Legg Mason Partners Appreciation Fund

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FULL HOLDINGS as of Sep-30-2008
IDENTIFIER	HOLDINGS (UNAUDITED)	MARKET VALUE	% OF PORTFOLIO

00799J004	Barclays 1 Day Repo	$299,492,000.00	6.35
084670108	Berkshire Hathaway Inc	$200,340,400.00	4.25
478160104	Johnson & Johnson	$152,416,000.00	3.23
931142103	Wal-Mart Stores Inc	$149,725,000.00	3.18
30231G102	Exxon Mobil Corp	$139,788,000.00	2.96
89417E109	Travelers Cos Inc	$131,080,000.00	2.78
742718109	Procter & Gamble Co	$125,442,000.00	2.66
00206R102	AT&T Inc	$120,056,000.00	2.55
369604103	General Electric Co	$114,750,000.00	2.43
913017109	United Technologies Corp	$111,399,288.00	2.36
594918104	Microsoft Corp	$98,753,000.00	2.09
17275R102	Cisco Systems Inc	$94,752,000.00	2.01
254687106	Walt Disney Co	$85,388,787.00	1.81
25179M103	Devon Energy Corp	$82,080,000.00	1.74
94106L109	Waste Management Inc	$81,874,000.00	1.74
459200101	IBM Corp	$81,872,000.00	1.74
46625H100	JPMorgan Chase & Co	$77,055,000.00	1.63
911312106	United Parcel Svc Inc	$75,468,000.00	1.60
651290108	Newfield Exploration Co	$70,378,000.00	1.49
002824100	Abbott Laboratories	$69,096,000.00	1.47
50075N104	Kraft Foods Inc	$65,500,000.00	1.39
755111507	Raytheon Co	$64,212,000.00	1.36
G9143X208	Tyco International Ltd Bermuda	$63,036,000.00	1.34
035710409	Annaly Capital Management Inc	$60,525,000.00	1.28
053015103	Automatic Data Processing Inc	$59,469,525.00	1.26
20030N101	Comcast Corp	$58,890,000.00	1.25
28336L109	El Paso Corp	$58,696,000.00	1.24
494368103	Kimberly Clark Corp	$58,356,000.00	1.24
713448108	Pepsico Inc	$57,016,000.00	1.21
693506107	PPG Inds Inc	$55,404,000.00	1.18
88579Y101	3M Co	$54,648,000.00	1.16
458140100	Intel Corp	$52,427,143.00	1.11
055622104	BP Plc	$50,170,000.00	1.06
38259P508	Google Inc	$50,065,000.00	1.06
263534109	Du Pont E I De Nemours	$48,585,680.00	1.03
92343E102	Verisign Inc	$47,803,075.20	1.01
68389X105	Oracle Corp	$46,713,000.00	0.99
580135101	McDonalds Corp	$46,275,000.00	0.98
847560109	Spectra Energy Corp	$45,174,565.80	0.96
150870103	Celanese Corp DE	$41,865,000.00	0.89
268648102	EMC Corp	$41,860,059.80	0.89
370334104	General Mls Inc	$41,232,000.00	0.87
G6359F103	Nabors Industries Ltd	$39,840,775.24	0.85
887317105	Time Warner Inc	$39,330,000.00	0.83
345550107	Forest City Enterprises Inc	$38,857,663.20	0.82
032511107	Anadarko Petroleum Corp	$38,808,000.00	0.82
12686C109	Cablevision NY Group	$37,740,000.00	0.80
949746101	Wells Fargo & Co	$37,530,000.00	0.80
717081103	Pfizer Inc	$36,880,000.00	0.78
61166W101	Monsanto Co New	$35,632,800.00	0.76
438516106	Honeywell Intl Inc	$34,278,750.00	0.73
292505104	Encana Corp	$32,865,000.00	0.70
92343V104	Verizon Communications	$32,090,000.00	0.68
66987V109	Novartis AG ADR	$31,704,000.00	0.67
962166104	Weyerhaeuser Co	$30,290,000.00	0.64
585055106	Medtronic Inc	$30,060,000.00	0.64
629377508	NRG Energy Inc	$29,700,049.50	0.63
232820100	Cytec Industrials Inc	$29,476,659.60	0.63
001055102	Aflac Inc	$29,375,000.00	0.62
023135106	Amazon.com Inc	$29,104,000.00	0.62
26441C105	Duke Energy Holding Corp	$26,145,000.00	0.55
437076102	Home Depot Inc	$25,890,000.00	0.55
747525103	Qualcomm Inc	$25,782,000.00	0.55
78463V107	SPDR Gold TR	$25,521,000.00	0.54
806857108	Schlumberger Ltd	$25,379,250.00	0.54
724479100	Pitney Bowes Inc	$24,945,000.00	0.53
12721E102	Cadbury PLC	$24,564,000.00	0.52
260003108	Dover Corp	$24,330,000.00	0.52
806605101	Schering Plough Corp	$24,011,000.00	0.51
22282E102	Covanta Holding Corp	$23,940,000.00	0.51
013817101	Alcoa Inc	$22,580,000.00	0.48
423074103	HJ Heinz Co	$22,486,500.00	0.48
580037109	McDermott Intl Inc	$21,717,500.00	0.46
502161102	LSI Corp	$21,440,000.00	0.45
064058100	Bank New York Mellon Corp	$19,548,162.90	0.41
566330106	Marcus Corp	$19,296,000.00	0.41
35671D857	Freeport McMoRan Copper & Gold Inc	$18,476,250.00	0.39
443683107	Hudson City Bancorp Inc	$18,450,000.00	0.39
031162100	Amgen Inc	$17,781,000.00	0.38
91324P102	UnitedHealth Group Inc	$17,773,000.00	0.38
060505104	Bank of America Corp	$17,500,000.00	0.37
984332106	Yahoo Inc	$17,300,000.00	0.37
80007P307	Sandridge Energy Inc	$15,679,921.60	0.33
532457108	Lilly Eli & Co	$13,209,000.00	0.28
750236101	Radian Group Inc	$11,406,175.20	0.24
037833100	Apple Computer	$11,366,000.00	0.24
71654V408	Petroleo Brasileiro SA	$10,987,500.00	0.23
855030102	Staples Inc	$9,000,000.00	0.19
110122108	Bristol Myers Squibb Co	$8,340,000.00	0.18
16934Q109	Chimera Investment Corp	$6,295,698.00	0.13
364730101	Gannett Inc	$845,500.00	0.02
999USDZ92	US Dollar	$203.42	0.00

Portfolio holdings are subject to change at any time without notice. This information is provided for information purposes only and should not be construed as a recommendation to purchase or sell any security. Does not include trade date activity.

Investors should consider a fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about a fund. To obtain a free prospectus, please view the product specific page on this website and click on the prospectus link. An investor should read the prospectus carefully before investing.

All investment managers mentioned are subsidiaries of Legg Mason, Inc. Legg Mason Investor Services is a subsidiary of Legg Mason, Inc.

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