All Cap

Portfolio Managers:

Strategy:

All Cap is designed for investors seeking an U.S. equity strategy that is not constrained by investment style or market capitalization. All Cap’s flexible, valuation-driven mandate allows it to invest where opportunities are perceived to be available. The strategy adheres to a research-intensive investment process, that focuses on assessing the expected value of companies and buying stocks at significant discounts to our assessment of their worth.

Investment objective: Long-term capital growth

Inception of style: 1999

All Cap Style Assets Under Management: $0.8 billion*

Account Minimum to Invest: $25 million

* As of 01/31/08
** Legg Mason Investor Services, LLC is the distributor of this fund. LMIS is a subsidiary of Legg Mason, Inc.