4Q 2018 Mutual Funds | U.S.

Equity | Large-Cap

CLEARBRIDGE VALUE TRUST

Growth of $10,000
Investment overview Class C shares – Inception through Dec. 31‚ 2018
Excluding the effects of sales charges
Invests in equity securities with a focus on long-term capital growth
Employs a research process centered on valuation, high active share, and a long-term investment horizon 800K $447,250
Seeks companies that can sustain high financial metrics, or improve depressed financial metrics, over a
reasonable investment horizon 600K

400K
Average annual total returns & fund expenses^ (%) as of Dec. 31‚ 2018
200K
Without sales charges With maximum sales charges Expenses
Inception
1-Yr 3-Yr 5-Yr 10-Yr Inception 1-Yr 3-Yr 5-Yr 10-Yr Inception Gross Net date 0
1982 1998 2008 2018
Class A -12.92 3.93 4.22 – 12.26 -17.93 1.89 3.00 – 11.58 1.05 1.05 02/02/09
Class C -13.49 3.21 3.48 10.43 10.91 -14.31 3.21 3.48 10.43 10.91 1.77 1.77 04/16/82 Share class codes
Class FI -12.98 3.84 4.14 11.17 3.34 -12.98 3.84 4.14 11.17 3.34 1.14 1.14 03/23/01 Symbol CUSIP Symbol CUSIP
Class I -12.69 4.18 4.46 11.50 9.51 -12.69 4.18 4.46 11.50 9.51 0.83 0.81 12/01/94 A LGVAX 524686623 I LMNVX 524686573
S&P 500 Index -4.38 9.26 8.49 13.12 – -4.38 9.26 8.49 13.12 – C LMVTX 524686615 R LMVRX 524686557
Russell 1000 Value FI LMVFX 524686565
Index -8.27 6.95 5.95 11.18 – -8.27 6.95 5.95 11.18 –
Benchmark (BM)
Cumulative total returns (%) as of Dec. 31‚ 2018 (without sales charges) S&P 500 Index

3 Mo YTD 2018 2017 2016 2015 2014 2013 2012 2011 2010 Fund facts as of Dec. 31‚ 2018
Class A -15.62 -12.92 -12.92 14.59 12.49 -3.64 13.70 38.15 15.97 -3.22 7.51
Dividend frequency‚ if any Annual
Class C -15.77 -13.49 -13.49 13.76 11.72 -4.34 12.83 37.15 15.09 -4.00 6.67
Morningstar category Large Blend
Class FI -15.64 -12.98 -12.98 14.48 12.40 -3.71 13.59 38.13 15.96 -3.30 7.31
Lipper category Multi-Cap Core Funds
Class I -15.58 -12.69 -12.69 14.84 12.78 -3.44 13.93 38.43 16.24 -2.99 7.71
Turnover(fiscal yr) 27%
S&P 500
Index -13.52 -4.38 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06
Russell 1000 Any information, statement or opinion set forth herein is general
Value Index -11.72 -8.27 -8.27 13.66 17.34 -3.83 13.45 32.53 17.51 0.39 15.51 in nature, is not directed to or based on the financial situation or
needs of any particular investor, and does not constitute, and
Performance shown represents past performance and is no guarantee of future results. Current performance may be higher should not be construed as, investment advice, forecast of future
or lower than the performance shown. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth events, a guarantee of future results, or a recommendation with
more or less than the original cost. Class A shares have a maximum front-end sales charge of 5.75%. Class C shares have a one-year respect to any particular security or investment strategy or type
contingent deferred sales charge (CDSC) of up to 0.95%. Total returns assume the reinvestment of all distributions at net asset value of retirement account. Investors seeking financial advice
and the deduction of all Fund expenses. Total return figures are based on the NAV per share applied to shareholder subscriptions and regarding the appropriateness of investing in any securities or
redemptions, which may differ from the NAV per share disclosed in Fund shareholder reports. Performance would have been lower if investment strategies should consult their financial professional.
fees had not been waived in various periods. YTD is calculated from January 1 of the reporting year. All classes of shares may not be
available to all investors or through all distribution channels. For the most recent month-end information, please visit
www.leggmasonfunds.com.
^
Gross expenses are the Fund’s total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, FI, I & R
reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund’s gross expenses, which cannot be
terminated prior to Dec 31, 2019 without Board consent.

Sector allocation (%) as of Dec. 31‚ 2018

Fund Benchmark Fund Benchmark
Financials 18.0 13.3 Consumer Discretionary 6.7 9.9
Health Care 17.8 15.5 Utilities 5.9 3.3
Information Technology 16.5 20.1 Consumer Staples 3.7 7.4
Energy 9.7 5.3 Materials 2.8 2.7
Communication Services 7.3 10.1 Real Estate 1.7 3.0
Industrials 7.3 9.2 Cash 2.7 0.0

Sector allocation and top holdings percentages are based on

total portfolio as of quarter-end and are subject to change at any
time. For informational purposes only and not to be considered a
INVESTMENT PRODUCTS: NOT FDIC INSURED
t NO BANK GUARANTEE
t MAY LOSE VALUE
recommendation to purchase or sell any security.
4Q18 | Mutual Funds | U.S. Equity | Large-Cap
CLEARBRIDGE VALUE TRUST

Top 10 holdings (%) as of Dec. 31‚ 2018 Statistics as of Dec. 31‚ 2018 Portfolio management
Sam Peters, CFA (industry since 1992) and Jean Yu,
Alphabet Inc. 6.4 Fund Benchmark CFA (industry since 2002) are the portfolio managers of
Microsoft Corp 5.1 Net assets $1.9B – your Fund.
Oracle Corporation 4.4 Number of holdings 49 505 ClearBridge Investments offers institutional and
Allergan PLC 3.6 Weighted average cap $141.1B $192.9B individual investors a variety of traditional and
alternative equity strategies. With an investment
Kinder Morgan, Inc. Class P 3.6 Weighted median cap $43.0B $99.1B
heritage dating back over 50 years, ClearBridge offers
Wells Fargo & Co 3.5 distinctive manager insights and proprietary
Alexion Pharmaceuticals, Inc. 3.4 fundamental research.
Exelon Corp. NPV 3.4 Legg Mason’s unique structure provides you with
American International Group 3.2 access to this specialized expertise. We offer a
IntercontinentalExchange Group Inc. 2.8 powerful portfolio of solutions through our independent
Total 39.3 investment management firms.
What should I know before investing?
Risk statistics as of Dec. 31‚ 2018
Equity securities are subject to price fluctuation and
Measures based on Class C. Benchmark = S&P 500 Index. possible loss of principal. International investments are
1-Yr 3-Yr 5-Yr 10-Yr subject to special risks, including currency fluctuations
Fund Benchmark Fund Benchmark Fund Benchmark Fund Benchmark and social, economic and political uncertainties, which
could increase volatility. These risks are magnified in
Beta 1.02 1.00 1.16 1.00 1.15 1.00 1.16 1.00
emerging markets. The manager’s investment style may
R-squared 0.94 1.00 0.85 1.00 0.88 1.00 0.91 1.00 become out of favor and/or the manager’s selection
Sharpe ratio -0.93 -0.34 0.23 0.78 0.28 0.75 0.67 0.95 process may prove incorrect, which may have a
Standard deviation negative impact on the Fund’s performance. Because
(%) 16.11 15.33 13.84 10.95 13.41 10.94 16.45 13.60 this Fund expects to hold a concentrated portfolio of
Alpha -9.28 0.00 -6.54 0.00 -5.51 0.00 -3.94 0.00 securities, and invests in certain regions or industries, it
Information ratio -2.28 – -1.06 – -1.00 – -0.51 – has increased vulnerability to market volatility.
Tracking error 3.98 0.00 5.71 0.00 5.00 0.00 5.30 0.00 Where can I find more information?
You’ll find the most current performance data,
commentary, prospectus and more information on each
of our managers and products at
www.leggmasonfunds.com.

Beta measures the sensitivity of an investment to the movement of its benchmark. A beta higher than 1.0 indicates the investment has
been more volatile than the benchmark and a beta of less than 1.0 indicates that the investment has been less volatile than the
benchmark. R-squared measures the strength of the linear relationship between the Fund and its benchmark. R Squared at 1 implies
perfect linear relationship and zero implies no relationship exists. Sharpe ratio is a risk-adjusted measure, calculated using standard
deviation and excess return to determine reward per unit of risk. The higher the sharpe ratio, the better the fund’s historical risk-
adjusted performance. Standard deviation measures the risk or volatility of an investment’s return over a particular time period; the
greater the number, the greater the risk. Alpha measures performance vs. a benchmark on a risk-adjusted basis. A positive alpha of
1.0 means the portfolio has outperformed its benchmark index by 1%. Correspondingly, a similar negative alpha would indicate an
underperformance of 1%. Tracking Error is the dispersal of differences between the returns obtained by the Fund and the benchmark
variation. Information Ratio is the ratio of annualized expected residual return to residual risk. Turnover is a measure of the Fund’s
trading activity which represents the portion of the Fund’s holdings that has changed over a year. There is no assurance that the Fund
will maintain its current level of turnover.
The S&P 500 Index is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an
index and unmanaged index returns do not reflect any fees, expenses or sales charges.
The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. An investor
cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges.
Active share is a measure of the percentage of stock holdings in a manager’s portfolio that differs from the benchmark index.
©2019 Legg Mason Investor Services, LLC, member FINRA, SIPC. Legg Mason Investor Services, LLC and ClearBridge Investments are
subsidiaries of Legg Mason, Inc.

Before investing, carefully consider a Fund’s investment objectives, risks, charges and expenses. You
can find this and other information in each prospectus, or summary prospectus, if available, which is
available at www.leggmasonfunds.com. Please read it carefully.
844874 LMF-004 D7185