Legg Mason

Terms & Conditions:
Bill Miller's views expressed in this interview reflect his views as of February 9,2007. These views are subject to change at any time based on market or other conditions, and Legg Mason disclaims any responsibility to update such views. These views may differ from those of other portfolio managers and are not intended to be a forecast of future events, a guarantee of future results or investment advice. Because investment decisions for the Legg Mason Funds are based on numerous factors, these views may not be relied upon as an indication of trading intent on behalf of any Legg Mason Fund. The information contained herein has been prepared from sources believed to be reliable, but is not guaranteed by Legg Mason as to its accuracy or completeness.

Fund Performance as of December 31, 2006
Average annual total returns
	Inception date	YTD	1-year	3-year	5-year	10-year	Since Inception
Primary Class	4/16/82	5.85%	5.85%	7.67%	7.75%	12.14%	16.04%
S&P 500 Index*		15.79%	15.79%	10.44%	6.19%	8.42%	13.71%

The performance data quoted represents past performance of the Fund's Primary Class and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Click here to obtain the most recent month-end information. The investment return and principal value of the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Calculations assume reinvestment of dividends and capital gain distributions. Performance would have been lower if fees had not been waived in various periods. Performance for other share classes varies.

The Legg Mason Value Trust (LMVTX) Fund had assets under management of $20.8 billion. The top ten holdings in the Value Trust Fund were: The AES Corporation (5.2%), Tyco International (5.2%), Sprint Nextel Corporation (5.0%), UnitedHealth Group, Inc. (4.7%), Amazon.com Inc. (4.5%), Google, Inc. (4.4%), J.P. Morgan Chase & Company (4.4%), Qwest Communications International Inc. (4.2%), Sears Holding Corporation (4.05%) and Countrywide Financial Corporation (3.5%). The number of holdings in the Value Trust Fund was 43, with an annual turnover ratio of 13.78%. All data is as of 12/31/06 and portfolio characteristics are subject to change at any time.

* The S&P 500 Index is an unmanaged index of 500 stocks that is generally representative of the performance of larger companies in the U.S. It is not possible to invest directly in an index.

Mutual fund investing involves market risk, including the possible loss of principal.

An investor should consider a Fund's investment objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other information about the Fund. To obtain a free prospectus, please call your financial professional. Please read the prospectus carefully before investing.