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Feb. 01, 2017

LEGG MASON PARTNERS EQUITY TRUST

SUPPLEMENT DATED NOVEMBER 30, 2017

TO THE SUMMARY PROSPECTUS, PROSPECTUS

AND STATEMENT OF ADDITIONAL INFORMATION

EACH DATED FEBRUARY 1, 2017, OF

CLEARBRIDGE ALL CAP VALUE FUND

 

 

THE FOLLOWING CHANGES ARE EFFECTIVE AS OF DECEMBER 1, 2017:

1) The contractual management fee rate schedule for the fund is revised to reduce the management fee for assets up to and including $2 billion and the expense cap for Classes C, FI, R, I and IS is reduced.

The following replaces the fee table and footnotes and expense example in the section of the fund’s Summary Prospectus and Prospectus titled “Fees and expenses of the fund”:

 

Shareholder fees

(fees paid directly from your investment)

 

    Class A    Class B    Class C    Class FI    Class R    Class R1    Class I    Class IS 

Maximum sales charge (load) imposed on purchases (as a % of offering price)

   5.751,2    None    None    None    None    None    None    None 

Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption)3

   None4    5.00    1.00    None    None    None    None    None 

Small account fee5

   $15    $15    $15    None    None    None    None    None 
                

Annual fund operating expenses (%)

(expenses that you pay each year as a percentage of the value of your investment)

    Class A    Class B    Class C    Class FI    Class R    Class R1    Class I    Class IS 

Management fees

   0.70    0.70    0.70    0.70    0.70    0.70    0.70    0.70 

Distribution and/or service (12b-1) fees

   0.25    1.00    1.00    0.25    0.50    1.00    None    None 

Other expenses

   0.23    1.15    0.20    0.236    0.236    0.236    0.116    0.036 

Total annual fund operating expenses

   1.18    2.85    1.90    1.18    1.43    1.93    0.81    0.73 

Fees waived and/or expenses reimbursed

   N/A    N/A    —7    (0.03)7    (0.03)7    —7    (0.01)7    (0.03)7 

Total annual fund operating expenses after waiving fees and/or reimbursing expenses8

   1.18    2.85    1.90    1.15    1.40    1.93    0.80    0.70 

 

 1 The sales charge is waived for shareholders purchasing Class A shares through accounts where LMIS is the broker-dealer of record (“LMIS Accounts”).

 

 2 Shareholders purchasing Class A shares through certain Service Agents or in certain types of accounts may be eligible for a waiver of the sales charge. For additional information, see “Sales charges” in the Prospectus.

 

 3 Maximum deferred sales charge (load) may be reduced over time.

 

 4 You may buy Class A shares in amounts of $1,000,000 or more at net asset value (without an initial sales charge), but if you redeem those shares within 18 months of their purchase, you will pay a contingent deferred sales charge of 1.00%.

 

 5 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.

 

 6 “Other expenses” for Class FI, Class R, Class R1 and Class IS shares are estimated for the current fiscal year. Actual expenses may differ from estimates.

 

 7 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 the ratio of total annual fund operating expenses will not exceed 1.90% for Class C shares, 1.15% for Class FI shares, 1.40% for Class R shares, 2.05% for Class R1 shares, 0.80% for Class I shares and 0.70% for Class IS shares, subject to recapture as described below. In addition, the ratio of total annual fund operating expenses for Class IS shares will not exceed the ratio of total annual fund operating expenses for Class I shares, subject to recapture as described below. These arrangements cannot be terminated prior to December 31, 2019 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 fund operating expenses have fallen to a level below the limits described above. In no case will the manager recapture any amount that would result, on any particular business day of the fund, in the class’ total annual fund operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

 

 8 Total annual fund operating expenses after waiving fees and/or reimbursing expenses have been restated to reflect current management fees and expense caps, as applicable.

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 A (with or without redemption at end of period)

  688  928  1,187  1,925

Class B (with redemption at end of period)

  788  1,183  1,604  2,776

Class B (without redemption at end of period)

  288  883  1,504  2,776

Class C (with redemption at end of period)

  293  597  1,026  2,222

Class C (without redemption at end of period)

  193  597  1,026  2,222

Class FI (with or without redemption at end of period)

  117  369  644  1,427

Class R (with or without redemption at end of period)

  143  447  777  1,710

Class R1 (with or without redemption at end of period)

  196  606  1,042  2,254

Class I (with or without redemption at end of period)

  82  257  448  1,001

Class IS (with or without redemption at end of period)

  72  228  401  902