Legg Mason Classic Valuation Fund

Investment Objective

Long-term capital growth.

Investment Strategy

Traditional value, fundamental analysis

Seeks stocks that are undervalued as defined by the manager's screening criteria, with strong competitive positioning and consistent growth potential.

Investment Risks

Market risk

The risk that prices of securities will go down because of the interplay of market forces.

Value-style risk

The value approach to investing involves the risk that those stocks deemed to be undervalued by the portfolio manager may remain undervalued.

Concentration risk

Because this Fund expects to hold a concentrated portfolio of a limited number of securities, a decline in the value of these investments would cause the fund's overall value to decline to a greater degree than a less concentrated portfolio. The Fund may focus its investments in certain regions or industries, thereby increasing its potential vulnerability to market volatility.

Investment Management

Managed by Brandywine Global

• Brandywine takes a value approach in managing global and international fixed-income as well as U.S. and international global equity mandates.
• The Fund is managed by Scott Kuensell, CFA, who has over 30 years of investment industry experience.