THE DATES MAY CHANGE, BUT THE HEADLINES STAY THE SAME

Source: FactSet and Morningstar. Past performance is no guarantee of future results. This chart is for illustrative purposes

only and is not indicative of performance of any specific investment. An investor cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges. The Dow Jones Industrial Average (DJIA) is a widely followed measurement of the stock market. The average is comprised of 30 stocks that represent leading companies in major industries. These stocks, widely held by both individual and institutional investors, are considered to be all blue-chip companies.TIME and Time Inc. are not affiliated with, and do not endorse products or services of, Legg Mason, Inc.The magazine covers in this brochure are all from TIME. Date of Issue and Publication Year are listed under each cover. © 2018 Time Inc., used under license.

1 Source: “Empty Pockets on a Trillion Dollars a Year,” Time, March 13, 1972.2 Source: “Seeking Relief from a Massive Migraine,” Time, September 9, 1974.3 “Unemployment On the Rise,” by James Kelly, Time, February 8, 1982.4 “Banking Takes A Beating,” by William Blaylock, Adam Zagorin, Stephen Koepp,

Time, December 3, 1984.5 “Who’s in Charge?,” Time cover image, November 9, 1987.6 “All Shook Up,” by John Greenwald, Time, October 15, 1990.7 ”Jobs in the Age of Insecurity,” by George J. Church, Time, November 22, 1993.8 “Everyone, Back in the Labor Pool,” by Daniel Kadlec, Time, July 29, 2002.9 “The New President’s Economy Problem,” by Justin Fox, Time, May 26, 2008.10 “It’s Only Going to Get Worse in Washington,” by Michael Scherer; Alex Altman,

Time, October 14, 2013.11 “Make America Solvent Again,” by James Grant, Time, April, 25, 2016. © 2018 Legg Mason Investor Services, LLC. Member FINRA, SIPC. Legg Mason Investor Services, LLC

is a subsidiary of Legg Mason, Inc. 787723 TAPX011939 3/18

It’s human nature to be concerned about the future, and doom-and-gloom headlines command attention in both good and bad times. Yet a look back at history shows that neither bull or bear markets last forever — and that short-term worries may not be a good indicator to where the market is going.

What matters is keeping a clear head — and recognizing that markets will both go up and down, and at times may even move in opposite directions. When in doubt, talk to your Financial Professional. Revisiting your long-term goals and the logic behind your investment decisions can provide much-needed perspective and help avoid impulsive moves that may work against you in the future.

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

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5,000

0

10,000

15,000

30,000

25,000

20,000

A P R I L 2 5 , 2 0 16

t i m e . c o m

That’s what every American man, woman and child would need to pay to erase the $13.9 trillion U.S. debt

Make America Solvent AgainBy James Grant

$42,998.12You owe

Apr. 3, 2017Nov. 9, 1987Feb. 23, 1976 Sep. 30, 1977 Oct. 22, 1979 Feb. 8, 1982 Dec. 3, 1984 Nov. 10, 1986 Oct. 15, 1990 Sep. 28, 1992 Nov. 22, 1993 Mar. 20, 1995 Sep. 14, 1998 Mar. 26, 2001 Feb. 4, 2002 Jul. 29, 2002 May 26, 2008 Oct. 13, 2008 Nov. 9, 2009 Mar. 29, 2010 Aug. 15, 2011Nov. 2, 1987 Nov. 19, 2012

Housing/Credit market turmoil

Tech bubble bursts

9/11 terrorist attacks

Exxon Valdez oil disaster

Iraq invades Kuwait

Market meltdown

S&P downgrades U.S. debt

“It is doubly trouble-some that the ranks of the jobless are growing at a time when many of the cushions softening the pain of unemployment have been deflated.”3

“Bankers now face their most strenuous survival test since the Great Depression.”4

“The crash on Wall Street spotlights America’s Leadership Crisis.”5

“Banks and insurance firms are tottering beneath huge portfolios of bad real estate mortgages.”6

“Americans are more worried about their financial future than at any other time since the turbulent 70s.”8

Nov. 17, 2014 Apr. 25, 2016Feb. 2, 2015

LTCM collapse; Russian debt default

Governmentshutdown

Asian currency crisis emerges

“But Americans have a new menu of economic woes — among them a real estate crash, a credit crisis, a broken health-care system and nagging job insecurity.”9

“The nation has been carved up into echo chambers; increasingly, we hear only the sound of our own passions and fears reverberating.”10

“We owe more than we can easily repay. We spend too much and borrow too much.”11

“All sorts of people who never thought they would be on the jobless lines ... are looking for jobs and not finding them.”7

Iran hostage crisis

President Reagan shot

Oct. 14, 2013Sep. 9, 1974 Dec. 9, 1974 Jul. 14, 1975Mar. 13, 1972

Inflation and oil crisis

“Can a nation with a trillion dollar economy be running out of money?”1

“The stock market has scarcely been so shaky since 1929. Just about everybody who buys, sells, borrows or invests has that overall feeling of unease.”2