August 15, 2013
Summary Prospectus
ClearBridge
Large Cap
Value
Fund
Class: Ticker Symbol
Before you invest,
you may want to review the funds Prospectus, which contains more information about the fund and its risks. You can find the funds Prospectus and other information about the fund, including the funds statement of additional
information and shareholder reports, online at
http://www.leggmason.com/individualinvestors/prospectuses (click on the name of the
fund). You can also get this information at no cost by calling the fund at 1-877-721-1926 or by sending an e-mail request to prospectus@leggmason.com, or from your financial intermediary. The funds Prospectus, dated August 15, 2013 and as may
be amended or further supplemented, the funds statement of additional information, dated August 15, 2013 and as may be amended or further supplemented, the independent registered public accounting firms report and financial statements in
the funds annual report to shareholders, dated October 31, 2012, and the financial statements in the funds semi-annual report to shareholders, dated April 30, 2013, are incorporated by reference into this Summary Prospectus.
INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE
VALUE
Investment objectives
The fund seeks long-term growth of capital as its primary investment objective. Current income is a secondary objective.
Fees and expenses of the 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 funds distributor. More information about these and other discounts is available from your financial intermediary, in the funds Prospectus on page 21 under the heading Sales charges and in the funds statement of
additional information (SAI) on page 68 under the heading Sales Charge Waivers and Reductions.
Class 1 shares
are not available for purchases or incoming exchanges.
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Shareholder fees
(fees paid directly from your investment)
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Class A
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Class A2
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Class C
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Class FI
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Class R
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Class I
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Class IS
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Class 1
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Maximum sales charge (load) imposed on purchases (as a % of offering price)
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5.75
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5.75
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None
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None
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None
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None
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None
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N/A
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Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) (may be reduced over
time)
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Generally,
none
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None
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1.00
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None
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None
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None
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None
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N/A
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Small account fee
1
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$15
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$15
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$15
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None
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None
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None
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None
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$15
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Annual fund operating expenses
(expenses that you pay each year as a percentage of the
value of
your investment)
(%)
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Class A
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Class A2
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Class C
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Class FI
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Class R
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Class I
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Class IS
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Class 1
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Management fees
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0.55
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0.55
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0.55
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0.55
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0.55
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0.55
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0.55
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0.55
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Distribution and service (12b-1) fees
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0.25
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0.25
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1.00
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0.25
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0.50
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None
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None
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None
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Other expenses
2
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0.18
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0.69
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0.19
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0.25
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0.25
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0.10
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0.05
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0.37
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Total annual fund operating expenses
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0.98
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1.49
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1.74
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1.05
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1.30
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0.65
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0.60
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0.92
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Fees waived and/or expenses reimbursed
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N/A
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(0.07)
3
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N/A
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3
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3
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3
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3
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3
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Total annual fund operating expenses after waiving fees and/or reimbursing expenses
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0.98
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1.42
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1.74
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1.05
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1.30
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0.65
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0.60
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0.92
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1
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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 funds books and records.
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2
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Other expenses are estimated for the current fiscal year. Actual expenses may differ from estimates.
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3
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The manager has agreed to waive fees and/or reimburse operating expenses (other than interest, brokerage, taxes, extraordinary expenses and
acquired fund fees and expenses) so that total annual operating expenses are not expected to exceed 1.42% for Class A2 shares, 1.20% for Class FI shares, 1.45% for Class R shares and 0.90% for Class I shares. In addition, total annual fund operating
expenses for Class IS shares and Class 1 shares will not exceed total annual fund operating expenses for Class I shares and Class A shares, respectively. These arrangements cannot be terminated prior to December 31, 2014 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 operating expenses have fallen to a level below the limits described above.
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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:
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You invest $10,000 in the fund for the time periods indicated
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Your investment has a 5% return each year and the funds operating expenses remain the same
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You reinvest all distributions and dividends without a sales charge
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Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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Number of years you own your shares ($)
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1 Year
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3 Years
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5 Years
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10 Years
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Class A (with or without redemption at end of period)
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669
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869
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1,085
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1,706
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Class A2 (with or without redemption at end of period)
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711
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1,012
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1,335
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2,246
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Class C (with redemption at end of period)
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277
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549
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945
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2,053
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Class C (without redemption at end of period)
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177
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549
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945
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2,053
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Class FI (with or without redemption at end of period)
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107
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334
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579
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1,282
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Class R (with or without redemption at end of period)
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132
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411
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712
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1,568
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Class I (with or without redemption at end of period)
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66
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207
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361
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808
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Class IS (with or without redemption at end of period)
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61
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192
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335
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750
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Class 1 (with or without redemption at end of period)
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94
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294
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510
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1,132
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Portfolio turnover.
The fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction
costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the funds performance. During the most recent fiscal year, the
funds portfolio turnover rate was 11% of the average value of its portfolio.
Principal investment
strategies
Under normal circumstances, the fund invests at least 80% of its net assets, plus borrowings for investment purposes, if any,
in equity securities, or other investments with similar economic characteristics, of companies with large market capitalizations.
Certain risks
Risk is inherent in all investing. There is no assurance that the fund will meet its investment objectives. The value of your investment in the fund, as well as the amount of return you receive on
your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of certain risks of investing in
the fund.
Stock market and equity securities risk.
The securities markets are volatile and the market prices of the funds securities may decline generally. Securities fluctuate in price based on changes in a companys financial condition
and overall market and economic conditions. If the market prices of the securities owned by the fund fall, the value of your investment in the fund will decline. The financial crisis that began in 2008 has caused a significant decline in the value
and liquidity of many securities of issuers worldwide. In response to the crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support,
failure of efforts to respond to the crisis, or investor perception that such efforts are not succeeding could also negatively affect financial markets generally as well as the value and liquidity of certain securities. In addition, policy and
legislative changes in the United States and in other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some
time.
Issuer risk.
The value of a security can go up or down more than the market as a whole and can perform differently from the value of the market as a whole, often due to disappointing earnings reports by the
issuer, unsuccessful products or services, loss of major customers, major litigation against the issuer or changes in government regulations affecting the issuer or the competitive environment. The fund may experience a substantial or complete loss
on an individual security. Historically, the prices of securities of small and medium capitalization companies have generally gone up or down more than those of large capitalization companies, although even large capitalization companies may fall
out of favor with investors.
Large capitalization company
risk.
Large capitalization companies may fall out of favor with investors.
Liquidity risk.
Some assets held by the fund may be difficult
to sell, or illiquid, particularly during times of market turmoil. Illiquid assets may also be difficult to value. If the fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the fund may be forced to sell at a
loss.
Portfolio selection risk.
The value of your investment may decrease if the subadvisers judgment about the attractiveness, value or market trends affecting a particular security, industry or sector or about market
movements is incorrect.
Value investing risk.
The value approach to investing involves the risk that stocks may remain undervalued. Value stocks may underperform the overall equity market while the market concentrates on growth stocks.
Although the fund will not concentrate its investments in any one industry or industry group, it may, like many value funds, weight its investments toward certain industries, thus increasing its exposure to factors adversely affecting issuers within
those industries.
Risk of increase in expenses.
Your actual costs of investing in the fund may be higher than the expenses shown in Annual fund operating expenses for a variety of reasons. For example, expense ratios may be higher
than those shown if a fee limitation is changed or terminated or if average net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.
These risks are discussed in more detail in the funds Prospectus or in the SAI.
Performance
The accompanying bar chart and table provide
some indication of the risks of investing in the fund. The bar chart shows changes in the funds performance from year to year for Class I shares. The table shows the average annual total returns of each class of the fund that has been in
operation for at least one full calendar year and also compares the funds performance with the average annual total returns of an index or other benchmark. The fund also compares its performance to the S&P 500 Index. Performance for
classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information available at the funds website,
http://www.leggmason.com/individualinvestors/products/mutual-funds/annualized_performance (select share class), or by calling the fund
at 1-877-721-1926.
The funds past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future.
Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than
those shown.
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Total returns
(before taxes)
(%)
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Best quarter
(06/30/2003): 19.87
Worst quarter
(12/31/2008): (19.93)
The year-to-date return as of the most recent calendar quarter, which ended
06/30/2013, was 15.27
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Average annual total returns
(for periods ended December 31, 2012)
(%)
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1 year
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5 years
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10 years
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Class I
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Return before taxes
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16.57
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1.46
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7.45
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Return after taxes on distributions
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15.79
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0.66
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6.37
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Return after taxes on distributions and sale of fund shares
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10.76
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0.77
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6.03
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Other Classes (Return before taxes only)
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Class A
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9.55
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(0.03)
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6.49
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Class C
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14.37
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0.43
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6.30
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Russell 1000 Value Index (reflects no deduction for fees, expenses or taxes)
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17.51
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0.59
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7.38
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S&P 500 Index (reflects no deduction for fees, expenses or taxes)
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16.00
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1.66
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7.10
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Prior to March 1, 2010, the fund invested primarily in common stocks of established U.S. companies under the
name Legg Mason ClearBridge Investors Value Fund.
The after-tax returns are shown only for Class I shares, are calculated
using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown, and the after-tax
returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class I will vary from returns shown for Class
I.
Management
Investment manager:
Legg Mason Partners Fund Advisor, LLC
Subadviser:
ClearBridge Investments, LLC
(ClearBridge)
Portfolio managers:
Dmitry Khaykin and Robert Feitler, Jr. Mr. Khaykin (a Managing Director and Portfolio Manager of ClearBridge) and Mr. Feitler (a Managing Director and Portfolio Manager of ClearBridge)
have been portfolio managers of the fund since June 2007 and August 2004, respectively.
Purchase and sale of fund shares
You may purchase, redeem or exchange shares of the fund each day the New York Stock Exchange is open, at the funds net asset value determined
after receipt of your request in good order, subject to any applicable sales charge.
The funds initial and subsequent investment
minimums generally are set forth in the accompanying table:
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Investment minimum initial/additional investment ($)
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Class A
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Class
A2**
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Class C
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Class FI
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Class R
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Class I
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Class IS
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Class 1
1
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General
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1,000/50
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1,000/50
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1,000/50
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N/A
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N/A
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1 million/None*
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N/A
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N/A
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Uniform Gifts or Transfers to Minor Accounts
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1,000/50
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1,000/50
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1,000/50
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N/A
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N/A
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1 million/None*
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N/A
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N/A
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IRAs
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250/50
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250/50
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250/50
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N/A
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N/A
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1 million/None*
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N/A
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N/A
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SIMPLE IRAs
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None/None
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None/None
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None/None
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N/A
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N/A
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1 million/None*
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N/A
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N/A
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Systematic Investment Plans
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50/50
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50/50
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50/50
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N/A
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N/A
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1 million/None*
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N/A
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N/A
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Clients of Eligible Financial Intermediaries
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None/None
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None/None
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N/A
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None/None
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N/A
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None/None
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N/A
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N/A
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Eligible Investment Programs
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None/None
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None/None
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N/A
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None/None
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None/None
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None/None
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N/A
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N/A
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Retirement Plans with omnibus accounts held on the books of the fund and certain rollover IRAs
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None/None
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None/None
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None/None
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None/None
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None/None
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None/None
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None/None
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N/A
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Other Retirement Plans
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None/None
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None/None
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None/None
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N/A
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N/A
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1 million/None*
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N/A
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N/A
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Institutional Investors
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1,000/50
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1,000/50
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1,000/50
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N/A
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N/A
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1 million/None
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1 million/None
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N/A
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*
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Available to investors investing directly with the fund.
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**
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Available to investors investing through a financial intermediary with a direct transfer agent relationship with the fund.
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1
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Class 1 shares are not available for purchases or incoming exchanges.
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Your financial intermediary may impose different investment minimums.
For more
information about how to purchase, redeem or exchange shares, and to learn which classes of shares are available to you, you should contact your financial intermediary, or, if you hold your shares or plan to purchase shares through the fund, you
should contact the fund by phone at 1-877-721-1926 or by mail at Legg Mason Funds, P.O. Box 55214, Boston, MA 02205-8504.
Tax
information
The funds distributions are taxable as ordinary income or capital gain, except when your investment is through an IRA,
401(k) or other tax-advantaged account.
Payments to broker/dealers and other financial intermediaries
The funds related companies may paybroker/dealers or other financial
intermediaries (such as a bank or an insurance company) for the sale of fund shares and related services. These payments create a conflict of interest by influencing your broker/dealer or other intermediary or its employees or associated persons to
recommend the fund over another investment. Ask your financial adviser or salesperson or visit your financial intermediarys or salespersons website for more information.
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