Data through February 29, 2016

ClearBridge Large Cap Value A

Morningstar Analyst Rating 03-03-16

Ticker
SINAX

Status
Open

Yield
2.0%

Total Assets
$1,398 mil

Mstar Category
Large Value
Investment Style
Equity
Stock %

Historical Profile
Return Average
Risk
Average
Rating
Above Avg

93%

97%

99%

100%

98%

99%

99%

98%

19.0

Morningstar Pillars

Process
Performance
People
Parent
Price

15.5

Positive
Positive
Positive
Neutral
Positive

12.5
10.0

Analyst Rating Spectrum

Pillar Spectrum

Positive

Negative

Neutral

Performance 02-29-16
2012
2013
2014
2015
2016
Trailing

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Total

7.47
11.14
10.53
1.84
-0.44

1.24
-1.50
4.13
4.87
0.81

-15.45
5.48
3.78
-0.12
-7.69

13.49
0.66
10.26
4.47
.

16.24
31.70
11.44
-3.01
.

Total
Return%

+/-

-7.22
-3.83
-9.12
8.26
8.84
5.37
4.70

-0.63
-2.91
-2.93
-2.49
-1.29
-1.07
-0.36

3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg

Tax Analysis Tax-Adj Rtn%

3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)

5.40
6.94
3.69

+/- Russ
1000 Vl

%Rank
Cat

Growth of
$10,000

0.01
-0.96
0.29
-0.01
0.03
0.24
-0.96

45
49
37
30
22
32
59

9,278
9,617
9,088
12,688
15,274
16,872
19,916

%Rank Cat Tax-Cost Rat %Rank Cat

50
31
41

0.70
0.58
1.01

18
18
47

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

02-16

History

20.43
6.15
1.24
-0.90
1.16
4.99
43
0.23
1.13
0.88
1.46
.
309

21.81
17.63
1.84
-4.62
1.34
16.29
59
0.26
1.91
0.93
1.13
53
317

21.34
3.50
-1.99
3.67
1.31
2.19
34
0.28
0.96
0.90
1.21
25
311

13.24
-35.52
1.48
1.33
1.29
-36.81
36
0.27
0.43
0.85
1.23
14
584

16.00
23.73
-2.73
4.04
2.49
21.24
47
0.33
0.00
0.95
1.61
23
291

17.20
9.42
-5.64
-6.09
1.76
7.66
95
0.28
0.00
0.98
1.91
20
304

17.67
4.41
2.30
4.02
1.67
2.74
18
0.29
0.00
0.96
1.72
19
289

20.21
16.24
0.24
-1.27
1.82
14.42
32
0.32
0.00
1.01
1.54
16
271

26.27
31.70
-0.69
-0.83
1.55
30.15
45
0.31
0.00
1.01
1.73
11
285

28.85
11.44
-2.25
-2.01
1.57
9.87
35
0.41
0.00
0.98
1.49
11
431

27.04
-3.01
-4.39
0.82
1.87
-4.88
38
0.53
0.41
0.93
2.02
16
436

25.67
-5.07
0.02
0.12
0.00
-5.07
44
0.00
0.00
.
.
.
366

NAV
Total Return %
+/+/-Russ 1000 Vl
Income Return %
Capital Return %
Total Rtn % Rank Cat
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil

Portfolio Analysis 12-31-15

Rating and Risk

Time
Period

1 Yr
3 Yr
5 Yr
10 Yr
Incept

Load-Adj
Return %

Morningstar
Rtn vs Cat

Morningstar
Risk vs Cat

-14.34
6.14
7.56
4.75
9.03

-Avg
Avg
Avg

Avg
Avg
-Avg

Other Measures

Alpha
Beta
R-Squared
Standard Deviation
Mean
Sharpe Ratio

Morningstar
Risk-Adj Rating

Standard Index

Best Fit Index

Russ 1000 Vl

-2.1
0.98
96

0.1
0.99
97

11.01
8.26
0.77

Potential Capital Gain Exposure: 25% of assets

Morningstars Take by Andrew Daniels 03-03-16

long-term competitive advantages--above the Russell
1000 Value benchmarks 43% allocation. In addition,
the portfolios return on invested capital and return on
equity relative to its benchmark confirm the funds
focus on higher-quality firms instead deep-value firms.
The managers tend to hold stocks for the long term
and turnover is low, generally between 15% and 25%.
All top-five holdings have been held for more than
nine years. But the managers will trim top performers
as they climb in order to protect gains. For example,
the fund has held Home Depot HD since 2006 but has
trimmed its weight recently as the stock has climbed
more than 100% since 2013.
This fund has been a consistent performer since
Feitler and Khaykin joined forces in June 2007. Since
then, through February 2016, its 3.6% annualized
return beat the Russell 1000 Value benchmarks 3.0%
return and 76% of its large-value peers. Additionally,
it has ranked in the large-value categorys top half in
eight of nine years, though only once in the top
quartile.

Address:

Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
Expense Projections:
Income Distribution:

Web Address:
Inception:
Advisor:
Subadvisor:

Legg Mason Partners Equity Trust

New York, NY 10041
877-721-1926
http://www.leggmason.com/
01-03-95
Legg Mason Partners Fund Advisor, LLC
ClearBridge Investments, LLC

NTF Plans:

Schwab OneSource

$1000
Add: $50
IRA: $250
$50
Add: $50
5.75%L,
0.65% mx./0.45% mn.
Mgt:0.49%
Dist:0.25%
3Yr:$843
5Yr:$1041 10Yr:$1609
Quarterly

2015 Morningstar, Inc. All rights reserved. The information herein is not represented or warranted to be accurate, correct, complete or
timely. Past performance is no guarantee of future results. Access updated reports at mfb.morningstar.com. To order reprints, call 312-696-6100.

Share change since 09-15 Total Stocks:57 Sector

CVS Health Corp

Wells Fargo & Co
JPMorgan Chase & Co
DISH Network Corp
Time Warner Inc
U.S. Bancorp
Honeywell International
Time Warner Cable Inc
Target Corp
Halliburton Co
General Electric Co
Anthem Inc
Exxon Mobil Corporation
Merck & Co Inc
TE Connectivity Ltd
Illinois Tool Works Inc
Travelers Companies Inc
Philip Morris Internatio
Chevron Corp
Twenty-First Century Fox
Current Investment Style
Value Blnd Growth
Market Cap
Large Mid Small

ClearBridge Large Cap Value has many positive

attributes. Comanagers Bob Feitler and Dmitry Khaykin
have run the fund since June 2007, following a strong
investment process, and they have put together a solid,
rather than flashy, performance record. Expenses are
also low. The fund earns a Morningstar Analyst Rating
of Bronze.
Feitler and Khaykin follow a value-oriented strategy
but are not deep-value investors. They favor firms with
proven business models, sustainable competitive
advantages, and the capability to succeed across a
variety of business environments. Only after identifying
such firms do they look at valuation metrics such as
price/normalized earnings, enterprise value/EBITDA,
free cash flow yield, and free cash flow probability.
The portfolio is relatively compact, typically holding 50
to 60 names, but it is not overly concentrated--no stock
can exceed 7% of assets at any time. As of December
2015, 51% of assets were in firms earning Morningstar
Economic Moat Ratings of wide--which are firms
identified by Morningstar equity analysts as having

EQ

Investment Values of
Fund
Investment Values of

Performance Quartile
(within Category)

Morningstar evaluates mutual funds based on five key pillars, which

its analysts believe lead to funds that are more likely to outperform
over the long term on a risk-adjusted basis.

Growth of $10,000

6.0

Morningstar Analyst Rating

Manager Change
Partial Manager Change

Giant
Large
Mid
Small
Micro
Avg $mil:
64,230

Value Measures

Price/Earnings
16.45
Price/Book
1.90
Price/Sales
1.47
Price/Cash Flow
8.86
Dividend Yield % 2.64
Growth Measures

Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
Profitability

8.61
6.40
5.06
8.62
6.87
%

Return on Equity 17.91

Return on Assets 5.07
Net Margin
12.48

Hlth care
Finan Svs
Finan Svs
Comm Svs
Cnsmr Cyc
Finan Svs
Industrl
Comm Svs
Cnsmr Def
Energy
Industrl
Hlth care
Energy
Hlth care
Technology
Industrl
Finan Svs
Cnsmr Def
Energy
Cnsmr Cyc
%

44.8
45.4
9.8
0.0
0.0

Sector
Weightings

h
r
t
y
u

PE Tot Ret% % Assets

21.1
11.4
9.4
29.2
14.4
12.2
16.8
29.9
17.5
.
18.8
13.9
20.8
32.1
20.4
18.4
9.9
20.6
34.1
22.5
% of
Stocks

Cyclical 36.04
BasicMat 2.88
CnsmrCyc 7.64
FinanSvs 25.52
Real Est 0.00

-0.18
-13.00
-14.07
-17.58
2.99
-9.73
-1.57
2.84
8.81
-4.64
-3.64
-6.28
3.76
-4.94
-11.39
1.69
-4.73
3.55
-6.06
-0.26

4.03
3.57
3.53
3.50
3.16
2.60
2.55
2.41
2.39
2.36
2.29
2.26
2.12
2.00
2.00
1.99
1.96
1.95
1.94
1.94

Rel

3 Year
High Low

.
. 4 1
. 11 8
. 27 24
. 1 1

j Sensitive 37.99
.
i CommSrvs 7.54
. 10 7
Rel Category
o Energy 10.52
. 12 9
1.25 p Industrl 9.03
. 11 9
1.12 a Technlgy 10.90
. 11 8
1.27
Defensive25.97
k
.
1.46
. 14 8
0.96 s CnsmrDef 9.10
d Hlthcare 15.34
. 15 8
Rel Category f Utilities 1.53
. 2 2
0.98
1.24
3.40 Composition - Net
Cash
1.3
1.57
Stocks 97.9
1.97
Bonds
0.0
Other
0.8
Rel Category
1.10
Foreign 6.2
(% of Stock)
0.84
1.05

Mutual Funds