Legg Mason ClearBridge Infrastructure Value Fund

Return information presented is stated in U.S. Dollars and is calculated using the share class indicated above after all Fund operating expenses but before sales charges. The maximum sales charge for Class A Shares is 5.00% and 2.50% for Class E Shares. Class B Shares may be subject to a contingent deferred sales charge (“CDSC”) up to 5%, imposed on redemptions within the first five years after purchase. Class C Shares may be subject to a CDSC up to 1%, imposed on redemptions within the first year after purchase. Performance would have been lower if sales charges had been included. Investment return and principal value of an investment in the Fund will fluctuate, and shares may be worth more or less than their original cost when redeemed. Total return data is as of the date indicated and reflects the reinvestment of distributions. Performance statistics are for the share class indicated only; return figures and other data for other classes of shares will vary. Cumulative returns and returns of less than one year are not annualized. The performance data shown represents past performance and is no guarantee of future results. It is not possible to invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

Total Expense Ratio (“TER”): The TER represents the Fund’s actual operating expenses over the past 12 months as of the date indicated. The TER includes investment management fees, custody and administration fees, shareholder service fees, and other expenses. For those share classes which have not been active for an entire year the TER presented is annualized. The Gross Expense ratio reflects the Fund’s actual total expenses incurred and do not reflect any fee waivers and/or expense reimbursements. The Net Expense is the Gross Expense less the advisory fee waivers and/or expense reimbursements. Net Expense reflects the expenses being charged to the fund or share class and reflected in the Net Asset Value. The fee waivers and/or expense reimbursements are voluntary and can be eliminated at any time.

Performance shown includes periods prior to the Fund’s inception date, reflecting performance of a predecessor fund with a substantially similar investment objective and policy and whose assets were transferred into this Fund on the date indicated above. The performance data should be used for illustrative purposes only, as performance prior to the inception date has not been adjusted to reflect the higher fees of the Fund.