Category: Open Ended Investment Company

Objective The fund seeks to achieve income and growth of the fund's value in Euro terms, through investment in other mutual funds (Underlying Funds). Investment Policy B The fund will primarily invest in two categories of Underlying Funds, with at least 55% of its net assets in equity-oriented Underlying Funds and at least 25% of its net assets in bond-oriented Underlying Funds. B The fund manager may change the funds allocation between the bond- oriented and equity-oriented Underlying Funds based on its market and economic outlook. B The bond-oriented Underlying Funds may be issued by corporations and governments, both higher rated and lower rated investments, located anywhere in the world with a maximum of 10% exposure to emerging markets. The fund may also invest in asset-backed securities, which are bonds that provide the bondholder with regular payments dependent on the cash-flow arising from a specified pool of assets such as interest and capital from mortgages or car loans. B The equity-oriented Underlying Funds will be diversified across countries, industries, and capital scales with a maximum of 10% exposure to emerging markets. The fund may purchase Underlying Funds investing in property. Manager's Discretion: The fund manager has discretion in selecting investments within the fund's objective and investment policies. There may be an incentive to allocate the Fund's assets to Underlying Funds managed by Legg Mason affiliates, which creates a potential conflict of interest. The Investment Manager and affiliates have policies, procedures and internal controls designed to mitigate conflicts of this nature. Fund's Base Currency: Euro Share Class Currency: Euro Transaction Costs: The fund bears costs in buying and selling investments, which may have a material impact on the fund's performance. Dealing Frequency: You can buy, sell and switch your shares on each day in which retail banks in London are open for business. Minimum Initial Investment: For this share class the minimum initial investment is EUR 1,000. Treatment of Income: Income and gains from the fund's investments are not paid but instead are reflected in the fund's share price.