Legg Mason Emerging Markets Trust

Investment Objective

Long-term capital appreciation.

Investment Strategy

An emerging markets focus

Invests in companies located in developing countries that the manager believes to have strong growth prospects, including countries adopting more widely recognized economic and political models.

Investment Risks

Market risk

The risk that prices of securities will go down because of the interplay of market forces.

Emerging markets risk

There are special considerations associated with investing in emerging markets, including risks related to currency fluctuations and adverse social and political developments. Furthermore, the securities markets of emerging markets countries are substantially smaller, less developed, less liquid and more volatile than securities markets of the U.S. and more developed countries.

Investment Management

Managed by Batterymarch

Equity specialists since 1969, managing U.S., developed non-U.S., global and emerging market portfolios.
The Fund is managed by a team led by David Lazenby, CFA.

Overall Morningstar Rating^™ - Class Primary

Class PRI shares of the Fund rated among 216 Diversified Emerging Mkts 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: Emerging Markets Funds

Rankings Details

Symbols

CLASS	NASDAQ	CUSIP
FI	LGFMX	52465C201

INST	LGEMX	52465U607

PRI	LMEMX	52465U508

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 PRI shares of the Fund were rated against 216,188, and 109 funds over the 3-, 5- and 10-year periods, respectively. With respect to these funds, Class PRI shares of the Fund received Morningstar Ratings of 5, 4, and 3 stars for the 3-, 5- and 10-year periods, respectively. Ratings are for PRI share classes only; other classes may have different performance characteristics. Classes have a common portfolio.

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.

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