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Greetings,

Now that I have a name of the fund I could look at the prospectus and notice that on page 41 of http://www.leggmason.com/funds/ourfunds/prosp/equity_prosp.pdf that there aren't distributions for 2004 or 2003. Along the bottom is the assets in the fund which could be used as a guide to see if the fund had redemptions while it was down, e.g. the 25.5% drop in assets from 2002 to 2003 while the fund's total return was down only 18.29% would suggest some redemptions at least to my mind. This would allow the fund to book capital losses if the shares sold were at a loss which are then used against future capital gains when the fund sells stocks at a gain.

Regards,
JB
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