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NEWS & FEATURES

Exclusive Morningstar Interview with Hersh Cohen

ClearBridge Advisors CIO and Senior Portfolio Manager on what set the recent downturn apart from the rest in recent history and where the best values are today.

Exclusive Morningstar Interview with Michael Mauboussin

Legg Mason Capital Management Chief Investment Strategist and author of Think Twice on applying the principals from the "wisdom of crowds" to money management.

READ Bill Miller's latest market commentary

Small-Cap Manager Gets Big Honor – Again

Royce's Charlie Dreifus, Morningstar's Domestic Equity Fund Manager of the Decade nominee.

Muni Fund Still Shining

With impressive 2009 performance, Legg Mason Western Asset Managed Municipals Fund is stealing the spotlight from increasingly popular municipal ETFs, according to InvestmentNews.¹

INSIGHTS

Voices of Experience

Perspectives from veteran investment managers Bill Miller (LMCM), Hersh Cohen (ClearBridge) and Jack Fockler (Royce)

Ask Legg Mason: Investor Education Series

Part of our Perspectives program, this innovative series can help you understand the complex issues facing the economy and markets – in an engaging, one-page format.

PRODUCTS

New Scholars Choice U.S. Treasury Zero-Coupon Bond Target Maturity Portfolios

Planning for college, but still concerned about the market? Has your risk tolerance changed?

See how our new portfolios may help.

Legg Mason ClearBridge Capital and Income Fund Restructured

As of the close of business on December 4, 2009, Legg Mason ClearBridge Equity Income Builder Fund and Legg Mason ClearBridge Convertible Fund merged into Legg Mason ClearBridge Capital and Income Fund, and Legg Mason ClearBridge Capital and Income Fund was renamed Legg Mason ClearBridge Equity Income Builder Fund.



	Watch CNBC Interview Read Barron's cover story

Investors should consider a fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about a fund. To obtain a free prospectus, please view the product specific page on this website and click on the prospectus link. An investor should read the prospectus carefully before investing.

An investor should consider the Program's investment objectives, risks, charges and expenses before investing. The program disclosure statement at www.scholars-choice.com, which contains more information, should be read carefully before investing. If an investor or an investor's beneficiary is not a Colorado taxpayer, they should consider before investing whether their home states offer 529 Plans that provide state tax and other benefits only available to state taxpayers investing in such plans.

The Closed-End Funds are not sold or distributed by Legg Mason Investor Services, LLC ("LMIS") or any affiliate of Legg Mason, Inc. Shares of the funds are bought and sold through non-affiliated broker/dealers and trade on the NYSE/NYSE Alternext.

Like other public companies, closed-end funds have a one-time initial public offering. Thus, once their shares are first issued, shares are not continually offered by the closed-end fund, but trade in the open market through a stock exchange. Also, like other common stocks, share prices of closed-end funds will fluctuate with market conditions and, at the time of sale, may be worth more or less than your original investment. Shares of closed-end exchange-traded funds may trade at a discount or premium to their original offering price, and often trade at a discount to their net asset value (a price that reflects the value of the fund's underlying portfolio plus other assets, less the fund's liabilities divided by the number of shares outstanding). Investment return, price and net asset value will fluctuate with changes in market conditions.

¹ Entire contents copyright by Crain Communications Inc. All rights reserved.

* Morningstar, Inc. is a leading provider of mutual fund, stock and variable products investment information, which does not own, operate or hold any interest in mutual funds, stocks or insurance products. Morningstar Fund Manager of the Year award recognizes portfolio managers who demonstrate excellent investment skill and the courage to differ from the consensus to benefit investors. To qualify for the award, managers' funds must have not only posted impressive returns for the year, but the managers also must have a record of delivering outstanding long-term performance and of aligning their interests with shareholders'. The Fund Manager of the Year award winners are chosen based on Morningstar’s proprietary research and in-depth evaluation by its Fund analysts.

Legg Mason, Inc, its subsidiaries and its employees are not in the business of providing tax advice.

Certain investors may be subject to the federal Alternative Minimum Tax (AMT), and state and local taxes may apply. Capital gains, if any, are fully taxable.

Past performance is no guarantee of future results.

Legg Mason Investor Services, LLC and all entities mentioned above are subsidiaries of Legg Mason, Inc.

Scholars Choice® is a registered service mark of CollegeInvest. CollegeInvest and the CollegeInvest logo are registered trademarks. Administered and issued by CollegeInvest and the state of Colorado. Legg Mason Global Asset Allocation, LLC, Investment Manager. Legg Mason Investor Services, LLC is the primary distributor of interest in the Program. Legg Mason Global Asset Allocation, LLC and Legg Mason Investor Services, LLC are Legg Mason Inc affiliated companies.

This site is intended for U.S. investors only. The products and services described on this site are generally not available to non-U.S. investors.