ClearBridge Investments Mid Cap Core Team Celebrates 10-Year Anniversary

NEW YORK, May 18, 2015 /PRNewswire/ -- ClearBridge Investments, an established global investment manager committed to long-term results through active management, is pleased to announce that the team managing the ClearBridge Mid Cap Core Fund celebrated its 10^th anniversary on May 11, 2015. For the past decade, the Fund has been successfully co-managed by Brian Angerame and Derek Deutsch, CFA.

The ClearBridge Mid Cap Core Fund's I Shares have a five-star rating from Morningstar out of 178 funds in its mid-cap blend category for the 10-year period based on risk-adjusted returns, a four-star rating out of 278 funds for the 5-year period through April 30, 2015 and a four-star rating out of 336 funds for the 3-year period.¹ The 10-year annualized total return for the Fund's I Shares ranks in the eighth percentile out of 209 funds in Lipper's mid-cap core category as of April 30, 2015, while its performance ranks in the eighth percentile out of 302 funds for the 5-year period, the 24^th percentile out of 350 funds for the 3-year period, and the 22^nd percentile out of 388 funds for the 1-year period, respectively.²

"Both Derek and I are extremely excited to have crossed the 10-year milestone in managing the fund, and to have shown strong relative and absolute performance across multiple time periods," said Mr. Angerame.  "We believe mid-cap stocks should be a part of an investor's asset allocation solution. Since 1965, high quality mid-cap stocks have outperformed their low-quality peers by a meaningful margin.³ Our fund provides clients with access to these high-quality companies through a transparent investment process that focuses on stock selection and taking risks where we believe we have an information advantage."

"Our approach of identifying and owning companies with sustainable competitive advantages, strong balance sheets, high returns on capital and capable management teams that exercise capital discipline has been validated by the fund's solid performance since its inception," said Mr. Deutsch.  "I am pleased by what we have accomplished and look forward to consistently executing on our strategy for the next ten years."

As of March 31, 2015, the ClearBridge Mid Cap Core Fund held $1.78 billion in assets across all share classes. More information about the Fund, including recent performance, can be found at this link.

3 Source: Empirical Research Partners. Past performance is no guarantee of future results. Data measured the performance difference of U.S. mid-cap stocks with markets caps of $1 billion to $10 billion broken into deciles by the fundamental quality characteristics of free cash flow yield, return on equity and net debt-to-capital ratios. Stocks in the four highest deciles on these measures were considered high quality and stocks in the lowest four deciles were considered low quality. Performance differences were measured over 1-year periods from 1/1/1965 - 4/30/2015.

About Brian Angerame   
Brian co-manages the Mid Cap Core, Mid Cap Growth and Small-Mid Cap Growth products. He joined a predecessor organization in 2000 as an equity research analyst responsible for the consumer discretionary and consumer staples sectors, and has 21 years of investment industry experience.

Previously, Brian was an analyst and assistant portfolio manager of the Prudential Real Estate Securities Fund at Prudential Investment Management. He earned his BA in Government from Dartmouth College and is a member of the New York Society of Security Analysts.

About Derek Deutsch, CFA   
Derek co-manages the Mid Cap Core, Mid Cap Growth and Small-Mid Cap Growth products. Derek has more than 16 years of investment industry experience. He joined a predecessor organization in 1999, and spent six years as an equity research analyst responsible for the health care sector.

Prior to joining the firm, Derek worked as a special assistant at the U.S. Department of Health and Human Services in Washington, D.C., and also as a journalist covering health care policy for the American Political Network. Derek earned a BA from Brown University and an MBA from Georgetown University. He is a member of the CFA Institute and of the New York Society of Security Analysts.

About ClearBridge Investments   
ClearBridge Investments is a well-established global investment manager with $117.8 billion in assets under management as of March 31, 2015.  With a legacy dating back over 50 years, our long-tenured portfolio managers and fundamental research team focus on building equity portfolios for clients who seek income solutions, high active share or low volatility.  Owned by Legg Mason, ClearBridge operates with investment independence from headquarters in New York and offices in Baltimore, San Francisco and Wilmington.

About Legg Mason   
Legg Mason is a global asset management firm with $703 billion in assets under management as of March 31, 2015. The Company provides active asset management in many major investment centers throughout the world. Legg Mason is headquartered in Baltimore, Maryland, and its common stock is listed on the New York Stock Exchange (symbol: LM).

Class I Shares Gross Expense Ratio 0.88%. Inception date is 12/3/98 for Class I shares.

Performance shown represents past performance and is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than the original cost. Total returns assume the reinvestment of all distributions at net asset value and the deduction of all Fund expenses. Total return figures are based on the NAV per share applied to shareholder subscriptions and redemptions, which may differ from the NAV per share disclosed in Fund shareholder reports.

Performance would have been lower if fees had not been waived in various periods. For the most recent month-end information, please visit www.leggmasonfunds.com.

Gross expenses are the Fund's total annual operating expenses for the share class shown.

The Russell Midcap Index measures the performance of the midcap segment of the U.S. Equity universe. An investor cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges.

ClearBridge Mid Cap Core Fund

Equity securities are subject to price fluctuation and possible loss of principal. International investments are subject to special risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. Mid-cap stocks involve greater risks and volatility than large-cap stocks. Short selling is a speculative strategy.  Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short.

Prospectus Offer

Before investing, carefully consider a fund's investment objectives, risks, charges and expenses. You can find this and other information in each prospectus, or summary prospectus, if available, which is available at www.leggmason.com/individualinvestors. Please read it carefully.

Active management does not ensure gains or protect against market declines.

All investments involve risk, including loss of principal. Past performance is no guarantee of future results. Equity securities are subject to price fluctuation and possible loss of principal.

©2015 Legg Mason Investor Services, LLC, member FINRA, SIPC. Legg Mason Investor Services, LLC and ClearBridge Investments, LLC are subsidiaries of Legg Mason, Inc.

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

FN1512021

¹ Past performance is no guarantee of future results. Morningstar proprietary ratings are as of April 30, 2015 and are subject to change every month. A 4- or 5-star rating does not necessarily imply that a fund achieved positive results for the period. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Class I shares of the Fund were rated against 336, 278, and 178 Mid-Cap Blend funds over the 3-, 5- and 10-year periods, respectively.

² Past performance is no guarantee of future results. The rankings are based on Lipper's Mid-Cap Core Funds category as of 4/30/15. Rankings in the Lipper categories are based on average annual total returns assuming reinvestment of dividends and capital gains, as of 4/30/15, but do not include the impact of sales loads or other transaction charges. Each fund is ranked within a universe of funds similar in portfolio characteristics and capitalizations, as defined by Lipper, Inc. A high Lipper ranking does not necessarily imply that the Fund achieved positive results for the period.

SOURCE ClearBridge Investments