Equity

MCEMX 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: 0.93%
Net Expense Ratio^4,5: 0.86%
Maximum Initial Charge: N/A
CDSC: N/A
12b-1 Fee: 0.00%

Identifiers

Ticker: MCEMX
Fund Number: 7172
CUSIP Code: 52471E613

Average Annual Total Returns As of 12/31/2025

View performance section for additional info As of 12/31/2025

Class IS

With Sales Charge (POP)

Without Sales Charge (NAV)

36.78%1 Year
14.36%3 Years
0.79%5 Years
8.58%10 Years
6.24%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 01/31/2026 % of Total (Updated Monthly)

Top Sectors
Information Technology37.39%
Financials20.77%
Consumer Discretionary11.10%
Industrials8.62%
Communication Services7.83%

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

Commentary Highlights

12/31/2025

Markets: Emerging markets advanced 4.7% in the fourth quarter to finish the year as one of the best performing global equity asset classes. The benchmark MSCI Emerging Markets Index rose 33.6% for 2025, outpacing the developed market MSCI EAFE Index (+31.2%) and handily outperforming the U.S. S&P 500 Index. (+17.9%). Within the benchmark, performance in the fourth quarter was led by Korea and Taiwan, which offset weakness in China. Korean equities soared 27.3% in the quarter, led by a 50% gain for its information technology (IT) sector, while AI-related momentum helped Taiwanese stocks climb 10.4%.
Contributors : SK Hynix, Samsung Electronics, Sieyuan Electric, Capitec Bank, Titan.
Detractors : Alibaba, Tencent, CATL, MercadoLibre, Apollo Hospitals.
Outlook : We believe the EM market recovery is at an early stage. Valuations are appealing, global macroeconomic drivers are supportive and local structural and company-level opportunities all point toward significant upside potential for the asset class.

For complete information, please see the full commentary:

Managed Fund Since 2019

Managed Fund Since 2015

Managed Fund Since 2019

Managed Fund Since 2018

Managed Fund Since 2019

Managed Fund Since 2022

Performance

Average Annual Total Returns

As of 12/31/2025

Month End

Quarter End

As of

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

Month End

As of 12/31/2025

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

Month End

As of 12/31/2025

MSCI Emerging Markets Index-NR (%)

Month End

As of 12/31/2025

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: 3 out of 5 stars
As of 01/31/2026

3 Years: 3 Years: 2 out of 5 stars
705 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
462 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.

Morningstar Style Box

As of 01/31/2026

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.

©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 of01/31/2026 (Updated Monthly)

Total Net Assets: $359.75 Million

Positions

As of 01/31/2026 (Updated Monthly)

Number of Holdings

Fund: 58
Benchmark: 1,196

Portfolio Statistics

As of 01/31/2026 (Updated Monthly)

Price to Earnings (12-Month Forward)

Fund: 15.44x
Benchmark: 14.02x

Weighted Average Market Capitalization (USD)

Fund: $449.87 Billion
Benchmark: $322.05 Billion

Price to Earnings (12-Month Trailing)

Fund: 21.54x
Benchmark: 17.01x

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: $166.05 Billion
Benchmark: $52.22 Billion

Price to Book

Fund: 6.28x
Benchmark: 4.47x

Asset Allocation

As of 01/31/2026 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
Equity	95.58%
Cash	4.42%

Holdings
As of 12/31/2025 (Updated Monthly)

Taiwan Semiconductor Manufacturing Company

Tencent Holdings Ltd.

Samsung Electronics

SK Hynix Inc.

HDFC Bank Ltd.

ICICI Bank Ltd

Alibaba Group Holding

Reliance Industries

China Merchants Bank Co Ltd

CAPITEC BANK HOLDINGS 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	0.162948	0.162948	—	—	—	—	0.058338	—	—
	0.173975	0.173975	—	—	—	—	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 02/09/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 02/09/2026

Share Prices

As of 02/09/2026

NAV ¹(Net Asset Value): $19.01
NAV Change ¹: $0.27
NAV Change (%) ¹: 1.44%
POP ⁷(Public Offering Price): $19.01

52-Week Range

Highest NAV: $19.01
Lowest NAV: $11.45

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 - Martin Currie Emerging Markets Fund - Class IS	Download Document
Checkbox	Annual Financial Statements and Other Information - Clearbridge Emerging Markets Fund	Download Document
Checkbox	Semi-Annual Report - Clearbridge Emerging Markets Fund - Class IS	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 17Mailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Clearbridge Emerging Markets FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Clearbridge Emerging Markets 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. 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.

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.

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

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.
©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.
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.

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Individual Investor

Financial Professional

Institutional Investor

MCEMX ClearBridge Emerging Markets Fund

Popular Documents

Fund name change

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Class IS

Top Sectors

Additional Fund Info

Manager and Commentary

Performance

Average Annual Total Returns

Ratings 3

Portfolio

Asset Allocation

Distributions & Tax

Federal ID Number 472775318

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ³