ClearBridge Global Infrastructure Income Fund

HIGHLIGHTS

  • Seeks to provide income and capital appreciation by investing primarily in income paying infrastructure companies. The manager looks for attractively valued companies, and for companies it believes can provide sustainable income distributions.
  • Infrastructure companies may include those engaged in the construction, renovation, ownership, development, financing, management or operation of infrastructure assets or that provide raw materials necessary for the construction and maintenance of infrastructure assets.
  • Infrastructure assets include physical structures, networks, developments and projects that communities and economies require to function and grow, including transportation-related, energy-related, water and sewage-related, communications- related, and social services-related assets.
  • May seek investment opportunities in any country, with at least 40% of its investments tied economically to countries outside of the United States and up to 20% in developing or emerging markets.

Meet Your managers

With a legacy dating back over 50 years, ClearBridge Investments is a leading global equity manager committed to delivering differentiated long-term results through authentic active management.


Meet Your Managers

Nick Langley (industry since 1995), Charles Hamieh (industry since 1997), Shane Hurst (industry since 1999) and Daniel Chu (industry since 2008) co-manage the Fund.

ClearBridge offers institutional and individual investors a variety of traditional and alternative equity strategies. With an investment heritage dating back over 50 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.

Nick Langley

Co-Founder, Senior Portfolio Manager

Charles Hamieh

Senior Portfolio Manager

Shane Hurst

Senior Portfolio Manager

Daniel Chu

Senior Investment Analyst and Portfolio Manager

To find out more about the ClearBridge Global Infrastructure Income Fund, talk to your financial advisor.

Learn more about how to invest with Legg Mason

Prior to February 1, 2020 this Fund was known as RARE Global Infrastructure Income Fund. Prior to December 19, 2019, this Fund was known as RARE Global Infrastructure Value Fund. At that time, the investment strategy also changed. 

What I Should Know
Before Investing

Equity securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. Companies in the infrastructure industry may be subject to a variety of factors that could adversely affect their business or operations, including high interest costs in connection with capital construction programs, high degrees of leverage, costs associated with governmental, environmental and other regulations, the effects of economic slowdowns, increased competition from other providers of services, uncertainties concerning costs, the level of government spending on infrastructure projects, and other factors. 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. Because this Fund expects to hold a concentrated portfolio of securities, and invests in certain regions or industries, it has increased vulnerability to market volatility. The fund may invest in real estate investment trusts (REITs), which are closely linked to the performance of the real estate markets. REITs are subject to illiquidity, credit and interest rate risks, as well as risks associated with small- and mid-cap investments. Investments in master limited partnerships (MLPs) include the risks of declines in energy and commodity prices, decreases in energy demand, adverse weather conditions, natural or other disasters, changes in government regulation, and changes in tax laws, and other risks of the MLP and energy sector. Derivatives, such as options and futures, can be illiquid, may disproportionately increase losses and have a potentially large impact on Fund performance.  Income and dividends are not guaranteed, and a company may reduce or eliminate its dividend at any time. As a non-diversified Fund, it is permitted to invest a higher percentage of its assets in any one issuer than a diversified fund, which may magnify the Fund’s losses from events affecting a particular issuer.

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IMPORTANT PERFORMANCE INFORMATION: Performance shown represents past performance and is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than the original cost. For performance data including the effects of sales charges, Class A and Class A2 shares reflect the deduction of a maximum front-end sales charge of 5.75%. Class C1 shares have no initial or CDSC charge, but are subject to a 12b-1 fee. One-year returns for Class C shares reflect a CDSC of 1.0%. Total returns assume the reinvestment of all distributions at net asset value and the deduction of all Fund expenses. Total return figures are based on the NAV per share applied to shareholder subscriptions and redemptions, which may differ from the NAV per share disclosed in Fund shareholder reports. Performance shown excluding sales charges would have been lower, if the applicable sales charge been reflected. Had fees not been waived in various periods performance would have been lower. All classes of shares may not be available to all investors or through all distribution channels.

Different minimums may apply to clients of certain service agents. See the Fund's prospectus for additional information.

An investor cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges.

Effective April 15, 2019, Class C shares became eligible for conversion to Class A shares, after the shares have been held for 10 years. Class C share performance shown has not been adjusted to reflect the conversion. Customers of certain Service Agents may be subject to different terms or conditions as set by their Service Agent, including non-conversion. Please refer to the Prospectus for more information, or contact your Service Agent directly.

Net Asset Value (NAV): An investment option’s net asset value (“NAV”) per unit or unit price is calculated by dividing the value of its net assets by the total number of units outstanding. 

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class only; other classes may have different performance characteristics.

**Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, I & IS reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2021 without Board consent. The Gross and Net Expenses listed include 0.01 of Acquired Fund Fees and Expenses ("AFFE") that are required to be shown in the Fund's prospectus. AFFE reflects the Fund's pro rata share of fees and expenses relating to its investments in acquired funds; however, AFFE are not incurred directly by the Fund. Therefore, AFFE are not reflected in the Fund's audited financial statements or financial highlights.

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Characteristics and holdings weightings are based on total portfolio, are subject to change at any time, and are provided for informational purposes only. Not to be construed as a recommendation to purchase or sell any security. 

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IMPORTANT HOLDINGS INFORMATION: Portfolio holdings are based on total portfolio, and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security. Any negative allocations or allocations in excess of 100% are primarily due to unsettled trade activities.

Derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses and have a potentially large impact on Fund performance.

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The per share distribution amounts presented above reflect the distribution rates that were paid to shareholders on the indicated payable dates. The character of distributions for certain funds may have been subsequently adjusted for tax purposes. Shareholders can determine which funds may have reclassified the tax character of distributions by visiting the Tax Center in Account Services. Information on reclassifications for distributions paid during the current calendar year will not be available until the first quarter of the following year.

When the value of a fund holding increases, the fund has an unrealized capital gain until the fund sells or otherwise disposes of the holding.  Upon disposition of the appreciated holding, the fund realizes the gain. Under U.S. tax laws, during its taxable year, a fund must distribute all capital gains that it has realized from the disposition of fund holdings, net of realized losses, so the fund will not be subject to an entity level income tax.  

Consequently, a fund’s capital gain distribution in a particular year is a result of the disposition of holdings that may have appreciated in value, perhaps during prior years when the fund’s returns were positive.   To the extent that a fund has long-term capital gains that exceed current period and deferred short-term capital losses from a prior year, a fund may have distributable gains that will be distributed to shareholders.  Such gains would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the mutual fund. 

While the fund may itself gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.  The distributable amount of net capital gains are calculated under U.S. tax laws and are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution. A shareholder must report the amount of net gains distributed to them on their income tax return regardless of when the gains or losses arose in the fund.

Please see a fund’s annual report for specific information regarding distributions and unrealized capital gains.

Legg Mason, Inc., its affiliates, and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

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.

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IMPORTANT INFORMATION: All investments involve risk, including loss of principal. Past performance is no guarantee of future results. Please see each product's web page for specific details regarding investment objective, risks, performance and other important information. Review this information carefully before you make any investment decision.

Carefully consider a fund's investment objectives, risks, charges and expenses before investing. Please view the prospectus or summary prospectus for this and other information. Read it carefully.

FINANCIAL ADVISORS: Please note that not all share classes may be available for sale at your firm. Please call the Legg Mason Sales Desk 1-800-822-5544 or your Legg Mason Sales contact for more information.

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.

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