SAPYX Fees and Costs — ClearBridge Appreciation Fund, Class I
Data updated: 2026-09-23
The net expense ratio is 0.67%: a 0.54% management fee plus 0.13% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $421K in broker commissions, 0.0046% of average net assets, and portfolio turnover was 28%.
SAPYX Fees and Expenses
Annual operating expenses and sales charges of SAPYX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.54% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.13% |
| Gross expense ratio | 0.67% |
| Fee waiver | — |
| Net expense ratio | 0.67% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
SAPYX Costs Over Time
On $10,000 invested in SAPYX, assuming 5% a year before costs, total costs come to $425 over 5 years, cutting the return by 0.71% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.67%) | $70 | $220 | $383 |
| Trading costs (broker commissions) | $0 | $2 | $3 |
| Lost growth on money paid in costs | $0 | $11 | $39 |
| Total costs | $71 | $233 | $425 |
| Value after costs | $10,429 | $11,344 | $12,338 |
| Impact on return, per year | 0.71% | 0.71% | 0.71% |
SAPYX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0046%
- Total broker commissions: $421K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 28%
- Securities lending: none during the year
SAPYX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| UBS Securities LLC | $196K | 46.92% |
| MORGAN STANLEY & CO. LLC | $118K | 28.39% |
| J.P. MORGAN SECURITIES LLC | $46K | 11.10% |
| JEFFERIES LLC | $14K | 3.39% |
| GOLDMAN SACHS & CO. LLC | $13K | 3.13% |
| Raymond James & Associates, Inc. | $10K | 2.51% |
| Stifel, Nicolaus & Company, Incorporated | $6K | 1.52% |
| BOFA SECURITIES, INC. | $5K | 1.24% |
| Instinet LLC | $4K | 1.00% |
| CAPIS | $3K | 0.81% |
ClearBridge Appreciation Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| LMESX | Class IS | 0.55% | none |
| SAPYX | Class I | 0.67% | none |
| SHAPX | Class A | 0.91% | 5.50% |
| LMPIX | Class FI | 1.02% | none |
| LMPPX | Class R | 1.24% | none |
| SAPCX | Class C | 1.66% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.