Legg Mason U.S. Small-Cap Value Trust

Investment Objective

Long-term capital appreciation.

Investment Strategy

Small-cap stocks, traditional value measures

Primarily seeks undervalued, small company stocks that are not widely recognized by the market and offer what the manager believes to be the greatest return potential.

Investment Risks

Market risk

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

Small companies securities risk

Smaller companies may involve higher risk than a fund that invests in larger, more established companies. Small companies may have limited product lines, markets or financial resources.

Micro-cap risk

The prices of micro-cap securities are generally even more volatile and their markets are less liquid relative to both small-cap and large-cap securities. Therefore, the Fund may involve considerably more risk of loss and its returns may differ significantly from funds investing in small- or larger-cap companies or other asset classes.

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.

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 Henry Otto and Steven Tonkovich, with 25 and 21 years of investment industry experience, respectively.