2Q 2019 CLEARBRIDGE SELECT FUND

2Q 2021 Product Commentary

CLEARBRIDGE SELECT FUND

Aram Green Portfolio Manager

Average annual total returns and fund expenses (%) as of June 30, 2021

Since Incept. Expenses

Class A

3-mo 1-yr 5-yr 10-yr

Excluding sales charges

11.46 57.45 33.02 N/A

Including effects

of maximum

5.05 48.40 31.46 N/A

sales charges

(09/23/13) 21.76

20.83

Gross Net 1.40 1.34

1.40 1.34

Russell 3000

8.24 44.16 17.89 N/A

N/A

-

-

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. Class A shares have a maximum front-end sales 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 per share applied to shareholder subscriptions and redemptions, which may differ from 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 .

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

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 reductions reduce the fund's gross expenses. These arrangements cannot be terminated 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 higher than the numbers shown in the table above.

The Gross and Net Expenses listed include 0.01 of Acquired Fund Fees and Expenses ("AFFE") that are required to be shown in the Fund's prospectus. AFFE reflects the Fund's 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 the Fund's audited financial statements or financial highlights.

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 invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.

Key takeaways ? The Fund outperformed in a second-quarter rotation into growth stocks, fueled by a comeback in the higher-growth disruptors we have owned for a number of years.

? We took advantage of attractive entry points and a robust new issue market to increase our exposure to disruptors, participating in several IPOs and a private placement in companies using technology to increase efficiency across industries.

? Over the last year, the market has overlooked what we view as compelling opportunities among steady compounders, an area where we are looking to add more exposure.

Market overview Growth stocks reasserted themselves in the second quarter after an accelerated run for cyclicals post the COVID-19 vaccine approvals. Performance was particularly strong among larger-cap growth companies, many of which had moved sideways since an initial performance spike in the early days of the pandemic. The S&P 500 Index rose 8.6% for the quarter while the benchmark Russell 3000 Index advanced 8.2%. The Russell 3000 Growth Index gained 11.4%, outperforming its value counterpart by over 600 basis points (bps), but it still trails year-to-date by nearly 500 bps. Style dispersion was less pronounced among smaller-cap stocks.

The reversionary nature of equity markets is why we focus in 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 owned in the portfolio for a number of years. This was reflected by the performance of our holdings in the information technology (IT) sector, where portfolio names gained 20.3% for the quarter compared to 11.4% for the benchmark, as well as in the consumer discretionary sector, where portfolio companies rose 12.8% versus 6.7% for the benchmark.

DocuSign illustrates the above-average secular growth characteristics we seek in disruptors. The company delivered first-quarter results that blew past expectations, quelling fears the e-signature provider was simply a COVID-19 beneficiary that would struggle to beat tougher comparisons. Instead, DocuSign highlighted new cloud-based functionality covering the full lifecycle of agreements that doubles its addressable market. The company has already made the investments to expand from its initial business of streamlining the signing of contracts to offer business intelligence and analytics that can help companies run their operations more efficiently. We expect revenues from this new market will begin to ramp up in 2022.

Shopify and Sprout Social, companies that have become go-to platforms for small and medium-size businesses (SMBs) engaged in e-commerce and social media marketing, rebounded strongly in the quarter after being caught in the sell-off among high-multiple growth names since Vaccine Monday. These and the portfolio's other disruptors had thrived through the first part of the pandemic, leading us to trim positions into strength and reallocate cash into more attractively priced evolving opportunities and steady compounders that had been overly punished by lockdowns and a drop in economic activity. While some of our evolving names continued to perform well in the second quarter as consumers resumed discretionary spending, like Crocs and American Eagle Outfitters, others such as Performance Food Group sold off after surging in prior quarters.

Portfolio positioning

While the active repositioning we have done since the onset of the pandemic has created good balance in the portfolio, we continue to leverage our research of both public and private markets to identify new investment opportunities. The recent value rotation improved the risk/reward among disruptors, and we sold some positions that had either run up in price where the forward-looking risk/reward had become more neutral or were facing commodity cost pressures. Using these proceeds to fund new purchases, we added eight new common

stock positions, not including SPACs, as well as two private placements.

The new-issue market remains an attractive source of new ideas and we participated in four IPOs in the latest period. Paymentus is a payment company using invoicing in more consumer-friendly channels. The company's services allow a utility to send a customer a text message to connect a bank account and pay their bill. Paymentus is expanding its streamlined payment process to SMBs like gardeners and local merchants. Confluent sells and distributes a commercialized version of open-source software called Kafka created by former executives at LinkedIn. The solution allows enterprise users the ability to capture data in real time as it is streaming. A prime use case is capturing real-time inventory across retail stores and distribution centers to enable omni-channel commerce. We believe it is early days in the company's commercialization of this technology, which can capture data in both on-premise and hybrid cloud environments. Global-e Online, meanwhile, removes many of the frictions around cross-border e-commerce by handling the different tax structures, languages, currencies, local logistics and fulfillment/returns for any size retailer. The company's initial customers have been mostly mid to higher end retailers but an investment by Shopify should enable Global-e to significantly increase merchant reach. Private placement purchase Klaviyo also targets the retail industry through a customer data platform that allows businesses to analyze all their customer information to understand what customers they should target, when and with what message.

In addition to these disruptors, we added exposure in evolving opportunities through the IPO of Endeavor Group. Endeavor owns sports leagues like UFC and Pro Bull Riders, which should benefit from the return of live events, as well as leading sports agency IMG and its IMG Academy training franchise. Streaming companies are hungry for content and rights prices for programming owned by Endeavor are rising. Endeavor, as a representative to many of the world's most well-known athletes, should also benefit from soaring sports salaries.

The Fund remained engaged in the SPAC market as well. Most of our recent activity involved selling out of common stock positions in SPACs that announced acquisitions that we either didn't like or where the valuation had become stretched. We held onto the warrants in most of these SPACs to continue to participate in the upside for these newer-to-market companies.

Other new additions included the repurchase of disruptors 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 blocks to incorporate capabilities across voice, messaging, video, customer data, email and additional applications, while Unity provides development tools for 3D and virtual reality content on digital devices. Both stocks are up strongly since the trades, and we are holding our positions.

Outlook

Heading into the third quarter, opportunities in highermultiple, higher-growth stocks like these are becoming more stretched. Disruptors appear to have just gone through what cyclicals experienced in the first quarter; these companies look more attractive just as the upcoming comps begin to get 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 Vertex Pharmaceuticals, are not COVID beneficiaries or cyclicals that had been lapping easier comps and are an area where we are looking to add more exposure.

Teladoc Health were the greatest individual detractors from absolute returns.

In addition to the transactions mentioned earlier, the Fund initiated positions in Compass in the real estate sector, SPACs SVF Investment, Altimeter Growth and Edify Acquisition and participated in a private placement for Caris Life Sciences in the health care sector. We also closed positions in Alibaba and DoorDash in the consumer discretionary sector, Shift Technologies, Cornerstone Ondemand and JFrog in the IT sector, Bio-Rad Laboratories and SmileDirectClub in the health care sector, Vital Farms in the consumer staples sector as well as Array Technologies and Tennant in the industrials sector.

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, Uber and

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Top contributors In terms of individual stocks, the top contributors to Fund performance for the quarter included:

Shopify (SHOP), in the IT sector, provides a platform that enables small businesses to operate full e-commerce websites and supporting marketing and customer management services. The stock rebounded after high-growth software-as-a-service names and COVID-19 beneficiaries as a group sold off sharply in the back half of the first quarter. Shopify's first-quarter results demonstrated the company should continue growing 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 merchants seeking an alternative to Amazon. The company also rolled out its one-click checkout feature, Shop Pay, to all merchants on Google and Facebook.

Crocs (CROX), in the consumer discretionary sector, is an omnichannel retailer best known for its foam clogs, sandals and related footwear. The company's shares benefited from strong sales and margins in its latest quarterly reporting period as well as new celebrity collaborations for its products.

Fortinet (FTNT), in the IT sector, provides network security appliances and unified threat management solutions to enterprises, service providers and government entities worldwide. Recent high-profile ransomware attacks have heightened awareness of the critical need for cybersecurity among enterprises, increasing budget allocations to security and benefiting Fortinet, which offers solutions in the key endpoint and network security subsectors.

Bottom contributors The bottom contributors to Fund performance for the quarter included:

Ultragenyx Pharmaceutical (RARE), in the health care sector, is a biotechnology company developing treatments for unmet needs through gene therapy. The stock languished in a quarter that was bereft of catalysts after a Q1 announcement that the trial for its Angelman's syndrome drug was put on hold. We view these issues as transitory as Ultragenyx addresses a dosing problem and the company continues to make progress on its pipeline.

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

are confident that Uber remains on track to reach EBITDA profitability in the second half of the year.

Teladoc Health (TDOC), in the health care sector, is a provider of telemedicine services formed by the merger of Teladoc and Livongo Health. The shares were pressured by concerns over increased competition in telemedicine overall as well as tough year-over-year comps with the COVID-19 lockdown period in 2020 when utilization of remote physician visits spiked.

Top 10 equity holdings (%)

DocuSign Inc

3.6

ServiceNow Inc

3.0

Shopify Inc

2.9

Syneos Health Inc

2.2

Surgery Partners Inc

2.2

MercadoLibre Inc

2.1

Ltd

2.0

Carvana Co

1.9

SBA Communications Corp

1.9

Match Group Inc

1.8

Sector allocation (%)

Information Technology

27.0

Consumer Discretionary

15.1

Industrials

13.8

Health Care

11.4

Real Estate

5.5

Communication Services

5.2

Consumer Staples

5.1

Financials

4.7

Energy

1.4

Materials

1.3

Other

0.7

Cash/Other

8.9

Percentages are based on total portfolio as of quarter end and are subject to change at

any time. For informational purposes only and not to be considered a recommendation to

purchase or sell any security.

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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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