Legg Mason Partners Equity Trust
06/29/2022 | Press release | Distributed by Public on 06/29/2022 07:30
Summary Prospectus by Investment Company (Form 497K)
Franklin S&P 500 Index Fund
FTXX961913 | VGOF-P85 0622
LEGG MASON GLOBAL ASSET MANAGEMENT TRUST
LEGG MASON PARTNERS INVESTMENT TRUST
SUPPLEMENT DATED JUNE 29, 2022
TO THE SUMMARY PROSPECTUS, PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION ("SAI")
OF EACH FUND LISTED IN SCHEDULE A
| I. |
Effective June 29, 2022, the following changes are made to the Summary Prospectus, Prospectus and SAI of Franklin Global Market Neutral Fund: |
| a) |
All references to Russell Shtern in the section entitled "Management-Portfolio managers" in the fund's Summary Prospectus and Prospectus are deleted in their entirety and replaced with the following: |
|
Vaneet Chadha, CFA |
Portfolio Manager | June 2022 | ||
|
Sundaram Chettiappan, CFA |
Portfolio Manager | June 2022 |
| b) |
All references to Russell Shtern in the section entitled "More on fund management-Portfolio managers" in the fund's Prospectus are deleted in their entirety and replaced with the following: |
|
Vaneet Chadha, CFA |
Vice President, Portfolio Manager and director of Style Premia and Volatility Management for Franklin Templeton Investment Solutions ("FTIS"). Prior to joining Franklin Templeton in 2012, Mr. Chadha served as a quantitative developer at Citadel LLC. He entered the financial services industry in 2005. He holds a Bachelor of Computer Engineering from University of Delhi and a M.S. in Quantitative and Computational Finance from Georgia Institute of Technology. | June 2022 | ||
| Sundaram Chettiappan, CFA | Vice President, Portfolio Manager for Franklin Templeton Investment Solutions ("FTIS"). Prior to joining Franklin Templeton in 2018, Mr. Chettiappan served as a senior quantitative researcher at Balyasny Asset Management. Previously, Mr. Chettiappan spent 12 years at McKinley Capital Management working on multi-factor alpha modeling and portfolio construction covering Global and Non-US equities. He entered the financial services industry in 2006. He holds a Bachelor of Engineering Computer Sciences and Engineering from the College of Engineering Guindy, Anna University and a M.S. in Quantitative and Computational Finance from Georgia Institute of Technology. | June 2022 |
| c) |
All references to Russell Shtern in the section entitled "Investment Management and Service Provider Information-Portfolio Managers-Other Accounts Managed by the Portfolio Managers" in the fund's SAI are deleted in their entirety and replaced with the following: |
|
Portfolio |
Type of Account |
Number of Accounts Managed |
Total Assets Managed (billions) ($) |
Number of Accounts Managed for which Advisory Fee is Performance- Based |
Assets |
|||||
| Vaneet Chadha, CFA* | Registered Investment Companies | 3 | 0.85 | None | None | |||||
| Other Pooled Investment Vehicles | 9 | 0.45 | None | None | ||||||
| Other Accounts | 2 | 0.00 | None | None | ||||||
| Sundaram Chettiappan, CFA* | Registered Investment Companies | 9 | 2.38 | None | None | |||||
| Other Pooled Investment Vehicles | 10 | 1.22 | None | None | ||||||
| Other Accounts | 1 | 0.09 | None | None |
| * |
The information is as of May 31, 2022 and does not reflect additional accounts (including the Fund) for which Messrs. Chadha and Sundaram will join the portfolio management team on June 29, 2022. |
| d) |
All references to Russell Shtern in the section entitled "Investment Management and Service Provider Information-Portfolio Managers-Portfolio Managers Securities Ownership" in the fund's SAI are deleted in their entirety and replaced with the following: |
| Vaneet Chadha, CFA | None* | |
| Sundaram Chettiappan, CFA | None* |
| * |
The information is as of May 31, 2022. |
| II. |
Effective June 29, 2022, the following changes are made to the Summary Prospectus, Prospectus and SAI of Franklin S&P 500 Index Fund: |
| a) |
All references to Russell Shtern in the section entitled "Management-Portfolio managers" in the fund's Summary Prospectus and Prospectus are deleted in their entirety and replaced with the following: |
| Christopher W. Floyd, CFA | Portfolio Manager | June 2022 | ||
| Joseph S. Giroux | Portfolio Manager | June 2022 |
2
| b) |
All references to Russell Shtern in the section entitled "More on fund management-Portfolio managers" in the fund's Prospectus are deleted in their entirety and replaced with the following: |
| Christopher W. Floyd, CFA | Vice President, Portfolio Manager for Franklin Templeton Investment Solutions ("FTIS"). Mr. Floyd was formerly a member of the Equity Portfolio Manager group at QS Investors, a quantitative multi-asset and equity manager. QS Investors combined with Franklin Templeton Multi-Asset Solutions in October 2020 to create FTIS. Previously, Mr. Floyd served as a developed markets senior portfolio manager at Batterymarch Financial Management, Inc. ("Batterymarch"), which merged with QS Investors in 2014. Prior to joining Batterymarch, he held positions at Cigna Investment Management, Urban & Associates, Inc. and Bay State Federal Savings Bank. He holds a B.A. in Economics from Dartmouth College and an M.B.A. in Management from Cornell University. | June 2022 | ||
|
Joseph S. Giroux |
Vice President, Portfolio Manager for Franklin Templeton Investment Solutions ("FTIS"). Mr. Giroux was formerly a member of the Equity Portfolio Management group at QS Investors, a quantitative multi-asset and equity manager. QS Investors combined with Franklin Templeton Multi-Asset Solutions in October 2020 to create FTIS. Previously, he served as a portfolio manager at Batterymarch Financial Management, Inc. ("Batterymarch"), which merged with QS Investors in 2014. Prior to joining Batterymarch, Mr. Giroux was a portfolio manager at Wells Capital Management, Evergreen Investments, The Boston Company Asset Management and Standish Ayer & Wood. Mr. Giroux was also a quantitative analyst at Invesco. He has a B.S. in Computer Science and a M.S. in Information Technology from New England Institute of Technology. | June 2022 |
| c) |
All references to Russell Shtern in the section entitled "Investment Management and Service Provider Information-Portfolio Managers-Other Accounts Managed by the Portfolio Managers" in the fund's SAI are deleted in their entirety and replaced with the following: |
|
Portfolio |
Type of Account |
Number of Accounts Managed |
Total Assets Managed (billions) ($) |
Number of Accounts Managed for which Advisory Fee is Performance- Based |
Assets |
|||||
| Christopher W. Floyd CFA* | Registered Investment Companies | 12 | 1.60 | None | None | |||||
| Other Pooled Investment Vehicles | 10 | 0.64 | None | None | ||||||
| Other Accounts | 8 | 0.11 | None | None | ||||||
| Joseph S. Giroux* | Registered Investment Companies | 10 | 0.93 | None | None | |||||
| Other Pooled Investment Vehicles | 9 | 0.62 | None | None | ||||||
| Other Accounts | 5 | 0.06 | None | None |
| * |
The information is as of May 31, 2022 and does not reflect additional accounts (including the Fund) for which Messrs. Floyd and Giroux will join the portfolio management team on June 29, 2022. |
| d) |
All references to Russell Shtern in the section entitled "Investment Management and Service Provider Information-Portfolio Managers-Portfolio Managers Securities Ownership" in the fund's SAI are deleted in their entirety and replaced with the following: |
| Christopher W. Floyd CFA* | None* | |
| Joseph S. Giroux | None* |
| * |
The information is as of May 31, 2022. |
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| III. |
Effective June 29, 2022, the following changes are made to the Summary Prospectus, Prospectus and SAI of Franklin U.S. Large Cap Equity Fund: |
| a) |
All references to Russell Shtern in the section entitled "Management-Portfolio managers" in the fund's Summary Prospectus and Prospectus are deleted in their entirety and replaced with the following: |
| Joseph S. Giroux | Portfolio Manager | June 2022 |
| b) |
All references to Russell Shtern in the section entitled "More on fund management-Portfolio managers" in the fund's Prospectus are deleted in their entirety and replaced with the following: |
|
Joseph S. Giroux |
Vice President, Portfolio Manager for Franklin Templeton Investment Solutions ("FTIS"). Mr. Giroux was formerly a member of the Equity Portfolio Management group at QS Investors, a quantitative multi-asset and equity manager. QS Investors combined with Franklin Templeton Multi-Asset Solutions in October 2020 to create FTIS. Previously, he served as a portfolio manager at Batterymarch Financial Management, Inc. ("Batterymarch"), which merged with QS Investors in 2014. Prior to joining Batterymarch, Mr. Giroux was a portfolio manager at Wells Capital Management, Evergreen Investments, The Boston Company Asset Management and Standish Ayer & Wood. Mr. Giroux was also a quantitative analyst at Invesco. He has a B.S. in Computer Science and a M.S. in Information Technology from New England Institute of Technology. | June 2022 |
| c) |
All references to Russell Shtern in the section entitled "Investment Management and Service Provider Information-Portfolio Managers-Other Accounts Managed by the Portfolio Managers" in the fund's SAI are deleted in their entirety and replaced with the following: |
|
Portfolio |
Type of Account |
Number of Accounts Managed |
Total Assets Managed (billions) ($) |
Number of Accounts Managed for which Advisory Fee is Performance- Based |
Assets |
|||||
| Joseph S. Giroux* | Registered Investment Companies | 10 | 0.93 | None | None | |||||
| Other Pooled Investment Vehicles | 9 | 0.62 | None | None | ||||||
| Other Accounts | 5 | 0.06 | None | None |
| * |
The information is as of May 31, 2022 and does not reflect additional accounts (including the Fund) for which Mr. Giroux will join the portfolio management team on June 29, 2022. |
| d) |
All references to Russell Shtern in the section entitled "Investment Management and Service Provider Information-Portfolio Managers-Portfolio Managers Securities Ownership" in the fund's SAI are deleted in their entirety and replaced with the following: |
| Joseph S. Giroux | None* |
| * |
The information is as of May 31, 2022. |
4
SCHEDULE A
|
Fund |
Date of |
|
|
LEGG MASON GLOBAL ASSET MANAGEMENT TRUST |
||
|
Franklin Global Market Neutral Fund |
January 28, 2022 | |
|
LEGG MASON PARTNERS INVESTMENT TRUST |
||
|
Franklin S&P 500 Index Fund |
January 28, 2022 | |
|
Franklin U.S. Large Cap Equity Fund |
March 31, 2022 |
Please retain this supplement for future reference.
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