Morningstar Magazine - October/November 2016 - 15

Principle 5 FUNDAMENTALS ARE FUNDAMENTAL We invest as business owners. That means constantly working to uncover and understand the fundamental strengths behind the companies we own. We embrace this commitment with a passion. Discover what can make our investment principles right for today, and tomorrow. ClearBridge.com/principles All investments involve risk, including loss of principal. Active management does not guarantee a profit or protect against loss. © 2016 Legg Mason Investor Services, LLC, member FINRA, SIPC. Legg Mason Investor Services, LLC and ClearBridge Investments, LLC are subsidiaries of Legg Mason, Inc. 593870 ADVR242759 3/16 FN1611734 http://www.ClearBridge.com/principles

Table of Contents for the Digital Edition of Morningstar Magazine - October/November 2016

Contents
Morningstar Magazine - October/November 2016 - Cover1
Morningstar Magazine - October/November 2016 - Cover2
Morningstar Magazine - October/November 2016 - 1
Morningstar Magazine - October/November 2016 - 2
Morningstar Magazine - October/November 2016 - Contents
Morningstar Magazine - October/November 2016 - 4
Morningstar Magazine - October/November 2016 - 5
Morningstar Magazine - October/November 2016 - 6
Morningstar Magazine - October/November 2016 - 7
Morningstar Magazine - October/November 2016 - 8
Morningstar Magazine - October/November 2016 - 9
Morningstar Magazine - October/November 2016 - 10
Morningstar Magazine - October/November 2016 - 11
Morningstar Magazine - October/November 2016 - 12
Morningstar Magazine - October/November 2016 - 13
Morningstar Magazine - October/November 2016 - 14
Morningstar Magazine - October/November 2016 - 15
Morningstar Magazine - October/November 2016 - 16
Morningstar Magazine - October/November 2016 - 17
Morningstar Magazine - October/November 2016 - 18
Morningstar Magazine - October/November 2016 - 19
Morningstar Magazine - October/November 2016 - 20
Morningstar Magazine - October/November 2016 - 21
Morningstar Magazine - October/November 2016 - 22
Morningstar Magazine - October/November 2016 - 23
Morningstar Magazine - October/November 2016 - 24
Morningstar Magazine - October/November 2016 - 25
Morningstar Magazine - October/November 2016 - 26
Morningstar Magazine - October/November 2016 - 27
Morningstar Magazine - October/November 2016 - 28
Morningstar Magazine - October/November 2016 - 29
Morningstar Magazine - October/November 2016 - 30
Morningstar Magazine - October/November 2016 - 31
Morningstar Magazine - October/November 2016 - 32
Morningstar Magazine - October/November 2016 - 33
Morningstar Magazine - October/November 2016 - 34
Morningstar Magazine - October/November 2016 - 35
Morningstar Magazine - October/November 2016 - 36
Morningstar Magazine - October/November 2016 - 37
Morningstar Magazine - October/November 2016 - 38
Morningstar Magazine - October/November 2016 - 39
Morningstar Magazine - October/November 2016 - 40
Morningstar Magazine - October/November 2016 - 41
Morningstar Magazine - October/November 2016 - 42
Morningstar Magazine - October/November 2016 - 43
Morningstar Magazine - October/November 2016 - 44
Morningstar Magazine - October/November 2016 - 45
Morningstar Magazine - October/November 2016 - 46
Morningstar Magazine - October/November 2016 - 47
Morningstar Magazine - October/November 2016 - 48
Morningstar Magazine - October/November 2016 - 49
Morningstar Magazine - October/November 2016 - 50
Morningstar Magazine - October/November 2016 - 51
Morningstar Magazine - October/November 2016 - 52
Morningstar Magazine - October/November 2016 - 53
Morningstar Magazine - October/November 2016 - 54
Morningstar Magazine - October/November 2016 - 55
Morningstar Magazine - October/November 2016 - 56
Morningstar Magazine - October/November 2016 - 57
Morningstar Magazine - October/November 2016 - 58
Morningstar Magazine - October/November 2016 - 59
Morningstar Magazine - October/November 2016 - 60
Morningstar Magazine - October/November 2016 - 61
Morningstar Magazine - October/November 2016 - 62
Morningstar Magazine - October/November 2016 - 63
Morningstar Magazine - October/November 2016 - 64
Morningstar Magazine - October/November 2016 - 65
Morningstar Magazine - October/November 2016 - 66
Morningstar Magazine - October/November 2016 - 67
Morningstar Magazine - October/November 2016 - 68
Morningstar Magazine - October/November 2016 - 69
Morningstar Magazine - October/November 2016 - 70
Morningstar Magazine - October/November 2016 - 71
Morningstar Magazine - October/November 2016 - 72
Morningstar Magazine - October/November 2016 - 73
Morningstar Magazine - October/November 2016 - 74
Morningstar Magazine - October/November 2016 - 75
Morningstar Magazine - October/November 2016 - 76
Morningstar Magazine - October/November 2016 - 77
Morningstar Magazine - October/November 2016 - 78
Morningstar Magazine - October/November 2016 - 79
Morningstar Magazine - October/November 2016 - 80
Morningstar Magazine - October/November 2016 - 81
Morningstar Magazine - October/November 2016 - 82
Morningstar Magazine - October/November 2016 - 83
Morningstar Magazine - October/November 2016 - 84
Morningstar Magazine - October/November 2016 - 85
Morningstar Magazine - October/November 2016 - 86
Morningstar Magazine - October/November 2016 - 87
Morningstar Magazine - October/November 2016 - 88
Morningstar Magazine - October/November 2016 - 89
Morningstar Magazine - October/November 2016 - 90
Morningstar Magazine - October/November 2016 - 91
Morningstar Magazine - October/November 2016 - 92
Morningstar Magazine - October/November 2016 - 93
Morningstar Magazine - October/November 2016 - 94
Morningstar Magazine - October/November 2016 - 95
Morningstar Magazine - October/November 2016 - 96
Morningstar Magazine - October/November 2016 - Cover3
Morningstar Magazine - October/November 2016 - Cover4
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