>(%)<b></b></td> <td valign="bottom">  </td> <td valign="bottom"> </td></tr> <tr > <td valign="bottom"> <div style="margin-left:1.00em; text-indent:-1.00em">(expenses that you pay each year as a percentage of the value of your investment)</div></td> <td valign="bottom">  </td> <td valign="bottom"></td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> </td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">Class B</td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Management fees</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">None</td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Distribution and/or service (12b-1) fees</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">1.00</td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Other expenses</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">0.51</td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Acquired fund fees and expenses (fees and expenses of underlying funds)</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">0.75</td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Total annual fund operating expenses<sup>3</sup></div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">2.26</td></tr> </table> <br/><table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%"> </td> <td width="2%" valign="top" align="left"><sup>1</sup> </td> <td align="left" valign="top"> <div align="left">Maximum deferred sales charge (load) may be reduced over time. </div></td></tr></table> <br/> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%"> </td> <td width="2%" valign="top" align="left"><sup>2</sup> </td> <td align="left" valign="top"> <div align="left">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 $15.00 per account). Direct accounts generally include accounts held in the name of the individual investor on the fund’s books and records. </div></td></tr></table> <br/><table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%"> </td> <td width="2%" valign="top" align="left"><sup>3</sup> </td> <td align="left" valign="top"> <div align="left">Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the financial highlights tables in the fund’s Prospectus and in the fund’s shareholder reports because the ratios in the financial highlights tables reflect the fund’s operating expenses and do not include acquired fund fees and expenses. </div></td></tr></table> <p style="margin-top:10px;margin-bottom:0px">Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> <p style="margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="60%"></td> <td valign="bottom" width="3%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td> <td valign="bottom" width="4%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td> <td valign="bottom" width="4%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td> <td valign="bottom" width="4%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td></tr> <tr> <td valign="bottom" colspan="13"><b>Number of years you own your shares </b>($)<b></b></td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> </td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">1 year</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">3 years</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">5 years</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">10 years</td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Class B (with redemption at end of period)</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">729</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">1,006</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">1,309</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">2,339</td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Class B (without redemption at end of period)</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">229</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">706</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">1,209</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">2,339</td></tr> </table> <p style="margin-top:10px;margin-bottom:0px"><b>The following information is added to the section of the Prospectus titled “QS Moderate Growth Fund—Performance”: </b></p> <p style="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="70%"></td> <td valign="bottom" width="3%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td> <td valign="bottom" width="4%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td> <td valign="bottom" width="4%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td></tr> <tr> <td valign="bottom" colspan="10"><b>Average annual total returns </b>(%)<b></b></td></tr> <tr > <td valign="bottom" colspan="9"> <div style="margin-left:1.00em; text-indent:-1.00em">(for periods ended December 31, 2015)</div></td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> </td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">1 year</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">5 years</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">10 years</td></tr> <tr > <td valign="bottom" colspan="3" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Other Classes (Return before taxes only)</b></div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td colspan="4" valign="bottom" style="border-bottom:1px solid #b2b2b2"> </td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td colspan="4" valign="bottom" style="border-bottom:1px solid #b2b2b2"> </td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Class B</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">(7.48)</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">5.85</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">4.03</td></tr> </table> <b>LEGG MASON PARTNERS EQUITY TRUST </b><p style="margin-top:0px;margin-bottom:0px"><b>SUPPLEMENT DATED JUNE 1, 2016 </b></p> <p style="margin-top:0px;margin-bottom:0px"><b>TO THE PROSPECTUS OF THE QS ASSET ALLOCATION FUNDS </b></p> <p style="margin-top:0px;margin-bottom:0px"><b>DATED JUNE 1, 2016 </b></p> <p style="margin-top:0px;margin-bottom:0px"> </p> <p style="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000"> </p> <p style="margin-top:12px;margin-bottom:0px"><b>The information in this supplement is effective through June 30, 2016. </b></p> <p style="margin-top:10px;margin-bottom:0px"><b>The following information is added to the cover page of the Prospectus: </b></p> <p style="margin-top:10px;margin-bottom:0px">QS GROWTH FUND </p> <p style="margin-top:0px;margin-bottom:0px">Share class (Symbol): B (SCHBX) </p> <p style="margin-top:10px;margin-bottom:0px"><b>The following information is added to the section of the Prospectus titled “QS Growth Fund—Fees and expenses of the fund”: </b></p> <p style="margin-top:10px;margin-bottom:0px">The fund no longer offers Class B or Class R1 shares for purchase by new or existing investors. Class B shares will continue to be available for dividend reinvestment and incoming exchanges until on or about June 28, 2016. </p> <p style="margin-top:10px;margin-bottom:0px">All outstanding Class B shares of the fund will be converted into Class A shares of the fund as soon as practicable on or about June 30, 2016 (the “Conversion Date”). The conversion of Class B shares into Class A shares will occur at the close of business on the Conversion Date. The conversion is not expected to be a taxable event for federal income tax purposes and should not result in recognition of gain or loss by converting shareholders. </p> <p style="margin-top:10px;margin-bottom:0px">Effective as of the close of business two business days prior to the Conversion Date (approximately June 28, 2016), the fund will no longer offer Class B shares for incoming exchanges. </p> <p style="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="87%"></td> <td valign="bottom" width="3%"></td> <td></td></tr> <tr> <td valign="bottom"><b>Shareholder fees</b></td> <td valign="bottom">  </td> <td valign="bottom"> </td></tr> <tr > <td valign="bottom"> <div style="margin-left:1.00em; text-indent:-1.00em">(fees paid directly from your investment)</div></td> <td valign="bottom">  </td> <td valign="bottom"></td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> </td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">Class B</td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Maximum sales charge (load) imposed on purchases (as a % of offering price)</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">None</td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption)<sup>1</sup></div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">5.00</td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Small account fee<sup>2</sup></div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">$15</td></tr> <tr> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"></td></tr> <tr> <td valign="bottom"><b>Annual fund operating expenses </b>(%)<b></b></td> <td valign="bottom">  </td> <td valign="bottom"> </td></tr> <tr > <td valign="bottom"> <div style="margin-left:1.00em; text-indent:-1.00em">(expenses that you pay each year as a percentage of the value of your investment)</div></td> <td valign="bottom">  </td> <td valign="bottom"></td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> </td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">Class B</td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Management fees</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">None</td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Distribution and/or service (12b-1) fees</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">1.00</td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Other expenses</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">0.52</td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Acquired fund fees and expenses (fees and expenses of underlying funds)</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">0.79</td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Total annual fund operating expenses<sup>3</sup></div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">2.31</td></tr> </table><br/><table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%"> </td> <td width="2%" valign="top" align="left"><sup>1</sup> </td> <td align="left" valign="top"> <div align="left">Maximum deferred sales charge (load) may be reduced over time. </div></td></tr></table><br/> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%"> </td> <td width="2%" valign="top" align="left"><sup>2</sup> </td> <td align="left" valign="top"> <div align="left">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 $15.00 per account). Direct accounts generally include accounts held in the name of the individual investor on the fund’s books and records. </div></td></tr></table><br/> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%"> </td> <td width="2%" valign="top" align="left"><sup>3</sup> </td> <td align="left" valign="top"> <div align="left">Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the financial highlights tables in the fund’s Prospectus and in the fund’s shareholder reports because the ratios in the financial highlights tables reflect the fund’s operating expenses and do not include acquired fund fees and expenses. </div></td></tr></table> <p style="page-break-before:always"> </p> <p style="margin-top:0px;margin-bottom:0px">Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> <p style="margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="60%"></td> <td valign="bottom" width="3%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td> <td valign="bottom" width="4%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td> <td valign="bottom" width="4%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td> <td valign="bottom" width="4%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td></tr> <tr> <td valign="bottom"><b>Number of years you own your shares </b>($)<b></b></td> <td valign="bottom">  </td> <td colspan="4" valign="bottom"> </td> <td valign="bottom">  </td> <td colspan="4" valign="bottom"> </td> <td valign="bottom">  </td> <td colspan="4" valign="bottom"> </td> <td valign="bottom">  </td> <td colspan="4" valign="bottom"> </td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> </td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">1 year</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">3 years</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">5 years</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">10 years</td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Class B (with redemption at end of period)</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">734</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">1,021</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">1,335</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">2,400</td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Class B (without redemption at end of period)</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">234</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">721</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">1,235</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">2,400</td></tr> </table> <p style="margin-top:10px;margin-bottom:0px"><b>The following information is added to the section of the Prospectus titled “QS Growth Fund—Performance”: </b></p> <p style="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="70%"></td> <td valign="bottom" width="3%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td> <td valign="bottom" width="4%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td> <td valign="bottom" width="4%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td></tr> <tr> <td valign="bottom"><b>Average annual total returns </b>(%)<b></b></td> <td valign="bottom">  </td> <td colspan="4" valign="bottom"> </td> <td valign="bottom">  </td> <td colspan="4" valign="bottom"> </td> <td valign="bottom">  </td> <td colspan="4" valign="bottom"> </td></tr> <tr > <td valign="bottom"> <div style="margin-left:1.00em; text-indent:-1.00em">(for periods ended December 31, 2015)</div></td> <td valign="bottom">  </td> <td colspan="4" valign="bottom"></td> <td valign="bottom">  </td> <td colspan="4" valign="bottom"></td> <td valign="bottom">  </td> <td colspan="4" valign="bottom"></td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> </td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">1 year</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">5 years</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">10 years</td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Other Classes (Return before taxes only)</b></div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td colspan="4" valign="bottom" style="border-bottom:1px solid #b2b2b2"> </td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td colspan="4" valign="bottom" style="border-bottom:1px solid #b2b2b2"> </td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td colspan="4" valign="bottom" style="border-bottom:1px solid #b2b2b2"> </td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Class B</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">(7.90)</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">6.28</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">3.62</td></tr> </table> <b>LEGG MASON PARTNERS EQUITY TRUST </b><p style="margin-top:0px;margin-bottom:0px"><b>SUPPLEMENT DATED JUNE 1, 2016 </b></p> <p style="margin-top:0px;margin-bottom:0px"><b>TO THE PROSPECTUS OF THE QS ASSET ALLOCATION FUNDS </b></p> <p style="margin-top:0px;margin-bottom:0px"><b>DATED JUNE 1, 2016 </b></p> <p style="margin-top:0px;margin-bottom:0px"> </p> <p style="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000"> </p> <p style="margin-top:12px;margin-bottom:0px"><b>The information in this supplement is effective through June 30, 2016. </b></p> <p style="margin-top:10px;margin-bottom:0px"><b>The following information is added to the cover page of the Prospectus: </b></p> <p style="margin-top:10px;margin-bottom:0px">QS MODERATE GROWTH FUND </p> <p style="margin-top:0px;margin-bottom:0px">Share class (Symbol): B (SGRBX) </p><p style="margin-top:10px;margin-bottom:0px"><b>The following information is added to the section of the Prospectus titled “QS Moderate Growth Fund—Fees and expenses of the fund”: </b></p> <p style="margin-top:10px;margin-bottom:0px">The fund no longer offers Class B or Class R1 shares for purchase by new or existing investors. Class B shares will continue to be available for dividend reinvestment and incoming exchanges until on or about June 28, 2016. </p> <p style="margin-top:10px;margin-bottom:0px">All outstanding Class B shares of the fund will be converted into Class A shares of the fund as soon as practicable on or about June 30, 2016 (the “Conversion Date”). The conversion of Class B shares into Class A shares will occur at the close of business on the Conversion Date. The conversion is not expected to be a taxable event for federal income tax purposes and should not result in recognition of gain or loss by converting shareholders. </p> <p style="margin-top:10px;margin-bottom:0px">Effective as of the close of business two business days prior to the Conversion Date (approximately June 28, 2016), the fund will no longer offer Class B shares for incoming exchanges. </p> <p style="page-break-before:always"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="87%"></td> <td valign="bottom" width="3%"></td> <td></td></tr> <tr> <td valign="bottom"><b>Shareholder fees</b></td> <td valign="bottom">  </td> <td valign="bottom"> </td></tr> <tr > <td valign="bottom"> <div style="margin-left:1.00em; text-indent:-1.00em">(fees paid directly from your investment)</div></td> <td valign="bottom">  </td> <td valign="bottom"></td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> </td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">Class B</td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Maximum sales charge (load) imposed on purchases (as a % of offering price)</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">None</td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption)<sup>1</sup></div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">5.00</td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Small account fee<sup>2</sup></div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">$15</td></tr> <tr> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"></td></tr> <tr> <td valign="bottom"><b>Annual fund operating expenses </b>(%)<b></b></td> <td valign="bottom">  </td> <td valign="bottom"> </td></tr> <tr > <td valign="bottom"> <div style="margin-left:1.00em; text-indent:-1.00em">(expenses that you pay each year as a percentage of the value of your investment)</div></td> <td valign="bottom">  </td> <td valign="bottom"></td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> </td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">Class B</td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Management fees</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">None</td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Distribution and/or service (12b-1) fees</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">1.00</td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Other expenses</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">0.51</td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Acquired fund fees and expenses (fees and expenses of underlying funds)</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">0.75</td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Total annual fund operating expenses<sup>3</sup></div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" align="center" style="border-bottom:1px solid #b2b2b2">2.26</td></tr> </table><br/><table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%"> </td> <td width="2%" valign="top" align="left"><sup>1</sup> </td> <td align="left" valign="top"> <div align="left">Maximum deferred sales charge (load) may be reduced over time. </div></td></tr></table> <br/> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%"> </td> <td width="2%" valign="top" align="left"><sup>2</sup> </td> <td align="left" valign="top"> <div align="left">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 $15.00 per account). Direct accounts generally include accounts held in the name of the individual investor on the fund’s books and records. </div></td></tr></table> <br/> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="1%"> </td> <td width="2%" valign="top" align="left"><sup>3</sup> </td> <td align="left" valign="top"> <div align="left">Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the financial highlights tables in the fund’s Prospectus and in the fund’s shareholder reports because the ratios in the financial highlights tables reflect the fund’s operating expenses and do not include acquired fund fees and expenses. </div></td></tr></table> <p style="margin-top:10px;margin-bottom:0px">Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> <p style="margin-top:0px;margin-bottom:0px"> </p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="60%"></td> <td valign="bottom" width="3%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td> <td valign="bottom" width="4%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td> <td valign="bottom" width="4%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td> <td valign="bottom" width="4%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td></tr> <tr> <td valign="bottom" colspan="13"><b>Number of years you own your shares </b>($)<b></b></td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> </td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">1 year</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">3 years</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">5 years</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">10 years</td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Class B (with redemption at end of period)</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">729</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">1,006</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">1,309</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">2,339</td></tr> <tr > <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Class B (without redemption at end of period)</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">229</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">706</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">1,209</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">2,339</td></tr> </table> <p style="margin-top:10px;margin-bottom:0px"><b>The following information is added to the section of the Prospectus titled “QS Moderate Growth Fund—Performance”: </b></p> <p style="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="70%"></td> <td valign="bottom" width="3%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td> <td valign="bottom" width="4%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td> <td valign="bottom" width="4%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td></tr> <tr> <td valign="bottom" colspan="10"><b>Average annual total returns </b>(%)<b></b></td></tr> <tr > <td valign="bottom" colspan="9"> <div style="margin-left:1.00em; text-indent:-1.00em">(for periods ended December 31, 2015)</div></td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> </td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">1 year</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">5 years</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">10 years</td></tr> <tr > <td valign="bottom" colspan="3" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em"><b>Other Classes (Return before taxes only)</b></div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td colspan="4" valign="bottom" style="border-bottom:1px solid #b2b2b2"> </td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td colspan="4" valign="bottom" style="border-bottom:1px solid #b2b2b2"> </td></tr> <tr> <td valign="bottom" style="border-bottom:1px solid #b2b2b2"> <div style="margin-left:1.00em; text-indent:-1.00em">Class B</div></td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">(7.48)</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">5.85</td> <td valign="bottom" style="border-bottom:1px solid #b2b2b2">  </td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #b2b2b2">4.03</td></tr> </table>