Legg Mason BW Global Opportunities Bond Fund Team Nominated for 2014 U.S. Fixed-Income Fund Manager of the Year by Morningstar, Inc.

PHILADELPHIA--(BUSINESS WIRE)--

Steve Smith, David Hoffman, and Jack McIntyre, co-portfolio managers for the Legg Mason BW Global Opportunities Bond Fund (GOBIX), have been nominated by Morningstar, Inc. for its 2014 U.S. Fixed-Income Fund Manager of the Year award. The Legg Mason, Inc. LM fund is sub-advised by its wholly owned subsidiary, Brandywine Global Investment Management, LLC (“Brandywine Global”).

The Morningstar awards acknowledge managers who not only delivered impressive performance in 2014, but who have also shown excellent long-term risk-adjusted returns, and have been good stewards of fund shareholders' capital, as noted on the Morningstar website.

“The ability to expand our investment horizon outside of the United States, and take advantage of global opportunities with the best risk-adjusted return prospects gives our clients an advantage compared to those investing with a more narrow domestic focus,” said David Hoffman, managing director and portfolio manager for Brandywine Global. “The fund's long-term success relative to peers is primarily the result of a well-researched macro outlook, a disciplined value orientation, and a benchmark agnostic philosophy. Having the flexibility to stray from benchmark allocations is crucial for avoiding risk and maximizing opportunity as bond indexes are poor guides for long-term investment success. ”

GOBIX seeks to maximize total return through capital appreciation and income by investing at least 80% of its net assets in fixed income securities of issuers located in developed market countries. The investment strategy reflects the manager's conviction that countries with high real interest rates and stable or appreciating currencies are the best indicators of value across global fixed income markets.

All investing involves risk. Past performance is no guarantee of future results.

Fixed income securities involve interest rate, credit, inflation, and reinvestment risks; and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Asset-backed, mortgage-backed or mortgage related securities are subject to additional risks such as prepayment and extension risks. High yield bonds possess greater price volatility, illiquidity, and possibility of default. International investments are subject to special risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Derivatives, such as options and futures, can be illiquid, may disproportionately increase losses, and have a potentially large impact on fund performance. The Fund is not diversified, which means that it is permitted to invest a higher percentage of its assets in any one issuer than a diversified fund. This may magnify the Fund's losses from events affecting a particular issuer. The Manager's investment style may become out of favor and/or the Manager's selection process may prove incorrect; which may have a negative impact on the fund's performance. Please see the prospectus for a more complete discussion of the fund's risks.

About Brandywine Global

Brandywine Global Investment Management, LLC ("Brandywine Global") offers a broad array of fixed income, equity, alternatives, and asset allocation strategies that seek value across global markets. Founded in 1986 by a group of highly experienced portfolio managers, the firm has been a wholly owned affiliate of Legg Mason, Inc. since 1998 but operates independently. The firm manages $63.4 billion as of 12/31/14 for institutional and high net worth investors, with headquarters in Philadelphia and office locations in San Francisco, Montreal¹, Toronto¹, Singapore², and London³. Brandywine Global pursues one investment approach: value investing. Through practical experience, we have determined that value-style investing — whether in equity, alternatives, or fixed income markets, in the U.S. or internationally — can provide solid risk-adjusted returns over full investment cycles, and it is a particularly important strategy in today's global markets.

For more information on Brandywine Global investments, call your financial advisor or visit www.leggmason.com/individualinvestors.

Legg Mason, Inc. is a global asset management firm with assets under management of $709.1 billion as of December 31, 2014. The Company provides active asset management in many major investment centers throughout the world. Legg Mason is headquartered in Baltimore, MD and its common stock is listed on the New York Stock Exchange LM.

Before investing, carefully consider a fund's investment objectives, risks, charges and expenses. You can find this and other information in the Fund's prospectus available at www.leggmason.com/individualinvestors

© 2015 Legg Mason Investor Services, LLC, member FINRA, SIPC. Brandywine Global Investment Management, LLC and Legg Mason Investor Services, LLC, are subsidiaries of Legg Mason, Inc. TN15-005

¹ Brandywine Global Investment Management (Canada), ULC

² Brandywine Global Investment Management (Asia) Pte. Ltd

³ Brandywine Global Investment Management (Europe) Limited is authorized and regulated by the Financial Conduct Authority (the “FCA”). (FRN 472774). Registered in England and Wales, No. 06324517

Morningstar Awards 2014©. Morningstar, Inc. All Rights Reserved. Brandywine Global team nominated for Fixed-Income Fund Manager of the Year, United States: Steve Smith, David Hoffman, and John (Jack) McIntyre, all of whom manage the Legg Mason BW Global Opportunities Bond Fund (GOBIX).

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

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