December 29, 2009
Prospectus
Legg Mason ClearBridge
Aggressive
Growth
Fund
Class : Ticker Symbol
| A | : SHRAX |
| B | : SAGBX |
| C | : SAGCX |
| FI | : LMPFX |
| R | : LMPRX |
| R1 |
| I | : SAGYX |
| IS: LSIFX |
The Securities and Exchange Commission has not approved or disapproved these securities or determined whether this Prospectus is accurate or complete. Any statement to the contrary is a crime.
INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Legg Mason ClearBridge Aggressive Growth Fund
Fees and expenses of the fund
The accompanying tables describe 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 16 under the heading “Sales charges” and in the fund’s statement of additional information (“SAI”) on page 47 under the heading “Sales Charge Waivers and Reductions.”
| Shareholder fees(paid directly from your investment) (%) | ||||||||||||||||
| Class A | Class B | Class C | Class FI | Class R | Class R1 | Class I | Class IS | |||||||||
| Maximum sales charge (load) imposed on purchases (as a % of offering price) | 5.75 | None | None | None | None | None | None | N/A | ||||||||
Maximum deferred sales charge (load) (as a % of the lower of net asset value at purchase or redemption) (may be reduced over time)
| Generally, none | 5.00 | 1.00 | None | None | None | None | None | ||||||||
| Annual fund operating expenses(expenses that you pay each year as a percentage of the value of your investment) (%) | ||||||||||||||||
| Class A | Class B | Class C | Class FI | Class R | Class R1 | Class I | Class IS | |||||||||
| Management fees | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | ||||||||
| Distribution and service (12b-1) fees | 0.25 | 1.00 | 1.00 | 0.25 | 0.50 | 1.00 | None | None | ||||||||
| Other expenses | 0.38 | 0.59 | 0.21 | 0.33 | 0.20 | 0.201 | 0.16 | 0.03 | ||||||||
| Total annual fund operating expenses | 1.35 | 2.31 | 1.93 | 1.30 | 1.42 | 1.92 | 0.88 | 0.75 | ||||||||
| 1 | “Other expenses” for Class R1 shares are estimated for the current fiscal year because no Class R1 shares were outstanding during the fund’s last fiscal year. |
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 $10,000 in the fund for the time periods indicated |
| • | Your investment has a 5% return each year and the fund’s operating expenses remain the same |
| • | You reinvest all distributions and dividends without a sales charge |
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Number of years you own your shares ($) | 1 year | 3 years | 5 years | 10 years | ||||
| Class A (with or without redemption at end of period) | 705 | 981 | 1,279 | 2,124 | ||||
| Class B (with redemption at end of period) | 734 | 1,023 | 1,339 | 2,417 | ||||
| Class B (without redemption at end of period) | 234 | 723 | 1,239 | 2,417 | ||||
| Class C (with redemption at end of period) | 296 | 611 | 1,053 | 2,281 | ||||
| Class C (without redemption at end of period) | 196 | 611 | 1,053 | 2,281 | ||||
| Class FI (with or without redemption at end of period) | 132 | 411 | 712 | 1,568 | ||||
| Class R (with or without redemption at end of period) | 145 | 450 | 777 | 1,703 | ||||
| Class R1 (with or without redemption at end of period) | 195 | 603 | 1,037 | 2,244 | ||||
| Class I (with or without redemption at end of period) | 90 | 281 | 488 | 1,084 | ||||
| Class IS (with or without redemption at end of period) | 77 | 240 | 417 | 930 |