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Legg Mason

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The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown above. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. View full disclosure

ClearBridge Aggressive Growth Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) FI, I, IS & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent. For Class(es) A, B & C, there are currently no fee waivers in effect, so gross and net expenses are identical.

ClearBridge All Cap Value Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) I reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent. For Class(es) A, B & C, there are currently no fee waivers in effect, so gross and net expenses are identical.

ClearBridge Appreciation Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) FI, I, IS & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent. For Class(es) A, B & C, there are currently no fee waivers in effect, so gross and net expenses are identical.

ClearBridge Energy MLP & Infrastructure Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, I & IS reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

ClearBridge Equity Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, I & O reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

ClearBridge Equity Income Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, B, C, FI, I & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

ClearBridge Global Growth Trust: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, FI, I & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

ClearBridge International Small Cap Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C & I reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

ClearBridge International Value Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, B, C, I, IS & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

ClearBridge Large Cap Growth Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) B, I, IS & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent. For Class(es) A & C, there are currently no fee waivers in effect, so gross and net expenses are identical.

ClearBridge Large Cap Value Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A2 & I reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent. For Class(es) 1, A & C, there are currently no fee waivers in effect, so gross and net expenses are identical.

ClearBridge Mid Cap Core Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, B, C, I, IS & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

ClearBridge Mid Cap Growth Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, A2, C, I, IS & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

ClearBridge Select Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, FI, I & IS reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

ClearBridge Small Cap Growth Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, B, C, FI, I, IS & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

ClearBridge Small Cap Value Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) I & IS reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent. For Class(es) A & C, there are currently no fee waivers in effect, so gross and net expenses are identical.

ClearBridge Special Investment Trust: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. For Class(es) A, C, FI, I & R, there are currently no fee waivers in effect, so gross and net expenses are identical.

ClearBridge Tactical Dividend Income Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, A2, C, I & IS reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

ClearBridge Value Trust: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. For Class(es) A, C, FI, I & R, there are currently no fee waivers in effect, so gross and net expenses are identical.

Legg Mason BW Absolute Return Opportunities Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, C1, FI, I, IS & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Legg Mason BW Alternative Credit Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, FI, I & IS reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Legg Mason BW Diversified Large Cap Value Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, A2, C, I, IS & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Legg Mason BW Global High Yield Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, FI, I & IS reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Legg Mason BW Global Opportunities Bond Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, A2, C, C1, FI, I, IS & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent.

Legg Mason BW International Opportunities Bond Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, C1, FI, I, IS & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent.

Legg Mason Batterymarch Emerging Markets Trust: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, FI, I, IS & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent.

Legg Mason Batterymarch Global Equity Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, B, C & I reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Legg Mason Batterymarch International Equity Trust: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, FI, I, IS & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent.

Legg Mason Batterymarch Managed Volatility Global Dividend Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) IS reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Legg Mason Batterymarch Managed Volatility International Dividend Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) IS reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Legg Mason Batterymarch S&P 500 Index Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A & D reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Legg Mason Batterymarch U.S. Large Cap Equity Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) FI & IS reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Legg Mason Batterymarch U.S. Small Capitalization Equity Portfolio: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, A2, C, FI, I & IS reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent.

Legg Mason Dynamic Multi-Strategy Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C & I reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent.

Legg Mason Investment Counsel Financial Services Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C & I reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent.

Legg Mason Investment Counsel Maryland Tax-Free Income Trust: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C & I reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent.

Legg Mason Investment Counsel Social Awareness Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) I reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent. For Class(es) A, B & C, there are currently no fee waivers in effect, so gross and net expenses are identical.

Legg Mason Lifestyle Allocation 30%: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, B, C & C1 reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent.

Legg Mason Lifestyle Allocation 50%: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, B & C reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent.

Legg Mason Lifestyle Allocation 70%: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, B, C & I reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent.

Legg Mason Lifestyle Allocation 85%: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, B, C & I reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent.

Legg Mason Opportunity Trust: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. For Class(es) A, C, FI, I & R, there are currently no fee waivers in effect, so gross and net expenses are identical.

Legg Mason Strategic Real Return Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, A2, C & I reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Legg Mason Target Retirement 2015: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, FI, I & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent.

Legg Mason Target Retirement 2020: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, FI, I & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent.

Legg Mason Target Retirement 2025: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, FI, I & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent.

Legg Mason Target Retirement 2030: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, FI, I & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent.

Legg Mason Target Retirement 2035: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, FI, I & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent.

Legg Mason Target Retirement 2040: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, FI, I & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent.

Legg Mason Target Retirement 2045: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, FI, I & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent.

Legg Mason Target Retirement 2050: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, FI, I & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent.

Royce 100 Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) K & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Apr 30, 2014 without Board consent.

Royce Dividend Value Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) Institutional reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Apr 30, 2015 without Board consent.

Royce Enterprise Select Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) Investment reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Apr 30, 2015 without Board consent.

Royce European Smaller-Companies Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) Service reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Apr 30, 2014 without Board consent.

Royce Financial Services Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) Service reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Apr 30, 2014 without Board consent.

Royce Global Value Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) Consultant, K, R & Service reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Apr 30, 2014 without Board consent.

Royce Heritage Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) K & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Apr 30, 2014 without Board consent.

Royce International Smaller-Companies Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) Service reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Apr 30, 2014 without Board consent.

Royce Low-Priced Stock Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) Investment, K, R & Service reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Apr 30, 2014 without Board consent.

Royce Micro-Cap Discovery Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) Service reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Apr 30, 2014 without Board consent.

Royce Micro-Cap Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) Service reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Apr 30, 2014 without Board consent.

Royce Opportunity Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Apr 30, 2014 without Board consent.

Royce Opportunity Select Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) Investment reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Apr 30, 2015 without Board consent.

Royce Partners Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) Service reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Apr 30, 2014 without Board consent.

Royce Pennsylvania Mutual Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown.

Royce Premier Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown.

Royce SMid-Cap Value Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) Service reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Apr 30, 2014 without Board consent.

Royce Select Fund II: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown.

Royce Total Return Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown.

Royce Value Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown.

Western Asset Adjustable Rate Income Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) C, I & IS reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent. For Class(es) A & C1, there are currently no fee waivers in effect, so gross and net expenses are identical.

Western Asset Asian Opportunities Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) FI, I & IS reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Western Asset California Municipals Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) I reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent. For Class(es) A & C, there are currently no fee waivers in effect, so gross and net expenses are identical.

Western Asset California Tax Free Money Market Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A & N reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Western Asset Connecticut Municipal Money Market Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, I & N reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Western Asset Core Bond Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, IS & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent. For Class(es) I, there are currently no fee waivers in effect, so gross and net expenses are identical. Net expenses for Class(es) FI reflect voluntary fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Apr 30, 2014 without Board consent.

Western Asset Core Plus Bond Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, IS & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent. For Class(es) I, there are currently no fee waivers in effect, so gross and net expenses are identical. Net expenses for Class(es) FI reflect voluntary fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Apr 30, 2014 without Board consent.

Western Asset Corporate Bond Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) C reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent. For Class(es) A, B, C1, I & P, there are currently no fee waivers in effect, so gross and net expenses are identical.

Western Asset Emerging Markets Debt Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, A2, C, C1, FI, I & IS reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent.

Western Asset Global Government Bond Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, I & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent.

Western Asset Global High Yield Bond Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) C & I reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent. For Class(es) A, B & C1, there are currently no fee waivers in effect, so gross and net expenses are identical.

Western Asset Global Multi-Sector Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, FI, I, IS & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent.

Western Asset Global Strategic Income Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) C & I reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent. For Class(es) A, B & C1, there are currently no fee waivers in effect, so gross and net expenses are identical.

Western Asset Government Reserves: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Western Asset High Yield Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, IS & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent. For Class(es) I, there are currently no fee waivers in effect, so gross and net expenses are identical.

Western Asset Inflation Indexed Plus Bond Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, FI & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent. For Class(es) I & IS, there are currently no fee waivers in effect, so gross and net expenses are identical.

Western Asset Institutional AMT Free Municipal Money Market Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) Institutional reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Western Asset Institutional Cash Reserves: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) Institutional, Investors, L & S reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Western Asset Institutional Government Reserves: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) Institutional & Investors reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Western Asset Institutional Liquid Reserves: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) Institutional & Investors reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Western Asset Institutional Tax Free Reserves: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) Institutional reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Western Asset Institutional U.S. Treasury Obligations Money Market Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) Institutional & Investors reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent.

Western Asset Institutional U.S. Treasury Reserves: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) Institutional & Investors reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Western Asset Intermediate Bond Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, IS & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent. For Class(es) I, there are currently no fee waivers in effect, so gross and net expenses are identical.

Western Asset Intermediate Maturity California Municipals Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C & I reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Western Asset Intermediate Maturity New York Municipals Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C & I reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Western Asset Intermediate-Term Municipals Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) I reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent. For Class(es) A & C, there are currently no fee waivers in effect, so gross and net expenses are identical.

Western Asset Liquid Reserves: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, B, C & N reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Western Asset Macro Opportunities Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, FI, I & IS reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Western Asset Managed Municipals Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) I reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent. For Class(es) A, B & C, there are currently no fee waivers in effect, so gross and net expenses are identical.

Western Asset Massachusetts Municipals Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C & I reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Western Asset Mortgage Backed Securities Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) C & I reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent. For Class(es) A, B & C1, there are currently no fee waivers in effect, so gross and net expenses are identical.

Western Asset Municipal High Income Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) I reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent. For Class(es) A & C, there are currently no fee waivers in effect, so gross and net expenses are identical.

Western Asset New Jersey Municipals Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) I reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent. For Class(es) A, B & C, there are currently no fee waivers in effect, so gross and net expenses are identical.

Western Asset New York Municipals Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) I reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent. For Class(es) A, B & C, there are currently no fee waivers in effect, so gross and net expenses are identical.

Western Asset New York Tax Free Money Market Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A & N reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Western Asset Oregon Municipals Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C & I reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent.

Western Asset Pennsylvania Municipals Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) I reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent. For Class(es) A & C, there are currently no fee waivers in effect, so gross and net expenses are identical.

Western Asset Premium U.S. Treasury Reserves: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Western Asset Short Duration High Income Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, I & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent. For Class(es) B & C1, there are currently no fee waivers in effect, so gross and net expenses are identical.

Western Asset Short Duration Municipal Income Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C & I reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Western Asset Tax Free Reserves: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, B, C & N reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

Western Asset Total Return Unconstrained Fund: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2014 without Board consent. Net expenses for Class(es) FI, I & IS reflect voluntary fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Apr 30, 2014 without Board consent.

Western Asset U.S. Treasury Reserves: **Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) N reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2015 without Board consent.

1 Current 7-day yield represents net interest income generated by the investments for the past 7 days and assumes that the same income is generated each week over a 365-day period. The 7-day yield more closely reflects current fund earnings than does total returns.

Performance for less than one year are cumulative figures and are not annualized. YTD returns are calculated from January 1 of the reporting year. 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.

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.

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.

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.

For performance data including the effects of sales charges, Class A 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: LM BW Absolute Return Opportunities Fund, 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, and Western Asset Short-Term Bond Fund. One- and five-year returns for Class B shares reflect a maximum contingent deferred sales charge (CDSC) of up to 5.0% and 1.0%, respectively. One-year returns for Class C shares reflect a CDSC of 1.0%, except for LM Capital Management Value Trust which reflects a CDSC of 0.95%.

For Calendar Year Returns, if sales charges were included, performance shown would be lower.

Performance for Western Asset Money Market Fund reflects a one-time, special distribution made from current income. If this one-time payment had not been made, the Fund's returns would have been lower. The quoted yields for this fund exclude the impact of a one time, special distribution made from current income.

*Change indicates change in the NET ASSET VALUE from the previous business day.

Royce Funds:

Royce & Associates has contractually agreed to waive fees and/or reimburse operating expenses, other than acquired fund fees and expenses, to the extent necessary to maintain the net direct annual operating expenses to levels shown below:

Through April 30, 2020 to the extent necessary to maintain the net direct annual operating expense ratio at or below 1.99% for:

Royce 100 Fund R and K Classes
Royce Dividend Value Fund Investment and Service Classes
Royce Heritage Fund R and K Classes
Royce Low-Priced Stock Fund R and K Classes
Royce Opportunity Fund R and K Classes
Royce Pennsylvania Mutual Fund K Class
Royce Premier Fund R and K Classes
Royce Total Return Fund R Class
Royce Value Fund R and K Classes
Royce Value Plus Fund R and K Classes

Performance prior to the date of commencement of certain Fund's Investment Class shares (Royce 100 Fund - 3/15/2007, Royce Low-Priced Stock Fund - 3/15/2007, Royce Heritage Fund - 3/15/2007, Royce Value Fund - 3/15/2007, Royce Value Plus Fund - 3/15/2007 and Royce Dividend Value Fund - 9/14/2007) reflects Service Class results; Service Class shares (Royce Pennsylvania Mutual - 11/08/05, Royce Micro-Cap - 8/30/02, Royce Opportunity - 5/22/00, Royce Premier - 9/3/02, Royce Special Equity - 5/1/03, Royce Total Return - 1/3/02) reflects Investment Class results; Consultant Class shares (Royce Pennsylvania Mutual - 6/17/97, Royce Micro-Cap - 5/1/98, Royce Total Return - 10/16/01, Royce Heritage - 12/7/01, Royce Premier - 6/2/03, Royce Special Equity - 6/2/03, Royce Value - 3/30/06, Royce Value Plus - 3/30/06) reflects Investment/Service Class results; Institutional Class shares (Royce Opportunity Fund - 12/12/01, Royce Premier Fund - 9/17/02, Royce Special Equity Fund - 7/25/03, Royce Total Return Fund - 3/4/03, Royce Value Fund - 6/1/06, Royce Value Plus Fund - 5/10/06 and Royce Low-Priced Stock Fund - 1/3/06) reflects Investment/Service Class results. Service Class shares bear an annual distribution expense that is not borne by the Investment Class shares. Consultant Class shares bear an annual distribution expense that is higher than or is not borne by the Investment/Service Class shares. If Service Class's annual distribution expense had been reflected, total returns prior to Service Class inception would have been lower. If Consultant Class's annual distribution expense had been reflected, total returns prior to Consultant Class inception would have been lower. The YTD and since inception results for periods of less than one year are not annualized. Charles M. Royce assumed management of Royce Pennsylvania Mutual Fund in November 1972, although the Fund's inception dates back to 1962.

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

Weighted Average Maturity (WAM) is a weighted average of all the maturities of the securities held in a fund. WAM for money market funds can be used as a measure of sensitivity to interest rate changes. Generally, the longer the maturity, the greater the sensitivity.

Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. However, unlike WAM, WAL does not include interest rate resets in its calculation.

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

Click here for additional term definitions. An investor cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges. Click here for Index Definitions.

Mutual Funds:
Investors should consider the fund's investment objectives, risks, charges and expenses carefully before investing. Find this and other information in each fund's prospectus or if available, summary prospectus on the product specific pages of this website. Read it carefully before investing.

An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

Separately Managed Accounts (SMA):
Managed Accounts/Separately Managed Accounts (SMAs) are investment services provided by Legg Mason Private Portfolio Group, LLC (LMPPG), a federally registered investment adviser. Client portfolios are managed based on investment instructions or advice provided by one or more of the following Legg Mason-affiliated sub-advisers: ClearBridge Investments and Western Asset Management Company. Management is implemented by LMPPG, the designated sub-adviser or, in the case of certain programs, the program sponsor or its designee.

Closed-End Funds:
The Closed-End Funds are not sold or distributed by Legg Mason Investor Services, LLC ("LMIS") or any affiliate of Legg Mason, Inc. Unlike open-end funds, shares are not continually offered. Like other public companies, closed-end funds have a one-time initial public offering, and once their shares are first issued, are generally bought and sold through non-affiliated broker/dealers and trade on nationally recognized stock exchanges. Share prices will fluctuate with market conditions and, at the time of sale, may be worth more or less than your original investment. Shares of exchange-traded closed-end funds may trade at a discount or premium to their original offering price, and often trade at a discount to their net asset value. Net Asset Value (NAV) is total assets less total liabilities divided by the number of shares outstanding. Market Price, determined by supply and demand, is the price an investor purchases or sells the fund. Investment return, market price and net asset value will fluctuate with changes in market conditions. The Funds are subject to investment risks, including the possible loss of principal invested. Note that unlike other closed-end funds, Western Asset Middle Market Debt Fund is not publicly traded and is closed to new investors.

529 - Scholars Choice:
An investor should consider the Program's investment objectives, risks, charges and expenses before investing. The Program Disclosure Statement at scholars-choice.com, which contains more information, should be read carefully before investing. If an investor and/or an investor's beneficiary are not Colorado taxpayers, they should consider before investing whether their home states offer 529 plans that provide state tax and other benefits only available to state taxpayers investing in such plans.

Investments in the Scholars Choice College Savings Program are not insured by the FDIC or any other government agency and are not deposits or other obligations of any depository institution. Investments are not guaranteed by the State of Colorado, CollegeInvest, Legg Mason Global Asset Allocation, LLC, Legg Mason Investor Services, LLC, or Legg Mason, Inc. or its affiliates and are subject to investment risks, including loss of principal amount invested.

Scholars Choice® is a registered service mark of CollegeInvest. CollegeInvest and the CollegeInvest logo are registered trademarks. Administered and issued by CollegeInvest and the state of Colorado. Legg Mason Global Asset Allocation, LLC, Investment Manager. Legg Mason Investor Services, LLC is the primary distributor of interest in the Program. Legg Mason Global Asset Allocation, LLC, Batterymarch Financial Management, Inc., Brandywine Global Investment Management, LLC, ClearBridge Investments, LLC, Royce & Associates, LLC, Western Asset Management Company, and Legg Mason Investor Services, LLC are Legg Mason, Inc. affiliates. Thornburg Investment Management, Inc. is not affiliated with Legg Mason, Inc.

INVESTMENT PRODUCTS: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

This site is intended for U.S. individual investors only. The products and services described on this site are generally not available to non-U.S. investors.

Legg Mason Investor Services, LLC and all entities mentioned above are subsidiaries of Legg Mason, Inc.
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