Legg Mason ClearBridge Small Cap Growth Fund

Overview | Performance | Portfolio Characteristics | Full Holdings | Distributions

Our goal¹

Long-term capital growth

What we invest in

The Fund invests primarily in common stocks of smallcapitalization U.S. companies. The Fund may also invest up to 20% in foreign securities.

Our approach

The Fund's managers use a "bottom-up," growth-oriented investment style and work with a team of sector analysts to identify companies in the small-cap universe with multiyear growth prospects. They emphasize companies with one or more of the following: strong management teams, good prospects for growth, growing demand for their product or services, dominant positions, and strong or improving financial profiles.

What should I know before investing?

Equity securities are subject to price fluctuation and possible loss of principal. Small-cap stocks involve greater risks and volatility than large-cap stocks. International investments are subject to special risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Short selling is a speculative strategy. Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short. Possible active and frequent trading may result in higher transaction costs and increased investor liability. Derivatives, such as options and futures, can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. The manager's investment style may become out of favor and/or the manager's selection process may prove incorrect, which may have a negative impact on the Fund's performance. Additional risks may include those risks associated with investing in fixed income securities. Please see the prospectus for more information.

Meet your ClearBridge managers

Jeff Russell, CFA (industry since 1981) and Aram Green (industry since 2001) are the co-portfolio managers of your Fund.

They're part of the investment team at ClearBridge Advisors, Legg Mason's largest equity manager. ClearBridge offers institutional and individual investors a variety of traditional and alternative equity strategies. With an investment heritage dating back over 45 years, ClearBridge offers distinctive manager insights and proprietary fundamental research.

Legg Mason's unique structure provides you with access to this specialized expertise. We offer a powerful portfolio of solutions through our independent investment management firms.

Overall Morningstar Rating^™ - Class Primary

Class A, B, C, I and R shares of the Fund rated among 663 Small Growth Funds as of Apr‑30‑2012. Ratings based upon risk adjusted returns. The Overall Morningstar Rating for the Fund is derived from a weighted average of the performance figures associated with its three‑, five‑ and ten‑ year (if applicable) Morningstar Ratings metrics.

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Lipper Rankings

Category: Small-Cap Growth Funds

Rankings Details

		PERCENTILE IN CATEGORY (As of APR-30-2012)	RANK / NUMBER OF FUNDS IN CATEGORY (As of APR-30-2012)
Legg Mason ClearBridge Small Cap Growth Fund (N/A)	Small-Cap Growth Funds	2	22	17	20	9 / 503	93 / 438	63 / 388	48 / 251

Symbols

CLASS	NASDAQ	CUSIP
A	SASMX	52470H815

B	SBSMX	52470H799

C	SCSMX	52470H781

FI	LMPSX	52470H682

I	SBPYX	52470H765

IS	LMOIX	52470H666

R	LMPOX	52470H690

Recent Commentary

Legg Mason ClearBridge Small Cap Growth Fund Commentary 1Q12

Related Resources

Statement of Additional Information

Proxy Voting

Morningstar proprietary ratings are as of Apr-30-2012 and are subject to change every month. A 4- or 5-star rating does not necessarily imply that a fund achieved positive results for the period. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. Class A, B, C, I and R shares of the Fund were rated against 663, 573, and 367 funds over the 3-, 5- and 10-year periods, respectively. With respect to these funds, Class A, B, C, I and R shares of the Fund received Morningstar Ratings of 4, 4, and 3; 4, 4, and 3; 4, 4, and 3; 5, 4, and -; 4, 4, and -; stars for the 3-, 5- and 10-year periods, respectively. Ratings are for A, B, C, I and R share classes only; other classes may have different performance characteristics. Classes have a common portfolio. Morningstar ratings are only shown for those funds that have achieved a 4 or 5 star rating. Ratings for other share classes are either lower or not available.

An XBRL file is not a fund's complete prospectus. XBRL is an interactive data format and is provided in addition to a fund's prospectus and annual and semi-annual reports linked to this page. An XBRL file is not viewable without a viewer tool. A viewer tool is available on the SEC website at www.sec.gov. You can download an XBRL zip file and view it on the SEC website or use the data for analysis with any comparison tool.

Morningstar ratings are only shown for those funds that have achieved a 4 or 5 star rating.

¹There is no guarantee that the Fund's objective will be met.

Information on Sales Charges, Breakpoints, Sales Charge Waivers and Exchanges
Click here for more information about:
Class A shares:
- what are the front-end sales loads charged on the purchase of Class A shares
- how to qualify for reduced sales charges or breakpoints
- what kinds of accounts can be combined to qualify for reduced sales charges
- what waivers of front-end sales charges are available
Class B shares:
- what are the contingent deferred sales charges payable upon redemption
- what waivers of deferred sales charges are available
Class C shares:
- what are the contingent deferred sales charges payable upon redemption
- what waivers of deferred sales charges are available
Exchange privileges:
- which funds are exchangeable
- what conditions are applicable
Other share classes may be available for which sales charges, breakpoints, sales charge waivers and exchanges may differ. Please speak to a financial professional or click on the link above.

Exchange Privileges: Many mutual funds that charge front-end sales loads offer a discount on the sales loads for a large investment. The investment levels required to obtain a reduced sales load are commonly referred to as "breakpoints." Typically, you may be entitled to a lower front-end load based on a single transaction if the dollar amount exceeds one or more breakpoints. In addition, some funds offer discounts based on purchases made over time, under a right of accumulation or letter of intent. The criteria for breakpoints for each mutual fund are set out in the fund prospectus and statements of additional information. FINRA issued an Investor Alert to ensure that investors better understand how breakpoints work and what you may need to know to make sure that, should you purchase shares eligible for breakpoints, you are charged the lowest possible front-end sales charge. Visit the FINRA Website to read the FINRA Investor Alert.

		PERCENTILE IN CATEGORY (As of APR-30-2012)				RANK / NUMBER OF FUNDS IN CATEGORY (As of APR-30-2012)
FUND NAME / TRADING SYMBOL	LIPPER RANKING CATEGORY	1YR	3YR	5YR	10YR	1YR	3YR	5YR	10YR

Legg Mason ClearBridge Small Cap Growth Fund (N/A)	Small-Cap Growth Funds	2	22	17	20	9 / 503	93 / 438	63 / 388	48 / 251