February 28, 2011
Prospectus
Legg Mason ClearBridge
Large Cap
Value
Fund
Class Ticker Symbol
| A | : SINAX |
| B | : SBINX |
| C | : SINOX |
| FI |
| R |
| R1: LIVVX |
| I | : SAIFX |
| IS : LMLSX |
The Securities and Exchange Commission has not approved or disapproved these securities or determined whether this Prospectus is accurate or complete. Any statement to the contrary is a crime.
INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
| 2 | Legg Mason ClearBridge Large Cap Value Fund |
The accompanying table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in funds sold by Legg Mason Investor Services, LLC (“LMIS”), the fund’s distributor. More information about these and other discounts is available from your financial intermediary, in this Prospectus on page 20 under the heading “Sales charges” and in the fund’s statement of additional information (“SAI”) on page 69 under the heading “Sales Charge Waivers and Reductions.”
| Shareholder 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) | 5.75 | 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) (may be reduced over time) | Generally, none | 5.00 | 1.00 | 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 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | ||||||||
| Distribution and service (12b-1) fees | 0.25 | 1.00 | 1.00 | 0.25 | 0.50 | 1.00 | None | None | ||||||||
| Other expenses | 0.181 | 0.431 | 0.241 | 0.302 | 0.302 | 0.302 | 0.11 | 0.102 | ||||||||
| Total annual fund operating expenses | 0.97 | 1.97 | 1.78 | 1.09 | 1.34 | 1.84 | 0.65 | 0.64 | ||||||||
| 1 | “Other expenses” have been restated to reflect current fees. |
| 2 | ”Other expenses” for Class FI, Class R, Class R1 and Class IS shares are estimated for the current fiscal year because no Class FI, Class R, Class R1 or Class IS shares were outstanding during the fund’s last fiscal year. |
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:
| Ÿ | You invest $10,000 in the fund for the time periods indicated |
| Ÿ | Your investment has a 5% return each year and the fund’s operating expenses remain the same |
| Ÿ | You reinvest all distributions and dividends without a sales charge |
| Legg Mason ClearBridge Large Cap Value Fund | 3 |
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Number of years you own your shares ($) | 1 year | 3 years | 5 years | 10 years | ||||
| Class A (with or without redemption at end of period) | 668 | 866 | 1,080 | 1,696 | ||||
| Class B (with redemption at end of period) | 700 | 920 | 1,166 | 2,044 | ||||
| Class B (without redemption at end of period) | 200 | 620 | 1,066 | 2,044 | ||||
| Class C (with redemption at end of period) | 281 | 563 | 969 | 2,105 | ||||
| Class C (without redemption at end of period) | 181 | 563 | 969 | 2,105 | ||||
| Class FI (with or without redemption at end of period) | 111 | 346 | 601 | 1,329 | ||||
| Class R (with or without redemption at end of period) | 136 | 424 | 734 | 1,612 | ||||
| Class R1 (with or without redemption at end of period) | 187 | 579 | 996 | 2,158 | ||||
| Class I (with or without redemption at end of period) | 66 | 207 | 361 | 808 | ||||
| Class IS (with or without redemption at end of period) | 65 | 204 | 356 | 797 |
February 8, 2011
VIA EDGAR
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549
Attn: Valerie Lithotomos
| Re: | Legg Mason Partners Equity Trust (the “Registrant”), on behalf of its series, Legg Mason ClearBridge Large Cap Value Fund (the “Fund”) |
| Securities Act File No. 33-43446 |
| Investment Company Act File No. 811-06444 |
Dear Ms. Lithotomos:
In telephone conversations providing comments by the Staff with respect to post-effective amendments filed by certain Legg Mason funds, you asked that those funds provide the Staff, supplementally as correspondence, a copy of the completed “Fee table” and “Example” and accompanying footnotes that are expected to be included in those funds’ prospectuses.
The Registrant filed Post-Effective Amendment No. 180 (the “Amendment”) to its Registration Statement on December 29, 2010 on behalf of the Fund pursuant to Rule 485(a)(1) under the Securities Act of 1933, as amended (the “1933 Act”) to include new disclosure in the Fund’s prospectus and Statement of Additional Information. Accordingly, on behalf of the Registrant, please find attached pages from the current draft of the Fund’s prospectus, which contain the requested information.
Any questions or comments on the Amendment should be directed to the undersigned at 202-303-1124 or Dianne E. O’Donnell at 212-728-8558.
| Very truly yours, |
| /s/ Benjamin J. Haskin |
| Benjamin J. Haskin |
Enclosures
| cc: | Barbara J. Allen, Legg Mason & Co., LLC |
| Dianne E. O’Donnell, Willkie Farr & Gallagher LLP |
