If sales charges were included, performance shown would be lower.
The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. For performance data including the effects of sales charges, Class A shares reflect the deduction of a maximum front-end sales charge of 5.75%. One-year returns for Class C shares reflect a maximum contingent deferred sales charge (CDSC) of up to 1.0%, respectively.
If sales charges were included, performance shown would be lower.
|1 Yr||3 Yr||5 Yr||10 Yr||Since Inception|
Allocations are subject to change
Equity securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. The Fund may focus its investments in certain regions or industries, increasing its vulnerability to market volatility. As a nondiversified fund, it is permitted to invest a higher percentage of its assets in any one issuer than a diversified fund, which may magnify the fund's losses from events affecting a particular issuer. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. Derivatives, such as options and futures, can be illiquid, may disproportionately increase losses, and have a potentially large impact on fund performance. The manager's investment style may become out of favor and/or the manager's selection process may prove incorrect, which may have a negative impact on the Fund's performance.
The Fund may engage in short selling, which is a speculative strategy that involves special risks. Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short.
Active share is a measure of the percentage of stock holdings in a manager?s portfolio that differ from the benchmark index.
Additional risks may include those risks associated with investing in fixed-income securities, real estate and leverage. Please see the prospectus for more information.
Bill Miller, CFA (industry since 1982) is your Fund's portfolio manager; Samantha McLemore, CFA (industry since 2002) is your assistant portfolio manager.
LMM is a valuation-focused firm led by well-known value investor Bill Miller. Since 1999, LMM has used a multi-disciplinary and patient approach to create long-term capital growth for clients. The team believes its competitive advantages are both analytical and behavioral. A multi-faceted focus on a business's ability to generate free cash flow over the long term forms the basis for LMM's analytical edge, while ongoing study of institutional and individual behavior helps the firm capitalize on inefficiencies arising from human nature.
|NAV||$ Chg||% Chg|
|Morningstar Category||Mid-Cap Value|
|Lipper Category View All Rankings||Mid-Cap Value Funds|
|Weighted Average Capitalization ($bn)||$36.08|
|Number of Holdings||68|
|Net Assets ($bn)||$1.92|
**Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. For Class(es) A, C, FI, I & R, there are currently no fee waivers in effect, so gross and net expenses are identical.
† Morningstar proprietary ratings are as of January 31, 2014 and are subject to change every month. A 4- or 5-star rating does not necessarily imply that a fund achieved positive results for the period. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Class FI and C shares of the Fund were rated against 365, 306, and 186 Mid-Cap Value funds over the 3-, 5- and 10-year periods, respectively. With respect to these funds, Class FI and C shares of the Fund received Morningstar Ratings of 3, 4, and n/a; 3, 3, and 1 stars for the 3-, 5- and 10-year periods, respectively. Ratings shown are for the highest and lowest rated share classes only, when available. Other share classes have different expense structures and performance characteristics. Classes have a common portfolio.
An XBRL file is not a fund's complete prospectus. XBRL is an interactive data format and is provided in addition to a fund's prospectus and annual and semi-annual reports linked to this page. An XBRL file is not viewable without a viewer tool. A viewer tool is available on the SEC website at www.sec.gov. You can download an XBRL zip file and view it on the SEC website or use the data for analysis with any comparison tool.
Past performance is no guarantee of future results. Each fund is ranked based on average annual total returns assuming reinvestment of dividends, capital gains and distributions at net asset value and the deduction of all fund expenses. Each fund is ranked within a universe of funds similar in portfolio characteristics and capitalizations as defined by Lipper Inc. Rankings do not include the effect of the Fund's sales charges. Results would have been less favorable had sales charges been included. A high Lipper ranking does not necessarily imply that a fund achieved positive results for the period. Lipper Inc. is a nationally recognized organization that ranks the performance of mutual funds.
Prior to May 10, 2013, this Fund was known as Legg Mason Capital Management Opportunity Trust.
Ratings shown are for the highest and lowest rated share classes only, when available.
Lipper Top Quartile rankings are shown for those funds that are ranked in the top 25% of their Lipper category.
There is no guarantee that the Fund's objective will be met.
Portfolio holdings are subject to change at any time. Percentages are based on total portfolio. This information is provided for information purposes only and should not be construed as a recommendation to purchase or sell any security.
CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor's Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. "CUSIP" is a registered trademark of the American Bankers Association.Click here for additional term definitions.