International Stocks

Footnotes:

¹Source: "World’s Cities in 2016 - Data Booklet"; by United Nations, Department of Economic and Social Affairs, Population Division.

²The Morningstar Rating™ for funds, or “star rating”, is as of March 31, 2019 and is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history, and subject to change monthly. Current monthly ratings can be found at leggmason.com. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Class I shares of ClearBridge International Growth Fund were rated against 373, 314 and 228 Foreign Large Growth funds over the 3-, 5- and 10-year periods, respectively. With respect to these funds, Class I shares of the Fund received Morningstar Ratings of 5, 5, and 5 for the 3-, 5- and 10-year periods, respectively. Class I shares of Martin Currie Emerging Markets Fund were rated against 707, N/A and N/A Diversified Emerging Markets funds over the 3-, 5- and 10-year periods, respectively. With respect to these funds, Class I and FI shares of the Fund received Morningstar Ratings of 5, N/A, and N/A and 4, N/A, and N/A for the 3-, 5- and 10-year periods, respectively. Ratings shown are for the highest and lowest rated share classes only, when available. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics. A 4- or 5-star rating does not necessarily imply that a fund achieved positive results for the period. Overall ranking shown for Class I shares which are not generally available to retail investors.

Disclosures

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. 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, 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.

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 Bloomberg World Exchange Market Capitalization, ex U.S. index excludes U.S. securities.