Legg Mason Partners All Cap Fund

Investment Objective

The Fund seeks long-term capital growth.

Investment Strategy

VALUE DISCIPLINE APPROACH

The portfolio manager follows an intrinsic value in selecting securities and therefore seeks to purchase securities trading at large discounts to the portfolio manager's assessment of their estimated value.

Diversified strategies

The Fund invests primarily in equity securities of any size that, in the portfolio manager's opinion, offer the potential for capital growth. The Fund does not have specific market capitalization parameters, allowing the portfolio manager greater flexibility to identify investment opportunities that are expected to help the Fund achieve its investment objective.

Investment Risks

Diversification does not assure against market loss. 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 future, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. The Fund is non-diversified, which means that the Fund may invest more than 5% of its assets in the securities of any one issuer. To the extent the Fund concentrates its assets in fewer issuers, the Fund will be more susceptible to negative events affecting those issuers.

The Fund may focus its investments in certain regions or industries, thereby increasing its potential vulnerability to market volatility. Because this fund expects to hold a concentrated portfolio of a limited number of securities, a decline in the value of these investments would cause the Fund's overall value to decline to a greater degree than a less concentrated portfolio.

Investment Management

Managed By Legg Mason Capital Management, Inc.

Since 1982, invests in companies that appear to be selling at significant discounts to their intrinsic value.
The Fund is managed by Jay Leopold, CFA who has over 22 years of investment industry experience.

Lipper Rankings

Category: Multi-Cap Core Funds

Rankings Details

Symbols

CLASS	NASDAQ	CUSIP
A	SPAAX	52469G786

B	SPBBX	52469G778

C	SPBLX	52469G760

I	LACIX	52469G752

Related Resources

Effective February 2, 2007, Legg Mason Capital Management, Inc., was named as the Fund's Investment Manager and appointed Jay Leopold to assume the day-to-day management of the Fund. The Fund's investment strategy also changed at this time.

Prior to February 2, 2007, the Fund operated under the name Legg Mason Partners Multiple Discipline Funds - All Cap Growth and Value.

Intrinsic value, according to the manager, is the value of the company measured, to different extents depending on the type of company, on factors such as, but not limited to,the discounted value of its projected future free cash flows, the capability to earn returns on capital in excess of its cost of capital, private market values of similar companies and the costs to replicate the business.

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.

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