Equity

MEFIX ClearBridge Emerging Markets Fund

Overview

See the risks and other important information.

Fund Facts

Fund description

Long-term capital appreciation through investments in equity and related securities of emerging market and developing countries such as Asia, the Indian subcontinent, Latin/Central America, the Middle East, Eastern/Central Europe and Africa. A fundamentals-based, high conviction, risk-aware portfolio built for the long-term, with ESG analysis embedded into the investment process.

Benchmark: MSCI Emerging Markets Index-NR
Fund Inception Date: 05/29/2015
Dividend Frequency, if any: Annually
Portfolio Turnover: 25%

Sales Charges, Expenses & Fees

As of 02/01/2026

Gross Expense Ratio⁴: 1.29%
Net Expense Ratio^4,5: 1.29%
Maximum Initial Charge: N/A
CDSC: N/A
12b-1 Fee: 0.25%

Identifiers

Ticker: MEFIX
Fund Number: 7170
CUSIP Code: 52471E597

Average Annual Total Returns As of 04/30/2026

View performance section for additional info As of 04/30/2026

Class FI

With Sales Charge (POP)

Without Sales Charge (NAV)

52.78%1 Year
18.27%3 Years
2.98%5 Years
9.32%10 Years
7.04%Since Inception
05/29/2015

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 04/30/2026 % of Total (Updated Monthly)

Top Sectors
Information Technology42.10%
Financials19.20%
Industrials9.82%
Consumer Discretionary9.75%
Communication Services5.99%

Additional Fund Info

Share Class Inception Date: 05/29/2015
Investment Style: Growth
Lipper Classification: Emerging Markets Funds
Morningstar Category⁶: Diversified Emerging Markets

Manager and Commentary

About the Team

ClearBridge Investments

ClearBridge Investments is an active equity manager offering a broad range of strategies across global developed and emerging markets, local markets, and income. ClearBridge manages diversified, high-conviction portfolios through collaborative fundamental research to meet the needs of some of the world's largest asset owners and financial intermediary platforms. We invest as long-term, risk-aware business owners and seek to deliver consistency of process and performance for our clients through market cycles. A focus on durability drives everything we do; from the business models of the companies we own, to the holding periods of our portfolios, to the stability and longevity of our investment professionals.

Commentary Highlights

March 31, 2026

Markets: Emerging markets bore the brunt of energy supply shocks caused by the U.S. and Israel’s war with Iran, enduring sharp losses as military action escalated in the last month of the first quarter. The MSCI Emerging Markets Index finished the quarter down 0.2% after a 13.1% drop in March. Oil exporter Brazil (+19.1%) was the best-performing market, while South Korea (+16.5%) and Taiwan (+9.1%) also outperformed. India (-18.1%) suffered among the sharpest losses in EM while China (-8.9%) also underperformed.
Contributors : SK Hynix, Samsung Electronics, Taiwan Semiconductor, Delta Electronics, Sieyuan Electric.
Detractors : HDFC Bank, Mahindra & Mahindra, Kotak Mahindra Bank, Tencent, Trip.com.
Outlook : Recent events may support positive asset allocation moves toward emerging markets. The Iran conflict underscores broader geopolitical uncertainty and questions surrounding the outlook for the U.S. dollar that have been pushing investors to diversify exposures globally.

For complete information, please see the full commentary:

Managed Fund Since 2019

Managed Fund Since 2015

Managed Fund Since 2019

Managed Fund Since 2026

Managed Fund Since 2018

Managed Fund Since 2022

Latest ClearBridge Insights

May 14, 2026

Hope is not a strategy: Positioning for the reality of oil scarcity

May 6, 2026

AOR Update: Mailbag edition

April 14, 2026

AOR Update (Podcast): Conflict, volatility and opportunity

April 9, 2026

Inflation and higher rates: What they mean for infrastructure

Performance

Calendar Year Returns

As of 04/30/2026

Month End

Quarter End

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

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

MSCI Emerging Markets Index-NR (%)

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: 3 out of 5 stars
As of 04/30/2026

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

5 Years: 5 Years: 2 out of 5 stars
619 Funds in category

10 Years: 10 Years: 3 out of 5 stars
460 Funds in category

Rating Category: Diversified Emerging Markets

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.

The number of funds in the category for the Overall Morningstar Rating are listed in the funds in category for the 3-year rating.

Morningstar Style Box

As of 04/30/2026

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.

©2026 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 of04/30/2026 (Updated Monthly)

Total Net Assets: $396.23 Million

Positions

As of 04/30/2026 (Updated Monthly)

Number of Holdings

Fund: 59
Benchmark: 1,204

Portfolio Statistics

As of 04/30/2026 (Updated Monthly)

Price to Earnings (12-Month Forward)

Fund: 12.74x
Benchmark: 12.17x

Price to Earnings (12-Month Trailing)

Fund: 19.58x
Benchmark: 16.60x

Price to Book

Fund: 6.60x
Benchmark: 4.69x

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: $177.49 Billion
Benchmark: $55.71 Billion

Weighted Average Market Capitalization (USD)

Fund: $548.71 Billion
Benchmark: $406.63 Billion

Sector Allocation

As of 04/30/2026 % of Total (Updated Monthly)

Sector Allocation
Sector	% of Total	Benchmark
Information Technology	42.10%	36.74%
Financials	19.20%	19.69%
Industrials	9.82%	7.51%
Consumer Discretionary	9.75%	9.41%
Communication Services	5.99%	6.92%
Materials	3.73%	6.52%
Consumer Staples	3.23%	3.18%
Health Care	2.35%	2.72%
Energy	1.66%	3.97%
Utilities	—	2.22%
Real Estate	—	1.10%
Cash & Cash Equivalents	2.16%	—

Holdings
As of 04/30/2026 (Updated Monthly)

Taiwan Semiconductor Manufacturing Company

Samsung Electronics

SK Hynix Inc.

Tencent Holdings Ltd.

Delta Electronics Inc

Shinhan Financial Group Co Ltd

Taiwan Semiconductor-Sp

WA Institutional U.S. Treasury Reserves

HDFC Bank Ltd.

Contemporary Amperex Technology Co. Ltd

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 472775318

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
Jun 12	0.011027	0.011027	—	—	—	—	—	—	—
Dec 15	0.1057	0.1057	—	—	—	—	0.058338	—	—
	0.116727	0.116727	—	—	—	—	0.058338	—	—

Jun 12

Dec 15

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 05/15/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 05/15/2026

Share Prices

As of 05/15/2026

NAV ¹(Net Asset Value): $20.20
NAV Change ¹: $-0.99
NAV Change (%) ¹: -4.67%
POP ⁷(Public Offering Price): $20.20

52-Week Range

Highest NAV: $21.25
Lowest NAV: $13.46

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - ClearBridge Emerging Markets Fund	Download Document
Checkbox	Product Commentary - ClearBridge Emerging Markets Fund	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - ClearBridge Emerging Markets Fund - Class FI	Download Document
Checkbox	Annual Financial Statements and Other Information - Clearbridge Emerging Markets Fund	Download Document
Checkbox	Semi-Annual Report - Clearbridge Emerging Markets Fund - Class FI	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Clearbridge Emerging Markets Fund	Download Document
Checkbox	Prospectus - Clearbridge Emerging Markets Fund	Download Document
Checkbox	Summary Prospectus - Clearbridge Emerging Markets Fund	Download Document
Checkbox	Statement of Additional Information - Legg Mason Partners Income Trust Book 17	Download Document
Checkbox	Fiscal Q1 Holdings - Clearbridge Emerging Markets Fund	Download Document
Checkbox	Fiscal Q3 Holdings - Clearbridge Emerging Markets Fund	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. 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. The portfolio is non-diversified and may invest in a relatively small number of issuers, which may negatively impact the performance and result in greater fluctuation in value. The managers’ environmental, social and governance (ESG) strategies may limit the types and number of investments available and, as a result, may forgo favorable market opportunities or underperform strategies that are not subject to such criteria. There is no guarantee that the strategy's ESG directives will be successful or will result in better performance. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. These and other risks are discussed in the fund’s prospectus.

Important Information

Click here for funds sales charge and breakpoint information.

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

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.

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

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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.

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.

The MSCI Emerging Markets Index is a market capitalization-weighted index that is designed to measure equity market performance in the global emerging markets.
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.

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.
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.
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.
©2026 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.
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.
Capitalization Rate is calculated without the deduction of fees and expenses.

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