Legg Mason's Scholars Choice College Savings Program Earns Top Ranking

News Release
Contact Information:
Maria Rosati
(212) 805-6036

Legg Mason’s Scholars Choice® College Savings Program Earns Top Ranking
from Savingforcollege.com

BALTIMORE, February 14, 2011 — Legg Mason, Inc., (NYSE: LM) announced today that its
Scholars Choice® College Savings Program has been named by Savingforcollege.com as the topranked
advisor-sold 529 plan in the rolling one-year period ended December 31, 2010.
The ranking is based on investment performance and includes the impact of fees. Scholars Choice
has now earned the top rank for five consecutive quarters.
Laura Zimmerman, Head of Product and Marketing for Legg Mason, noted, “We’re honored that
Savingforcollege.com awarded Scholars Choice the number one ranking for the fifth straight quarter.
Since the ranking takes fees into account, this means investors are getting the best returns of any
advisory-sold 529 plan. Legg Mason’s commitment to helping families save for college is strong and
continues to grow.”
Joseph Hurley, founder and CEO of Savingforcollege.com, commented, "The need for effective
college savings solutions remains high, particularly during economically challenging times. Our
rankings give financial advisors important information to help them guide their clients through the
college savings process."
Savingforcollege.com, one of the leading experts on college savings, is an independent informational
website owned by JFH Innovative LLC. Scholars Choice is managed by Legg Mason’s independent
investment firms and distributed by Legg Mason Investor Services for the State of Colorado.
Ranking Methodology
The Savingforcollege.com Plan Composite Rankings, which rank Class A Unit portfolio performance
for a universe of 36 advisor-sold 529 plans, apply to the rolling one-year period through the end of
each calendar quarter.
Savingforcollege.com derives the rankings using each plan’s relevant portfolio performance in seven
unique asset allocation categories: 100% Equity, 80% Equity, 60% Equity, 40% Equity, 20% Equity,
100% Fixed and 100% Short Term. The plan’s composite ranking is determined by the average of its
percentile ranking in these categories. Within each category, portfolios are compared and ranked
based on published investment returns. Separate rankings are produced for one-, three- and five-year
periods. In addition, two versions of rankings for each performance period are produced: one based
on performance without sales charges and the other based on performance with maximum sales
charges. Please visit www.savingforcollege.com for more information about the ranking.
Additional unit classes may exist for each plan ranked. Please refer to each plan’s program disclosure
statement for more information regarding its performance, fees and expenses. For Scholars Choice’s
program disclosure statement, please visit www.scholars-choice.com.
About Legg Mason
Legg Mason is a global asset management firm with $672 billion in assets under management as of
December 31, 2010. Through its diversified group of independent investment affiliates, it provides
News Release
Batterymarch • Brandywine Global • ClearBridge Advisors • Legg Mason Capital Management • Legg Mason Global Equities Group
Permal • Private Capital Management • Royce & Associates • Western Asset Management
specialized active asset management in major investment centers globally. Legg Mason is
headquartered in Baltimore, Maryland, and its common stock is listed on the New York Stock
Exchange (symbol: LM).
About Scholars Choice
The Scholars Choice College Savings Program is the advisor-sold College Savings Program for the
State of Colorado and is also used by investors and financial advisors throughout the U.S. It is one of
the largest advisor-sold 529 college savings plans1, with assets of over $2.5 billion as of December
31, 2010. Scholars Choice is managed by Legg Mason Global Asset Allocation, LLC and primarily
distributed by Legg Mason Investors Services, LLC. It is one of the lowest-cost advisor-sold 529
college savings plans2.
Scholars Choice offers seven Age-Based Portfolios, five Years-to-Enrollment portfolios, six Static
Portfolios and three U.S. Treasury Zero-Coupon Bond Target Maturity Portfolios. Investment options
encompass a wide range of carefully constructed portfolios consisting of funds managed by Legg
Mason affiliates including Batterymarch Financial Management, Brandywine Global Investment
Management, ClearBridge Advisors, Legg Mason Capital Management, Royce & Associates and
Western Asset Management; and one unaffiliated fund managed by Thornburg Investment
Important Information
The ranking is based on short-term performance (i.e., rolling one-year period). The performance and
ranking discussed are inherently limited and not indicative of longer-term performance. This
information should not be the sole basis for any investment decision. Market volatility, interest-rate
changes and economic events, among other factors, can affect an investment’s short-term returns.
Past performance is no guarantee of future results. Current performance may be lower or
higher than performance results used for this ranking, resulting in different rankings that may
be lower than those shown.
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.
Investments in the Scholars Choice College Savings Program are not insured by the FDIC or any
other government agency and are not deposits or other obligations of any depository institution.
Investments are not guaranteed by the State of Colorado; CollegeInvest, Legg Mason Global Asset
Allocation, LLC; Legg Mason Investor Services, LLC; or Legg Mason, Inc. or its affiliates, and are
subject to investment risks.
Scholars Choice is a registered service mark of CollegeInvest. CollegeInvest and the CollegeInvest
logo are registered trademarks. Administered and issued by CollegeInvest, 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; together, they serve as Manager of the Program. Legg
Mason Global Asset Allocation, LLC; ClearBridge Advisors, LLC; Legg Mason Capital Management,
Inc.; Batterymarch Financial Management, Inc.; Brandywine Global Investment Management, LLC;
Royce & Associates, LLC; Western Asset Management Company and Western Asset Management
Company Limited; and Legg Mason Investor Services, LLC are Legg Mason, Inc. affiliates. Thornburg
Investment Management, Inc. is not affiliated with Legg Mason Inc. and its affiliates.
SCHX013129 FN1110318
1 Source: Financial Research Corporation, “3Q10 College Savings Quarterly Update.”
2 Source: Morningstar, “2010 529 College-Savings Plans Research Paper and Industry Survey,” November 1, 2010.

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