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IMPORTANT PERFORMANCE INFORMATION: Performance shown represents past performance and is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than the original cost. For performance data including the effects of sales charges, Class A and A2 shares reflect the maximum front-end sales charge of 5.75% for equity funds, 4.25% for most fixed-income funds and 2.5% for the following funds: Western Asset Adjustable Rate Income Fund, Western Asset Intermediate Maturity California Municipals Fund, Western Asset Intermediate Maturity New York Municipals Fund, Western Asset Intermediate-Term Municipals Fund, Western Asset Short Duration High Income Fund, and Western Asset Short-Term Bond Fund. One-year returns for Class C shares reflect a CDSC of 1.0%, except for ClearBridge Value Trust which reflects a CDSC of 0.95%. Due to market volatility, current performance may be higher or lower than performance shown. Class FI, I and IS shares are sold at net asset value with no initial or contingent deferred sales charge, but higher initial minimum investment requirements apply. Effective July 1, 2011, Class B shares are closed to new purchases; however Class B exchange privileges will remain in effect. Royce Funds are sold at net asset value with no initial or contingent deferred sales charge.

Performance for other share classes will vary due to differences in sales charge structure and class expenses. All classes of shares are not available through all distribution channels. Total returns assume the reinvestment of all distributions at net asset value and the deduction of all Fund expenses. Total return figures are based on the NAV per share applied to shareholder subscriptions and redemptions, which may differ from the NAV per share disclosed in Fund shareholder reports. Performance shown excluding sales charges would have been lower, if the applicable sales charge been reflected. Had fees not been waived in various periods performance would have been lower. All classes of shares may not be available to all investors or through all distribution channels.

A Fund's 30-day SEC Yield is based on yield to maturity of a Fund's investments over a 30-day period and not on the dividends paid by the Fund, which may differ; and is subject to change.

Different minimums may apply to clients of certain service agents. See the Fund's prospectus for additional information.

For further information on Fund expenses, see the individual Fund page or the Fund's prospectus. Please go to the end of this page for additional performance related information regarding Legg Mason BW Alternative Credit Fund Class IS, Legg Mason BW Dynamic Large Cap Value Fund Class IS, and certain Royce funds.  

An investor cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges.

Daily Change($) indicates change in the net asset value from the previous business day.

Effective June 1, 2017, the following Funds changed their security pricing methodology to now use the mean value of the bid and ask prices (of underlying fund holdings) to calculate the NAV: Western Asset Core Bond Fund, Western Asset Core Plus Bond Fund, Western Asset High Yield Fund, Western Asset Inflation Indexed Plus Bond Fund, Western Asset Intermediate Bond Fund, Western Asset Macro Opportunities Fund and Western Asset Total Return Unconstrained Fund.  Funds may show a one-time increase of the NAV, which is due to this change in pricing methodology. 

Effective September 7, 2017, the following Funds changed their security pricing methodology to now use the mean value of the bid and ask prices (of underlying fund holdings) to calculate the NAV: Legg Mason BW Alternative Credit Fund, Legg Mason BW Global High Yield Fund, Legg Mason BW Global Flexible Income Fund, Legg Mason BW Global Opportunities Bond Fund, Legg Mason BW Absolute Return Opportunities Fund and QS Strategic Real Return Fund.  Funds may show a one-time increase of the NAV, which is due to this change in pricing methodology.

IMPORTANT INFORMATION: All investments involve risk, including loss of principal. Past performance is no guarantee of future results. Please see each product’s web page for specific details regarding investment objective, risks, performance and other important information. Review this information carefully before you make any investment decision.

Carefully consider a fund’s investment objectives, risks, charges and expenses before investing. Please view the prospectus or summary prospectus for this and other information. Read it carefully.

FINANCIAL ADVISORS: Please note that not all share classes may be available for sale at your firm. Please call the Legg Mason Sales Desk 1-800-822-5544 or your Legg Mason Sales contact for more information.

IMPORTANT PREDECESSOR PERFORMANCE INFORMATION: Each share class is invested in the same portfolio of securities, therefore annual total returns for newer share classes would differ from those returns for older share classes only to the extent of fees and charges associated with that share class. For an indication of a Fund's fees and charges, see the Fund's expense ratio and maximum sales charge disclosures or the fee table provided in a Fund's prospectus. 

ClearBridge Real Estate Opportunities Fund Class O: This fund is the successor to a closed-end fund (the "Predecessor"). The performance shown prior to the fund’s inception is that of the Predecessor and has not been adjusted for the Class O fund expenses. On June 10, 2016, the Predecessor transferred its assets to the fund in exchange for the fund's Class O shares. The Predecessor and the fund have similar investment policies and strategies. In addition, the Predecessor's portfolio managers are the current portfolio managers of the fund.  For information regarding the differences between the Predecessor and the fund, see the fund's prospectus. 

Legg Mason BW Alternative Credit Fund Class IS: This fund is the successor to an institutional account (the "Predecessor"). The performance in the accompanying chart and table is that of the Predecessor. On December 2, 2013, the Predecessor transferred its assets to the fund in exchange for the fund's Class IS shares. The investment policies, portfolio managers objectives, guidelines and restrictions of the fund are in all material respects equivalent to those of the Predecessor. As a mutual fund registered under the Investment Company Act of 1940, the fund is subject to certain restrictions to which the Predecessor was not subject. Had the Predecessor been registered under the 1940 Act, its investment performance may have been adversely affected. The performance information reflects the gross expenses of the Predecessor adjusted to reflect the higher fees and expenses of Class IS of the fund. The performance is shown net of annual management fees and other expenses which reflects the application of the Class IS expense limitation agreement. If the expense limitation agreement were not applicable, expenses would be higher and performance lower.

Legg Mason BW Dynamic Large Cap Value Fund Class IS: This fund is the successor to a private fund (the "Predecessor"). The performance in the accompanying bar chart and table is that of the Predecessor. On October 31, 2014, the Predecessor transferred its assets to the fund in exchange for the fund's Class IS shares. The investment policies, objectives, guidelines and restrictions of the fund are in all material respects equivalent to those of the Predecessor. In addition, the Predecessor's portfolio managers are the current portfolio managers of the fund. As a mutual fund registered under the Investment Company Act of 1940, the fund is subject to certain restrictions under the 1940 Act and the Internal Revenue Code to which the Predecessor was not subject. Had the Predecessor been registered under the 1940 Act and been subject to the provisions of the 1940 Act and the Code, its investment performance could have been adversely affected, but these restrictions are not expected to have a material effect on the fund's investment program. The performance information reflects the gross expenses of the Predecessor adjusted to reflect the higher fees and expenses of Class IS of the fund. The performance is shown net of an annual management fee of 0.55% and other expenses of 0.10% which reflects the application of the Class IS expense limitation agreement. If the expense limitation agreement were not applicable, expenses would be higher and performance lower.

Royce Funds: Performance prior to the commencement date of certain Funds’ Investment Class shares (Royce Dividend Value Fund - 9/14/07, Royce International Premier Fund – 1/22/14, Royce Low-Priced Stock Fund - 3/15/07, Royce Small-Cap Leaders Fund - 3/15/07, Royce Small-Cap Value Fund - 3/15/07, Royce Small/Mid-Cap Premier Fund - 3/15/07, and Royce Smaller-Companies Growth Fund - 3/15/07) reflects Service Class results; certain Funds’ Service Class shares (Royce Opportunity Fund - 5/22/00, Royce Total Return Fund - 1/3/02, Royce Micro-Cap Fund - 8/30/02, Royce Premier Fund - 9/3/02, Royce Special Equity Fund – 10/2/03, Royce Pennsylvania Mutual Fund - 11/08/05, and Royce Micro-Cap Opportunity Fund - 3/20/14) reflect Investment Class results; Consultant Class shares (Royce Pennsylvania Mutual Fund - 6/17/97, Royce Micro-Cap Fund - 5/1/98, Royce Total Return Fund - 10/16/01, Royce Heritage Fund - 12/7/01, Royce Premier Fund - 6/2/03, Royce Special Equity Fund - 6/2/03, Royce Small-Cap Value - 3/30/06, Royce Opportunity Fund - 3/30/06, Royce Smaller-Companies Growth Fund - 3/30/06, Royce Special Equity Multi-Cap Fund - 1/24/14, Royce Dividend Value Fund - 3/20/14, and Royce International Premier Fund – 2/29/16) reflects Investment/Service Class results; Institutional Class shares (Royce Opportunity Fund - 12/12/01, Royce Premier Fund - 9/17/02, Royce Total Return Fund - 3/4/03, Royce Special Equity Fund - 7/25/03, Royce Low-Priced Stock Fund - 1/3/06, Royce Smaller-Companies Growth Fund - 5/10/06, Royce Small-Cap Value Fund - 6/1/06, Royce Pennsylvania Mutual Fund - 6/3/11, Royce Dividend Value Fund - 8/31/12, Royce Special Equity Multi-Cap Fund - 4/17/12, Royce International Small-Cap Fund - 1/27/14, and Royce Global Financial Services Fund - 1/4/16) reflects Investment/Service Class results; K Class shares (Royce Opportunity Fund - 5/15/08, Royce Pennsylvania Mutual Fund - 5/15/08, Royce Small-Cap Value Fund - 5/15/08, and Royce Total Return Fund - 5/1/08) reflects Investment/Service Class results; (Royce International Premier Fund – 2/29/16, Royce Low-Priced Stock Fund - 5/21/07, Royce Opportunity Fund - 5/21/07, Royce Pennsylvania Mutual Fund - 5/21/07, Royce Premier Fund - 5/21/07, Royce Small-Cap Leaders Fund -5/15/08, Royce Small-Cap Value Fund - 9/14/07, Royce Small/Mid-Cap Premier Fund - 5/15/08, Royce Smaller-Companies Growth Fund - 9/14/07, and Royce Total Return Fund - 5/21/07) W Class shares (Royce Premier Fund - 5/19/05 and Royce Total Return Fund - 5/19/05) reflects Investment Class results.  Service Class and K Class shares bear an annual distribution expense that is not borne by Investment Class shares. If the annual distribution expense of Service Class or K Class had been reflected, total returns prior to that Class's inception would have been lower. Consultant Class and R Class shares have higher expenses than Investment/Service Class shares.  If the higher expenses of Consultant Class or R Class shares had been reflected, total returns prior to that Class's inception would have been lower.

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