Legg Mason Target Retirement 2015

Our goal¹

Total return that is consistent with the Fund's asset mix

What we invest in

Using a “fund of funds” approach, the Fund's managers invest in a combination of underlying funds representing a variety of asset classes and investment styles. The Fund is managed to its target date and gradually becomes more conservative until approximately 15 years after the target date, at which time the asset mix will become static. Your Fund will increase its allocation to bonds in an attempt to become more conservative as you get closer to retirement. Principal value and return will vary, and you may have a gain or loss at your retirement date. There is no guarantee that the Fund's objective will be met.

Our approach

The Fund's managers select investments from among Legg Mason's broad array of affiliated mutual fund offerings, as well as exchange-traded funds from nonaffiliated managers. To achieve its objective, the Fund invests in underlying equity and fixed income funds representing a variety of asset classes, company capitalizations, issuers, markets, credit ratings and investment styles.

What should I know before investing?

Equity securities are subject to price fluctuation and possible loss of principal. 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. Small-and mid- cap stocks involve greater risks and volatility than large-cap stocks. Fixed income securities involve interest rate, credit, inflation and reinvestment risks; and possible loss of principal. As interest rates rise, the value of fixed income securities falls. High yield bonds possess greater price volatility, illiquidity and possibility of default. In addition to the Fund's operating expenses, you will indirectly bear the operating expenses of the underlying funds. Each underlying fund may engage in active and frequent trading, resulting in higher portfolio turnover and transaction costs. The Fund may engage in active and frequent trading, resulting in higher transaction costs and increased investor liability. Derivatives, such as options and futures, can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. The model used to manage a Fund's assets provides no assurance that the recommended allocation will either maximize returns or minimize risks. There is no assurance that a recommended allocation will prove the ideal allocation in all circumstances.

Additional risks may include those risks associated with investing in real estate and short selling.Please see the prospectus for more information.

Meet your Global Asset Allocation manager

Steven Bleiberg, with 26 years of investment industry experience, leads the team that manages your Fund.

He's part of the investment team at Legg Mason Global Asset Allocation (LMGAA). LMGAA focuses exclusively on strategic and tactical allocation using a multi-manager, fund-of-funds structure. Based in New York City, they provide active portfolio management using a disciplined methodology driven by proprietary research.

Legg Mason's unique structure provides you with access to this specialized expertise. We offer a powerful portfolio of solutions through our independent investment management firms.