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Legg Mason Global Asset Allocation (LMGAA) builds portfolios of

diversified assets aimed at achieving a variety of investment goals.

The firm’s approach to asset allocation is part art and part science:

It combines conceptual creativity with quantitative discipline to find

potentially effective mixes of reward and risk. Based in New York

City, LMGAA manages $4.8 billion in assets1 for individual and

institutional investors.

• Exclusively focuses on multi-manager asset allocation portfolios using fund-of-funds and manager-of-managers methodologies

• Develops and implements strategic and/or tactical asset allocation in risk-based, age-based and specialty portfolios

• Seasoned investment team in place since founding

• Invests in strategies managed by Legg Mason affiliates, as well as unaffiliated managers

• Investment manager for Scholars Choice® College Savings Program

INVESTMENTPRODUCTS:NOTFDICINSURED•NOBANKGUARANTEE•MAYLOSEVALUE

Firm highlights

Legg Mason Global Asset Allocation The art and science of building diversified portfolios

The LMGAA investment approachLMGAA allocates assets both on a strategic (long-term) basis and, where appropriate, tactically (for the relatively short term). Regardless, its objective is to build and manage portfolios to help investors meet their investment goals.

Strategic asset allocation process

Tactical asset allocation process

Based on the expected risk and expected return for each efficient portfolio, LMGAA creates strategic targets for the selected asset classes that aim to maximize return and minimize risk, based on the client’s specific needs.

Given a set of correlations based on historical market data, the model backs out a set of expected risk and return assumptions for the selected asset classes that would make the market portfolio an efficient portfolio.

The methodology starts from the assumption that the existing market portfolio we observe in the real world is based on the efficient frontier.

Efficientfrontier Correlationsofhistoricaldata Strategicassetallocationtargets

Macroeconomic analysis focuses on the state of global economic growth.

Proprietary models relate macroeco-nomic variables to subsequent earnings growth.

Analysis also focuses on likely direction of global interest rates.

Top-downanalysisofeconomicgrowth

Analyze equity valuations and fixed-income valuations independently.

Value equities in relation to bond yields.

Focus on how relative valuations have predicted subsequent relative performance.

Fundamentalanalysisofvaluation

Review research on a weekly basis and update all analysis monthly. Look for changes at the margin, exploring areas where the data points in differing directions, and form investment views.

Final decision is made by Steven Bleiberg.

Investmentdecision

An investor should consider A fund’s investment objectives, risks, chArges And expenses cArefully before investing. for A free prospectus, which contAins this And other informAtion on Any legg mAson fund, visit www.leggmAson.com/individuAlinvestors. An investor should reAd the prospectus cArefully before investing.

Where can I find more information?Talk to your financial advisor or find us on the Web:

Individual investorswww.leggmason.com/individualinvestors

Institutional investorswww.leggmason.com/institutional

Financial advisorswww.myleggmason.com

Follow us on Twitterwww.twitter.com/leggmason

Allinvestmentsaresubjecttorisk,includingthepossiblelossofprincipal.Diversificationdoesnotassureaprofitorprotectagainstmarketloss. AninvestorshouldconsidertheScholarsChoiceCollegeSavingsProgram’sinvestmentobjectives,risks,chargesandexpensesbeforeinvesting.Theprogram

disclosurestatementatwww.scholars-choice.com,whichcontainsmoreinformation,shouldbereadcarefullybeforeinvesting.Ifaninvestororaninvestor’sbeneficiaryisnotaColoradotaxpayer,theyshouldconsiderbeforeinvestingwhethertheirhomestatesoffer529plansthatprovidestatetaxandotherbenefitsonlyavailabletostatetaxpayersinvestinginsuchplans.

InvestmentsarenotguaranteedbytheStateofColorado,CollegeInvest,LeggMasonGlobalAssetAllocation,LLC,orLeggMason,Inc.oritsaffiliates. ScholarsChoice®isaregisteredservicemarkofCollegeInvest.CollegeInvestandtheCollegeInvestlogoareregisteredtrademarks.Administeredandissuedby

CollegeInvestandtheStateofColorado.LeggMasonGlobalAssetAllocation,LLC,InvestmentManager.LeggMasonInvestorServices,LLCistheprimarydistributorofinterestintheProgram.LeggMasonGlobalAssetAllocation,LLCandLeggMasonInvestorServices,LLCareLeggMason,Inc.affiliatedcompanies.

©2010LeggMasonInvestorServices,LLC,memberFINRA,SIPC.LeggMasonInvestorServices,LLCandandLeggMasonGlobalAssetAllocation,LLCaresubsidiariesofLeggMason,Inc.404653LMFX01297110/10FN1012188

“Asset allocation is what we do. Whatever your investment goal is — long-term growth, saving for college education or retirement, increasing portfolio diversification, reducing the potential effects of inflation — we can create an asset allocation to help you achieve it.”

Steven D. Bleiberg President, Chief Investment Officer

• Recognized asset allocation thought leader and practitioner

• 26 years of investment industry experience

Legg Mason products managed by LMGAAInvestors can access LMGAA’s expertise through mutual funds including the Legg Mason Lifestyle Portfolios, Legg Mason Target Retirement Series, Scholars Choice® College Savings Program and Legg Mason Strategic Real Return Fund. Institutional tactical asset allocation products are also available.

Key members of the LMGAA team

Memberresponsibilities

Yearsofinvestmentindustryexperience

Y.WayneLin Portfoliomanagerandinvestmentstrategyanalyst

16

AndrewPurdy Assetallocationportfoliomanager 16

RickChann Assetallocationanalyst 12

PatriciaDuffy,CIPM Assetallocationanalyst 10

LMGAA function

Strategicassetallocation

Tacticalassetallocation

Managerselectionandmonitoring

Portfoliomgmt.,tradingandrebalancing

LeggMasonLifestylePortfoliosLeggMasonTargetRetirementSeriesScholarsChoice®SavingsProgramLeggMasonStrategicRealReturnFundInstitutionaltacticalassetallocationproducts