Legg Mason U.S. Small-Cap Value Trust

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FULL HOLDINGS as of Sep-30-2008
IDENTIFIERHOLDINGS (UNAUDITED)MARKET VALUE% OF PORTFOLIO
76009N100 Rent-A-Center Inc $1,595,693.60 1.70
205944101 Con-way Inc $1,325,505.50 1.41
24522P103 Del Monte Foods Co $1,101,204.00 1.17
247131105 Delphi Finl Group Inc $1,097,906.20 1.17
297602104 Ethan Allen Interiors Inc $1,063,919.40 1.13
526107107 Lennox Intl Inc $1,052,995.50 1.12
861642106 Stone Energy Corp $1,047,667.50 1.11
92924F106 WGL Holdings Inc $1,040,671.50 1.11
459044103 International Bancshares Corp $1,014,822.00 1.08
898402102 Trustmark Corp $998,008.80 1.06
45665Q103 Infinity Property & Casualty Corp $941,008.00 1.00
451107106 IDACORP Inc $868,918.30 0.92
680665205 Olin Corp $834,782.00 0.89
966612103 Whitney Holding Corp $816,497.50 0.87
53219L109 Lifepoint Hosp Inc $798,036.20 0.85
47012E106 JAKKS PAC INC $775,697.40 0.82
87162W100 Synnex Corp $770,283.20 0.82
78648T100 Safety Ins Group Inc $770,168.65 0.82
55306N104 MKS Instruments Inc $763,747.60 0.81
360271100 FULTON FINL CORP PA $760,317.90 0.81
302520101 F N B CORP PA $742,910.20 0.79
758750103 Regal Beloit Corp $717,737.60 0.76
638522102 NATIONAL WESTN LIFE INS CO $706,844.40 0.75
08160H101 Benchmark Electronics Inc $694,003.20 0.74
12612L108 CNA Surety Corp $670,839.00 0.71
12489V106 CBRL Group Inc $655,133.00 0.70
70959W103 Penske Automotive Group Inc $651,840.10 0.69
830879102 Skywest Inc $647,989.00 0.69
412824104 HARLEYSVILLE GROUP INC $630,882.00 0.67
162991004 Chase Manhattan Repo $628,857.00 0.67
999USDZ92 US Dollar $628,856.12 0.67
398905109 GROUP 1 AUTOMOTIVE INC $611,916.80 0.65
938824109 Washington Fed Inc $611,377.65 0.65
736508847 Portland Gen Elec Co $603,566.60 0.64
204149108 COMMUNITY TR BANCORP INC $585,935.20 0.62
831865209 Smith A O Corp $580,012.00 0.62
911268100 United Online Inc $579,467.80 0.62
909907107 UNITED BANKSHARES INC W VA $565,250.00 0.60
624756102 Mueller Inds Inc $550,399.20 0.59
913543104 UNIVERSAL FST PRODS INC $548,436.10 0.58
163731102 CHEMICAL FINL CORP $546,849.54 0.58
G0464B107 ARGO GROUP INTERNATIONAL HOLD $545,085.20 0.58
402629109 Gulfmark Offshore Inc $542,599.20 0.58
816300107 SELECTIVE INS GROUP INC $527,389.20 0.56
440327104 HORACE MANN EDUCATORS CORP NEW $516,987.90 0.55
043436104 ASBURY AUTOMOTIVE GROUP INC $499,046.40 0.53
059692103 BANCORPSOUTH INC $489,462.00 0.52