Share class (Symbol): A (SHRAX), C (SAGCX), FI (LMPFX), I (SAGYX), IS (LSIFX) THE NUMBERS BEHIND THE NAME

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1 ClearBridge Aggressive Growth Fund Share class (Symbol): A (SHRAX), C (SAGCX), FI (LMPFX), I (SAGYX), IS (LSIFX) THE NUMBERS BEHIND THE NAME When a Fund has been around for three decades sometimes a name doesn t say it all. When that Fund has also earned a reputation for differing from the benchmark, you know it s time to explore the numbers behind the name. Find out how ClearBridge Aggressive Growth Fund s stats all boil down to one: a portfolio built one company at a time. 4Q 2017 INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

2 OPT FOR GROWTH A balanced portfolio always needs an engine for long-term growth. And in a global economy starved for growth, innovators appear poised to thrive. But what s the best way to tap into the market s growth potential without facing undue risk? Fund facts 1 Class A inception date October 24, High active share of 94% 1 3 Low portfolio turnover of 1% 2, promoting better after-tax returns 4 Focused portfolio, with approximately 80 holdings 5 Historically, solid long-term performance through various market cycles Capture growth s allure Growth is back in investors sights these days. Sidelined investors seem to realize that they may be positioned too conservatively, and other indicators appear supportive, too. A healthier economy, healthy balance sheets and increased M&A may all signal opportunity. Yet, to capitalize, investors need to separate durable companies from those that are just a flash in the pan. with ClearBridge Aggressive Growth Fund ClearBridge Aggressive Growth Fund uses a focused approach to invest in large-, mid- and small-size companies with strong long-term growth potential. The Fund benefits from exceptional continuity. Co-portfolio manager Richard Freeman at the helm since its inception over 30 years ago works in lockstep with co-manager Evan Bauman. The two function as a true team, drawing on 20 years of working together at the firm. 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. What s in a name? The Fund isn t all that its name might suggest High portfolio turnover Commitment to holding stocks with sustainable growth Small-cap companies Myth Reality Market cap flexibility weighted average market cap of approximately $68 billion Holdings replicate Russell 3000 Growth Index Only two of the Fund s top 10 holdings mirror the top 10 of the index 1 Source: FactSet, as of ember 31, Active share is a measure of the percentage of stock holdings in a manager s portfolio that differs from the benchmark index. 2 Source: Legg Mason. Portfolio turnover as of ember 31,

3 FINDING THE ENDURING STOCKS As portfolio managers Richard Freeman and Evan Bauman build the 3 portfolio from the ground up, these are the traits they look for: Separate fad from trend Marry growth with fundamental strength Find management teams aligned with shareholders Look for innovators and disrupters with vibrant, efficient R&D cultures that can build barriers to entry. Focus on all-weather companies with recurring revenues, strong cash flow and quality balance sheets. Target seasoned and stable management with skin in the game and who view themselves as custodians for shareholder value. Follow a stock for years before owning. By the time they buy, the managers have a deep understanding of the company and its business. Companies have multiple products in the marketplace and pipeline, so they aren t dependent on the success of one. Favor well-run companies with a very high employee satisfaction rating. We look to get in early and discover companies before they become widely known. Richard Freeman Portfolio Manager 3 Thereis no guaranteethatthe investmentstrategiesdescribedherein will be successful. 3

4 A LONG-TERM PERSPECTIVE Since its inception, the ClearBridge Aggressive Growth Fund has delivered solid long-term results through all types of market environments and has outperformed both the Russell 3000 Growth Index and the broad market overall. Strong historical performance ($) as of ember 31, 2017 Growth of $10,000 investment (based on Class A share, ex. sales charges) 490,000 ClearBridge Aggressive Growth Fund Russell 3000 Growth Index S&P 500Index Citigroup 3-Month T-Bills 430, , , ,000 DEC 1999 DEC 2009 U.S. Lost ade The Fund outperformed the benchmark and broad market by 4.57% and 1.73%, respectively $457,738 58% Outperformance over the Russell 3000 Growth Index $345,884 32% Outperformance over the S&P 500 Index $289, , ,000 Mid 1997 Asian Debt Crisis 70,000 10, October 1987 Stock Market Crash Tech Bubble Subprime Mortgage Crisis $34,043 Source: Legg Mason. Past performance is no guarantee of future results. Performance time period is ember 31, 1983 to ember 31, If sales charges were included, performanceshownwould be lower. 4

5 Average annual total returns As of ember 31, 2017 Class A without sales charges Class A with maximum sales charges Russell 3000 Growth Index 1-year 3-year 5-year 10-year 15-year 20-year 25-year 30-year Since inception Average annual total returns (%) Expense ratio (gross/net %) 1.12/1.12 Inception date 10/24/ Calendar year returns (%) Year Fund (Class A ex. sales charges) Russell 3000 Growth Source: Legg Mason. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than the original cost. Class A shares have a maximum front-end sales charge of 5.75%. If sales charges were included, performance shown would be lower. Total returns assume the reinvestment of all distributions at net asset value and the deduction of all Fund expenses. Total return figures are based on the NAV per share applied to shareholder subscriptions and redemptions, which may differ from the NAV per share disclosed in Fund shareholder reports. Performance would have beenlower if fees had not been waived in various periods. For the most recent month-end information, please visit Gross and net expense ratios are both1.15%. Gross expenses are the Fund s total annual operating expenses for the share class(es) shown. Net expenses for Class A reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund s gross expenses, which cannot be terminated prior to ember 31, 2019 without Board consent. The Russell 3000 Growth Indexis an unmanaged index of companies in the broad-marketrussell 3000 Index selected for their growth orientation. The Citigroup 3-Month T-BillIndex is an unmanaged index of three-month Treasury bills. U.S. Treasury bills are obligations backed by the full faith and credit of the U.S. government. The S&P 500 Index is a capitalizationweighted, composite index of 500 stocks designed to measure the performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Investors cannot invest directly in an index,and unmanaged index returns do not reflect any fees, expenses or sales charges. Treasury securities are guaranteed by the full faith and credit of the U.S. government. A basis point (bps) is oneone-hundredthofonepercent (1/100% or0.01%). 5

6 AUTHENTIC ACTIVE MANAGEMENT Bigger is not always better. A smaller number of holdings provides agility. Plus, investors can rest assured that the managers know each of the Fund s companies inside and out. The results speak for themselves. Quality, not quantity, matters As of ember 31, 2017 ClearBridge Aggressive Growth Fund Russell 3000 Growth Index Years held in portfolio 4 Fund top 10 holdings % of portfolio Benchmark top 10 holdings % of benchmark 26 Biogen Inc 8.90 Apple Inc UnitedHealth Group Inc 8.68 Microsoft Comcast Corp 7.50 Alphabet Inc Amgen Inc 6.31 Amazon.com, Inc Broadcom Ltd 4.78 Facebook Inc Allergan, PLC 3.80 Home Depot Anadarko Petroleum Corp 3.64 UnitedHealth Group Inc Seagate Technology 3.62 Visa Inc Core Laboratories 2.87 Comcast Corporation Autodesk Inc 2.87 Boeing Sector breakdown (%) As of ember 31, 2017 Health care Materials Information technology Consumer discretionary Energy Industrials Financials Telecommunication services Utilities Real estate Consumer staples Cash/other ClearBridge Aggressive GrowthFund Russell 3000 Growth Index Holdings held are based on calendar years, as of ember 31, Source:Legg Mason, as of ember 31, Top holdings and sector allocations percentagesare based on total portfolio as of quarter-end and are subject to change at any time. For informational purposesonly and not to be considered a recommendationto purchaseor sell any security. Totals may not add to 100% due to rounding

7 SEIZE THE MOMENT Embrace uncertainty Market events are hard to predict; investors need a fund that targets companies that can compete in a range of economic scenarios. Seek attractive valuations As bottom-up managers with a quality bias, ClearBridge targets companies with financial strength and market advantages, but at a disciplined price point. Fundamental comeback ClearBridge believes the market appears to be shifting away from being highly correlated where all stocks move in the same direction to more of a stock picker s market in which individual standouts are rewarded. A well-established global investment manager focusing on proprietary research and fundamental investing Over 50 years of experience building portfolios for clients seeking income solutions, high active share or low volatility Long-tenured portfolio managers provide strong leadership in a centralized investment structure As we continually assess new and current positions, ClearBridge Investments conducts an estimated 800 company management meetings annually. Evan Bauman Portfolio Manager Industry since 1996 Evan Bauman Managing Director, Portfolio Manager Industry since 1976 Richard Freeman Managing Director, Portfolio Manager To find out more about ClearBridge Aggressive Growth Fund talk to your financial professional or visit 7

8 Brandywine Global Clarion Partners ClearBridge Investments EnTrustPermal Martin Currie QS Investors RARE Infrastructure Royce & Associates Western Asset Legg Mason is a leading global investment company committed to helping clients reach their financial goals through long-term, actively managed investmentstrategies. Over $767 billion* in assets invested worldwide in a broad mix of equities, fixedincome, alternatives and cash strategies LeggMason.com A diverse family of specialized investment managers, each with its own independent approach to research and analysis Over a century of experience inidentifying opportunities and delivering astute investment solutions to clients What should I know before investing? Equity securities are subject to price fluctuation and possible loss of principal. Smalland 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. Short selling is a speculative strategy. Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short. * As ofember 31, Any information, statement or opinion set forthherein is general in nature, is not directed to or based on the financial situation or needs of any particularinvestor, and does not constitute, and should not be construed as, investmentadvice, forecast of future events, a guaranteeof future results, or a recommendation with respect to any particular security or investment strategy or type of retirement account. Investors seeking financial advice regarding the appropriatenessof investing in any securities or investmentstrategiesshould consult their financial professional Legg MasonInvestorServices, LLC. MemberFINRA, SIPC. Legg MasonInvestorServices,LLC and all investmentmanagersmentioned are subsidiaries of Legg Mason, Inc CBAX /18 BEFORE INVESTING, CAREFULLY CONSIDER A FUND S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES. YOU CANFIND THISAND OTHERINFORMATIONINEACHPROSPECTUS,AND SUMMARYPROSPECTUS,IFAVAILABLE, ATWWW.LEGGMASON.COM.PLEASEREAD THEPROSPECTUSCAREFULLY.