XML 10 R3.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName LEGG MASON PARTNERS EQUITY TRUST
Prospectus Date rr_ProspectusDate Nov. 30, 2017
Supplement [Text Block] lmpet7_SupplementTextBlock

LEGG MASON PARTNERS EQUITY TRUST

SUPPLEMENT DATED NOVEMBER 30, 2017

TO THE SUMMARY PROSPECTUSES, PROSPECTUSES

AND STATEMENTS OF ADDITIONAL INFORMATION,

OF THE FUNDS LISTED BELOW AND IN SCHEDULE A

 

 

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

QS GLOBAL EQUITY FUND

The contractual management fee schedule for the fund 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” and supersedes anything to the contrary in the fund’s Prospectus:

 

Shareholder fees
(fees paid directly from your investment)
 
  
    Class A    Class C    Class FI    Class R    Class R1    Class I    Class IS    Class 1 
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    1.00    None    None    None    None    None    None 
Small account fee5
   $15    $15    None    None    None    None    None    $15 
                
Annual fund operating expenses (%)
(expenses that you pay each year as a percentage of the value of your investment)
 
  
    Class A    Class C    Class FI    Class R    Class R1    Class I    Class IS    Class 1 
Management fees
   0.75    0.75    0.75    0.75    0.75    0.75    0.75    0.75 
Distribution and/or service (12b-1) fees
   0.25    1.00    0.25    0.50    1.00    None    None    None 
Other expenses
   0.49    0.49    0.376    0.376    0.376    0.26    0.176    0.51 
Total annual fund operating expenses7
   1.49    2.24    1.37    1.62    2.12    1.01    0.92    1.26 
Fees waived and/or expenses reimbursed8
   (0.19)    (0.19)    (0.07)    (0.07)    —    (0.06)    (0.02)    — 
Total annual fund operating expenses after waiving fees and/or reimbursing expenses
   1.30    2.05    1.30    1.55    2.12    0.95    0.90    1.26 

 

 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.

 

 7Total annual fund operating expenses have been restated to reflect current management fees.

 

 8The 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 1.30% for Class A shares, 2.05% for Class C shares, 1.30% for Class FI shares, 1.55% for Class R shares, 2.25% for Class R1 shares, 0.95% for Class I shares, 0.90% for Class IS shares and 1.30% for Class 1 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 and the ratio of total annual fund operating expenses for Class 1 shares will not exceed the ratio of total annual fund operating expenses for Class A shares, each 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.

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)
  700  983  1,307  2,221
Class C (with redemption at end of period)
  308  663  1,164  2,543
Class C (without redemption at end of period)
  208  663  1,164  2,543
Class FI (with or without redemption at end of period)
  132  419  735  1,633
Class R (with or without redemption at end of period)
  158  497  867  1,908
Class R1 (with or without redemption at end of period)
  215  664  1,139  2,452
Class I (with or without redemption at end of period)
  97  310  547  1,226
Class IS (with or without redemption at end of period)
  92  290  506  1,128
Class 1 (with or without redemption at end of period)
  128  399  691  1,522


QS U.S. LARGE CAP EQUITY FUND

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” and supersedes anything to the contrary in the fund’s Prospectus:

 

Shareholder fees
(fees paid directly from your investment)
 
    Class A    Class C    Class FI    Class R    Class R1    Class I    Class IS 
Maximum sales charge (load) imposed on purchases
(as a % of offering price)3
   5.751,2    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    1.00    None    None    None    None    None 
Small account fee5
   $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 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 
Distribution and/or service (12b-1) fees
   0.25    1.00    0.25    0.50    1.00    None    None 
Other expenses
   0.146    0.146    0.31    0.246    0.246    0.04    0.04 
Total annual fund operating expenses7
   1.09    1.84    1.26    1.44    1.94    0.74    0.74 
Fees waived and/or expenses reimbursed8
   (0.04)    (0.04)    (0.21)    (0.14)    (0.14)    —      (0.04) 
Total annual fund operating expenses after waiving fees and/or reimbursing expenses
   1.05    1.80    1.05    1.30    1.80    0.74    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 A, Class C, Class R shares and Class R1 shares are estimated for the current fiscal year. Actual expenses may differ from estimates.

 

 7Total annual fund operating expenses have been restated to reflect current management fees.

 

 8 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 1.05% for Class A shares, 1.80% for Class C shares, 1.05% for Class FI shares, 1.30% for Class R shares, 1.80% 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 in any other lower limit then in effect.

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)
  676  894  1,134  1,820
Class C (with redemption at end of period)
  283  571  988  2,152
Class C (without redemption at end of period)
  183  571  988  2,152
Class FI (with or without redemption at end of period)
  107  357  650  1,485
Class R (with or without redemption at end of period)
  132  427  759  1,698
Class R1 (with or without redemption at end of period)
  183  582  1,021  2,242
Class I (with or without redemption at end of period)
  76  237  412  919
Class IS (with or without redemption at end of period)
  72  229  404  911

SCHEDULE A

 

Fund
  
Date of
Prospectus
LEGG MASON PARTNERS EQUITY TRUST
  
QS Global Equity Fund
  March 1, 2017
QS U.S. Large Cap Equity Fund
  March 31, 2017
QS Global Equity Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] lmpet7_SupplementTextBlock

LEGG MASON PARTNERS EQUITY TRUST

SUPPLEMENT DATED NOVEMBER 30, 2017

TO THE SUMMARY PROSPECTUSES, PROSPECTUSES

AND STATEMENTS OF ADDITIONAL INFORMATION,

OF THE FUNDS LISTED BELOW AND IN SCHEDULE A

 

 

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

QS GLOBAL EQUITY FUND

The contractual management fee schedule for the fund 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” and supersedes anything to the contrary in the fund’s Prospectus:

 

Shareholder fees
(fees paid directly from your investment)
 
  
    Class A    Class C    Class FI    Class R    Class R1    Class I    Class IS    Class 1 
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    1.00    None    None    None    None    None    None 
Small account fee5
   $15    $15    None    None    None    None    None    $15 
                
Annual fund operating expenses (%)
(expenses that you pay each year as a percentage of the value of your investment)
 
  
    Class A    Class C    Class FI    Class R    Class R1    Class I    Class IS    Class 1 
Management fees
   0.75    0.75    0.75    0.75    0.75    0.75    0.75    0.75 
Distribution and/or service (12b-1) fees
   0.25    1.00    0.25    0.50    1.00    None    None    None 
Other expenses
   0.49    0.49    0.376    0.376    0.376    0.26    0.176    0.51 
Total annual fund operating expenses7
   1.49    2.24    1.37    1.62    2.12    1.01    0.92    1.26 
Fees waived and/or expenses reimbursed8
   (0.19)    (0.19)    (0.07)    (0.07)    —    (0.06)    (0.02)    — 
Total annual fund operating expenses after waiving fees and/or reimbursing expenses
   1.30    2.05    1.30    1.55    2.12    0.95    0.90    1.26 

 

 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.

 

 7Total annual fund operating expenses have been restated to reflect current management fees.

 

 8The 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 1.30% for Class A shares, 2.05% for Class C shares, 1.30% for Class FI shares, 1.55% for Class R shares, 2.25% for Class R1 shares, 0.95% for Class I shares, 0.90% for Class IS shares and 1.30% for Class 1 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 and the ratio of total annual fund operating expenses for Class 1 shares will not exceed the ratio of total annual fund operating expenses for Class A shares, each 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.

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)
  700  983  1,307  2,221
Class C (with redemption at end of period)
  308  663  1,164  2,543
Class C (without redemption at end of period)
  208  663  1,164  2,543
Class FI (with or without redemption at end of period)
  132  419  735  1,633
Class R (with or without redemption at end of period)
  158  497  867  1,908
Class R1 (with or without redemption at end of period)
  215  664  1,139  2,452
Class I (with or without redemption at end of period)
  97  310  547  1,226
Class IS (with or without redemption at end of period)
  92  290  506  1,128
Class 1 (with or without redemption at end of period)
  128  399  691  1,522

SCHEDULE A

 

Fund
  
Date of
Prospectus
LEGG MASON PARTNERS EQUITY TRUST
  
QS Global Equity Fund
  March 1, 2017
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual fund operating expenses (%)
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination December 31, 2019
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock 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%.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates "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.
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Total annual fund operating expenses have been restated to reflect current management fees.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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 $10,000 in the fund for the time periods indicated
  • Your investment has a 5% return each year and the fund’s operating expenses remain the same
  • You reinvest all distributions and dividends without a sales charge
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Number of years you own your shares ($)
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption Number of years you own your shares ($)
QS Global Equity Fund | Class A  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75% [1],[2]
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) rr_MaximumDeferredSalesChargeOverOther none [3],[4]
Small account fee ($) rr_MaximumAccountFee $ 15 [5]
Management fees rr_ManagementFeesOverAssets 0.75%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 0.49%
Total annual fund operating expenses rr_ExpensesOverAssets 1.49% [6]
Fees waived and/or expenses reimbursed rr_FeeWaiverOrReimbursementOverAssets (0.19%) [7]
Total annual fund operating expenses after waiving fees and/or reimbursing expenses rr_NetExpensesOverAssets 1.30%
1 year rr_ExpenseExampleYear01 $ 700
3 years rr_ExpenseExampleYear03 983
5 years rr_ExpenseExampleYear05 1,307
10 years rr_ExpenseExampleYear10 2,221
1 year rr_ExpenseExampleNoRedemptionYear01 700
3 years rr_ExpenseExampleNoRedemptionYear03 983
5 years rr_ExpenseExampleNoRedemptionYear05 1,307
10 years rr_ExpenseExampleNoRedemptionYear10 $ 2,221
QS Global Equity Fund | Class C  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) rr_MaximumDeferredSalesChargeOverOther 1.00% [3]
Small account fee ($) rr_MaximumAccountFee $ 15 [5]
Management fees rr_ManagementFeesOverAssets 0.75%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses rr_OtherExpensesOverAssets 0.49%
Total annual fund operating expenses rr_ExpensesOverAssets 2.24% [6]
Fees waived and/or expenses reimbursed rr_FeeWaiverOrReimbursementOverAssets (0.19%) [7]
Total annual fund operating expenses after waiving fees and/or reimbursing expenses rr_NetExpensesOverAssets 2.05%
1 year rr_ExpenseExampleYear01 $ 308
3 years rr_ExpenseExampleYear03 663
5 years rr_ExpenseExampleYear05 1,164
10 years rr_ExpenseExampleYear10 2,543
1 year rr_ExpenseExampleNoRedemptionYear01 208
3 years rr_ExpenseExampleNoRedemptionYear03 663
5 years rr_ExpenseExampleNoRedemptionYear05 1,164
10 years rr_ExpenseExampleNoRedemptionYear10 $ 2,543
QS Global Equity Fund | Class FI  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) rr_MaximumDeferredSalesChargeOverOther none [3]
Small account fee ($) rr_MaximumAccountFee none [5]
Management fees rr_ManagementFeesOverAssets 0.75%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 0.37% [8]
Total annual fund operating expenses rr_ExpensesOverAssets 1.37% [6]
Fees waived and/or expenses reimbursed rr_FeeWaiverOrReimbursementOverAssets (0.07%) [7]
Total annual fund operating expenses after waiving fees and/or reimbursing expenses rr_NetExpensesOverAssets 1.30%
1 year rr_ExpenseExampleYear01 $ 132
3 years rr_ExpenseExampleYear03 419
5 years rr_ExpenseExampleYear05 735
10 years rr_ExpenseExampleYear10 1,633
1 year rr_ExpenseExampleNoRedemptionYear01 132
3 years rr_ExpenseExampleNoRedemptionYear03 419
5 years rr_ExpenseExampleNoRedemptionYear05 735
10 years rr_ExpenseExampleNoRedemptionYear10 $ 1,633
QS Global Equity Fund | Class R  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) rr_MaximumDeferredSalesChargeOverOther none [3]
Small account fee ($) rr_MaximumAccountFee none [5]
Management fees rr_ManagementFeesOverAssets 0.75%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Other expenses rr_OtherExpensesOverAssets 0.37% [8]
Total annual fund operating expenses rr_ExpensesOverAssets 1.62% [6]
Fees waived and/or expenses reimbursed rr_FeeWaiverOrReimbursementOverAssets (0.07%) [7]
Total annual fund operating expenses after waiving fees and/or reimbursing expenses rr_NetExpensesOverAssets 1.55%
1 year rr_ExpenseExampleYear01 $ 158
3 years rr_ExpenseExampleYear03 497
5 years rr_ExpenseExampleYear05 867
10 years rr_ExpenseExampleYear10 1,908
1 year rr_ExpenseExampleNoRedemptionYear01 158
3 years rr_ExpenseExampleNoRedemptionYear03 497
5 years rr_ExpenseExampleNoRedemptionYear05 867
10 years rr_ExpenseExampleNoRedemptionYear10 $ 1,908
QS Global Equity Fund | Class R1  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) rr_MaximumDeferredSalesChargeOverOther none [3]
Small account fee ($) rr_MaximumAccountFee none [5]
Management fees rr_ManagementFeesOverAssets 0.75%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses rr_OtherExpensesOverAssets 0.37% [8]
Total annual fund operating expenses rr_ExpensesOverAssets 2.12% [6]
Fees waived and/or expenses reimbursed rr_FeeWaiverOrReimbursementOverAssets [7]
Total annual fund operating expenses after waiving fees and/or reimbursing expenses rr_NetExpensesOverAssets 2.12%
1 year rr_ExpenseExampleYear01 $ 215
3 years rr_ExpenseExampleYear03 664
5 years rr_ExpenseExampleYear05 1,139
10 years rr_ExpenseExampleYear10 2,452
1 year rr_ExpenseExampleNoRedemptionYear01 215
3 years rr_ExpenseExampleNoRedemptionYear03 664
5 years rr_ExpenseExampleNoRedemptionYear05 1,139
10 years rr_ExpenseExampleNoRedemptionYear10 $ 2,452
QS Global Equity Fund | Class I  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) rr_MaximumDeferredSalesChargeOverOther none [3]
Small account fee ($) rr_MaximumAccountFee none [5]
Management fees rr_ManagementFeesOverAssets 0.75%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.26%
Total annual fund operating expenses rr_ExpensesOverAssets 1.01% [6]
Fees waived and/or expenses reimbursed rr_FeeWaiverOrReimbursementOverAssets (0.06%) [7]
Total annual fund operating expenses after waiving fees and/or reimbursing expenses rr_NetExpensesOverAssets 0.95%
1 year rr_ExpenseExampleYear01 $ 97
3 years rr_ExpenseExampleYear03 310
5 years rr_ExpenseExampleYear05 547
10 years rr_ExpenseExampleYear10 1,226
1 year rr_ExpenseExampleNoRedemptionYear01 97
3 years rr_ExpenseExampleNoRedemptionYear03 310
5 years rr_ExpenseExampleNoRedemptionYear05 547
10 years rr_ExpenseExampleNoRedemptionYear10 $ 1,226
QS Global Equity Fund | Class IS  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) rr_MaximumDeferredSalesChargeOverOther none [3]
Small account fee ($) rr_MaximumAccountFee none [5]
Management fees rr_ManagementFeesOverAssets 0.75%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.17% [8]
Total annual fund operating expenses rr_ExpensesOverAssets 0.92% [6]
Fees waived and/or expenses reimbursed rr_FeeWaiverOrReimbursementOverAssets (0.02%) [7]
Total annual fund operating expenses after waiving fees and/or reimbursing expenses rr_NetExpensesOverAssets 0.90%
1 year rr_ExpenseExampleYear01 $ 92
3 years rr_ExpenseExampleYear03 290
5 years rr_ExpenseExampleYear05 506
10 years rr_ExpenseExampleYear10 1,128
1 year rr_ExpenseExampleNoRedemptionYear01 92
3 years rr_ExpenseExampleNoRedemptionYear03 290
5 years rr_ExpenseExampleNoRedemptionYear05 506
10 years rr_ExpenseExampleNoRedemptionYear10 $ 1,128
QS Global Equity Fund | Class 1  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) rr_MaximumDeferredSalesChargeOverOther none [3]
Small account fee ($) rr_MaximumAccountFee $ 15 [5]
Management fees rr_ManagementFeesOverAssets 0.75%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.51%
Total annual fund operating expenses rr_ExpensesOverAssets 1.26% [6]
Fees waived and/or expenses reimbursed rr_FeeWaiverOrReimbursementOverAssets [7]
Total annual fund operating expenses after waiving fees and/or reimbursing expenses rr_NetExpensesOverAssets 1.26%
1 year rr_ExpenseExampleYear01 $ 128
3 years rr_ExpenseExampleYear03 399
5 years rr_ExpenseExampleYear05 691
10 years rr_ExpenseExampleYear10 1,522
1 year rr_ExpenseExampleNoRedemptionYear01 128
3 years rr_ExpenseExampleNoRedemptionYear03 399
5 years rr_ExpenseExampleNoRedemptionYear05 691
10 years rr_ExpenseExampleNoRedemptionYear10 $ 1,522
QS U.S. Large Cap Equity Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] lmpet7_SupplementTextBlock

LEGG MASON PARTNERS EQUITY TRUST

SUPPLEMENT DATED NOVEMBER 30, 2017

TO THE SUMMARY PROSPECTUSES, PROSPECTUSES

AND STATEMENTS OF ADDITIONAL INFORMATION,

OF THE FUNDS LISTED BELOW AND IN SCHEDULE A

 

 

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

QS U.S. LARGE CAP EQUITY FUND

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” and supersedes anything to the contrary in the fund’s Prospectus:

 

Shareholder fees
(fees paid directly from your investment)
 
    Class A    Class C    Class FI    Class R    Class R1    Class I    Class IS 
Maximum sales charge (load) imposed on purchases
(as a % of offering price)3
   5.751,2    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    1.00    None    None    None    None    None 
Small account fee5
   $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 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 
Distribution and/or service (12b-1) fees
   0.25    1.00    0.25    0.50    1.00    None    None 
Other expenses
   0.146    0.146    0.31    0.246    0.246    0.04    0.04 
Total annual fund operating expenses7
   1.09    1.84    1.26    1.44    1.94    0.74    0.74 
Fees waived and/or expenses reimbursed8
   (0.04)    (0.04)    (0.21)    (0.14)    (0.14)    —      (0.04) 
Total annual fund operating expenses after waiving fees and/or reimbursing expenses
   1.05    1.80    1.05    1.30    1.80    0.74    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 A, Class C, Class R shares and Class R1 shares are estimated for the current fiscal year. Actual expenses may differ from estimates.

 

 7Total annual fund operating expenses have been restated to reflect current management fees.

 

 8 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 1.05% for Class A shares, 1.80% for Class C shares, 1.05% for Class FI shares, 1.30% for Class R shares, 1.80% 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 in any other lower limit then in effect.

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)
  676  894  1,134  1,820
Class C (with redemption at end of period)
  283  571  988  2,152
Class C (without redemption at end of period)
  183  571  988  2,152
Class FI (with or without redemption at end of period)
  107  357  650  1,485
Class R (with or without redemption at end of period)
  132  427  759  1,698
Class R1 (with or without redemption at end of period)
  183  582  1,021  2,242
Class I (with or without redemption at end of period)
  76  237  412  919
Class IS (with or without redemption at end of period)
  72  229  404  911

SCHEDULE A

 

Fund
  
Date of
Prospectus
LEGG MASON PARTNERS EQUITY TRUST
  
QS U.S. Large Cap Equity Fund
  March 31, 2017
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual fund operating expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination December 31, 2019
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock 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%.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates "Other expenses" for Class A, Class C, Class R shares and Class R1 shares are estimated for the current fiscal year. Actual expenses may differ from estimates.
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Total annual fund operating expenses have been restated to reflect current management fees.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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 $10,000 in the fund for the time periods indicated
  • Your investment has a 5% return each year and the fund’s operating expenses remain the same
  • You reinvest all distributions and dividends without a sales charge
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Number of years you own your shares ($)
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption Number of years you own your shares ($)
QS U.S. Large Cap Equity Fund | Class A  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75% [1],[2],[3]
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) rr_MaximumDeferredSalesChargeOverOther none [3],[4]
Small account fee ($) rr_MaximumAccountFee $ 15 [5]
Management fees rr_ManagementFeesOverAssets 0.70%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 0.14% [9]
Total annual fund operating expenses rr_ExpensesOverAssets 1.09% [6]
Fees waived and/or expenses reimbursed rr_FeeWaiverOrReimbursementOverAssets (0.04%) [10]
Total annual fund operating expenses after waiving fees and/or reimbursing expenses rr_NetExpensesOverAssets 1.05%
1 year rr_ExpenseExampleYear01 $ 676
3 years rr_ExpenseExampleYear03 894
5 years rr_ExpenseExampleYear05 1,134
10 years rr_ExpenseExampleYear10 1,820
1 year rr_ExpenseExampleNoRedemptionYear01 676
3 years rr_ExpenseExampleNoRedemptionYear03 894
5 years rr_ExpenseExampleNoRedemptionYear05 1,134
10 years rr_ExpenseExampleNoRedemptionYear10 $ 1,820
QS U.S. Large Cap Equity Fund | Class C  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none [3]
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) rr_MaximumDeferredSalesChargeOverOther 1.00% [3]
Small account fee ($) rr_MaximumAccountFee $ 15 [5]
Management fees rr_ManagementFeesOverAssets 0.70%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses rr_OtherExpensesOverAssets 0.14% [9]
Total annual fund operating expenses rr_ExpensesOverAssets 1.84% [6]
Fees waived and/or expenses reimbursed rr_FeeWaiverOrReimbursementOverAssets (0.04%) [10]
Total annual fund operating expenses after waiving fees and/or reimbursing expenses rr_NetExpensesOverAssets 1.80%
1 year rr_ExpenseExampleYear01 $ 283
3 years rr_ExpenseExampleYear03 571
5 years rr_ExpenseExampleYear05 988
10 years rr_ExpenseExampleYear10 2,152
1 year rr_ExpenseExampleNoRedemptionYear01 183
3 years rr_ExpenseExampleNoRedemptionYear03 571
5 years rr_ExpenseExampleNoRedemptionYear05 988
10 years rr_ExpenseExampleNoRedemptionYear10 $ 2,152
QS U.S. Large Cap Equity Fund | Class FI  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none [3]
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) rr_MaximumDeferredSalesChargeOverOther none [3]
Small account fee ($) rr_MaximumAccountFee none [5]
Management fees rr_ManagementFeesOverAssets 0.70%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 0.31%
Total annual fund operating expenses rr_ExpensesOverAssets 1.26% [6]
Fees waived and/or expenses reimbursed rr_FeeWaiverOrReimbursementOverAssets (0.21%) [10]
Total annual fund operating expenses after waiving fees and/or reimbursing expenses rr_NetExpensesOverAssets 1.05%
1 year rr_ExpenseExampleYear01 $ 107
3 years rr_ExpenseExampleYear03 357
5 years rr_ExpenseExampleYear05 650
10 years rr_ExpenseExampleYear10 1,485
1 year rr_ExpenseExampleNoRedemptionYear01 107
3 years rr_ExpenseExampleNoRedemptionYear03 357
5 years rr_ExpenseExampleNoRedemptionYear05 650
10 years rr_ExpenseExampleNoRedemptionYear10 $ 1,485
QS U.S. Large Cap Equity Fund | Class R  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none [3]
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) rr_MaximumDeferredSalesChargeOverOther none [3]
Small account fee ($) rr_MaximumAccountFee none [5]
Management fees rr_ManagementFeesOverAssets 0.70%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Other expenses rr_OtherExpensesOverAssets 0.24% [9]
Total annual fund operating expenses rr_ExpensesOverAssets 1.44% [6]
Fees waived and/or expenses reimbursed rr_FeeWaiverOrReimbursementOverAssets (0.14%) [10]
Total annual fund operating expenses after waiving fees and/or reimbursing expenses rr_NetExpensesOverAssets 1.30%
1 year rr_ExpenseExampleYear01 $ 132
3 years rr_ExpenseExampleYear03 427
5 years rr_ExpenseExampleYear05 759
10 years rr_ExpenseExampleYear10 1,698
1 year rr_ExpenseExampleNoRedemptionYear01 132
3 years rr_ExpenseExampleNoRedemptionYear03 427
5 years rr_ExpenseExampleNoRedemptionYear05 759
10 years rr_ExpenseExampleNoRedemptionYear10 $ 1,698
QS U.S. Large Cap Equity Fund | Class R1  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none [3]
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) rr_MaximumDeferredSalesChargeOverOther none [3]
Small account fee ($) rr_MaximumAccountFee none [5]
Management fees rr_ManagementFeesOverAssets 0.70%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses rr_OtherExpensesOverAssets 0.24% [9]
Total annual fund operating expenses rr_ExpensesOverAssets 1.94% [6]
Fees waived and/or expenses reimbursed rr_FeeWaiverOrReimbursementOverAssets (0.14%) [10]
Total annual fund operating expenses after waiving fees and/or reimbursing expenses rr_NetExpensesOverAssets 1.80%
1 year rr_ExpenseExampleYear01 $ 183
3 years rr_ExpenseExampleYear03 582
5 years rr_ExpenseExampleYear05 1,021
10 years rr_ExpenseExampleYear10 2,242
1 year rr_ExpenseExampleNoRedemptionYear01 183
3 years rr_ExpenseExampleNoRedemptionYear03 582
5 years rr_ExpenseExampleNoRedemptionYear05 1,021
10 years rr_ExpenseExampleNoRedemptionYear10 $ 2,242
QS U.S. Large Cap Equity Fund | Class I  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none [3]
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) rr_MaximumDeferredSalesChargeOverOther none [3]
Small account fee ($) rr_MaximumAccountFee none [5]
Management fees rr_ManagementFeesOverAssets 0.70%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.04%
Total annual fund operating expenses rr_ExpensesOverAssets 0.74% [6]
Fees waived and/or expenses reimbursed rr_FeeWaiverOrReimbursementOverAssets [10]
Total annual fund operating expenses after waiving fees and/or reimbursing expenses rr_NetExpensesOverAssets 0.74%
1 year rr_ExpenseExampleYear01 $ 76
3 years rr_ExpenseExampleYear03 237
5 years rr_ExpenseExampleYear05 412
10 years rr_ExpenseExampleYear10 919
1 year rr_ExpenseExampleNoRedemptionYear01 76
3 years rr_ExpenseExampleNoRedemptionYear03 237
5 years rr_ExpenseExampleNoRedemptionYear05 412
10 years rr_ExpenseExampleNoRedemptionYear10 $ 919
QS U.S. Large Cap Equity Fund | Class IS  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none [3]
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) rr_MaximumDeferredSalesChargeOverOther none [3]
Small account fee ($) rr_MaximumAccountFee none [5]
Management fees rr_ManagementFeesOverAssets 0.70%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.04%
Total annual fund operating expenses rr_ExpensesOverAssets 0.74% [6]
Fees waived and/or expenses reimbursed rr_FeeWaiverOrReimbursementOverAssets (0.04%) [10]
Total annual fund operating expenses after waiving fees and/or reimbursing expenses rr_NetExpensesOverAssets 0.70%
1 year rr_ExpenseExampleYear01 $ 72
3 years rr_ExpenseExampleYear03 229
5 years rr_ExpenseExampleYear05 404
10 years rr_ExpenseExampleYear10 911
1 year rr_ExpenseExampleNoRedemptionYear01 72
3 years rr_ExpenseExampleNoRedemptionYear03 229
5 years rr_ExpenseExampleNoRedemptionYear05 404
10 years rr_ExpenseExampleNoRedemptionYear10 $ 911
[1] 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.
[2] The sales charge is waived for shareholders purchasing Class A shares through accounts where LMIS is the broker-dealer of record ("LMIS Accounts").
[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] Total annual fund operating expenses have been restated to reflect current management fees.
[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 1.30% for Class A shares, 2.05% for Class C shares, 1.30% for Class FI shares, 1.55% for Class R shares, 2.25% for Class R1 shares, 0.95% for Class I shares, 0.90% for Class IS shares and 1.30% for Class 1 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 and the ratio of total annual fund operating expenses for Class 1 shares will not exceed the ratio of total annual fund operating expenses for Class A shares, each 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] "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.
[9] "Other expenses" for Class A, Class C, Class R shares and Class R1 shares are estimated for the current fiscal year. Actual expenses may differ from estimates.
[10] 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 1.05% for Class A shares, 1.80% for Class C shares, 1.05% for Class FI shares, 1.30% for Class R shares, 1.80% 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 in any other lower limit then in effect.