Under normal circumstances, the fund will invest its assets in debt obligations, other fixed income securities and related investments. It may invest in all types of U.S. dollar denominated short-term debt instruments, including bank obligations, commercial paper and asset-backed securities, mortgage-backed securities, U.S. government agency or instrumentality securities, corporate loans, corporate debt securities, structured instruments and repurchase agreements.

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ARMGX

The fund normally invests at least 80% of its net assets in fixed income securities of issuers located in developed market countries. It will invest in both investment grade and below investment grade fixed income securities, and the advisor intends to invest less than 35% of its net assets in below investment grade fixed income securities (commonly known as "high yield debt" or "junk bonds"). The fund may invest up to 25% of its net assets in convertible debt securities. It is non-diversified.

GOBSX

The investment seeks to maximize total return.  Under normal circumstances, the fund seeks to achieve its investment objective by implementing an opportunistic investing strategy. The Advisor attempts to identify and capitalize on attractive relative-value opportunities principally in fixed income markets around the globe by investing in a variety of securities and other instruments. The fund may enter into various derivative transactions for both hedging and non-hedging purposes, including for purposes of enhancing returns. The fund is non-diversified.

LAOSX

The investment seeks to provide long-term capital growth. Under normal circumstances, the fund seeks to meet its investment objective by investing substantially all of its assets in common stocks and other equity securities that meet its financial and sustainability/environmental, social and governance ("ESG") criteria. The fund may also invest in companies that the subadviser believes are making substantial progress toward becoming a leader in sustainability and ESG policies.

LCILX

The investment seeks long-term capital appreciation. Under normal market conditions, the fund pursues its objective by investing at least 80% of its net assets plus borrowings for investment purposes, if any, in securities of issuers with substantial economic ties to one or more emerging market countries and other investments with similar economic characteristics. It may invest in securities denominated in foreign currencies or in U.S. dollars.

LCSMX

The investment seeks to provide long-term growth of capital. The fund seeks to achieve its investment objective by taking an unconstrained approach to investing with an emphasis on equity securities. Under normal circumstances, it invests primarily in publicly traded equity and equity-related securities of U.S. and non-U.S. companies or other instruments with similar economic characteristics. The fund may invest in securities of issuers of any market capitalization. It is non-diversified.

LCSSX

The fund invests at least 80% of its net assets, plus the amount of borrowings for investment purposes, if any, in equity and equity-related securities that provide investment income, dividend payments or other distributions or in other investments with similar economic characteristics. It normally invests in at least three countries, which may include the United States. The fund can invest without limitation in foreign securities in any country, including countries with developed or emerging markets.

LDIFX

The investment seeks to provide positive returns independent of market cycles through a high level of income and capital appreciation.  Under normal circumstances, the fund seeks to achieve its investment objective by taking a flexible, long and short global credit approach. It will rotate amongst the global credit opportunities (long or short) that the subadviser finds most attractive and navigate the credit quality spectrum throughout the different phases of the business cycle. The fund also has the flexibility to hedge or increase exposure to certain risks based on the subadviser's macroeconomic views. The fund is non-diversified.

LMAMX

The investment seeks capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets plus borrowings for investment purposes, if any, in common stocks and other equity securities of small capitalization companies or in other investments that the portfolio managers believe have similar economic characteristics. The adviser does not currently intend to borrow for investment purposes.

LMASX

The fund has a flexible investment strategy and invests in a variety of securities and instruments and uses a variety of investment techniques in pursuing its objective. The Advisor normally expects to invest primarily in any combination of U.S. dollar denominated and non-U.S. dollar denominated debt obligations of both U.S. and non-U.S. issuers and in derivatives and other instruments relating to such investments.

LMECX

The investment seeks maximum long-term total return. Under normal circumstances, the advisor intends to invest primarily (at least 65% of the fund's total assets) in equity securities of issuers located outside the United States. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowing for investment purposes, in equity securities. It may invest up to 35% of its total assets in securities of emerging market issuers.

LMGEX

The investment seeks long-term growth of capital. The fund normally invests primarily in common stocks of foreign companies that, in the portfolio managers' opinion, appear to offer above average growth potential and trade at a significant discount to the portfolio managers' assessment of their intrinsic value. It may invest in common stocks of foreign companies of any size located throughout the world.

LMGTX

Under normal circumstances, the fund invests at least 80% of its net assets, plus borrowings for investment purposes, if any, in U.S. equity securities or other investments with similar economic characteristics of large capitalization companies. It has exposure to growth and value equities of large capitalization companies. The fund seeks to produce returns that exceed those of the Russell 1000 Index over a full market cycle (typically three to five years).

LMISX

The fund normally invests in a portfolio of debt obligations of various maturities. The Advisor expects to invest primarily in corporate obligations and in derivatives and other instruments relating to such investments. The fund currently limits its investments to U.S. dollar denominated investment grade debt obligations. It is non-diversified.

LMLCX

The fund primarily invests in a combination of U.S. dollar denominated and non-U.S. dollar denominated investment grade debt obligations of U.S. and non-U.S. issuers and in derivatives and other instruments relating to such investments. The advisor intends to invest in asset-backed and inflation-protected securities and to engage in dollar rolls on mortgage-related securities.

LMSMX

The investment seeks long-term growth of capital. The fund invests primarily in equity securities that, in the portfolio managers' opinion, offer the potential for capital growth. It generally invests in companies with market capitalizations greater than $5 billion, but may invest in companies of any size.

LMVTX

The investment seeks long-term capital appreciation. Under normal market conditions, the fund pursues its objective by investing at least 80% of its net assets plus borrowings for investment purposes, if any, in securities of issuers with substantial economic ties to one or more emerging market countries and other investments with similar economic characteristics. It is non-diversified.

MCEMX

The investment seeks to provide income and capital appreciation. The fund invests at least 80% of its net assets, plus the amount of borrowings for investment purposes, if any, in securities issued by companies that are engaged in the infrastructure business and other investments with similar economic characteristics. It invests primarily in income paying equity and equity-related securities of exchange-traded infrastructure companies, which may include common stocks, preferred stocks, convertible stocks and other securities convertible into equity securities, publicly-traded units of MLPs, and securities of other investment companies, ETFs and REITs.

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