Legg Mason Partners Appreciation Fund

Investment Objective

The Fund seeks long-term appreciation of shareholders' capital

Investment Strategy

Blue-chip strategy

The Fund invests primarily in equity securities of U.S. companies. The Fund typically invests in medium- and large-capitalization companies but may also invest in small-capitalization companies. The portfolio managers look for investments among a strong core of growth and value stocks, consisting primarily of blue chip companies, that are dominant in their industries.

A concentration on quality

Investments are selected from among a core base of stocks with a strong financial history, recognized industry leadership, and effective management teams that strive to earn consistent returns for shareholders.

Capturing upside potential

The portfolio managers look for companies that they believe are undervalued in belief that a catalyst will occur to unlock these values and for companies with superior demonstrated and expected growth characteristics whose stocks are available at a reasonable price.

Investment Risks

Keep in mind that stock prices are subject to market fluctuations. The Fund may invest in small- and mid-cap companies that may involve a higher degree of risk and volatility than investments in large cap companies. The Fund may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. The Fund may focus its investments in certain regions or industries, thereby increasing its potential vulnerability to market volatility.

Investment Management

Managed by ClearBridge Advisors

Established in 2006 with a heritage of over 43 years of asset management experience, offering actively managed U.S. equity products in a wide range of capitalizations and styles that share a focus on research-driven fundamental investing.
The Fund is managed by Harry D. "Hersh" Cohen and Scott K. Glasser, who have over 39 and 17 years of investment industry experience, respectively.

Overall Morningstar Rating^™ - Class A

Class A, B, and C shares of the Fund rated among 1703 Large Blend Funds as of Jun‑30‑2008. Ratings based upon risk adjusted returns. The Overall Morningstar Rating for the Fund is derived from a weighted average of the performance figures associated with its three‑, five‑ and ten‑ year (if applicable) Morningstar Ratings metrics.

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Lipper Rankings

Category: Large-Cap Core Funds

Rankings Details

Symbols

CLASS	NASDAQ	CUSIP
A	SHAPX	52468E105

B	SAPBX	52468E204

C	SAPCX	52468E303

FI	LMPIX	52468E600

I	SAPYX	52468E402

IS	LMESX	52468E709

R	LMPPX	52468E501

Recent Commentary

Legg Mason Partners Appreciation Fund Commentary - Cohen & Glasser

Related Resources

Morningstar proprietary ratings are as of Jun-30-2008 and are subject to change every month. A 4- or 5-star rating does not necessarily imply that a fund achieved positive results for the period. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. Class A, B, and C shares of the Fund were rated against 1703,1316, and 654 funds over the 3-, 5- and 10-year periods, respectively. With respect to these funds, Class A, B, and C shares of the Fund received Morningstar Ratings of 4, 3, and 4; 4, 3, and 4; 4, 3, and 4 stars for the 3-, 5- and 10-year periods, respectively. Ratings are for A, B, and C share classes only; other classes may have different performance characteristics. Classes have a common portfolio.

Information on Sales Charges, Breakpoints, Sales Charge Waivers and Exchanges
Click here for more information about:
Class A shares:
- what are the front-end sales loads charged on the purchase of Class A shares
- how to qualify for reduced sales charges or breakpoints
- what kinds of accounts can be combined to qualify for reduced sales charges
- what waivers of front-end sales charges are available
Class B shares:
- what are the contingent deferred sales charges payable upon redemption
- what waivers of deferred sales charges are available
Class C shares:
- what are the contingent deferred sales charges payable upon redemption
- what waivers of deferred sales charges are available
Exchange privileges:
- which funds are exchangeable
- what conditions are applicable
Other share classes may be available for which sales charges, breakpoints, sales charge waivers and exchanges may differ. Please speak to a financial professional or click on the link above.

Exchange Privileges: Many mutual funds that charge front-end sales loads offer a discount on the sales loads for a large investment. The investment levels required to obtain a reduced sales load are commonly referred to as "breakpoints." Typically, you may be entitled to a lower front-end load based on a single transaction if the dollar amount exceeds one or more breakpoints. In addition, some funds offer discounts based on purchases made over time, under a right of accumulation or letter of intent. The criteria for breakpoints for each mutual fund are set out in the fund prospectus and statements of additional information. The NASD recently issued an Investor Alert to ensure that investors better understand how breakpoints work and what you may need to know to make sure that, should you purchase shares eligible for breakpoints, you are charged the lowest possible front-end sales charge. Visit the NASD [note: NASD recently changed name to FINRA] Website to read the NASD Investor Alert.

Diversification does not assure against market risk.

INVESTMENT PRODUCTS: NOT FDIC INSURED / NO BANK GUARANTEE / MAY LOSE VALUE

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.

This site is intended for U.S. investors only. The products and services described on this site are generally not available to non-U.S. investors.