2Q 2021 Product Commentary CLEARBRIDGE SELECT FUND

Aram Green Portfolio Manager

Average annual total returns and fund expenses (%) Key takeaways as of June 30, 2021 • The Fund outperformed in a second-quarter rotation

Since Incept. Expenses into growth stocks, fueled by a comeback in the higher-growth disruptors we have owned for a Class A 3-mo 1-yr 5-yr 10-yr (09/23/13) Gross Net Excluding sales number of years. 11.46 57.45 33.02 N/A 21.76 1.40 1.34 charges • We took advantage of attractive entry points and a Including effects robust new issue market to increase our exposure to of maximum 5.05 48.40 31.46 N/A 20.83 1.40 1.34 sales charges disruptors, participating in several IPOs and a private Russell 3000 8.24 44.16 17.89 N/A N/A - - placement in companies using technology to increase Performance shown represents past performance and is no guarantee of future efficiency across industries. 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 • Over the last year, the market has overlooked what we worth more or less than the original cost. Class A shares have a maximum front-end sales view as compelling opportunities among steady charge of 5.75%.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 compounders, an area where we are looking to add per share applied to shareholder subscriptions and redemptions, which may differ from more exposure. the NAV per share disclosed in Fund shareholder reports. Performance would have been lower if fees had not been waived in various periods. Returns for less than one year are cumulative. For the most recent month-end information, please visit www.leggmason.com. Market overview Gross expenses are the Fund's total annual operating expenses for the share class(es) Growth stocks reasserted themselves in the second quarter shown. after an accelerated run for cyclicals post the COVID-19 Net expenses are the Fund's total annual operating expenses for the share classes indicated and would reflect contractual fee waivers and/or reimbursements, where these vaccine approvals. Performance was particularly strong among reductions reduce the fund's gross expenses. These arrangements cannot be terminated larger-cap growth companies, many of which had moved prior to December 31, 2022 without the Board’s consent. In periods of market volatility, assets may decline significantly, causing total annual fund operating expenses to become sideways since an initial performance spike in the early days higher than the numbers shown in the table above. of the pandemic. The S&P 500 Index rose 8.6% for the quarter The Gross and Net Expenses listed include 0.01 of Acquired Fund Fees and Expenses while the benchmark Russell 3000 Index advanced 8.2%. The (“AFFE”) that are required to be shown in the Fund’s prospectus. AFFE reflects the Fund’s Russell 3000 Growth Index gained 11.4%, outperforming its pro rata share of fees and expenses relating to its investments in acquired funds; however, AFFE are not incurred directly by the Fund. Therefore, AFFE are not reflected in value counterpart by over 600 basis points (bps), but it still the Fund’s audited financial statements or financial highlights. trails year-to-date by nearly 500 bps. Style dispersion was less

pronounced among smaller-cap stocks. The Russell 3000 Index is a market-capitalization-weighted equity index maintained by the FTSE Russell that provides exposure to the entire U.S. stock market. Investors cannot The reversionary nature of equity markets is why we focus in invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. the ClearBridge Select Fund on individual companies we believe are well positioned on their own for the current environment. The Fund outperformed in the second quarter,

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

fueled by a comeback in the higher-growth disruptors we have stock positions, not including SPACs, as well as two private owned in the portfolio for a number of years. This was placements. reflected by the performance of our holdings in the The new-issue market remains an attractive source of new information technology (IT) sector, where portfolio names ideas and we participated in four IPOs in the latest period. gained 20.3% for the quarter compared to 11.4% for the Paymentus is a payment company using invoicing in more benchmark, as well as in the consumer discretionary sector, consumer-friendly channels. The company’s services allow a where portfolio companies rose 12.8% versus 6.7% for the utility to send a customer a text message to connect a bank benchmark. account and pay their bill. Paymentus is expanding its DocuSign illustrates the above-average secular growth streamlined payment process to SMBs like gardeners and local characteristics we seek in disruptors. The company delivered merchants. Confluent sells and distributes a commercialized first-quarter results that blew past expectations, quelling fears version of open-source software called Kafka created by former the e-signature provider was simply a COVID-19 beneficiary executives at LinkedIn. The solution allows enterprise users that would struggle to tougher comparisons. Instead, the ability to capture data in real time as it is streaming. A DocuSign highlighted new cloud-based functionality covering prime use case is capturing real-time inventory across retail the full lifecycle of agreements that doubles its addressable stores and distribution centers to enable omni-channel market. The company has already made the investments to commerce. We believe it is early days in the company’s expand from its initial of streamlining the signing of commercialization of this technology, which can capture data contracts to offer business intelligence and analytics that can in both on-premise and hybrid cloud environments. Global-e help companies run their operations more efficiently. We Online, meanwhile, removes many of the frictions around expect revenues from this new market will begin to ramp up cross-border e-commerce by handling the different tax in 2022. structures, languages, currencies, local logistics and fulfillment/returns for any size retailer. The company’s initial Shopify and Sprout Social, companies that have become go-to customers have been mostly mid to higher end retailers but an platforms for small and medium-size (SMBs) investment by Shopify should enable Global-e to significantly engaged in e-commerce and social media marketing, increase merchant reach. Private placement purchase Klaviyo rebounded strongly in the quarter after being caught in the also targets the retail industry through a customer data sell-off among high-multiple growth names since Vaccine platform that allows businesses to analyze all their customer Monday. These and the portfolio’s other disruptors had thrived information to understand what customers they should target, through the first part of the pandemic, leading us to trim when and with what message. positions into strength and reallocate cash into more attractively priced evolving opportunities and steady In addition to these disruptors, we added exposure in evolving compounders that had been overly punished by lockdowns opportunities through the IPO of Endeavor Group. Endeavor and a drop in economic activity. While some of our evolving owns sports leagues like UFC and Pro Bull Riders, which names continued to perform well in the second quarter as should benefit from the return of live events, as well as leading consumers resumed discretionary spending, like Crocs and sports agency IMG and its IMG Academy training franchise. American Eagle Outfitters, others such as Performance Food Streaming companies are hungry for content and rights prices Group sold off after surging in prior quarters. for programming owned by Endeavor are rising. Endeavor, as a representative to many of the world’s most well-known Portfolio positioning athletes, should also benefit from soaring sports salaries. While the active repositioning we have done since the onset of The Fund remained engaged in the SPAC market as well. Most the pandemic has created good balance in the portfolio, we of our recent activity involved selling out of common stock continue to leverage our research of both public and private positions in SPACs that announced acquisitions that we either markets to identify new investment opportunities. The recent didn’t like or where the valuation had become stretched. We value rotation improved the risk/reward among disruptors, held onto the warrants in most of these SPACs to continue to and we sold some positions that had either run up in price participate in the upside for these newer-to-market companies. where the forward-looking risk/reward had become more neutral or were facing commodity cost pressures. Using these Other new additions included the repurchase of disruptors proceeds to fund new purchases, we added eight new common Twilio at a lower multiple that provided a good entry point, and Unity Software through an options strategy. Twilio's

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platform provides developers with the toolkit and building Teladoc Health were the greatest individual detractors from blocks to incorporate capabilities across voice, messaging, absolute returns. video, customer data, email and additional applications, while In addition to the transactions mentioned earlier, the Fund Unity provides development tools for 3D and virtual reality initiated positions in Compass in the real estate sector, SPACs content on digital devices. Both stocks are up strongly since SVF Investment, Altimeter Growth and Edify Acquisition and the trades, and we are holding our positions. participated in a private placement for Caris Life Sciences in Outlook the health care sector. We also closed positions in Alibaba and DoorDash in the consumer discretionary sector, Shift Heading into the third quarter, opportunities in higher- Technologies, Cornerstone Ondemand and JFrog in the IT multiple, higher-growth stocks like these are becoming more sector, Bio-Rad Laboratories and SmileDirectClub in the health stretched. Disruptors appear to have just gone through what care sector, Vital Farms in the consumer staples sector as well cyclicals experienced in the first quarter; these companies look more attractive just as the upcoming comps begin to get as Array Technologies and Tennant in the industrials sector. tougher. Cyclicals are now seeing peaking numbers and with inflation also pushing higher, investors are growing concerned that the lower-quality recovery trade might not get much better. Another worry is the uneven nature of the global reopening, with many regions still struggling with COVID. We are seeing a lot of cash coming off the sidelines that is keeping the market buoyant. Since November, investors have seesawed between cyclicals and growth stocks, overlooking what we view as compelling companies in the steady compounder camp. These stocks, like existing holdings SBA Communications and Constellation Brands, and new addition , are not COVID beneficiaries or cyclicals that had been lapping easier comps and are an area where we are looking to add more exposure.

Fund highlights

For the quarter ended June 30, 2021, the ClearBridge Select Fund — Class A shares had a cumulative return of 11.46%, excluding the effects of sales charges. In comparison, the Fund’s unmanaged benchmark, the Russell 3000 Index, gained 8.24%. On an absolute basis, the Fund had gains across nine of the 10 sectors in which it was invested during the quarter (out of 11 sectors total). The IT, consumer discretionary and health care sectors were the primary contributors to performance. In relative terms, overall stock selection contributed to performance. Specifically, stock selection in the IT, consumer discretionary and health care sectors were the primary drivers of results. Conversely, stock selection in the consumer staples sector and an overweight to industrials detracted from results. On an individual stock basis, the largest contributors to absolute returns during the second quarter were DocuSign, Surgery Partners, Shopify, Crocs and Fortinet. Performance Food Group, Ultragenyx Pharmaceutical, Compass, and

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are confident that Uber remains on track to reach EBITDA Top contributors profitability in the second half of the year. In terms of individual stocks, the top contributors to Fund performance for the quarter included: Teladoc Health (TDOC), in the health care sector, is a provider of telemedicine services formed by the merger of Teladoc and Shopify (SHOP), in the IT sector, provides a platform that Livongo Health. The shares were pressured by concerns over enables small businesses to operate full e-commerce websites increased competition in telemedicine overall as well as tough and supporting marketing and customer management services. year-over-year comps with the COVID-19 lockdown period in The stock rebounded after high-growth software-as-a-service 2020 when utilization of remote physician visits spiked. names and COVID-19 beneficiaries as a group sold off sharply in the back half of the first quarter. Shopify’s first-quarter Top 10 equity holdings (%) results demonstrated the company should continue growing DocuSign Inc 3.6 faster than the overall e-commerce market even as the U.S. and U.K. reopen. Shopify continues to be the platform of choice for ServiceNow Inc 3.0 merchants seeking an alternative to . The company Shopify Inc 2.9 also rolled out its one-click checkout feature, Shop Pay, to all Syneos Health Inc 2.2 merchants on Google and Facebook. Surgery Partners Inc 2.2 Crocs (CROX), in the consumer discretionary sector, is an MercadoLibre Inc 2.1 omnichannel retailer best known for its foam clogs, sandals Wix.com Ltd 2.0 and related footwear. The company’s shares benefited from strong sales and margins in its latest quarterly reporting period Carvana Co 1.9 as well as new celebrity collaborations for its products. SBA Communications Corp 1.9 Inc 1.8 Fortinet (FTNT), in the IT sector, provides network security appliances and unified threat management solutions to enterprises, service providers and government entities Sector allocation (%) worldwide. Recent high-profile ransomware attacks have heightened awareness of the critical need for cybersecurity Information Technology 27.0 among enterprises, increasing budget allocations to security Consumer Discretionary 15.1 and benefiting Fortinet, which offers solutions in the key end- Industrials 13.8 point and network security subsectors. Health Care 11.4 Bottom contributors Real Estate 5.5 The bottom contributors to Fund performance for the quarter Communication Services 5.2 included: Consumer Staples 5.1 Ultragenyx Pharmaceutical (RARE), in the health care sector, Financials 4.7 is a biotechnology company developing treatments for unmet Energy 1.4 needs through gene therapy. The stock languished in a quarter Materials 1.3 that was bereft of catalysts after a Q1 announcement that the Other 0.7 trial for its Angelman’s syndrome drug was put on hold. We Cash/Other 8.9 view these issues as transitory as Ultragenyx addresses a Percentages are based on total portfolio as of quarter end and are subject to change at dosing problem and the company continues to make progress any time. For informational purposes only and not to be considered a recommendation to on its pipeline. purchase or sell any security. Uber Technologies (UBER), in the industrials sector, operates the world’s leading rideshare platform and also offers food delivery services through Uber Eats. Negative comments from the Biden administration on the classification of gig workers as well as a driver shortage as rider demand rebounds weighed on the shares, offsetting ongoing strength in its Eats business.

We believe the regulatory pressures are an overreaction and

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Definitions and additional terms:

Please note that an investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.

A basis point (bp, or bps) is equal to 1/100th of 1%, or 0.01%. Coronavirus disease (COVID-19; C-19) was discovered in 2019 and has not been previously identified in humans. EBITDA is an abbreviation for “Earnings Before Interest, Taxes, Depreciation and Amortization,” a measure of a company’s cash flow. An initial public offering (IPO) is the process of offering shares in a private corporation to the public for the first time. Russell 3000 Index is an unmanaged index of the 3,000 largest U.S. companies. Russell 3000 Growth Index is a market capitalization-weighted index based on the Russell 3000 Index. The Russell 3000 Growth Index includes companies that display signs of above-average growth. The Russell Midcap Index is a complete subset of both the Russell 1000 and the Russell 3000. S&P 500 Index is an unmanaged index of roughly 500 stocks that is generally representative of the performance of larger companies in the U.S. A special purpose acquisition company (SPAC) is a company with no commercial operations that is formed to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company.

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What should I know before investing? Equity securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. 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. 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 are subject to greater price volatility, illiquidity, and possibility of default. Derivatives, such as options and futures, can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. As a non-diversified Fund, it is permitted to invest a higher percentage of its assets in any one issuer than a diversified fund, which may magnify the Fund’s losses from events affecting a particular issuer.

Past performance is no guarantee of future results. 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. Portfolio holdings and sector allocations may not be representative of the portfolio manager's current or future investment and are subject to change at any time. ©2021 Franklin Distributors, LLC. Member FINRA/SIPC. ClearBridge Investments, LLC, and Franklin Distributors, LLC are Franklin Templeton affiliated companies. CBAX483804 07/21 90968 QCPLT

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