Equity

LCSMX ClearBridge SMASh Series EM Fund

Overview

See the risks and other important information.

Fund Facts

Benchmark: MSCI Emerging Markets Index-NR
Fund Inception Date: 01/10/2018

Sales Charges, Expenses & Fees

As of 12/01/2025

Gross Expense Ratio²: 0.11%
Net Expense Ratio^2,3: 0.00%
Maximum Initial Charge: N/A
CDSC: N/A

Additional Fund Info

Share Class Inception Date: 01/10/2018
Investment Style: Large Cap
Lipper Classification: Emerging Markets Funds
Morningstar Category⁴: Diversified Emerging Markets

Identifiers

Ticker: LCSMX
CUSIP Code: 52471E290

Manager and Commentary

Managed Fund Since 2019

Managed Fund Since 2018

Managed Fund Since 2019

Managed Fund Since 2018

Managed Fund Since 2019

Managed Fund Since 2022

Portfolio

Assets

As of12/31/2025 (Updated Monthly)

Total Net Assets: $1.36 Billion

Asset Allocation

As of 12/31/2025 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
Equity	98.38%
Cash	1.62%

Holdings
As of 11/30/2025 (Updated Monthly)

Taiwan Semiconductor Manufacturing Company

SK Hynix Inc.

Samsung Electronics Co. Ltd.

Samsung Electronics

Reliance Industries

Titan Co. Ltd.

Shinhan Financial Group Co Ltd

Contemporary Amperex Technology Co. Ltd

Delta Electronics Inc

Apollo Hospitals Enterprise 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

Distribution Frequency
Ex-Dividend Fund: This type of fund declares periodic dividends, which are paid to shareholders who own the fund as of a certain date - known as the "record date". After the record date, the fund is said to be trading "ex-dividend"(literally, without the dividend). An investor who buys shares during the interval between the record date and the payment of the dividend does not receive the dividend. A fund that's in the ex-dividend period is marked with an "x" in newspaper listings.

Daily Accrual Fund: This type of fund typically declares income dividends each day that its net asset value is calculated. These dividends remain in the fund until the designated reinvestment or payment date and are distributed to the shareholders, generally once a month, as additional shares or cash, respectively.: AnnuallyThis fund is an ex-Dividend fund
Capital Gain Distributions: December

Proposed 2026 distribution dates for some Franklin Templeton specialist investment managers (excluding ETFs).

Proposed 2025 distribution dates for some Franklin Templeton specialist investment managers (excluding ETFs).

Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.

Distributions Per Share
Distributions with future dates are estimates and those figures are not final

12/15/2025

Pricing

Pricing History

As of 01/09/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 01/09/2026

Share Prices

As of 01/09/2026

NAV ¹(Net Asset Value): $13.93
POP ⁵(Public Offering Price): $13.93

52-Week Range

Highest NAV: $13.93
Lowest NAV: $8.12

Documents

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - ClearBridge SMASh Series EM Fund - Single Class	Download Document
Checkbox	Annual Financial Statements and Other Information - ClearBridge SMASh Series EM Fund	Download Document
Checkbox	Semi-Annual Report - ClearBridge SMASh Series EM Fund - Single Class	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - ClearBridge SMASh Series EM Fund	Download Document
Checkbox	Prospectus - ClearBridge SMASh Series EM Fund	Download Document
Checkbox	Statement of Additional Information - ClearBridge SMASh Series EM FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - ClearBridge SMASh Series EM FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - ClearBridge SMASh Series EM FundMailed hardcopies unavailable.	Download Document

View Proxy Voting Records and Proxy Voting Policies

Important 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.
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.

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LCSMX ClearBridge SMASh Series EM Fund

Popular Documents

The SMASh Series is available only in a Separately Managed Account (SMA)

Fund name change

Overview

Fund Facts

Sales Charges, Expenses & Fees

Additional Fund Info

Identifiers

Manager and Commentary

Portfolio

Assets

Asset Allocation

Holdings
As of 11/30/2025 (Updated Monthly)

Distributions & Tax

Distributions Per Share
Distributions with future dates are estimates and those figures are not final

Pricing

Pricing History

January 2026

January 2026

Daily Fund Prices

Share Prices

52-Week Range

Documents

Important Information

Footnotes

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