Growth Equity

Portfolio Managers:

Strategy:

Growth Equity is designed for investors seeking a secularly advantaged, concentrated, high-alpha approach to large cap growth. Growth Equity typically invests in U.S. equity securities with market capitalizations generally greater than $5 billion at the time of purchase, targeting those companies that exhibit secular growth characteristics, sustainable competitive advantages, good management, and low valuation based on our analysis of expected value.

Investment objective: Maximum long-term capital appreciation with minimum long-term risk to principal.

Inception of style: 1995

Growth Equity Style Assets Under Management: $5.0 billion*

* Includes Mutual Funds, Registered and Non-Registered Accounts as of 03/31/08.
** Legg Mason Investor Services, LLC is the distributor of this fund. LMIS is a subsidiary of Legg Mason, Inc.