INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

A WORLD OF OPPORTUNITIES After several years of U.S. market dominance, the attractiveness of international investing is on the rise as global growth continues. ClearBridge Investments provides investors with access to international equity markets through active strategies that seek to find value and deliver growth.

Multi-Strategy Guide ClearBridge International Strategies

ClearBridge International Growth Fund

ClearBridge International Value Fund

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GLOBALIZE YOUR PORTFOLIO

All investments involve risk, including loss of principal. Diversification does not ensure a profit or protect against loss.

ClearBridge Investments believes that international equities offer investors a world of potential benefits that can’t be found through investing in the U.S. alone.

Expandedopportunities

Nearly two-thirds of the global equity market comes from countries other than our own. Also, many of the world’s top brands reside outside the U.S.1

Diversificationpotential

Differences in growth prospects and policies among countries may create varying economic and market conditions that may help manage overall portfolio volatility.

Attractivevaluations

Today, international equities may provide greater value relative to the U.S., allowing active managers to find more attractively priced investments.

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2

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Sticking close to home may mean missing out on a world of opportunities.

The number of publicly traded international stocks makes for a much larger opportunity set compared with staying in the U.S. alone. Ignoring these opportunities may limit your growth potential.

Investing internationally may help diversify relative to a U.S.-only portfolio

Investing across countries and continents may help capture evolving opportunities while managing overall portfolio volatility, since portfolio outcomes aren’t tied to the performance of a single country or region.

International equities currently provide attractive value relative to the U.S.

After an extended U.S. bull market, international markets may offer a greater value relative to the U.S. This discrepancy gives active managers more opportunities to identify mispriced securities.

Share of world equity market capitalization1

United States

39.52%

Rest of the world

60.48%

Best- and worst-performing countries — 2009–2019 (%)

U.S.Range of best- and worst-performing countries

-60

-80

-40

-20

0

20

40

60

80

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

MSCI EAFE IndexAverage

Adjusted Price-to-Earnings Ratio of MSCI EAFE,relative to S&P 500 — 2014–2019 (%)

JAN 14 DEC 14 DEC 15 DEC 16 DEC 17 DEC 18 DEC 19

75

80

85

90

95

100

105

1 Source: Bloomberg, as of December 31, 2019. World market capitalization represented by Bloomberg World Exchange Market Capitalization Index, ex-U.S. U.S. market capitalization represented by U.S. portion of Bloomberg World Exchange Market Capitalization Index.

Source: Bloomberg, as of December 31, 2019. Countries represented by the member countries of the MSCI EAFE Index. U.S. represented by S&P 500. Past performance is no guarantee of future results. An investor cannot invest directly in an index. Unmanaged index returns do not reflect any expenses or sales charges. Diversification does not ensure a profit or protect against market loss.

Source: Bloomberg, as of December 31, 2019. Past performance is no guarantee to future results. An investor cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges. Active Management does not ensure gains or protect against market declines. Adjusted Price-to-Earnings Ratio is calculated by dividing the current price by consensus earnings estimates for the next 12 months.

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TO GO GLOBAL, GET ACTIVE

More agilityClearBridge believes active managers may better discern changes in market leadership, giving them more flexibility to make portfolio changes ahead of long-term trend reversals.

Greater selectivityActive managers can go beyond broad market indexes to identify real value, considering specific business characteristics and country- or region-specific factors.

Potential to add valueNon-U.S. markets provide opportunities for active managers to find undiscovered, undervalued companies that may be relatively unknown to the wider investment community.

International equities offer several attractive benefits — but they may also provide some unique challenges. ClearBridge Investments believes that complexities such as discrepancies in regulations, monetary policies or political backdrops make active management the best way to navigate international markets.

ClearBridge International Growth Fund (Class I: LMGNX)

Seeks long-term capital appreciation through exposure to three categories of growth: Structural, Secular and Emerging

Key differentiators:• Valuation-driven approach to growth supported by

a proprietary multi-factor model

• All-cap growth portfolio that targets mispriced stocks across the entire spectrum of growth and across all countries

• Senior portfolio management team with an average of more than 25 years of investment industry experience

Benchmark: MSCI EAFE Index

Team: Elisa Mazen (30+ years’ experience) Thor Olsson (20+ years’ experience) Michael Testorf, CFA (30+ years’ experience) Pawel Wroblewski, CFA (20+ years’ experience)

ClearBridge International Value Fund (Class I: SBIYX)

Seeks long-term total return through a value-focused portfolio of primarily non-U.S. companies across industries, market capitalizations and countries, including emerging markets

Key differentiators:• Active, disciplined investment style that combines top-

down quantitative screening with bottom-up country and stock selection

• Contrarian approach that embraces and seeks to benefit from uncertainty

• Experienced investment team, including two managers who have worked together for more than 20 years managing related international value strategies

Benchmark: MSCI All-Country World Index ex US

Team: Paul Ehrlichman (35+ years’ experience) Sean Bogda, CFA (25+ years’ experience) Safa Muhtaseb, CFA (30+ years’ experience) Grace Su (15+ years’ experience)

All investments involve risk, including loss of principal, and there is no guarantee that investment objectives will be met. 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.

The ClearBridge Investments strategies are also available in similarly managed Separately Managed Accounts, including Environmental, Social and Governance portfolios. There are differences between mutual funds and separate accounts which could significantly impact performance. These include, but are not limited to, differences in types of investments (e.g., American depositary receipts (ADRs) vs local shares), the amount of AUM, cash flows, customization, tax considerations, fees and expenses, and applicable regulatory requirements, including investment and borrowing restrictions. Speak with your financial advisor to hear more.

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CLEARBRIDGE INTERNATIONAL GROWTH FUNDThe managers of the ClearBridge International Growth Fund don’t believe that growth is a one-size-fits-all term. Instead, they categorize growth three distinct ways, with the goal of outperforming across different kinds of market environments.

Each growth type — Structural, Secular and Emerging — provides the potential for different levels of risk and return

Source: ClearBridge. For informational purposes only. Active management and diversification do not ensure a profit or protect against market declines. There is no guarantee the managers’ strategy will be successful. Equity securities are subject to price fluctuation and possible loss of principal.

Secular

• Established, superior business models

• Sustainable long-term growth opportunities with a thematic backdrop

Structural

• Step change in returns and growth

• Industry consolidation, cyclical growth and supply/demand imbalances

Emerging

• Innovative, disruptive or new business models

• Large addressable markets with very fast growth

Gro

wth

/Ret

urn

Po

ten

tial

Low

Low

Valuation/Risk High

Hig

h

Structural

Secular

Proprietary process to winnow down investment universe Their proprietary model enables the managers to better understand the full investment universe available by monitoring existing holdings, looking at different sectors and comparing valuations.

Rooted in fundamental analysis Bottom-up analysis provides managers with a better understanding of the magnitude and duration of the specific growth opportunity.

Allocations to three types of growth Categorizing growth into three categories allows the managers to build a portfolio with risk characteristics similar to those of its benchmark, but with the potential for growth and alpha generation.

Emerging

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CLEARBRIDGE INTERNATIONAL VALUE FUNDThe team behind the ClearBridge International Value Fund uses a consistent, disciplined approach to build a portfolio of stocks that are attractively priced, well-run and have long-term growth potential. The resulting portfolio differs markedly from the benchmark, providing broad exposure across countries and market capitalizations.

Value-driven

Finding attractive value is the portfolio managers’ driving motivation. They seek to uncover a company’s dynamic intrinsic value, focusing on long-term value, not short-term price or earnings forecasts.

Consistent philosophy The investment team’s philosophy is constructed around three criteria that are critical to building a value-focused portfolio: Price, Quality and Value.

A true all-cap strategy Exposure to all market capitalizations allows investors to seek benefits from both worlds: the potential stability and strength of well-established corporations and the entrepreneurial spirit of smaller companies.

The team considers three criteria — price, quality and value — when evaluating stocks for the portfolio

Source: ClearBridge. For informational purposes only. Active management and diversification do not ensure a profit or protect against market declines. There is no guarantee the managers’ strategy will be successful. Equity securities are subject to price fluctuation and possible loss of principal.

Price

Stocks selling at unusually cheap levels (versus always cheap) relative to their typical level, sector and country.

Value

Mispricing based on underlying assets and cash flows versus current market price relative to dynamic intrinsic value.

Quality

Leading franchises with strong balance sheets.

Price

P, Q, V

Quality Value

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Impact investing and/or Environmental, Social and Governance (ESG) managers may take into consideration factors beyond traditional financial information to select securities, which could result in relative investment performance deviating from other strategies or broad market benchmarks, depending on whether such sectors or investments are in or out of favor in the market. Further, ESG strategies may rely on certain values based criteria to eliminate exposures found in similar strategies or broad market benchmarks, which could also result in relative investment performance deviating.

ADRs are U.S. traded securities that represent shares of a foreign-based corporation held by a custodian and they entitle the shareholder to all dividends, net of any applicable local withholding taxes, and capital gains that would be paid on the company’s ordinary shares. Bloomberg World Exchange Market Capitalization Index calculates the market capitalization from all shares outstanding. WCAP data does not include ETFs and ADRs as they do not directly represent companies. It includes only actively traded, primary securities on the country’s exchanges to avoid double counting as well. Therefore the values will be significantly lower than market capitalization values of a country’s exchanges from other sources. The MSCI EAFE Index is a free float-adjusted market capitalization index designed to measure developed market equity performance, excluding the U.S. and Canada. The S&P 500 Index is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges. Alpha is a measure of performance versus a benchmark on a risk-adjusted basis.

EnTrust Global also conducts business as EnTrustPermal. Royce & Associates primarily conducts business as Royce Investment Partners.

Any information, statement or opinion set forth herein is general in nature, is not directed to or based on the financial situation or needs of any particular investor, and does not constitute, and should not be construed as, investment advice, a forecast of future events, a guarantee of 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 appropriateness of investing in any securities or investment strategies should consult their financial professional.

What should I know before investing?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. The manager’s investment style may become out of favor and/or the manager’s selection process may prove incorrect, which may have a negative impact on the Funds’ performance. 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. The Funds may focus their investments in certain regions or industries, increasing its vulnerability to market volatility.

ClearBridge International Growth Fund: As a non-diversified Fund, it is permitted to invest a higher percentage of its assets in any one issuer than a diversified fund, which may magnify the Funds’ losses from events affecting a particular issuer.

ClearBridge International Value Fund: To the extent the Fund invests in fixed income, these securities are subject to various risks, including but not limited to, credit, inflation, income, prepayment and interest rates risks. As interest rates rise, the value of fixed-income securities falls.

Separately Managed Accounts (SMAs) are investment services provided by Legg Mason Private Portfolio Group, LLC (LMPPG), a federally registered investment advisor. Client portfolios are managed based on investment instructions or advice provided by one or more of the following Legg Mason-affiliated subadvisors: ClearBridge Investments, LLC and Western Asset Management Company. Management is implemented by LMPPG, the designated subadvisor or, in the case of certain programs, the program sponsor or its designee.

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