Equity

SBIEX ClearBridge International Value Fund

Overview

See the risks and other important information.

Fund Facts

Fund description

Employs an active approach to invest in multi-cap, non-U.S. companies. Seeks geographical diversification by region and country in both developed and emerging markets. Emphasizes attractive companies as measured by valuation; quality of financial condition; product development and marketing; competitiveness; and other factors.

Benchmark ^3,4: MSCI EAFE Index-NR
Additional Benchmark ³: MSCI All Country World ex-US Index-NR
Fund Inception Date: 02/18/1986
Dividend Frequency, if any: Annually
Portfolio Turnover: 25%

Sales Charges, Expenses & Fees

As of 03/01/2025

Gross Expense Ratio⁵: 1.47%
Net Expense Ratio^5,6: 1.29%
Maximum Initial Charge: 5.50%
CDSC⁷: 1.00%
12b-1 Fee: 0.25%

Identifiers

Ticker: SBIEX
Fund Number: 7320
CUSIP Code: 52469X607

Average Annual Total Returns As of 10/31/2025

View performance section for additional info As of 10/31/2025

Class A

With Sales Charge (POP)

Without Sales Charge (NAV)

20.66%1 Year
17.74%3 Years
14.00%5 Years
5.06%10 Years
5.47%Since Inception
02/18/1986

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Sectors

View portfolio section for additional info

As of 10/31/2025 Equity as a % of Total (Updated Monthly)

Financials23.82%

Industrials21.79%

Information Technology9.90%

Consumer Discretionary9.11%

Materials8.29%

Additional Fund Info

Share Class Inception Date: 02/18/1986
Investment Style: Value
Lipper Classification: International Multi-Cap Value
Morningstar Category: Foreign Large Value

Manager and Commentary

About the Team

ClearBridge Investments

ClearBridge Investments is a well-established global investment manager focusing on proprietary research and fundamental investing. With over 60 years of experience building portfolios for clients seeking income solutions, high active share or low-volatility, long-tenured portfolio managers provide strong leadership in a centralized investment structure.

Commentary Highlights

September 30, 2025

Markets: Global equity markets generated positive returns in the third quarter, as continued progress on tariff negotiations between the U.S. and its trade partners helped to soften lingering macro uncertainty and shift attention toward the possibility of further Federal Reserve rate cuts. As a result, the benchmark MSCI EAFE Index rose 4.8%, but trailed the 8.1% return of the S&P 500 Index. Despite a late-quarter rally for information technology (IT) and more cyclical areas of the market, value stocks ultimately outperformed their growth counterparts, with the MSCI EAFE Value Index returning 7.4% while the MSCI EAFE Growth Index returned 2.2%.
Contributors: Holdings in Samsung Electronics, Maribeni and Tencent. Stock selection in the financials, IT and materials sectors. Overweight to emerging markets, stock selection in Europe Ex U.K. and Japan.
Detractors: Holding in CNH Industrial, not owning ASML and Softbank Group . Stock selection in the consumer discetionary and consumer staples sectors, an overweight to the IT sector. Stock selection in emerging markets, the U.K. and North America.
Outlook: While central banks are signaling caution, the path to normalization is likely to be uneven and region-specific, creating fertile ground for active management.

For complete information, please see the full commentary

Managed Fund Since 2006

Managed Fund Since 2017

Managed Fund Since 2022

Latest ClearBridge Insights

November 3, 2025

AOR Update: Data dearth and the dashboard

October 20, 2025

AOR Update (Podcast): Bubble or Boom?

October 10, 2025

The Long View: Bubble or boom?

September 18, 2025

Infrastructure in the rapidly changing policy landscape

Performance

Average Annual Total Returns

As of 10/31/2025

Month End

Quarter End

As of

Class A - With Sales Charge (POP) (%)

Month End

As of 10/31/2025

Class A - Without Sales Charge (NAV) (%)

Month End

As of 10/31/2025

MSCI EAFE Index-NR (%) ^3,4

Month End

As of 10/31/2025

MSCI All Country World ex-US Index-NR (%)

Month End

As of 10/31/2025

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

See the risks and other important information.

Overall Morningstar Rating: Overall Morningstar Rating: 2 out of 5 stars
As of 10/31/2025

3 Years: 3 Years: 2 out of 5 stars
335 Funds in category

5 Years: 5 Years: 3 out of 5 stars
316 Funds in category

10 Years: 10 Years: 1 out of 5 stars
240 Funds in category

Rating Category: Foreign Large Value

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Morningstar Style Box

As of 10/31/2025

Current Historical
			Large
			Medium
			Small
Value	Blend	Growth
Style

Size

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Portfolio

Assets

As of10/31/2025 (Updated Monthly)

Total Net Assets: $187.08 Million

Positions

As of 10/31/2025 (Updated Monthly)

Number of Holdings

Fund: 69
Benchmark: 693

Portfolio Statistics

As of 10/31/2025 (Updated Monthly)

Price to Book

Fund: 3.10x
Benchmark: 3.60x

Price to Earnings (12-Month Trailing)

Fund: 15.17x
Benchmark: 17.44x

Weighted Average Market Capitalization (USD)

Fund: $104.99 Billion
Benchmark: $101.69 Billion

Median Market Cap (USD)
The weighted median is calculated by first ranking all of the companies in the specified universe in ascending order based on the specified formula. All of the weights for the companies are summed. Then, the function steps through the sorted list while keeping a running total of the weights. The value returned by the function as the weighted median value is that belonging to the company straddling the 50% barrier.

Fund: $56.93 Billion
Benchmark: $71.27 Billion

Portfolio Turnover

Fund: 25.00%
Benchmark: —

Price to Earnings (12-Month Forward)

Fund: 15.22x
Benchmark: 16.60x

Sector Allocation

As of 10/31/2025 Equity as a % of Total (Updated Monthly)

Sector Allocation
Sector	% of Total	Benchmark
Financials	23.82%	24.09%
Industrials	21.79%	19.38%
Information Technology	9.90%	8.85%
Consumer Discretionary	9.11%	10.11%
Materials	8.29%	5.59%
Health Care	7.32%	10.89%
Consumer Staples	5.63%	7.49%
Energy	3.97%	3.24%
Utilities	3.00%	3.57%
Communication Services	2.45%	4.95%
Real Estate	0.90%	1.84%

Holdings
As of 10/31/2025 (Updated Monthly)

Siemens AG

Fujitsu Ltd

Airbus Group SE

Hitachi Ltd.

Mitsubishi UFJ Financial Group

Lloyds Banking Group PLC

Marubeni Corp.

Samsung Electronics

Shell PLC

KBC Group NV

Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.

Distributions & Tax

Federal ID Number 133628257

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Dec 11	0.21952	0.21952	—	—	—	—	0.022801	—	—
	0.21952	0.21952	—	—	—	—	0.022801	—	—

Dec 11

Supplemental Tax Information

Foreign Source Income: 100.00%
Foreign Source Qualified Dividends: 100.00%
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: —
Specified Private Activity Bond Interest: —
Dividends Received Deduction: —
Section 163(j): —
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 11/14/2025 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 11/14/2025

Share Prices

As of 11/14/2025

NAV ¹(Net Asset Value): $13.66
NAV Change ¹: $-0.04
NAV Change (%) ¹: -0.29%
POP ⁸(Public Offering Price): $14.46

52-Week Range

Highest NAV: $13.86
Lowest NAV: $9.93

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - ClearBridge International Value Fund	Download Document
Checkbox	Product Commentary - ClearBridge International Value Fund	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - ClearBridge International Value Fund - Class A	Download Document
Checkbox	Annual Financial Statements and Other Information - ClearBridge International Value Fund	Download Document
Checkbox	Semi-Annual Report - ClearBridge International Value Fund Class A	Download Document
Checkbox	Semiannual Financial Statements and Other Information - ClearBridge International Value Fund	Download Document
Checkbox	Prospectus - ClearBridge International Value Fund	Download Document
Checkbox	Summary Prospectus - ClearBridge International Value Fund	Download Document
Checkbox	Statement of Additional Information - Legg Mason Partners Investment Trust Book 24Mailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - ClearBridge International Value FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - ClearBridge International Value FundMailed hardcopies unavailable.	Download Document

View Proxy Voting Records and Proxy Voting Policies

Risks

All investments involve risks, including possible loss of principal. 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 investment style may become out of favor, which may have a negative impact on performance. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund’s prospectus.

Important Information

Click here for funds sales charge and breakpoint information.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

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Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

The MSCI EAFE Index is a free float-adjusted market capitalization-weighted index designed to measure developed market equity performance, excluding the U.S. and Canada.
Source: MSCI makes no warranties and shall have no liability with respect to any MSCI data reproduced herein. No further redistribution or use is permitted. This report is not prepared or endorsed by MSCI.

Net Returns (NR) include income net of tax withholding when dividends are paid.

The MSCI All Country World Index ex US (MSCI ACWI Index ex US) is a market capitalization-weighted index designed to measure equity market performance of developed and emerging markets, excluding the U.S.
Net Returns (NR) include income net of tax withholding when dividends are paid.
Source: MSCI makes no warranties and shall have no liability with respect to any MSCI data reproduced herein. No further redistribution or use is permitted. This report is not prepared or endorsed by MSCI.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
Net Returns (NR) include income net of tax withholding when dividends are paid.
Effective September 1, 2023, the MSCI EAFE Index-NR was added as an additional benchmark for the fund.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
For net asset value (NAV) purchases, a 1% contingent deferred sales charge (CDSC) may apply to shares redeemed within 18 months.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics.
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

SBIEX ClearBridge International Value Fund

Popular Documents

Overview

Fund Facts

Fund description

Sales Charges, Expenses & Fees

Identifiers

Average Annual Total Returns As of 10/31/2025

Class A

Top Sectors

Additional Fund Info

Manager and Commentary

About the Team

Commentary Highlights

Latest ClearBridge Insights

Performance

Average Annual Total Returns

Ratings ⁹

Portfolio

Assets

Positions

Portfolio Statistics

Sector Allocation

Holdings
As of 10/31/2025 (Updated Monthly)

Distributions & Tax

Federal ID Number 133628257

Distributions per Share ($)

Supplemental Tax Information

Pricing

Pricing History

November 2025

November 2025

Daily Fund Prices

Share Prices

52-Week Range

Documents

Risks

Important Information

Footnotes

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Individual Investor

Financial Professional

Institutional Investor

SBIEX ClearBridge International Value Fund

Popular Documents

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Class A

Top Sectors

Additional Fund Info

Manager and Commentary

About the Team

Latest ClearBridge Insights

Performance

Average Annual Total Returns

Ratings 9

Portfolio

Sector Allocation

Distributions & Tax

Federal ID Number 133628257

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ⁹