ClearBridge Large Cap Value Fund

ClearBridge
Large Cap
Value
Fund

Investment objectives

The fund seeks long-term growth of capital as its primary investment objective.

Current income is a secondary objective.

Fees and expenses of the fund

The accompanying table describes the fees and expenses that you may pay if you buy and hold shares of the fund.

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in funds sold by Legg Mason Investor Services, LLC (“LMIS”), the fund’s distributor. More information about these and other discounts is available from your financial intermediary, in this Prospectus on page 21 under the heading “Sales charges” and in the fund’s statement of additional information (“SAI”) on page 68 under the heading “Sales Charge Waivers and Reductions.”

Class 1 shares are not available for purchases or incoming exchanges.

Shareholder fees (fees paid directly from your investment)

Shareholder Fees ClearBridge Large Cap Value Fund (USD $)		Class A		Class A2	Class C	Class FI	Class R	Class I	Class IS	Class 1
Maximum sales charge (load) imposed on purchases (as a % of offering price)		5.75%		5.75%	none	none	none	none	none		[1]
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) (may be reduced over time)		none	[2]	none	1.00%	none	none	none	none		[1]
Small account fee ($)	[3]	15		15	15	none	none	none	none	15

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of
your investment) (%)

Annual Fund Operating Expenses ClearBridge Large Cap Value Fund		Class A		Class A2		Class C		Class FI		Class R		Class I		Class IS		Class 1
Management fees		0.55%		0.55%		0.55%		0.55%		0.55%		0.55%		0.55%		0.55%
Distribution and service (12b-1) fees		0.25%		0.25%		1.00%		0.25%		0.50%		none		none		none
Other expenses	[1]	0.18%		0.69%		0.19%		0.25%		0.25%		0.10%		0.05%		0.37%
Total annual fund operating expenses		0.98%		1.49%		1.74%		1.05%		1.30%		0.65%		0.60%		0.92%
Fees waived and/or expenses reimbursed			[2]	(0.07%)	[3]		[2]		[3]		[3]		[3]		[3]		[3]
Total annual fund operating expenses after waiving fees and/or reimbursing expenses		0.98%		1.42%		1.74%		1.05%		1.30%		0.65%		0.60%		0.92%

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:

•       You invest $10,000 in the fund for the time periods indicated
•       Your investment has a 5% return each year and the fund’s operating expenses remain the same
•       You reinvest all distributions and dividends without a sales charge

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Number of years you own your shares ($)

Expense Example ClearBridge Large Cap Value Fund (USD $)	1 Year	3 Years	5 Years	10 Years
Class A	669	869	1,085	1,706
Class A2	711	1,012	1,335	2,246
Class C	277	549	945	2,053
Class FI	107	334	579	1,282
Class R	132	411	712	1,568
Class I	66	207	361	808
Class IS	61	192	335	750
Class 1	94	294	510	1,132

Number of years you own your shares ($)

Expense Example, No Redemption ClearBridge Large Cap Value Fund (USD $)	1 Year	3 Years	5 Years	10 Years
Class A	669	869	1,085	1,706
Class A2	711	1,012	1,335	2,246
Class C	177	549	945	2,053
Class FI	107	334	579	1,282
Class R	132	411	712	1,568
Class I	66	207	361	808
Class IS	61	192	335	750
Class 1	94	294	510	1,132

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 11% of the average value of its portfolio.

Principal investment strategies

Under normal circumstances, the fund invests at least 80% of its net assets, plus borrowings for investment purposes, if any, in equity securities, or other investments with similar economic characteristics, of companies with large market capitalizations.

Certain risks

Risk is inherent in all investing. There is no assurance that the fund will meet its investment objectives. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of certain risks of investing in the fund.

Stock market and equity securities risk. The securities markets are volatile and the market prices of the 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.

Issuer risk. The value of a security can go up or down more than the market as a whole and can perform differently from the value of the market as a whole, often due to disappointing earnings reports by the issuer, unsuccessful products or services, loss of major customers, major litigation against the issuer or changes in government regulations affecting the issuer or the competitive environment. The fund may experience a substantial or complete loss on an individual security. Historically, the prices of securities of small and medium capitalization companies have generally gone up or down more than those of large capitalization companies, although even large capitalization companies may fall out of favor with investors.

Large capitalization company risk. Large capitalization companies may fall out of favor with investors.

Liquidity risk. Some assets held by the fund may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid assets may also be difficult to value. If the fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the fund may be forced to sell at a loss.

Portfolio selection risk. The value of your investment may decrease if the subadviser's judgment about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements is incorrect.

Value investing risk. The value approach to investing involves the risk that stocks may remain undervalued. Value stocks may underperform the overall equity market while the market concentrates on growth stocks. Although the fund will not concentrate its investments in any one industry or industry group, it may, like many value funds, weight its investments toward certain industries, thus increasing its exposure to factors adversely affecting issuers within those industries.

Risk of increase in expenses. Your actual costs of investing in the fund may be higher than the expenses shown in "Annual fund operating expenses" for a variety of reasons. For example, expense ratios may be higher than those shown if a fee limitation is changed or terminated or if average net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.

These risks are discussed in more detail later in this Prospectus or in the SAI.

Performance

The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund's performance from year to year for Class I shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund's performance with the average annual total returns of an index or other benchmark. The fund also compares its performance to the S&P 500 Index. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information available at the 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.

Total returns (before taxes) (%)

Calendar Years ended December 31

Best quarter
(06/30/2003): 19.87

Worst quarter
(12/31/2008): (19.93)

The year-to-date return as of the most recent calendar quarter, which ended 06/30/2013, was 15.27

Average annual total returns (for periods ended December 31, 2012) (%)

Average Annual Total Returns ClearBridge Large Cap Value Fund	1 year	5 years	10 years
Class I	16.57%	1.46%	7.45%
Class I Return after taxes on distributions	15.79%	0.66%	6.37%
Class I Return after taxes on distributions and sale of fund shares	10.76%	0.77%	6.03%
Class A	9.55%	(0.03%)	6.49%
Class C	14.37%	0.43%	6.30%
Russell 1000 Value Index (reflects no deduction for fees, expenses or taxes)	17.51%	0.59%	7.38%
S&P 500 Index (reflects no deduction for fees, expenses or taxes)	16.00%	1.66%	7.10%

Prior to March 1, 2010, the fund invested primarily in common stocks of established U.S. companies under the name “Legg Mason ClearBridge Investors Value Fund.”

The after-tax returns are shown only for Class I shares, are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an 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 I will vary from returns shown for Class I.

[1] N/A

[2] Generally,

[3] If your shares are held in a direct account and the value of your account is below $1,000 ($250 for retirement plans that are not employer-sponsored), the fund may charge you a fee of $3.75 per account that is determined and assessed quarterly (with an annual maximum of $15.00 per account). Direct accounts generally include accounts held in the name of the individual investor on the fund's books and records.

[1] "Other expenses" are estimated for the current fiscal year. Actual expenses may differ from estimates.

[2] N/A

[3] The manager has agreed to waive fees and/or reimburse operating expenses (other than interest, brokerage, taxes, extraordinary expenses and acquired fund fees and expenses) so that total annual operating expenses are not expected to exceed 1.42% for Class A2 shares, 1.20% for Class FI shares, 1.45% for Class R shares and 0.90% for Class I shares. In addition, total annual fund operating expenses for Class IS shares and Class 1 shares will not exceed total annual fund operating expenses for Class I shares and Class A shares, respectively. These arrangements cannot be terminated prior to December 31, 2014 without the Board of Trustees' consent. The manager is permitted to recapture amounts waived and/or reimbursed to a class during the same fiscal year if the class' total annual operating expenses have fallen to a level below the limits described above.