As filed with the U.S. Securities and Exchange Commission on June 4, 2013
Securities Act File No. 33-43446
Investment Company Act File No. 811-06444
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933 | x | |||
Pre-Effective Amendment No. | ||||
Post-Effective Amendment No. 275 | x |
and/or
REGISTRATION STATEMENT
UNDER
THE INVESTMENT COMPANY ACT OF 1940 | x | |||
Amendment No. 275 |
(Check appropriate box or boxes)
Legg Mason Partners Equity Trust
(Exact Name of Registrant as Specified in Charter)
620 Eighth Avenue, 49th Floor, New York, New York | 10018 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrants Telephone Number, including Area Code (877) 721-1926
Robert I. Frenkel
Legg Mason Partners Equity Trust
100 First Stamford Place
Stamford, Connecticut 06902
(Name and Address of Agent for Service)
COPY TO:
Benjamin J. Haskin, Esq.
Willkie Farr & Gallagher LLP
1875 K Street, N.W.
Washington, D.C. 20006
Continuous
(Approximate Date of Proposed Offering)
It is proposed that this filing will become effective:
x | immediately upon filing pursuant to paragraph (b) |
¨ | on pursuant to paragraph (b) |
¨ | 60 days after filing pursuant to paragraph (a)(1) |
¨ | on pursuant to paragraph (a)(1) |
¨ | 75 days after filing pursuant to paragraph (a)(2) |
¨ | on pursuant to paragraph (a)(2) of Rule 485. |
If appropriate, check the following box:
¨ | This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
This filing relates solely to ClearBridge Small Cap Value Fund and ClearBridge Tactical Dividend Income Fund.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended (the Securities Act), and the Investment Company Act of 1940, as amended, the Registrant, LEGG MASON PARTNERS EQUITY TRUST, hereby certifies that it meets all the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Baltimore, State of Maryland on this 4th day of June 2013.
LEGG MASON PARTNERS EQUITY TRUST, on behalf of ClearBridge Small Cap Value Fund and ClearBridge Tactical Dividend Income Fund.
By: | /s/ Kenneth D. Fuller | |
Kenneth D. Fuller | ||
President and Chief Executive Officer |
WITNESS our hands on the date set forth below.
Pursuant to the requirements of the Securities Act, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities indicated below on June 4, 2013.
Signature |
Title |
|||
/s/ Kenneth D. Fuller |
President, Chief Executive Officer and Trustee | |||
Kenneth D. Fuller | ||||
/s/ Richard F. Sennett |
Principal Financial Officer | |||
Richard F. Sennett | ||||
Paul R. Ades* |
Trustee | |||
Paul R. Ades | ||||
Andrew L. Breech* |
Trustee | |||
Andrew L. Breech | ||||
Dwight B. Crane* |
Trustee | |||
Dwight B. Crane | ||||
Frank G. Hubbard* |
Trustee | |||
Frank G. Hubbard | ||||
Howard J. Johnson* |
Trustee | |||
Howard J. Johnson | ||||
Jerome H. Miller* |
Trustee | |||
Jerome H. Miller | ||||
Ken Miller* |
Trustee | |||
Ken Miller | ||||
John J. Murphy* |
Trustee | |||
John J. Murphy |
Thomas F. Schlafly* |
Trustee | |||
Thomas F. Schlafly | ||||
Jerry A. Viscione* |
Trustee | |||
Jerry A. Viscione |
*By: | /s/ Kenneth D. Fuller | |
Kenneth D. Fuller, as Agent |
EXHIBIT INDEX
Index No. |
Description of Exhibit | |
EX-101.INS | XBRL Instance Document | |
EX-101.SCH | XBRL Taxonomy Extension Schema Document | |
EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |
EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase | |
EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase | |
EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
Label | Element | Value | ||||||||||||||
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||
Registrant Name | dei_EntityRegistrantName | LEGG MASON PARTNERS EQUITY TRUST | ||||||||||||||
Prospectus Date | rr_ProspectusDate | May 20, 2013 | ||||||||||||||
ClearBridge Tactical Dividend Income Fund
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | ClearBridge Tactical Dividend Income Fund |
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Objective [Heading] | rr_ObjectiveHeading | Investment objectives | ||||||||||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The fund’s primary investment objective is to generate high current income, | ||||||||||||||
Objective, Secondary [Text Block] | rr_ObjectiveSecondaryTextBlock | with capital appreciation as a secondary objective. | ||||||||||||||
Expense [Heading] | rr_ExpenseHeading | Fees and expenses of the fund | ||||||||||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | 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 22 under the heading “Sales charges” and in the fund’s statement of additional information (“SAI”) on page 65 under the heading “Sales Charge Waivers and Reductions.” The fund no longer offers Class R1 shares for purchase by new or existing investors. |
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Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Shareholder fees (fees paid directly from your investment) | ||||||||||||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) (%) |
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Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | December 31, 2014 | ||||||||||||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio turnover. | ||||||||||||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | 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 fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 125% of the average value of its portfolio. | ||||||||||||||
Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 125.00% | ||||||||||||||
Expense Breakpoint Discounts [Text] | rr_ExpenseBreakpointDiscounts | You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in funds sold by Legg Mason Investor Services, LLC (“LMIS”), the fund’s distributor. | ||||||||||||||
Expense Breakpoint, Minimum Investment Required [Amount] | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | 25,000 | ||||||||||||||
Other Expenses, New Fund, Based on Estimates [Text] | rr_OtherExpensesNewFundBasedOnEstimates | Other expenses” for Class FI, Class R, Class R1 and Class IS shares are estimated for the current fiscal year. Actual expenses may differ from estimates. | ||||||||||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example | ||||||||||||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes:
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Expense Example by, Year, Caption [Text] | rr_ExpenseExampleByYearCaption | Number of years you own your shares ($) | ||||||||||||||
Expense Example, No Redemption, By Year, Caption [Text] | rr_ExpenseExampleNoRedemptionByYearCaption | Number of years you own your shares ($) | ||||||||||||||
Strategy [Heading] | rr_StrategyHeading | Principal investment strategies | ||||||||||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of borrowings for investment purposes, if any, in equity and equity-related securities that provide investment income, dividend payments or other distributions or in other investments with similar economic characteristics. The fund may invest in equity and equity-related securities of issuers with any market capitalization. The fund invests in a diversified portfolio of equity and equity-related securities, including common stocks, preferred stocks, convertible preferred stocks and other securities convertible into equity securities, master limited partnerships (“MLPs”), real estate investment trusts (“REITs”), closed-end investment companies, including business development companies (“BDCs”), and royalty trusts. The fund may invest up to 50% of its net assets in foreign securities, including securities of issuers in emerging market countries. The fund may also seek to generate current income from short-term gains earned through an option strategy which may consist of writing (selling) call options on equity securities in its portfolio (“covered calls”) and on broader equity market indexes, or writing (selling) put options on such securities or indexes. The fund’s investments in options on equity securities and equity market indexes are included in the 80% policy described above. |
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Risk [Heading] | rr_RiskHeading | Certain risks | ||||||||||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | 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 fund’s securities may decline generally. Securities fluctuate in price based on changes in a company’s 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. Fixed income securities risk. Fixed income securities are subject to a number of risks, including credit, market and interest rate risks. Credit risk is the risk that the issuer or obligor will not make timely payments of principal and interest. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the fund’s investment in that issuer. Market risk is the risk that the fixed income markets may become volatile and less liquid, and the market value of an investment may move up or down, sometimes quickly or unpredictably. Interest rate risk is the risk that the value of a fixed income security will fall when interest rates rise. In general, the longer the maturity and the lower the credit quality of a fixed income security, the more likely its value will decline. Income-producing securities risk. The fund’s emphasis on equity and equity-related securities that produce income or other distributions involves the risk that such securities may fall out of favor with investors and underperform the market. Also, an issuer may reduce or eliminate its income payments or other distributions. The distributions received by the fund may not qualify as income for fund investors. 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. Small and medium capitalization company risk. The fund will be exposed to additional risks as a result of its investments in the securities of small and medium capitalization companies. Small and medium capitalization companies may fall out of favor with investors; may have limited product lines, operating histories, markets or financial resources; or may be dependent upon a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. MLP risk. Holders of MLP units have limited control and voting rights on matters affecting the partnership. In addition, there are certain tax risks associated with an investment in MLP units and the potential for conflicts of interest exist between common unit holders and the general partner, including those arising from incentive distribution payments. The benefit the fund derives from investment in MLP units is largely dependent on the MLPs being treated as partnerships and not as corporations for federal income tax purposes. If an MLP were classified as a corporation for federal income tax purposes, there would be reduction in the after-tax return to the fund of distributions from the MLP, likely causing a reduction in the value of the fund’s shares. MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on the fund. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole. Derivatives risk. Using derivatives may have a leveraging effect, which may result in a disproportionate increase in fund losses on the investment, and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can increase fund volatility. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund may incur additional costs related to derivatives, such as transaction costs and custody expenses, which can adversely affect the fund’s performance. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance. Growth and value investing risk. Growth or value securities as a group may be out of favor and underperform the overall equity market while the market concentrates on other types of securities. Growth securities typically are very sensitive to market movements because their market prices tend to reflect future expectations. When it appears those expectations will not be met, the prices of growth securities typically fall. The value approach to investing involves the risk that stocks may remain undervalued. Although the fund will not concentrate its investments in any one industry or industry group, it may, like many growth or value funds, weight its investments toward certain industries, thus increasing its exposure to factors adversely affecting issuers within those industries. REITs risk. Investments in REITs expose the fund to risks similar to investing directly in real estate, such as changes in the value of the underlying real estate, the quality of the property management, the creditworthiness of the issuer of the investments, and changes in property taxes, interest rates and the real estate regulatory environment. REITs may be leveraged, which increases risk. Certain REITS charge management fees, which may result in layering the management fee paid by the fund. REITS may be leveraged, which increases risk. Foreign investments risk. The fund’s investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability. Lack of information may also affect the value of these securities. The risks of foreign investments are heightened when investing in issuers in emerging market countries. Currency risk. The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls and speculation. 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. Valuation risk. The sales price the fund could receive for any particular portfolio investment may differ from the fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued the security or had used a different valuation methodology. Market sector risk. The fund may be significantly overweight or underweight certain companies, industries or market sectors, which may cause the fund’s performance to be more sensitive to developments affecting those companies, industries or sectors. Portfolio selection risk. The value of your investment may decrease if the subadviser’s judgment about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements is incorrect. 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 later in this Prospectus or in the SAI. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. | ||||||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance | ||||||||||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A 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 fund’s performance with the average annual total returns of an index or other benchmark. 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 fund’s 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 fund’s 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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Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The bar chart shows changes in the fund’s performance from year to year for Class A 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 fund’s performance with the average annual total returns of an index or other benchmark. | ||||||||||||||
Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | 1-877-721-1926 | ||||||||||||||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | http://www.leggmason.com/individualinvestors/products/mutual-funds/annualized_performance (select share class) | ||||||||||||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. | ||||||||||||||
Bar Chart [Heading] | rr_BarChartHeading | Total returns (before taxes) (%) | ||||||||||||||
Bar Chart Does Not Reflect Sales Loads [Text] | rr_BarChartDoesNotReflectSalesLoads | Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. | ||||||||||||||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | Calendar Years ended December 31 Best quarter (06/30/2009): 18.47 Worst quarter (12/31/2008): (23.18) |
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Performance Table Heading | rr_PerformanceTableHeading | Average annual total returns (for periods ended December 31, 2012) (%) | ||||||||||||||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | The after-tax returns are shown only for Class A shares, are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | ||||||||||||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on an investor’s 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. | ||||||||||||||
Performance Table One Class of after Tax Shown [Text] | rr_PerformanceTableOneClassOfAfterTaxShown | The after-tax returns are shown only for Class A 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 investor’s 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 A will vary from returns shown for Class A. | ||||||||||||||
Performance Table Explanation after Tax Higher | rr_PerformanceTableExplanationAfterTaxHigher | Returns after taxes on distributions and sale of fund shares are higher than returns before taxes for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of fund shares. | ||||||||||||||
Performance Table Narrative | rr_PerformanceTableNarrativeTextBlock | The after-tax returns are shown only for Class A 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 investor’s 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 A will vary from returns shown for Class A. | ||||||||||||||
ClearBridge Tactical Dividend Income Fund | Class A
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||
Maximum sales charge (load) imposed on purchases (as a % of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 5.75% | ||||||||||||||
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) (may be reduced over time) | rr_MaximumDeferredSalesChargeOverOther | none | [1] | |||||||||||||
Small account fee ($) | rr_MaximumAccountFee | 15 | [2] | |||||||||||||
Management fees | rr_ManagementFeesOverAssets | 0.75% | ||||||||||||||
Distribution and service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||||||||||||
Other expenses | rr_OtherExpensesOverAssets | 0.48% | ||||||||||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 1.48% | ||||||||||||||
Fees waived and/or expenses reimbursed | rr_FeeWaiverOrReimbursementOverAssets | (0.23%) | [3] | |||||||||||||
Total annual fund operating expenses after waiving fees and/or reimbursing expenses | rr_NetExpensesOverAssets | 1.25% | ||||||||||||||
1 year | rr_ExpenseExampleYear01 | 695 | ||||||||||||||
3 years | rr_ExpenseExampleYear03 | 994 | ||||||||||||||
5 years | rr_ExpenseExampleYear05 | 1,315 | ||||||||||||||
10 years | rr_ExpenseExampleYear10 | 2,222 | ||||||||||||||
1 year | rr_ExpenseExampleNoRedemptionYear01 | 695 | ||||||||||||||
3 years | rr_ExpenseExampleNoRedemptionYear03 | 994 | ||||||||||||||
5 years | rr_ExpenseExampleNoRedemptionYear05 | 1,315 | ||||||||||||||
10 years | rr_ExpenseExampleNoRedemptionYear10 | 2,222 | ||||||||||||||
2003 | rr_AnnualReturn2003 | 23.17% | ||||||||||||||
2004 | rr_AnnualReturn2004 | 1.18% | ||||||||||||||
2005 | rr_AnnualReturn2005 | (2.55%) | ||||||||||||||
2005 | rr_AnnualReturn2006 | 14.08% | ||||||||||||||
2007 | rr_AnnualReturn2007 | 8.78% | ||||||||||||||
2008 | rr_AnnualReturn2008 | (40.45%) | ||||||||||||||
2009 | rr_AnnualReturn2009 | 38.58% | ||||||||||||||
2010 | rr_AnnualReturn2010 | 8.50% | ||||||||||||||
2011 | rr_AnnualReturn2011 | (8.03%) | ||||||||||||||
2012 | rr_AnnualReturn2012 | 17.25% | ||||||||||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | Best quarter | ||||||||||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Jun. 30, 2009 | ||||||||||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 18.47% | ||||||||||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Worst quarter | ||||||||||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Dec. 31, 2008 | ||||||||||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (23.18%) | ||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 10.48% | ||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | (1.87%) | ||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 3.21% | ||||||||||||||
ClearBridge Tactical Dividend Income Fund | Class C
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||
Maximum sales charge (load) imposed on purchases (as a % of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||||||||||||
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) (may be reduced over time) | rr_MaximumDeferredSalesChargeOverOther | 1.00% | ||||||||||||||
Small account fee ($) | rr_MaximumAccountFee | 15 | [2] | |||||||||||||
Management fees | rr_ManagementFeesOverAssets | 0.75% | ||||||||||||||
Distribution and service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% | ||||||||||||||
Other expenses | rr_OtherExpensesOverAssets | 0.44% | ||||||||||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 2.19% | ||||||||||||||
Fees waived and/or expenses reimbursed | rr_FeeWaiverOrReimbursementOverAssets | (0.19%) | [3] | |||||||||||||
Total annual fund operating expenses after waiving fees and/or reimbursing expenses | rr_NetExpensesOverAssets | 2.00% | ||||||||||||||
1 year | rr_ExpenseExampleYear01 | 303 | ||||||||||||||
3 years | rr_ExpenseExampleYear03 | 667 | ||||||||||||||
5 years | rr_ExpenseExampleYear05 | 1,158 | ||||||||||||||
10 years | rr_ExpenseExampleYear10 | 2,511 | ||||||||||||||
1 year | rr_ExpenseExampleNoRedemptionYear01 | 203 | ||||||||||||||
3 years | rr_ExpenseExampleNoRedemptionYear03 | 667 | ||||||||||||||
5 years | rr_ExpenseExampleNoRedemptionYear05 | 1,158 | ||||||||||||||
10 years | rr_ExpenseExampleNoRedemptionYear10 | 2,511 | ||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 15.49% | ||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | (1.44%) | ||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 3.04% | ||||||||||||||
ClearBridge Tactical Dividend Income Fund | Class FI
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||
Maximum sales charge (load) imposed on purchases (as a % of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||||||||||||
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) (may be reduced over time) | rr_MaximumDeferredSalesChargeOverOther | none | ||||||||||||||
Small account fee ($) | rr_MaximumAccountFee | none | [2] | |||||||||||||
Management fees | rr_ManagementFeesOverAssets | 0.75% | ||||||||||||||
Distribution and service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||||||||||||
Other expenses | rr_OtherExpensesOverAssets | 0.56% | [4] | |||||||||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 1.56% | ||||||||||||||
Fees waived and/or expenses reimbursed | rr_FeeWaiverOrReimbursementOverAssets | (0.31%) | [3] | |||||||||||||
Total annual fund operating expenses after waiving fees and/or reimbursing expenses | rr_NetExpensesOverAssets | 1.25% | ||||||||||||||
1 year | rr_ExpenseExampleYear01 | 127 | ||||||||||||||
3 years | rr_ExpenseExampleYear03 | 462 | ||||||||||||||
5 years | rr_ExpenseExampleYear05 | 820 | ||||||||||||||
10 years | rr_ExpenseExampleYear10 | 1,830 | ||||||||||||||
1 year | rr_ExpenseExampleNoRedemptionYear01 | 127 | ||||||||||||||
3 years | rr_ExpenseExampleNoRedemptionYear03 | 462 | ||||||||||||||
5 years | rr_ExpenseExampleNoRedemptionYear05 | 820 | ||||||||||||||
10 years | rr_ExpenseExampleNoRedemptionYear10 | 1,830 | ||||||||||||||
ClearBridge Tactical Dividend Income Fund | Class R
|
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||
Maximum sales charge (load) imposed on purchases (as a % of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||||||||||||
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) (may be reduced over time) | rr_MaximumDeferredSalesChargeOverOther | none | ||||||||||||||
Small account fee ($) | rr_MaximumAccountFee | none | [2] | |||||||||||||
Management fees | rr_ManagementFeesOverAssets | 0.75% | ||||||||||||||
Distribution and service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | 0.50% | ||||||||||||||
Other expenses | rr_OtherExpensesOverAssets | 0.56% | [4] | |||||||||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 1.81% | ||||||||||||||
Fees waived and/or expenses reimbursed | rr_FeeWaiverOrReimbursementOverAssets | (0.31%) | [3] | |||||||||||||
Total annual fund operating expenses after waiving fees and/or reimbursing expenses | rr_NetExpensesOverAssets | 1.50% | ||||||||||||||
1 year | rr_ExpenseExampleYear01 | 153 | ||||||||||||||
3 years | rr_ExpenseExampleYear03 | 539 | ||||||||||||||
5 years | rr_ExpenseExampleYear05 | 951 | ||||||||||||||
10 years | rr_ExpenseExampleYear10 | 2,102 | ||||||||||||||
1 year | rr_ExpenseExampleNoRedemptionYear01 | 153 | ||||||||||||||
3 years | rr_ExpenseExampleNoRedemptionYear03 | 539 | ||||||||||||||
5 years | rr_ExpenseExampleNoRedemptionYear05 | 951 | ||||||||||||||
10 years | rr_ExpenseExampleNoRedemptionYear10 | 2,102 | ||||||||||||||
ClearBridge Tactical Dividend Income Fund | Class R1
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||
Maximum sales charge (load) imposed on purchases (as a % of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||||||||||||
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) (may be reduced over time) | rr_MaximumDeferredSalesChargeOverOther | none | ||||||||||||||
Small account fee ($) | rr_MaximumAccountFee | none | [2] | |||||||||||||
Management fees | rr_ManagementFeesOverAssets | 0.75% | ||||||||||||||
Distribution and service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% | ||||||||||||||
Other expenses | rr_OtherExpensesOverAssets | 0.56% | [4] | |||||||||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 2.31% | ||||||||||||||
Fees waived and/or expenses reimbursed | rr_FeeWaiverOrReimbursementOverAssets | (0.31%) | [3] | |||||||||||||
Total annual fund operating expenses after waiving fees and/or reimbursing expenses | rr_NetExpensesOverAssets | 2.00% | ||||||||||||||
1 year | rr_ExpenseExampleYear01 | 203 | ||||||||||||||
3 years | rr_ExpenseExampleYear03 | 692 | ||||||||||||||
5 years | rr_ExpenseExampleYear05 | 1,207 | ||||||||||||||
10 years | rr_ExpenseExampleYear10 | 2,621 | ||||||||||||||
1 year | rr_ExpenseExampleNoRedemptionYear01 | 203 | ||||||||||||||
3 years | rr_ExpenseExampleNoRedemptionYear03 | 692 | ||||||||||||||
5 years | rr_ExpenseExampleNoRedemptionYear05 | 1,207 | ||||||||||||||
10 years | rr_ExpenseExampleNoRedemptionYear10 | 2,621 | ||||||||||||||
ClearBridge Tactical Dividend Income Fund | Class I
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||
Maximum sales charge (load) imposed on purchases (as a % of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||||||||||||
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) (may be reduced over time) | rr_MaximumDeferredSalesChargeOverOther | none | ||||||||||||||
Small account fee ($) | rr_MaximumAccountFee | none | [2] | |||||||||||||
Management fees | rr_ManagementFeesOverAssets | 0.75% | ||||||||||||||
Distribution and service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||||||||||||
Other expenses | rr_OtherExpensesOverAssets | 0.44% | ||||||||||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 1.19% | ||||||||||||||
Fees waived and/or expenses reimbursed | rr_FeeWaiverOrReimbursementOverAssets | (0.19%) | [3] | |||||||||||||
Total annual fund operating expenses after waiving fees and/or reimbursing expenses | rr_NetExpensesOverAssets | 1.00% | ||||||||||||||
1 year | rr_ExpenseExampleYear01 | 102 | ||||||||||||||
3 years | rr_ExpenseExampleYear03 | 359 | ||||||||||||||
5 years | rr_ExpenseExampleYear05 | 636 | ||||||||||||||
10 years | rr_ExpenseExampleYear10 | 1,426 | ||||||||||||||
1 year | rr_ExpenseExampleNoRedemptionYear01 | 102 | ||||||||||||||
3 years | rr_ExpenseExampleNoRedemptionYear03 | 359 | ||||||||||||||
5 years | rr_ExpenseExampleNoRedemptionYear05 | 636 | ||||||||||||||
10 years | rr_ExpenseExampleNoRedemptionYear10 | 1,426 | ||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 17.54% | [5] | |||||||||||||
5 years | rr_AverageAnnualReturnYear05 | [5],[6] | ||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | [5],[6] | ||||||||||||||
Since inception | rr_AverageAnnualReturnSinceInception | 0.48% | [5] | |||||||||||||
Inception date | rr_AverageAnnualReturnInceptionDate | May 16, 2008 | [5] | |||||||||||||
ClearBridge Tactical Dividend Income Fund | Class IS
|
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||
Maximum sales charge (load) imposed on purchases (as a % of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||||||||||||
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) (may be reduced over time) | rr_MaximumDeferredSalesChargeOverOther | none | ||||||||||||||
Small account fee ($) | rr_MaximumAccountFee | none | [2] | |||||||||||||
Management fees | rr_ManagementFeesOverAssets | 0.75% | ||||||||||||||
Distribution and service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||||||||||||
Other expenses | rr_OtherExpensesOverAssets | 0.36% | [4] | |||||||||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 1.11% | ||||||||||||||
Fees waived and/or expenses reimbursed | rr_FeeWaiverOrReimbursementOverAssets | (0.11%) | [3] | |||||||||||||
Total annual fund operating expenses after waiving fees and/or reimbursing expenses | rr_NetExpensesOverAssets | 1.00% | ||||||||||||||
1 year | rr_ExpenseExampleYear01 | 102 | ||||||||||||||
3 years | rr_ExpenseExampleYear03 | 342 | ||||||||||||||
5 years | rr_ExpenseExampleYear05 | 601 | ||||||||||||||
10 years | rr_ExpenseExampleYear10 | 1,342 | ||||||||||||||
1 year | rr_ExpenseExampleNoRedemptionYear01 | 102 | ||||||||||||||
3 years | rr_ExpenseExampleNoRedemptionYear03 | 342 | ||||||||||||||
5 years | rr_ExpenseExampleNoRedemptionYear05 | 601 | ||||||||||||||
10 years | rr_ExpenseExampleNoRedemptionYear10 | 1,342 | ||||||||||||||
ClearBridge Tactical Dividend Income Fund | Return after taxes on distributions | Class A
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 8.64% | ||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | (2.21%) | ||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 2.95% | ||||||||||||||
ClearBridge Tactical Dividend Income Fund | Return after taxes on distributions and sale of fund shares | Class A
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 6.78% | ||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | (1.77%) | [7] | |||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 2.62% | ||||||||||||||
ClearBridge Tactical Dividend Income Fund | Dow Jones U.S. Select Dividend Index (reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 10.84% | ||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 2.49% | ||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 7.42% | ||||||||||||||
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ClearBridge Tactical Dividend Income Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ClearBridge Tactical Dividend Income Fund |
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Investment objectives | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The fund’s primary investment objective is to generate high current income, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
with capital appreciation as 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 $25,000 in funds sold by Legg Mason Investor Services, LLC (“LMIS”), the fund’s distributor. More information about these and other discounts is available from your financial intermediary, in this Prospectus on page 22 under the heading “Sales charges” and in the fund’s statement of additional information (“SAI”) on page 65 under the heading “Sales Charge Waivers and Reductions.” The fund no longer offers Class R1 shares for purchase by new or existing investors. |
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Shareholder fees (fees paid directly from your investment) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) (%) |
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Example | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes:
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Number of years you own your shares ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Number of years you own your shares ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 125% of the average value of its portfolio. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal investment strategies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of borrowings for investment purposes, if any, in equity and equity-related securities that provide investment income, dividend payments or other distributions or in other investments with similar economic characteristics. The fund may invest in equity and equity-related securities of issuers with any market capitalization. The fund invests in a diversified portfolio of equity and equity-related securities, including common stocks, preferred stocks, convertible preferred stocks and other securities convertible into equity securities, master limited partnerships (“MLPs”), real estate investment trusts (“REITs”), closed-end investment companies, including business development companies (“BDCs”), and royalty trusts. The fund may invest up to 50% of its net assets in foreign securities, including securities of issuers in emerging market countries. The fund may also seek to generate current income from short-term gains earned through an option strategy which may consist of writing (selling) call options on equity securities in its portfolio (“covered calls”) and on broader equity market indexes, or writing (selling) put options on such securities or indexes. The fund’s investments in options on equity securities and equity market indexes are included in the 80% policy described above. |
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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 fund’s securities may decline generally. Securities fluctuate in price based on changes in a company’s 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. Fixed income securities risk. Fixed income securities are subject to a number of risks, including credit, market and interest rate risks. Credit risk is the risk that the issuer or obligor will not make timely payments of principal and interest. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the fund’s investment in that issuer. Market risk is the risk that the fixed income markets may become volatile and less liquid, and the market value of an investment may move up or down, sometimes quickly or unpredictably. Interest rate risk is the risk that the value of a fixed income security will fall when interest rates rise. In general, the longer the maturity and the lower the credit quality of a fixed income security, the more likely its value will decline. Income-producing securities risk. The fund’s emphasis on equity and equity-related securities that produce income or other distributions involves the risk that such securities may fall out of favor with investors and underperform the market. Also, an issuer may reduce or eliminate its income payments or other distributions. The distributions received by the fund may not qualify as income for fund investors. 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. Small and medium capitalization company risk. The fund will be exposed to additional risks as a result of its investments in the securities of small and medium capitalization companies. Small and medium capitalization companies may fall out of favor with investors; may have limited product lines, operating histories, markets or financial resources; or may be dependent upon a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. MLP risk. Holders of MLP units have limited control and voting rights on matters affecting the partnership. In addition, there are certain tax risks associated with an investment in MLP units and the potential for conflicts of interest exist between common unit holders and the general partner, including those arising from incentive distribution payments. The benefit the fund derives from investment in MLP units is largely dependent on the MLPs being treated as partnerships and not as corporations for federal income tax purposes. If an MLP were classified as a corporation for federal income tax purposes, there would be reduction in the after-tax return to the fund of distributions from the MLP, likely causing a reduction in the value of the fund’s shares. MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on the fund. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole. Derivatives risk. Using derivatives may have a leveraging effect, which may result in a disproportionate increase in fund losses on the investment, and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can increase fund volatility. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund may incur additional costs related to derivatives, such as transaction costs and custody expenses, which can adversely affect the fund’s performance. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance. Growth and value investing risk. Growth or value securities as a group may be out of favor and underperform the overall equity market while the market concentrates on other types of securities. Growth securities typically are very sensitive to market movements because their market prices tend to reflect future expectations. When it appears those expectations will not be met, the prices of growth securities typically fall. The value approach to investing involves the risk that stocks may remain undervalued. Although the fund will not concentrate its investments in any one industry or industry group, it may, like many growth or value funds, weight its investments toward certain industries, thus increasing its exposure to factors adversely affecting issuers within those industries. REITs risk. Investments in REITs expose the fund to risks similar to investing directly in real estate, such as changes in the value of the underlying real estate, the quality of the property management, the creditworthiness of the issuer of the investments, and changes in property taxes, interest rates and the real estate regulatory environment. REITs may be leveraged, which increases risk. Certain REITS charge management fees, which may result in layering the management fee paid by the fund. REITS may be leveraged, which increases risk. Foreign investments risk. The fund’s investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability. Lack of information may also affect the value of these securities. The risks of foreign investments are heightened when investing in issuers in emerging market countries. Currency risk. The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls and speculation. 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. Valuation risk. The sales price the fund could receive for any particular portfolio investment may differ from the fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued the security or had used a different valuation methodology. Market sector risk. The fund may be significantly overweight or underweight certain companies, industries or market sectors, which may cause the fund’s performance to be more sensitive to developments affecting those companies, industries or sectors. Portfolio selection risk. The value of your investment may decrease if the subadviser’s judgment about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements is incorrect. 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 later in this Prospectus or in the SAI. |
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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 fund’s performance from year to year for Class A 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 fund’s performance with the average annual total returns of an index or other benchmark. 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 fund’s 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 fund’s 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) (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calendar Years ended December 31 Best quarter (06/30/2009): 18.47 Worst quarter (12/31/2008): (23.18) |
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Average annual total returns (for periods ended December 31, 2012) (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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The after-tax returns are shown only for Class A 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 investor’s 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 A will vary from returns shown for Class A. |
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Label | Element | Value |
---|---|---|
Risk/Return: | rr_RiskReturnAbstract | |
Registrant Name | dei_EntityRegistrantName | LEGG MASON PARTNERS EQUITY TRUST |
Prospectus Date | rr_ProspectusDate | May 20, 2013 |
Document Creation Date | dei_DocumentCreationDate | Mar. 21, 2013 |
Label | Element | Value | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||
Registrant Name | dei_EntityRegistrantName | LEGG MASON PARTNERS EQUITY TRUST | ||||||||||||||
Prospectus Date | rr_ProspectusDate | May 20, 2013 | ||||||||||||||
ClearBridge Small Cap Value Fund
|
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | ClearBridge Small Cap Value Fund |
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Objective [Heading] | rr_ObjectiveHeading | Investment objective | ||||||||||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The fund seeks long-term capital growth. | ||||||||||||||
Expense [Heading] | rr_ExpenseHeading | Fees and expenses of the fund | ||||||||||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | 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 17 under the heading “Sales charges” and in the fund’s statement of additional information (“SAI”) on page 48 under the heading “Sales Charge Waivers and Reductions.” The fund no longer offers Class B shares or Class R1 shares for purchase by new or existing investors. Class B shares will continue to be available for dividend reinvestment and incoming exchanges. |
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Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Shareholder fees (fees paid directly from your investment) | ||||||||||||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) (%) |
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Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | December 31, 2014 | ||||||||||||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio turnover. | ||||||||||||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | 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 fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 23% of the average value of its portfolio. | ||||||||||||||
Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 23.00% | ||||||||||||||
Expense Breakpoint Discounts [Text] | rr_ExpenseBreakpointDiscounts | You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in funds sold by Legg Mason Investor Services, LLC (“LMIS”), the fund’s distributor. | ||||||||||||||
Expense Breakpoint, Minimum Investment Required [Amount] | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | 25,000 | ||||||||||||||
Other Expenses, New Fund, Based on Estimates [Text] | rr_OtherExpensesNewFundBasedOnEstimates | “Other expenses” for Class FI, Class R, Class R1 and Class IS shares are estimated for the current fiscal year. Actual expenses may differ from estimates. | ||||||||||||||
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] | rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees | Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the financial highlights tables contained in this Prospectus and in the fund’s shareholder reports, because the ratios in the financial highlights tables reflect the fund’s operating expenses and do not include acquired fund fees and expenses. | ||||||||||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example | ||||||||||||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes:
|
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Expense Example by, Year, Caption [Text] | rr_ExpenseExampleByYearCaption | Number of years you own your shares ($) | ||||||||||||||
Expense Example, No Redemption, By Year, Caption [Text] | rr_ExpenseExampleNoRedemptionByYearCaption | Number of years you own your shares ($) | ||||||||||||||
Strategy [Heading] | rr_StrategyHeading | Principal investment strategies | ||||||||||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | Under normal circumstances, the fund invests at least 80% of its net assets, plus borrowings for investment purposes, if any, in common stocks and other equity securities of small capitalization U.S. companies or in other investments with similar economic characteristics. The fund may invest up to 20% of its net assets in shares of companies with larger market capitalizations. | ||||||||||||||
Risk [Heading] | rr_RiskHeading | Certain risks | ||||||||||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | Risk is inherent in all investing. There is no assurance that the fund will meet its investment objective. 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 fund’s securities may decline generally. Securities fluctuate in price based on changes in a company’s 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. Small capitalization company risk. The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may fall out of favor with investors; may have limited product lines, operating histories, markets or financial resources; or may be dependent upon a limited management group. The prices of securities of small capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession. Securities of small capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. 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. 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. Portfolio selection risk. The value of your investment may decrease if the subadviser’s judgment about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements is incorrect. 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. 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 later in this Prospectus or in the SAI. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. | ||||||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance | ||||||||||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A 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 fund’s performance with the average annual total returns of an index or other benchmark. 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 fund’s 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 fund’s 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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Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The bar chart shows changes in the fund’s performance from year to year for Class A 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 fund’s performance with the average annual total returns of an index or other benchmark. | ||||||||||||||
Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | 1-877-721-1926 | ||||||||||||||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | http://www.leggmason.com/individualinvestors/products/mutual-funds/annualized_performance (select share class) | ||||||||||||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. | ||||||||||||||
Bar Chart [Heading] | rr_BarChartHeading | Total returns (before taxes) (%) | ||||||||||||||
Bar Chart Does Not Reflect Sales Loads [Text] | rr_BarChartDoesNotReflectSalesLoads | Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. | ||||||||||||||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | Calendar Years ended December 31 Best quarter (09/30/2009): 22.93 Worst quarter (12/31/2008): (27.47) |
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Performance Table Heading | rr_PerformanceTableHeading | Average annual total returns (for periods ended December 31, 2012) (%) | ||||||||||||||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | The after-tax returns are shown only for Class A shares, are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | ||||||||||||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on an investor’s 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. | ||||||||||||||
Performance Table One Class of after Tax Shown [Text] | rr_PerformanceTableOneClassOfAfterTaxShown | The after-tax returns are shown only for Class A 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 investor’s 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 A will vary from returns shown for Class A. | ||||||||||||||
Performance Table Narrative | rr_PerformanceTableNarrativeTextBlock | The after-tax returns are shown only for Class A 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 investor’s 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 A will vary from returns shown for Class A. | ||||||||||||||
ClearBridge Small Cap Value Fund | Class A
|
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||
Maximum sales charge (load) imposed on purchases (as a % of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 5.75% | ||||||||||||||
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) (may be reduced over time) | rr_MaximumDeferredSalesChargeOverOther | none | [1] | |||||||||||||
Small account fee ($) | rr_MaximumAccountFee | 15 | [2] | |||||||||||||
Management fees | rr_ManagementFeesOverAssets | 0.75% | ||||||||||||||
Distribution and service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||||||||||||
Other expenses | rr_OtherExpensesOverAssets | 0.23% | ||||||||||||||
Acquired fund fees and expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.02% | ||||||||||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 1.25% | [3] | |||||||||||||
Fees waived and/or expenses reimbursed | rr_FeeWaiverOrReimbursementOverAssets | [4] | ||||||||||||||
Total annual fund operating expenses after waiving fees and/or reimbursing expenses | rr_NetExpensesOverAssets | 1.25% | ||||||||||||||
1 year | rr_ExpenseExampleYear01 | 695 | ||||||||||||||
3 years | rr_ExpenseExampleYear03 | 949 | ||||||||||||||
5 years | rr_ExpenseExampleYear05 | 1,222 | ||||||||||||||
10 years | rr_ExpenseExampleYear10 | 1,999 | ||||||||||||||
1 year | rr_ExpenseExampleNoRedemptionYear01 | 695 | ||||||||||||||
3 years | rr_ExpenseExampleNoRedemptionYear03 | 949 | ||||||||||||||
5 years | rr_ExpenseExampleNoRedemptionYear05 | 1,222 | ||||||||||||||
10 years | rr_ExpenseExampleNoRedemptionYear10 | 1,999 | ||||||||||||||
2003 | rr_AnnualReturn2003 | 37.44% | ||||||||||||||
2004 | rr_AnnualReturn2004 | 20.80% | ||||||||||||||
2005 | rr_AnnualReturn2005 | 6.60% | ||||||||||||||
2005 | rr_AnnualReturn2006 | 11.38% | ||||||||||||||
2007 | rr_AnnualReturn2007 | (2.55%) | ||||||||||||||
2008 | rr_AnnualReturn2008 | (35.94%) | ||||||||||||||
2009 | rr_AnnualReturn2009 | 32.87% | ||||||||||||||
2010 | rr_AnnualReturn2010 | 24.93% | ||||||||||||||
2011 | rr_AnnualReturn2011 | (7.13%) | ||||||||||||||
2012 | rr_AnnualReturn2012 | 15.29% | ||||||||||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | Best quarter | ||||||||||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Sep. 30, 2009 | ||||||||||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 22.93% | ||||||||||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Worst quarter | ||||||||||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Dec. 31, 2008 | ||||||||||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (27.47%) | ||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 8.68% | ||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 1.42% | ||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 7.50% | ||||||||||||||
ClearBridge Small Cap Value Fund | Class B
|
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||
Maximum sales charge (load) imposed on purchases (as a % of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||||||||||||
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) (may be reduced over time) | rr_MaximumDeferredSalesChargeOverOther | 5.00% | ||||||||||||||
Small account fee ($) | rr_MaximumAccountFee | 15 | [2] | |||||||||||||
Management fees | rr_ManagementFeesOverAssets | 0.75% | ||||||||||||||
Distribution and service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% | ||||||||||||||
Other expenses | rr_OtherExpensesOverAssets | 0.62% | ||||||||||||||
Acquired fund fees and expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.02% | ||||||||||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 2.39% | [3] | |||||||||||||
Fees waived and/or expenses reimbursed | rr_FeeWaiverOrReimbursementOverAssets | (0.12%) | [5] | |||||||||||||
Total annual fund operating expenses after waiving fees and/or reimbursing expenses | rr_NetExpensesOverAssets | 2.27% | ||||||||||||||
1 year | rr_ExpenseExampleYear01 | 730 | ||||||||||||||
3 years | rr_ExpenseExampleYear03 | 1,034 | ||||||||||||||
5 years | rr_ExpenseExampleYear05 | 1,365 | ||||||||||||||
10 years | rr_ExpenseExampleYear10 | 2,434 | ||||||||||||||
1 year | rr_ExpenseExampleNoRedemptionYear01 | 230 | ||||||||||||||
3 years | rr_ExpenseExampleNoRedemptionYear03 | 734 | ||||||||||||||
5 years | rr_ExpenseExampleNoRedemptionYear05 | 1,265 | ||||||||||||||
10 years | rr_ExpenseExampleNoRedemptionYear10 | 2,434 | ||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 9.07% | ||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 1.73% | ||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 7.57% | ||||||||||||||
ClearBridge Small Cap Value Fund | Class C
|
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||
Maximum sales charge (load) imposed on purchases (as a % of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||||||||||||
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) (may be reduced over time) | rr_MaximumDeferredSalesChargeOverOther | 1.00% | ||||||||||||||
Small account fee ($) | rr_MaximumAccountFee | 15 | [2] | |||||||||||||
Management fees | rr_ManagementFeesOverAssets | 0.75% | ||||||||||||||
Distribution and service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% | ||||||||||||||
Other expenses | rr_OtherExpensesOverAssets | 0.38% | ||||||||||||||
Acquired fund fees and expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.02% | ||||||||||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 2.15% | [3] | |||||||||||||
Fees waived and/or expenses reimbursed | rr_FeeWaiverOrReimbursementOverAssets | [4] | ||||||||||||||
Total annual fund operating expenses after waiving fees and/or reimbursing expenses | rr_NetExpensesOverAssets | 2.15% | ||||||||||||||
1 year | rr_ExpenseExampleYear01 | 318 | ||||||||||||||
3 years | rr_ExpenseExampleYear03 | 673 | ||||||||||||||
5 years | rr_ExpenseExampleYear05 | 1,154 | ||||||||||||||
10 years | rr_ExpenseExampleYear10 | 2,482 | ||||||||||||||
1 year | rr_ExpenseExampleNoRedemptionYear01 | 218 | ||||||||||||||
3 years | rr_ExpenseExampleNoRedemptionYear03 | 673 | ||||||||||||||
5 years | rr_ExpenseExampleNoRedemptionYear05 | 1,154 | ||||||||||||||
10 years | rr_ExpenseExampleNoRedemptionYear10 | 2,482 | ||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 13.29% | ||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 1.75% | ||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 7.24% | ||||||||||||||
ClearBridge Small Cap Value Fund | Class FI
|
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||
Maximum sales charge (load) imposed on purchases (as a % of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||||||||||||
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) (may be reduced over time) | rr_MaximumDeferredSalesChargeOverOther | none | ||||||||||||||
Small account fee ($) | rr_MaximumAccountFee | none | [2] | |||||||||||||
Management fees | rr_ManagementFeesOverAssets | 0.75% | ||||||||||||||
Distribution and service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||||||||||||
Other expenses | rr_OtherExpensesOverAssets | 0.31% | [6] | |||||||||||||
Acquired fund fees and expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.02% | ||||||||||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 1.33% | [3] | |||||||||||||
Fees waived and/or expenses reimbursed | rr_FeeWaiverOrReimbursementOverAssets | [5] | ||||||||||||||
Total annual fund operating expenses after waiving fees and/or reimbursing expenses | rr_NetExpensesOverAssets | 1.33% | ||||||||||||||
1 year | rr_ExpenseExampleYear01 | 135 | ||||||||||||||
3 years | rr_ExpenseExampleYear03 | 421 | ||||||||||||||
5 years | rr_ExpenseExampleYear05 | 728 | ||||||||||||||
10 years | rr_ExpenseExampleYear10 | 1,600 | ||||||||||||||
1 year | rr_ExpenseExampleNoRedemptionYear01 | 135 | ||||||||||||||
3 years | rr_ExpenseExampleNoRedemptionYear03 | 421 | ||||||||||||||
5 years | rr_ExpenseExampleNoRedemptionYear05 | 728 | ||||||||||||||
10 years | rr_ExpenseExampleNoRedemptionYear10 | 1,600 | ||||||||||||||
ClearBridge Small Cap Value Fund | Class R
|
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||
Maximum sales charge (load) imposed on purchases (as a % of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||||||||||||
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) (may be reduced over time) | rr_MaximumDeferredSalesChargeOverOther | none | ||||||||||||||
Small account fee ($) | rr_MaximumAccountFee | none | [2] | |||||||||||||
Management fees | rr_ManagementFeesOverAssets | 0.75% | ||||||||||||||
Distribution and service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | 0.50% | ||||||||||||||
Other expenses | rr_OtherExpensesOverAssets | 0.31% | [6] | |||||||||||||
Acquired fund fees and expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.02% | ||||||||||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 1.58% | [3] | |||||||||||||
Fees waived and/or expenses reimbursed | rr_FeeWaiverOrReimbursementOverAssets | [5] | ||||||||||||||
Total annual fund operating expenses after waiving fees and/or reimbursing expenses | rr_NetExpensesOverAssets | 1.58% | ||||||||||||||
1 year | rr_ExpenseExampleYear01 | 161 | ||||||||||||||
3 years | rr_ExpenseExampleYear03 | 499 | ||||||||||||||
5 years | rr_ExpenseExampleYear05 | 861 | ||||||||||||||
10 years | rr_ExpenseExampleYear10 | 1,879 | ||||||||||||||
1 year | rr_ExpenseExampleNoRedemptionYear01 | 161 | ||||||||||||||
3 years | rr_ExpenseExampleNoRedemptionYear03 | 499 | ||||||||||||||
5 years | rr_ExpenseExampleNoRedemptionYear05 | 861 | ||||||||||||||
10 years | rr_ExpenseExampleNoRedemptionYear10 | 1,879 | ||||||||||||||
ClearBridge Small Cap Value Fund | Class R1
|
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Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||
Maximum sales charge (load) imposed on purchases (as a % of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||||||||||||
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) (may be reduced over time) | rr_MaximumDeferredSalesChargeOverOther | none | ||||||||||||||
Small account fee ($) | rr_MaximumAccountFee | none | [2] | |||||||||||||
Management fees | rr_ManagementFeesOverAssets | 0.75% | ||||||||||||||
Distribution and service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% | ||||||||||||||
Other expenses | rr_OtherExpensesOverAssets | 0.31% | [6] | |||||||||||||
Acquired fund fees and expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.02% | ||||||||||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 2.08% | [3] | |||||||||||||
Fees waived and/or expenses reimbursed | rr_FeeWaiverOrReimbursementOverAssets | [5] | ||||||||||||||
Total annual fund operating expenses after waiving fees and/or reimbursing expenses | rr_NetExpensesOverAssets | 2.08% | ||||||||||||||
1 year | rr_ExpenseExampleYear01 | 211 | ||||||||||||||
3 years | rr_ExpenseExampleYear03 | 652 | ||||||||||||||
5 years | rr_ExpenseExampleYear05 | 1,119 | ||||||||||||||
10 years | rr_ExpenseExampleYear10 | 2,411 | ||||||||||||||
1 year | rr_ExpenseExampleNoRedemptionYear01 | 211 | ||||||||||||||
3 years | rr_ExpenseExampleNoRedemptionYear03 | 652 | ||||||||||||||
5 years | rr_ExpenseExampleNoRedemptionYear05 | 1,119 | ||||||||||||||
10 years | rr_ExpenseExampleNoRedemptionYear10 | 2,411 | ||||||||||||||
ClearBridge Small Cap Value Fund | Class I
|
||||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||
Maximum sales charge (load) imposed on purchases (as a % of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||||||||||||
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) (may be reduced over time) | rr_MaximumDeferredSalesChargeOverOther | none | ||||||||||||||
Small account fee ($) | rr_MaximumAccountFee | none | [2] | |||||||||||||
Management fees | rr_ManagementFeesOverAssets | 0.75% | ||||||||||||||
Distribution and service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||||||||||||
Other expenses | rr_OtherExpensesOverAssets | 0.38% | ||||||||||||||
Acquired fund fees and expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.02% | ||||||||||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 1.15% | [3] | |||||||||||||
Fees waived and/or expenses reimbursed | rr_FeeWaiverOrReimbursementOverAssets | (0.08%) | [5] | |||||||||||||
Total annual fund operating expenses after waiving fees and/or reimbursing expenses | rr_NetExpensesOverAssets | 1.07% | ||||||||||||||
1 year | rr_ExpenseExampleYear01 | 109 | ||||||||||||||
3 years | rr_ExpenseExampleYear03 | 358 | ||||||||||||||
5 years | rr_ExpenseExampleYear05 | 625 | ||||||||||||||
10 years | rr_ExpenseExampleYear10 | 1,391 | ||||||||||||||
1 year | rr_ExpenseExampleNoRedemptionYear01 | 109 | ||||||||||||||
3 years | rr_ExpenseExampleNoRedemptionYear03 | 358 | ||||||||||||||
5 years | rr_ExpenseExampleNoRedemptionYear05 | 625 | ||||||||||||||
10 years | rr_ExpenseExampleNoRedemptionYear10 | 1,391 | ||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 15.50% | [7] | |||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 2.95% | [7] | |||||||||||||
10 years | rr_AverageAnnualReturnYear10 | [4],[7] | ||||||||||||||
Since inception | rr_AverageAnnualReturnSinceInception | 9.14% | [7] | |||||||||||||
Inception date | rr_AverageAnnualReturnInceptionDate | Apr. 14, 2003 | [7] | |||||||||||||
ClearBridge Small Cap Value Fund | Class IS
|
||||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||
Maximum sales charge (load) imposed on purchases (as a % of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||||||||||||
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) (may be reduced over time) | rr_MaximumDeferredSalesChargeOverOther | none | ||||||||||||||
Small account fee ($) | rr_MaximumAccountFee | none | [2] | |||||||||||||
Management fees | rr_ManagementFeesOverAssets | 0.75% | ||||||||||||||
Distribution and service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||||||||||||
Other expenses | rr_OtherExpensesOverAssets | 0.11% | [6] | |||||||||||||
Acquired fund fees and expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.02% | ||||||||||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 0.88% | [3] | |||||||||||||
Fees waived and/or expenses reimbursed | rr_FeeWaiverOrReimbursementOverAssets | [5] | ||||||||||||||
Total annual fund operating expenses after waiving fees and/or reimbursing expenses | rr_NetExpensesOverAssets | 0.88% | ||||||||||||||
1 year | rr_ExpenseExampleYear01 | 90 | ||||||||||||||
3 years | rr_ExpenseExampleYear03 | 281 | ||||||||||||||
5 years | rr_ExpenseExampleYear05 | 488 | ||||||||||||||
10 years | rr_ExpenseExampleYear10 | 1,084 | ||||||||||||||
1 year | rr_ExpenseExampleNoRedemptionYear01 | 90 | ||||||||||||||
3 years | rr_ExpenseExampleNoRedemptionYear03 | 281 | ||||||||||||||
5 years | rr_ExpenseExampleNoRedemptionYear05 | 488 | ||||||||||||||
10 years | rr_ExpenseExampleNoRedemptionYear10 | 1,084 | ||||||||||||||
ClearBridge Small Cap Value Fund | Return after taxes on distributions | Class A
|
||||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 8.68% | ||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 1.03% | ||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 6.54% | ||||||||||||||
ClearBridge Small Cap Value Fund | Return after taxes on distributions and sale of fund shares | Class A
|
||||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 5.64% | ||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 1.03% | ||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 6.32% | ||||||||||||||
ClearBridge Small Cap Value Fund | Russell 2000 Value Index (reflects no deduction for fees, expenses or taxes)
|
||||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||
1 year | rr_AverageAnnualReturnYear01 | 18.05% | ||||||||||||||
5 years | rr_AverageAnnualReturnYear05 | 3.55% | ||||||||||||||
10 years | rr_AverageAnnualReturnYear10 | 9.50% | ||||||||||||||
|
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