Slipstream - July 2004

L E G G M A S O N V A L U E T R U S T
WHAT WILL YOU MAKE
OF TODAY’S MARKET?
For over 20 years, Value Trust has searched all types of markets for stocks that appear to be
undervalued. Our investment approach has remained steady in good times and bad, and it has
made Value Trust the only fund to outperform the S&P 500 for each of the past 12 calendar years.
Average Annual Returns as of 6/30/03
Value Trust
S&P 500*
One Year
(6/30/02 - 6/30/03)
18.84%
-0.25%
Five Year
(6/30/98 - 6/30/03)
4.82%
-1.61%
Ten Year
(6/30/93 - 6/30/03)
16.46%
10.04%
Life of Fund †
(4/16/82 - 6/30/03)
16.79%
13.77%
* Source: Lipper Inc.
†
“Life of Fund” numbers for the S&P 500 are for the period beginning 4/30/82 and ending
6/30/03
For more recent performance or a free prospectus containing more complete
information, including charges and expenses, contact your Legg Mason
Financial Advisor. Read the prospectus carefully before investing.
Glen Gatlin
First Vice President - Investments
2100 McKinney Avenue, Suite 1950
Dallas, TX 75201
(214) 647-3507 • (866) 388-6627
EMAIL: ggatlin@leggmason.com
Past performance does not guarantee future results. Value
Trust's inception date is 4/16/82. 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 gains
distributions. Performance would have been lower if fees had not
been waived in various periods. The S&P 500 index is based on
common stock prices, including reinvestment of dividends and
capital gains distributions, and is generally considered representative
of the U.S. stock market. Source: Lipper Inc.
Legg Mason Wood Walker, Inc.
Member NYSE, Inc. • Member SIPC
www.leggmasonfunds.com
Bob Knight, Slipstream
9047 Oakpath Ln
Dallas, TX 75243-6353
Periodical Postage
Paid at Dallas, TX