The comments, opinions, and predictions about any particular security, the economy, and "the market" made by Legg Mason, Inc., Legg Mason Funds Management, Inc., Legg Mason Wood Walker, Inc., and its affiliates are based on their own analysis and any forward predictions that may result from that analysis are not representative of actual future performance of any security, the economy, or "the market".
Past performance does not guarantee future results. The inception date of the Value Trust is April 16, 1982. The 1-, 5-, and 10-year performance of the Value Trust as of 9/30/03 was 43.02%, 8.20%, and 16.50% respectively. The inception date of the Opportunity Trust is December 30, 1999. The 1-, 3-year, and since inception performance of the Opportunity Trust as of 9/30/03 was 80.88%, 5.45%, and 6.96% respectively. 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.
1
The S&P 500 is an unmanaged index of common
stock prices that includes reinvestment of dividends and capital gain distributions and is generally considered representative of the U.S. stock market. It is not possible to invest in an index.
2
Value Trust had $11.6 billion in Net Assets
and 32 names in the portfolio as of 9/30/03.
The percentage of holdings in the Value
Trust of the securities mentioned as of 9/30/03 were as follows: Amazon.com,
Inc. 9.7%, Mandalay Resort Group 0.0%. The percentage of holdings in the
Opportunity Trust Portfolio holdings mentioned as of 9/30/03 were as
follows: Amazon.com, Inc. 10.4%; Mandalay Resort Group 0.0%. Portfolio
holdings are subject to
change. Please see the most recent shareholders' report for more
information.
For a free prospectus containing more complete information, including charges and expenses on any Legg Mason fund, contact your Legg Mason Financial Advisor, call 1-800-577-8589, or visit www.leggmasonfunds.com. Please read the prospectus carefully before investing or sending money.
