Date of Report (Date of earliest event reported)

October 25, 2005

LEGG MASON, INC.

(Exact name of registrant as specified in its charter)

Maryland

1-8529

52-1200960

(State or Other Jurisdiction
of Incorporation)

(Commission File
No.)

(IRS Employer
Identification No.)

34,720

36,352

( 4.5

)

Total non-interest expenses

625,258

500,738

24.9

Operating income

278,816

222,105

25.5

Other income (expense)

Interest income

21,704

7,293

197.6

Interest expense

( 20,723

)

( 22,359

)

( 7.3

)

Other

10,021

664

n/m

Total other income (expenses), net

11,002

( 14,402

)

176.4

Income from continuing operations

before income tax provision

289,818

207,703

39.5

Provision for income taxes

108,543

77,343

40.3

Income from continuing operations

181,275

130,360

39.1

Income from discontinued operations, net

52,536

47,716

10.1

Net income

233,811

178,076

31.3

n/m - Not meaningful

[continued on next page]

LEGG MASON, INC.
News Release - October 25, 2005
Page 7

LEGG MASON, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Amounts in thousands, except per share amounts)

(continued)

For the Six Months Ended

Period to

September 2005

September 2004

Period Change

Net income per common share:

Basic

Income from continuing operations

$

1.64

$

1.28

28.1

%

Income from discontinued operations

0.48

0.47

2.1

$

2.12

$

1.75

21.1

21202

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code:

(410) 539-0000

Not Applicable 

(Former name or former address if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))

Item 2.02

Results of Operations and Financial Condition.

On October 25, 2005 Legg Mason, Inc. announced its results of operations for the quarter and six months ended September 30, 2005. A copy of the related press release is attached hereto as Exhibit 99.

The information in this Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01

Financial Statements and Exhibits.

(c)

Exhibits

Exhibit No.

Subject Matter

99

Press Release of Legg Mason, Inc. dated October 25, 2005

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LEGG MASON, INC.

(Registrant)

 N=3 HEIGHT=16>

Diluted

Income from continuing operations

$

1.49

$

1.15

29.6

Income from discontinued operations

0.43

0.42

2.4

$

1.92

$

1.57

22.3

Weighted average number of common

shares outstanding:

Basic

110,251

101,754

Diluted

122,804

115,181

Book value per common share

$

23.75

$

16.69

n/m - Not meaningful

LEGG MASON, INC.
News Release - October 25, 2005
Page 8

LEGG MASON, INC. AND SUBSIDIARIES

SELECTED FINANCIAL RESULTS OF DISCONTINUED OPERATIONS

(Dollar amounts in thousands)

Quarters Ended

Period to Period Change

September 2005

September 2005

Compared

Compared

September 2005

June 2005

September 2004

to June 2005

to September 2004

Revenues:

Private Client

$

211,893

$

205,098

$

177,216

3.3

19.6

%

Capital Markets

65,075

64,611

71,198

0.7

( 8.6

)

276,968

269,709

248,414

2.7

11.5

Reclassification ⁽¹⁾

( 48,015

)

( 47,039

)

( 41,151

)

2.1

16.7

Discontinued Operations

$

228,953

$

222,670

$

207,263

2.8

10.5

Net Revenues:

Private Client

$

189,868

$

187,323

$

171,151

1.4

10.9

Capital Markets

63,548

63,187

71,056

0.6

( 10.6

)

253,416

250,510

242,207

1.2

4.6

Reclassification ⁽¹⁾

( 48,015

)

( 47,039

)

( 41,151

)

2.1

16.7

Date:  October 25, 2005

By:

/s/ Thomas P. Lemke

Thomas P. Lemke

Senior Vice President and General
Counsel

Exhibit No.

Subject Matter

99

Press Release of Legg Mason, Inc. dated October 25, 2005