-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RZCAZhZNrHxyqolxPcwbiZ+3yoiAL4GwKGTwThHvg7Dds6IbkWQC2q429JqgSPye OlE3DAcO/1ugTC60t2k5Ag== 0000950123-07-000172.txt : 20070108 0000950123-07-000172.hdr.sgml : 20070108 20070108111002 ACCESSION NUMBER: 0000950123-07-000172 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20061031 FILED AS OF DATE: 20070108 DATE AS OF CHANGE: 20070108 EFFECTIVENESS DATE: 20070108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LEGG MASON PARTNERS INVESTMENT FUNDS, INC. CENTRAL INDEX KEY: 0000355747 IRS NUMBER: 133089608 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-03275 FILM NUMBER: 07516355 BUSINESS ADDRESS: STREET 1: 125 BROAD STREET STREET 2: 10TH FLOOR, MF-2 CITY: NEW YORK STATE: NY ZIP: 10004 BUSINESS PHONE: 800-451-2010 MAIL ADDRESS: STREET 1: 125 BROAD STREET STREET 2: 10TH FLOOR, MF-2 CITY: NEW YORK STATE: NY ZIP: 10004 FORMER COMPANY: FORMER CONFORMED NAME: SMITH BARNEY INVESTMENT FUNDS INC DATE OF NAME CHANGE: 20060105 FORMER COMPANY: FORMER CONFORMED NAME: SMITH BARNEY INVESTMENT FUNDS INC /MD/ DATE OF NAME CHANGE: 20010308 FORMER COMPANY: FORMER CONFORMED NAME: SMITH BARNEY SHEARSON INVESTMENT FUNDS INC DATE OF NAME CHANGE: 19931015 0000355747 S000008866 Legg Mason Partners Multiple Discipline Funds - Large Cap Growth and Value Fund C000024135 Class Y C000024136 Class A spsax C000024137 Class B spsbx C000024138 Class C spslx N-CSR 1 y27682nvcsr.htm FORM N-CSR N-CSR
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-3275
Legg Mason Partners Investment Funds, Inc.
(Exact name of registrant as specified in charter)
125 Broad Street, New York, NY 10004
(Address of principal executive offices) (Zip code)
Robert I. Frenkel, Esq.
Legg Mason & Co., LLC
300 First Stamford Place, 4th Floor
Stamford, CT 06902
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 451-2010
Date of fiscal year end: April 30
Date of reporting period: October 31, 2006
ITEM 1. REPORT TO STOCKHOLDERS.
The Semi-Annual Report to Stockholders is filed herewith.

 


 

     
 








SEMI-ANNUAL REPORT





OCTOBER 31, 2006
  Legg Mason Partners
Multiple Discipline Funds
Large Cap Growth and Value
     
 
(LEGG MASON LOGO)  
INVESTMENT PRODUCTS: NOT FDIC INSURED•NO BANK GUARANTEE•MAY LOSE VALUE


 

  Legg Mason Partners
Multiple Discipline Funds
Large Cap Growth and Value

   Semi-Annual Report • October 31, 2006
What’s
Inside
Fund Objective  
 
The Fund seeks long-term capital growth.  
     
Letter from the Chairman
  I
Fund at a Glance
  1
Fund Expenses
  2
Schedule of Investments
  4
Statement of Assets and Liabilities
  9
Statement of Operations
  10
Statements of Changes in Net Assets
  11
Financial Highlights
  12
Notes to Financial Statements
  15
Board Approval of Management and Subadvisory Agreements
  25
Additional Shareholder Information
  27
 


 

  Letter from the Chairman

(GERKEN PHOTO)
R. JAY GERKEN, CFA
Chairman, President and
Chief Executive Officer
  Dear Shareholder,
 
  The U.S. economy took a step backwards and weakened considerably during the six-month reporting period. After gross domestic product (“GDP”)i increased a modest 1.7% in the last three months of 2005, the economy rebounded sharply in the first quarter of 2006. During this time, GDP rose 5.6%, its highest reading since the third quarter of 2003. In the second quarter, GDP growth was 2.6%, according to the U.S. Commerce Department. The preliminary estimate for third quarter GDP growth was 2.2%.
     After increasing the federal funds rateii to 5.25% in June — its 17th consecutive rate hike — the Federal Reserve Board (“Fed”)iii paused from raising rates at its next four meetings. In its statement accompanying the December meeting, the Fed stated, “Economic growth has slowed over the course of the year, partly reflecting a substantial cooling of the housing market. Although recent indicators have been mixed, the economy seems likely to expand at a moderate pace on balance over coming quarters.” The Fed’s next meeting is at the end of January, and we believe any further rate movements will likely be data dependent.
     The U.S. stock market was weak during the first half of the reporting period. Despite continued strong corporate profits, uncertainty regarding the Fed and record high oil prices dampened investor sentiment. However, given the Fed’s three rate pauses and a sharp decline in oil prices, the market rallied sharply over the second half of the period. All told, the S&P 500 Indexiv returned 6.10% during the six months ended October 31, 2006.
     Looking at the market more closely, large-cap stocks outperformed their mid-and small-cap counterparts, with the Russell 1000v, Russell Midcapvi and Russell 2000vii Indexes returning 5.55%, 2.68%, and 0.90%, respectively. With the
Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value      I


 

  potential for a slowing economy, investors were drawn to more defensive, large-cap companies. From an investment style perspective, value stocks outperformed growth stocks, with the Russell 3000 Valueviii and Russell 3000 Growthix Indexes returning 7.33% and 2.95%, respectively.
 
Performance Review
  For the six months ended October 31, 2006, Class A shares of Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value, excluding sales charges, returned 6.55%. These shares outperformed the Fund’s unmanaged benchmark, the Russell 1000 Index, which returned 5.55% for the same period. The Lipper Large-Cap Core Funds Category Average1 increased 2.97% over the same time frame.

  Performance Snapshot as of October 31, 2006 (excluding sales charges) (unaudited)
     
    6 Months
 
MDF Large Cap Growth and Value — Class A Shares
  6.55%
 
Russell 1000 Index
  5.55%
 
Lipper Large-Cap Core Funds Category Average
  2.97%
 
  The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown above. Principal value and investment returns will fluctuate and investors’ shares, when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent month-end, please visit our website at www.leggmason.com/InvestorServices.  
 
  Excluding sales charges, Class B shares returned 6.11% and Class C shares returned 6.22% over the six months ended October 31, 2006. All share class returns assume the reinvestment of all distributions, including returns of capital, if any, at net asset value and the deduction of all Fund expenses. Returns have not been adjusted to include sales charges that may apply when shares are purchased or the deduction of taxes that a shareholder would pay on Fund distributions.  
 
  Performance figures reflect reimbursements and/or fee waivers, without which the performance would have been lower.  
1 Lipper, Inc. is a major independent mutual-fund tracking organization. Returns are based on the six-month period ended October 31, 2006, including the reinvestment of all distributions, including returns of capital, if any, calculated among the 951 funds in the Fund’s Lipper category, and excluding sales charges.
II     Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value


 

 
Special Shareholder Notices
  As part of the continuing effort to integrate investment products managed by the advisers acquired with Citigroup Inc.’s asset management business, Legg Mason, Inc. (“Legg Mason”) recommended various Fund actions in order to streamline product offerings, standardize share class pricing features, eliminate redundancies and improve efficiencies within the organization. At Board meetings held during June and July 2006, the Fund’s Board reviewed and approved these recommendations, and provided authorization to move ahead with proxy solicitations for those matters needing shareholder approval.
     Effective August 1, 2006, Legg Mason Partners Fund Advisor, LLC (“LMPFA”) became the Fund’s investment manager and ClearBridge Advisors, LLC (“ClearBridge”), formerly CAM North America, LLC, became the Fund’s subadviser. The portfolio managers who are responsible for the day-to-day management of the Fund remain the same immediately prior to and immediately after the date of these changes. LMPFA and ClearBridge are wholly-owned subsidiaries of Legg Mason.
     The Fund’s Board also approved a reorganization pursuant to which the Fund’s assets would be acquired, and its liabilities assumed by the Legg Mason Partners Multiple Discipline Funds All Cap Growth and Value (the “Acquiring Fund”), in exchange for shares of the Acquiring Fund. The Fund would then be liquidated, and shares of the Acquiring Fund would be distributed to Fund shareholders. If shareholder approval is obtained, Fund actions are generally expected to be implemented during the first quarter of 2007.
     Certain changes regarding share class pricing and related matters were implemented on November 20, 2006. Please consult the Fund’s current prospectus for more information.
     The Fund was formerly known as Smith Barney Multiple Discipline Funds — Large Cap Growth and Value Fund.

Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value      III


 

Information About Your Fund
  As you may be aware, several issues in the mutual fund industry have come under the scrutiny of federal and state regulators. Affiliates of the Fund’s manager have, in recent years, received requests for information from various government regulators regarding market timing, late trading, fees, and other mutual fund issues in connection with various investigations. The regulators appear to be examining, among other things, the Fund’s response to market timing and shareholder exchange activity, including compliance with prospectus disclosure related to these subjects. The Fund is not in a position to predict the outcome of these requests and investigations.
     Important information with regard to recent regulatory developments that may affect the Fund is contained in the Notes to Financial Statements included in this report.
     As always, thank you for your confidence in our stewardship of your assets. We look forward to helping you meet your financial goals.
Sincerely,
-s- R. JAY GERKEN
R. Jay Gerken, CFA
Chairman, President and Chief Executive Officer
December 13, 2006
IV     Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value


 

The information provided is not intended to be a forecast of future events, a guarantee of future results or investment advice. Views expressed may differ from those of the firm as a whole.
RISKS: Diversification does not assure against loss. 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. Foreign stocks are subject to certain risks of overseas investing not associated with domestic investing such as currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets. Please see the Fund’s prospectus for more information on these and other risks.
All index performance reflects no deduction for fees, expenses or taxes. Please note an investor cannot invest directly in an index.
i Gross domestic product is a market value of goods and services produced by labor and property in a given country.
 
ii The federal funds rate is the interest rate that banks with excess reserves at a Federal Reserve district bank charge other banks that need overnight loans.
 
iii The Federal Reserve Board is responsible for the formulation of a policy designed to promote economic growth, full employment, stable prices, and a sustainable pattern of international trade and payments.
 
iv The S&P 500 Index is an unmanaged index of 500 stocks that is generally representative of the performance of larger companies in the U.S.
 
v The Russell 1000 Index measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index.
 
vi The Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represents approximately 25% of the total market capitalization of the Russell 1000 Index.
 
vii The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index.
 
viii The Russell 3000 Value Index measures the performance of those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth values. (A price-to-book ratio is the price of a stock compared to the difference between a company’s assets and liabilities).
 
ix The Russell 3000 Growth Index measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values.
Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value      V


 

(This page intentionally left blank.)


 

Fund at a Glance (unaudited)
  Investment Breakdown
(BAR CHART)
Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value 2006 Semi-Annual Report      1


 

Fund Expenses (unaudited)
Example
As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including front-end and back-end sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
   This example is based on an investment of $1,000 invested on May 1, 2006 and held for the six months ended October 31, 2006.
Actual Expenses
The table below titled “Based on Actual Total Return” provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period”.
  Based on Actual Total Return(1)
                                         
    Actual Total                
    Return                
    Without   Beginning   Ending   Annualized   Expenses
    Sales   Account   Account   Expense   Paid During
    Charges(2)   Value   Value   Ratio   the Period(3)
 
Class A
    6.55 %   $ 1,000.00     $ 1,065.50       1.26 %   $ 6.56  
 
Class B
    6.11       1,000.00       1,061.10       2.04       10.60  
 
Class C
    6.22       1,000.00       1,062.20       2.02       10.50  
 
(1) For the six months ended October 31, 2006.
 
(2) Assumes reinvestment of all distributions, including returns of capital, if any, at net asset value and does not reflect the deduction of the applicable sales charge with respect to Class A shares or the applicable contingent deferred sales charges (“CDSC”) with respect to Class B and Class C shares. Total return is not annualized, as it may not be representative of the total return for the year. Performance figures may reflect fee waivers and/or expense reimbursements. Past performance is no guarantee of future results. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower.
 
(3) Expenses (net of fee waivers and/or expense reimbursements) are equal to each class’ respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365.
2     Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value 2006 Semi-Annual Report


 

Fund Expenses (unaudited) (continued)
Hypothetical Example for Comparison Purposes
The table below titled “Based on Hypothetical Total Return” provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5.00% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5.00% hypothetical example relating to the Fund with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.
   Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or back-end sales charges (loads). Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
  Based on Hypothetical Total Return(1)
                                         
    Hypothetical   Beginning   Ending   Annualized   Expenses
    Annualized   Account   Account   Expense   Paid During
    Total Return   Value   Value   Ratio   the Period(2)
 
Class A
    5.00 %   $ 1,000.00     $ 1,018.85       1.26 %   $ 6.41  
 
Class B
    5.00       1,000.00       1,014.92       2.04       10.36  
 
Class C
    5.00       1,000.00       1,015.02       2.02       10.26  
 
(1) For the six months ended October 31, 2006.
 
(2) Expenses (net of fee waivers and/or expense reimbursements) are equal to each class’ respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365.
Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value 2006 Semi-Annual Report      3


 

  Schedule of Investments (October 31, 2006) (unaudited)
LEGG MASON PARTNERS MULTIPLE DISCIPLINE FUNDS LARGE CAP GROWTH AND VALUE
 
                 
Shares   Security   Value
 
COMMON STOCKS — 97.6%
CONSUMER DISCRETIONARY — 18.3%
Hotels, Restaurants & Leisure — 1.1%
  33,040    
McDonald’s Corp.
  $ 1,385,037  
 
Household Durables — 0.9%
  39,750    
Newell Rubbermaid Inc.
    1,144,005  
 
Internet & Catalog Retail — 3.4%
  59,000    
Amazon.com Inc.*
    2,247,310  
  40,000    
Expedia Inc.*
    650,000  
  49,000    
IAC/ InterActiveCorp.*
    1,518,020  
 
       
Total Internet & Catalog Retail
    4,415,330  
 
Media — 8.2%
  20,000    
EchoStar Communications Corp., Class A Shares*
    710,400  
  9,435    
Liberty Media Holding Corp., Capital Group, Series A Shares*
    840,281  
  47,175    
Liberty Media Holding Corp., Interactive Group, Series A Shares*
    1,041,152  
  83,500    
News Corp., Class B Shares
    1,815,290  
  212,300    
Time Warner Inc.
    4,248,123  
  60,900    
Walt Disney Co.
    1,915,914  
 
       
Total Media
    10,571,160  
 
Multiline Retail — 0.6%
  12,500    
Target Corp.
    739,750  
 
Specialty Retail — 4.1%
  37,000    
Bed Bath & Beyond Inc.*
    1,490,730  
  101,300    
Home Depot Inc.
    3,781,529  
 
       
Total Specialty Retail
    5,272,259  
 
       
TOTAL CONSUMER DISCRETIONARY
    23,527,541  
 
CONSUMER STAPLES — 11.1%
Beverages — 3.5%
  55,000    
Coca-Cola Co.
    2,569,600  
  30,000    
PepsiCo Inc.
    1,903,200  
 
       
Total Beverages
    4,472,800  
 
Food & Staples Retailing — 1.7%
  39,690    
Kroger Co.
    892,628  
  25,500    
Wal-Mart Stores Inc.
    1,256,640  
 
       
Total Food & Staples Retailing
    2,149,268  
 
Food Products — 1.5%
  37,625    
Wm. Wrigley Jr. Co.
    1,954,619  
 
See Notes to Financial Statements.
4     Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value 2006 Semi-Annual Report


 

  Schedule of Investments (October 31, 2006) (unaudited) (continued)
                 
Shares   Security   Value
 
Household Products — 2.8%
  15,400    
Kimberly-Clark Corp.
  $ 1,024,408  
  41,250    
Procter & Gamble Co.
    2,614,837  
 
       
Total Household Products
    3,639,245  
 
Tobacco — 1.6%
  26,200    
Altria Group Inc.
    2,130,846  
 
       
TOTAL CONSUMER STAPLES
    14,346,778  
 
ENERGY — 4.4%
Energy Equipment & Services — 1.2%
  27,000    
Halliburton Co.
    873,450  
  9,500    
Noble Corp.
    665,950  
 
       
Total Energy Equipment & Services
    1,539,400  
 
Oil, Gas & Consumable Fuels — 3.2%
  14,960    
ConocoPhillips
    901,190  
  12,500    
Royal Dutch Shell PLC, ADR, Class A Shares
    870,250  
  8,500    
Suncor Energy Inc.
    651,525  
  25,100    
Total SA, ADR
    1,710,314  
 
       
Total Oil, Gas & Consumable Fuels
    4,133,279  
 
       
TOTAL ENERGY
    5,672,679  
 
FINANCIALS — 18.2%
Capital Markets — 4.8%
  19,300    
Bank of New York Co. Inc.
    663,341  
  5,400    
Goldman Sachs Group Inc.
    1,024,866  
  52,100    
Merrill Lynch & Co. Inc.
    4,554,582  
 
       
Total Capital Markets
    6,242,789  
 
Commercial Banks — 2.8%
  41,040    
Wachovia Corp.
    2,277,720  
  38,000    
Wells Fargo & Co.
    1,379,020  
 
       
Total Commercial Banks
    3,656,740  
 
Consumer Finance — 2.4%
  24,100    
American Express Co.
    1,393,221  
  21,000    
Capital One Financial Corp.
    1,665,930  
 
       
Total Consumer Finance
    3,059,151  
 
Diversified Financial Services — 2.1%
  25,218    
Bank of America Corp.
    1,358,494  
  27,700    
JPMorgan Chase & Co.
    1,314,088  
 
       
Total Diversified Financial Services
    2,672,582  
 
See Notes to Financial Statements.
Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value 2006 Semi-Annual Report      5


 

  Schedule of Investments (October 31, 2006) (unaudited) (continued)
                 
Shares   Security   Value
 
Insurance — 6.1%
  17,500    
AFLAC Inc.
  $ 786,100  
  53,950    
American International Group Inc.
    3,623,821  
  19,340    
Chubb Corp.
    1,027,921  
  33,000    
Marsh & McLennan Cos. Inc.
    971,520  
  27,000    
St. Paul Travelers Cos. Inc.
    1,380,510  
 
       
Total Insurance
    7,789,872  
 
       
TOTAL FINANCIALS
    23,421,134  
 
HEALTH CARE — 14.8%
Biotechnology — 5.7%
  44,200    
Amgen Inc.*
    3,355,222  
  41,000    
Biogen Idec Inc.*
    1,951,600  
  23,950    
Genentech Inc.*
    1,995,035  
 
       
Total Biotechnology
    7,301,857  
 
Health Care Providers & Services — 2.4%
  30,500    
UnitedHealth Group Inc.
    1,487,790  
  21,000    
WellPoint Inc.*
    1,602,720  
 
       
Total Health Care Providers & Services
    3,090,510  
 
Pharmaceuticals — 6.7%
  17,500    
Abbott Laboratories
    831,425  
  50,950    
Johnson & Johnson
    3,434,030  
  18,600    
Novartis AG, ADR
    1,129,578  
  92,100    
Pfizer Inc.
    2,454,465  
  20,000    
Sanofi-Aventis, ADR
    853,800  
 
       
Total Pharmaceuticals
    8,703,298  
 
       
TOTAL HEALTH CARE
    19,095,665  
 
INDUSTRIALS — 6.5%
Aerospace & Defense — 1.3%
  12,000    
Boeing Co.
    958,320  
  14,500    
Raytheon Co.
    724,275  
 
       
Total Aerospace & Defense
    1,682,595  
 
Building Products — 0.5%
  23,000    
Masco Corp.
    635,950  
 
Commercial Services & Supplies — 0.9%
  18,800    
Avery Dennison Corp.
    1,187,032  
 
Industrial Conglomerates — 3.2%
  74,100    
General Electric Co.
    2,601,651  
  16,950    
Textron Inc.
    1,541,264  
 
       
Total Industrial Conglomerates
    4,142,915  
 
See Notes to Financial Statements.
6     Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value 2006 Semi-Annual Report


 

  Schedule of Investments (October 31, 2006) (unaudited) (continued)
                 
Shares   Security   Value
 
Machinery — 0.6%
  8,500    
Parker Hannifin Corp.
  $ 710,855  
 
       
TOTAL INDUSTRIALS
    8,359,347  
 
INFORMATION TECHNOLOGY — 17.4%
Communications Equipment — 3.6%
  108,600    
Cisco Systems Inc.*
    2,620,518  
  33,500    
Comverse Technology Inc.*
    729,295  
  65,000    
Nokia Oyj, ADR
    1,292,200  
 
       
Total Communications Equipment
    4,642,013  
 
Computers & Peripherals — 2.9%
  76,600    
Dell Inc.*
    1,863,678  
  19,490    
International Business Machines Corp.
    1,799,512  
 
       
Total Computers & Peripherals
    3,663,190  
 
Internet Software & Services — 2.0%
  97,500    
Yahoo! Inc.*
    2,568,150  
 
Semiconductors & Semiconductor Equipment — 4.4%
  126,800    
Intel Corp.
    2,705,912  
  98,400    
Texas Instruments Inc.
    2,969,712  
 
       
Total Semiconductors & Semiconductor Equipment
    5,675,624  
 
Software — 4.5%
  38,000    
Electronic Arts Inc.*
    2,009,820  
  132,200    
Microsoft Corp.
    3,795,462  
 
       
Total Software
    5,805,282  
 
       
TOTAL INFORMATION TECHNOLOGY
    22,354,259  
 
MATERIALS — 1.7%
Chemicals — 1.7%
  16,450    
Air Products & Chemicals Inc.
    1,146,072  
  23,500    
E.I. du Pont de Nemours & Co.
    1,076,300  
 
       
TOTAL MATERIALS
    2,222,372  
 
TELECOMMUNICATION SERVICES — 4.2%
Diversified Telecommunication Services — 1.5%
  38,095    
AT&T Inc.
    1,304,754  
  14,309    
Embarq Corp.
    691,840  
 
       
Total Diversified Telecommunication Services
    1,996,594  
 
Wireless Telecommunication Services — 2.7%
  24,000    
ALLTEL Corp.
    1,279,440  
  114,480    
Sprint Nextel Corp.
    2,139,631  
 
       
Total Wireless Telecommunication Services
    3,419,071  
 
       
TOTAL TELECOMMUNICATION SERVICES
    5,415,665  
 
See Notes to Financial Statements.
Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value 2006 Semi-Annual Report      7


 

  Schedule of Investments (October 31, 2006) (unaudited) (continued)
                 
Shares   Security   Value
 
UTILITIES — 1.0%
Multi-Utilities — 1.0%
  24,300    
Sempra Energy
  $ 1,288,872  
 
       
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
(Cost — $120,899,157)
    125,704,312  
 
                 
Face        
Amount        
 
SHORT-TERM INVESTMENT — 1.3%
Repurchase Agreement — 1.3%
$ 1,631,000    
State Street Bank & Trust Co., dated 10/31/06, 4.820% due 11/1/06; Proceeds at maturity — $1,631,218; (Fully collateralized by U.S. Treasury Bonds, 6.250% due 8/15/23; Market value — $1,668,296) (Cost — $1,631,000)
    1,631,000  
 
       
TOTAL INVESTMENTS — 98.9% (Cost — $122,530,157#)
    127,335,312  
       
Other Assets in Excess of Liabilities — 1.1%
    1,445,601  
 
       
TOTAL NET ASSETS — 100.0%
  $ 128,780,913  
 
* Non-income producing security.
 
# Aggregate cost for federal income tax purposes is substantially the same.
 
Abbreviation used in this schedule:
      ADR — American Depositary Receipt
See Notes to Financial Statements.
8     Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value 2006 Semi-Annual Report


 

  Statement of Assets and Liabilities (October 31, 2006) (unaudited)
           
ASSETS:        
 
Investments, at value (Cost — $122,530,157)
  $ 127,335,312  
 
Receivable for securities sold
    1,855,313  
 
Dividends and interest receivable
    80,562  
 
Receivable for Fund shares sold
    13,098  
 
Prepaid expenses
    14,096  
 
 
Total Assets
    129,298,381  
 
LIABILITIES:        
 
Due to custodian
    172,352  
 
Payable for Fund shares repurchased
    145,311  
 
Investment management fee payable
    81,788  
 
Distribution fees payable
    32,959  
 
Directors’ fees payable
    931  
 
Accrued expenses
    84,127  
 
 
Total Liabilities
    517,468  
 
Total Net Assets
  $ 128,780,913  
 
NET ASSETS:        
 
Par value (Note 6)
  $ 13,105  
 
Paid-in capital in excess of par value
    267,512,387  
 
Accumulated net investment loss
    (102,901 )
 
Accumulated net realized loss on investments and foreign currency transactions
    (143,446,833 )
 
Net unrealized appreciation on investments
    4,805,155  
 
Total Net Assets
  $ 128,780,913  
 
Shares Outstanding:        
 
Class A
    3,755,978  
 
 
Class B
    5,231,135  
 
 
Class C
    4,118,196  
 
Net Asset Value:        
 
Class A (and redemption price)
    $10.08  
 
 
Class B*
    $9.72  
 
 
Class C*
    $9.73  
 
Maximum Public Offering Price Per Share:        
 
Class A (based on maximum sales charge of 5.00%)
    $10.61  
 
* Redemption price is NAV of Class B and C shares reduced by a 5.00% and 1.00% CDSC, respectively, if shares are redeemed within one year from purchase payment (See Note 2)
See Notes to Financial Statements.
Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value 2006 Semi-Annual Report      9


 

  Statement of Operations (For the six months ended October 31, 2006) (unaudited)
             
INVESTMENT INCOME:        
 
Dividends
  $ 1,006,107  
 
Interest
    87,173  
 
Less: Foreign taxes withheld
    (10,776 )
 
 
Total Investment Income
    1,082,504  
 
EXPENSES:        
 
Distribution fees (Note 2 and 4)
    511,408  
 
Investment management fee (Note 2)
    490,836  
 
Transfer agent fees (Note 4)
    59,780  
 
Merger and proxy fees
    34,260  
 
Shareholder reports (Note 4)
    28,969  
 
Registration fees
    22,240  
 
Audit and tax
    14,367  
 
Legal fees
    13,084  
 
Custody fees
    3,647  
 
Directors’ fees
    2,521  
 
Insurance
    2,074  
 
Miscellaneous expenses
    2,554  
 
 
Total Expenses
    1,185,740  
 
Less: Fee waivers and/or expense reimbursements (Notes 2 and 8)
    (360 )
 
 
Net Expenses
    1,185,380  
 
Net Investment Loss
    (102,876 )
 
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 1 AND 3):        
 
Net Realized Gain (Loss) From:
       
   
Investment transactions
    3,984,336  
   
Foreign currency transactions
    (12 )
 
 
Net Realized Gain
    3,984,324  
 
 
Change in Net Unrealized Appreciation/ Depreciation From Investments
    3,604,061  
 
Net Gain on Investments and Foreign Currency Transactions
    7,588,385  
 
Increase in Net Assets From Operations
  $ 7,485,509  
 
See Notes to Financial Statements.
10     Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value 2006 Semi-Annual Report


 

  Statements of Changes in Net Assets
 
  For the six months ended October 31, 2006 (unaudited)
  and the year ended April 30, 2006
                   
    October 31   April 30
 
OPERATIONS:
               
 
Net investment loss
  $ (102,876 )   $ (272,528 )
 
Net realized gain
    3,984,324       10,611,770  
 
Change in net unrealized appreciation/depreciation
    3,604,061       8,334,288  
 
 
Increase in Net Assets From Operations
    7,485,509       18,673,530  
 
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTES 1 AND 5):                
 
Net investment income
          (192,567 )
 
 
Decrease in Net Assets From Distributions to Shareholders
          (192,567 )
 
FUND SHARE TRANSACTIONS (NOTE 6):                
 
Net proceeds from sale of shares
    1,305,803       4,146,305  
 
Reinvestment of distributions
          177,230  
 
Cost of shares repurchased
    (20,432,795 )     (64,072,346 )
 
 
Decrease in Net Assets From Fund Share Transactions
    (19,126,992 )     (59,748,811 )
 
Decrease in Net Assets
    (11,641,483 )     (41,267,848 )
NET ASSETS:
               
 
Beginning of period
    140,422,396       181,690,244  
 
 
End of period*
  $ 128,780,913     $ 140,422,396  
 
* Includes overdistributed net investment income of:           $(25 )
 
* Includes accumulated net investment loss of:     $(102,901 )      
 
See Notes to Financial Statements.
Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value 2006 Semi-Annual Report      11


 

  Financial Highlights
For a share of each class of capital stock outstanding throughout each year ended April 30, unless otherwise noted:
 
                                                       
Class A Shares(1)   2006(2)   2006   2005   2004   2003   2002    
 
Net Asset Value, Beginning of Period
    $9.46       $8.48       $8.55       $6.89       $9.55       $11.10      
 
Income (Loss) From Operations:
                                                   
 
Net investment income
    0.02       0.04       0.08       0.02       0.06       0.03      
 
Net realized and unrealized gain (loss)
    0.60       0.98       (0.08 )     1.71       (2.72 )     (1.58 )    
 
Total Income (Loss) From Operations
    0.62       1.02       0.00       1.73       (2.66 )     (1.55 )    
 
Less Distributions From:
                                                   
 
Net investment income
          (0.04 )     (0.07 )     (0.07 )                
 
Total Distributions
          (0.04 )     (0.07 )     (0.07 )                
 
Net Asset Value, End of Period
    $10.08       $9.46       $8.48       $8.55       $6.89       $9.55      
 
Total Return(3)
    6.55 %     12.04 %     0.03 %     25.09 %     (27.85 )%     (13.96 )%    
 
Net Assets, End of Period (000s)
    $37,857       $40,182       $48,932       $56,898       $51,360       $93,551      
 
Ratios to Average Net Assets:
                                                   
 
Gross expenses
    1.27 %(4)     1.22 %     1.26 %     1.16 %     1.19 %     1.18 %    
 
Gross expenses, excluding interest expense
    1.27 (4)     1.22       1.26       1.16       1.19       1.18      
 
Net expenses(5)
    1.26 (4)(6)     1.20 (6)     1.18 (6)     1.16       1.19       1.18      
 
Net expenses, excluding interest expense(5)
    1.26 (4)(6)     1.20 (6)     1.18 (6)     1.16       1.19       1.18      
 
Net investment income
    0.39 (4)     0.39       0.96       0.29       0.81       0.34      
 
Portfolio Turnover Rate
    8 %     29 %     22 %     58 %     55 %     37 %    
 
(1) Per share amounts have been calculated using the average shares method.
 
(2) For the six months ended October 31, 2006 (unaudited).
 
(3) Performance figures may reflect fee waivers and/or expense reimbursements. Past performance is no guarantee of future results. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Total returns for periods of less than one year are not annualized.
 
(4) Annualized.
 
(5) As a result of a voluntary expense limitation, the ratio of expenses to average net assets, other than interest, brokerage, taxes and extraordinary expenses, of Class A shares will not exceed 1.40%.
 
(6) Reflects fee waivers and/or expense reimbursements.
See Notes to Financial Statements.
12     Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value 2006 Semi-Annual Report


 

  Financial Highlights (continued)
For a share of each class of capital stock outstanding throughout each year ended April 30, unless otherwise noted:
 
                                                       
Class B Shares(1)   2006(2)   2006   2005   2004   2003   2002    
 
Net Asset Value, Beginning of Period
    $9.16       $8.24       $8.31       $6.70       $9.35       $10.96      
 
Income (Loss) From Operations:
                                                   
 
Net investment income (loss)
    (0.02 )     (0.03 )     0.02       (0.04 )     0.00 (3)     (0.04 )    
 
Net realized and unrealized gain (loss)
    0.58       0.95       (0.08 )     1.66       (2.65 )     (1.57 )    
 
Total Income (Loss) From Operations
    0.56       0.92       (0.06 )     1.62       (2.65 )     (1.61 )    
 
Less Distributions From:
                                                   
 
Net investment income
                (0.01 )     (0.01 )                
 
Total Distributions
                (0.01 )     (0.01 )                
 
Net Asset Value, End of Period
    $9.72       $9.16       $8.24       $8.31       $6.70       $9.35      
 
Total Return(4)
    6.11 %     11.17 %     (0.72 )%     24.14 %     (28.34 )%     (14.69 )%    
 
Net Assets, End of Period (000s)
    $50,869       $56,671       $75,871       $104,478       $106,276       $194,364      
 
Ratios to Average Net Assets:
                                                   
 
Gross expenses
    2.05 % (5)     1.99 %     2.01 %     1.91 %     1.94 %     1.92 %    
 
Gross expenses, excluding interest expense
    2.05 (5)     1.99       2.01       1.91       1.94       1.92      
 
Net expenses(6)
    2.04 (5)(7)     1.97 (7)     1.94 (7)     1.91       1.94       1.92      
 
Net expenses, excluding interest expense(6)
    2.04 (5)(7)     1.96 (7)     1.94 (7)     1.91       1.94       1.92      
 
Net investment income (loss)
    (0.39 )(5)     (0.38 )     0.20       (0.47 )     0.06       (0.41 )    
 
Portfolio Turnover Rate
    8 %     29 %     22 %     58 %     55 %     37 %    
 
(1) Per share amounts have been calculated using the average shares method.
 
(2) For the six months ended October 31, 2006 (unaudited).
 
(3) Amount represents less than $0.01 per share.
 
(4) Performance figures may reflect fee waivers and/or expense reimbursements. Past performance is no guarantee of future results. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Total returns for periods of less than one year are not annualized.
 
(5) Annualized.
 
(6) As a result of a voluntary expense limitation, the ratio of expenses to average net assets, other than interest, brokerage, taxes and extraordinary expenses, of Class B shares will not exceed 2.15%.
 
(7) Reflects fee waivers and/or expense reimbursements.
See Notes to Financial Statements.
Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value 2006 Semi-Annual Report      13


 

  Financial Highlights (continued)
For a share of each class of capital stock outstanding throughout each year ended April 30, unless otherwise noted:
 
                                                       
Class C Shares(1)   2006(2)   2006   2005   2004   2003   2002    
 
Net Asset Value, Beginning of Period
    $9.16       $8.24       $8.31       $6.70       $9.35       $10.96      
 
Income (Loss) From Operations:
                                                   
 
Net investment income (loss)
    (0.02 )     (0.03 )     0.02       (0.04 )     0.00 (3)     (0.04 )    
 
Net realized and unrealized gain (loss)
    0.59       0.95       (0.08 )     1.66       (2.65 )     (1.57 )    
 
Total Income (Loss) From Operations
    0.57       0.92       (0.06 )     1.62       (2.65 )     (1.61 )    
 
Less Distributions From:
                                                   
 
Net investment income
                (0.01 )     (0.01 )                
 
Total Distributions
                (0.01 )     (0.01 )                
 
Net Asset Value, End of Period
    $9.73       $9.16       $8.24       $8.31       $6.70       $9.35      
 
Total Return(4)
    6.22 %     11.17 %     (0.72 )%     24.15 %     (28.34 )%     (14.69 )%    
 
Net Assets, End of Period (000s)
    $40,055       $43,569       $56,887       $75,181       $74,027       $139,684      
 
Ratios to Average Net Assets:
                                                   
 
Gross expenses
    2.03 % (5)     1.98 %     2.01 %     1.92 %     1.93 %     1.92 %    
 
Gross expenses, excluding interest expense
    2.03 (5)     1.98       2.01       1.92       1.93       1.92      
 
Net expenses(6)
    2.02 (5)(7)     1.96 (7)     1.93 (7)     1.92       1.93       1.92      
 
Net expenses, excluding interest expense(6)
    2.02 (5)(7)     1.96 (7)     1.93 (7)     1.92       1.93       1.92      
 
Net investment income (loss)
    (0.37 )(5)     (0.37 )     0.21       (0.48 )     0.07       (0.41 )    
 
Portfolio Turnover Rate
    8 %     29 %     22 %     58 %     55 %     37 %    
 
(1) Per share amounts have been calculated using the average shares method.
 
(2) For the six months ended October 31, 2006 (unaudited).
 
(3) Amount represents less than $0.01 per share.
 
(4) Performance figures may reflect fee waivers and/or expense reimbursements. Past performance is no guarantee of future results. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Total returns for periods of less than one year are not annualized.
 
(5) Annualized.
 
(6) As a result of a voluntary expense limitation, the ratio of expenses to average net assets, other than interest, brokerage, taxes and extraordinary expenses, of Class C shares will not exceed 2.15%.
 
(7) Reflects fee waivers and/or expense reimbursements.
See Notes to Financial Statements.
14     Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value 2006 Semi-Annual Report


 

Notes to Financial Statements (unaudited)
1.  Organization and Significant Accounting Policies
Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value (the “Fund”) is a separate non-diversified series of Legg Mason Partners Investment Funds, Inc. (the “Company”). The Company, a Maryland corporation, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
   The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”). Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ.
   (a) Investment Valuation. Equity securities for which market quotations are available are valued at the last sale price or official closing price on the primary market or exchange on which they trade. Debt securities are valued at the mean between the bid and asked prices provided by an independent pricing service that are based on transactions in debt obligations, quotations from bond dealers, market transactions in comparable securities and various other relationships between securities. When prices are not readily available, or are determined not to reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund may value these investments at fair value as determined in accordance with the procedures approved by the Fund’s Board of Directors. Short-term obligations with maturities of 60 days or less are valued at amortized cost, which approximates market value.
   (b) Repurchase Agreements. When entering into repurchase agreements, it is the Fund’s policy that its custodian or a third party custodian take possession of the underlying collateral securities, the market value of which at least equals the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market to ensure the adequacy of the collateral. If the seller defaults, and the market value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.
   (c) Security Transactions and Investment Income. Security transactions are accounted for on a trade date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as practical after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults on an expected interest payment, the Fund’s policy is to generally halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default.
   (d) Foreign Currency Translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based
Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value 2006 Semi-Annual Report      15


 

Notes to Financial Statements (unaudited) (continued)
upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.
   The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.
   Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities, at the date of valuation, resulting from changes in exchange rates.
   Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.
   (e) Distributions to Shareholders. Distributions from net investment income and distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.
   (f) Class Accounting. Investment income, common expenses and realized/unrealized gain (loss) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that class.
   (g) Federal and Other Taxes. It is the Fund’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute substantially all of its income and net realized gains on investments, if any, to shareholders each year. Therefore, no federal income tax provision is required in the Fund’s financial statements. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.
   (h) Reclassification. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share.
2.  Investment Management Agreement and Other Transactions with Affiliates
Prior to August 1, 2006, Smith Barney Fund Management LLC (“SBFM”), an indirect wholly-owned subsidiary of Legg Mason, Inc. (“Legg Mason”), acted as the investment manager of the Fund. Under the investment management agreement, the Fund paid an
16     Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value 2006 Semi-Annual Report


 

Notes to Financial Statements (unaudited) (continued)
investment management fee calculated daily and paid monthly in accordance with the following breakpoint schedule:
         
Average Daily Net Assets   Annual Rate
 
First $1 billion
    0.750 %
Next $1 billion
    0.725  
Next $3 billion
    0.700  
Next $5 billion
    0.675  
Over $10 billion
    0.650  
 
   Effective August 1, 2006, Legg Mason Partners Fund Advisor, LLC (“LMPFA”) became the Fund’s investment manager and ClearBridge Advisers, LLC (“ClearBridge”), formerly known as CAM North America, LLC, became the Fund’s subadviser. The portfolio managers who are responsible for the day-to-day management of the Fund remain the same immediately prior to and immediately after the date of these changes. LMPFA and ClearBridge are wholly-owned subsidiaries of Legg Mason.
   LMPFA provides administrative and certain oversight services to the Fund. LMPFA has delegated to the subadviser the day-to-day portfolio management of the Fund, except for the management of cash and short-term instruments. The Fund’s investment management fee remains unchanged. For its services, LMPFA pays ClearBridge 70% of the net management fee it receives from the Fund.
   During the six months ended October 31, 2006, the Fund’s Class A, B and C shares had voluntary expense limitations in place of 1.40%, 2.15% and 2.15%, respectively. During the six months ended October 31, 2006, the Fund was reimbursed for expenses in the amount of $360.
   Citigroup Global Markets Inc. (“CGM”), PFS Investments Inc. (“PFS”) and Legg Mason Investor Services, LLC (“LMIS”) serve as co-distributors of the Fund. LMIS is a wholly-owned broker-dealer subsidiary of Legg Mason.
   There is a maximum initial sales charge of 5.00% for Class A shares. There is a contingent deferred sales charge (“CDSC”) of 5.00% on Class B shares, which applies if redemption occurs within one year from purchase payment. This CDSC declines thereafter by 1.00% per year until no CDSC is incurred. Class C shares have a 1.00% CDSC, which applies if redemption occurs within one year from purchase payment. In certain cases, Class A shares have a 1.00% CDSC, which applies if redemption occurs within one year from purchase payment. This CDSC only applies to those purchases of Class A shares, which, when combined with current holdings of Class A shares, equal or exceed $1,000,000 in the aggregate. These purchases do not incur an initial sales charge.
   For the six months ended October 31, 2006, LMIS and its affiliates received sales charges of approximately $500 on sales of the Fund’s Class A shares. In addition, for the six
Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value 2006 Semi-Annual Report      17


 

Notes to Financial Statements (unaudited) (continued)
months ended October 31, 2006, CDSCs paid to LMIS and its affiliates were approximately:
                 
    Class B   Class C
 
CDSCs
  $ 10,000     $ 0*  
 
* Amount represents less than $1,000.
   Effective November 20, 2006, the maximum initial sales charge on Class A shares of the Fund will increase from 5.00% to 5.75% for shares purchased on or after that date.
   Certain officers and one Director of the Company are employees of Legg Mason or its affiliates and do not receive compensation from the Company.
3.  Investments
During the six months ended October 31, 2006, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:
         
 
Purchases
  $ 9,536,606  
 
Sales
    26,686,343  
 
   At October 31, 2006, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:
         
 
Gross unrealized appreciation
  $ 17,186,039  
Gross unrealized depreciation
    (12,380,884 )
 
Net unrealized appreciation
  $ 4,805,155  
 
4.  Class Specific Expenses
The Fund has adopted a Rule 12b-1 distribution plan and under that plan the Fund pays a service fee with respect to its Class A, B and C shares calculated at the annual rate of 0.25% of the average daily net assets of each respective class. The Fund also pays a distribution fee with respect to its Class B and C shares calculated at the annual rate of 0.75% of the average daily net assets of each class, respectively. Distribution fees are accrued daily and paid monthly.
   For the six months ended October 31, 2006, class specific expenses were as follows:
                         
            Shareholder Reports
    Distribution Fees   Transfer Agent Fees   Expenses
 
Class A
  $ 47,680     $ 16,058     $ 6,863  
Class B
    260,301       26,169       13,084  
Class C
    203,427       17,553       9,022  
 
Total
  $ 511,408     $ 59,780     $ 28,969  
 
18     Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value 2006 Semi-Annual Report


 

Notes to Financial Statements (unaudited) (continued)
5.  Distributions to Shareholders by Class
                 
    Six Months Ended   Year Ended
    October 31, 2006   April 30, 2006
 
Net Investment Income
               
Class A
        $ 192,567  
 
Total
        $ 192,567  
 
6.  Capital Shares
At October 31, 2006, the Company had 10 billion shares of capital stock authorized with a par value of $0.001 per share. The Fund has the ability to issue multiple classes of shares. Each share of a class represents an identical interest in the Fund and has the same rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.
   Transactions in shares of each class were as follows:
                                 
    Six Months Ended   Year Ended
    October 31, 2006   April 30, 2006
         
    Shares   Amount   Shares   Amount
 
Class A
                               
Shares sold
    75,343     $ 708,874       300,719     $ 2,749,444  
Shares issued on reinvestment
                19,119       177,230  
Shares repurchased
    (568,783 )     (5,349,783 )     (1,842,575 )     (16,871,376 )
 
Net Decrease
    (493,440 )   $ (4,640,909 )     (1,522,737 )   $ (13,944,702 )
 
Class B
                               
Shares sold
    30,591     $ 284,976       90,820     $ 801,197  
Shares repurchased
    (986,818 )     (8,969,440 )     (3,112,700 )     (27,584,352 )
 
Net Decrease
    (956,227 )   $ (8,684,464 )     (3,021,880 )   $ (26,783,155 )
 
Class C
                               
Shares sold
    33,412     $ 311,953       67,300     $ 595,664  
Shares repurchased
    (671,469 )     (6,113,572 )     (2,215,811 )     (19,616,618 )
 
Net Decrease
    (638,057 )   $ (5,801,619 )     (2,148,511 )   $ (19,020,954 )
 
7.  Capital Loss Carryforward
As of April 30, 2006, the Fund had, for federal income tax purposes, net capital loss carryforwards of $147,326,546, of which $86,953,771 expires in 2011, and $60,372,775 expires in 2012. These amounts will be available to offset any future taxable capital gains.
   Due to the proposed reorganization described in Note 11, the expiration dates of these loss carryforwards will move up by one year. Additionally, as a result of the reorganization, the loss carryforwards will be subject to various tax limitations, which may result in future taxable capital gain distributions to shareholders due to the fact that some portion of the Fund’s loss carryforwards may be unable to be utilized.
Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value 2006 Semi-Annual Report      19


 

Notes to Financial Statements (unaudited) (continued)
8.  Regulatory Matters
On May 31, 2005, the U.S. Securities and Exchange Commission (“SEC”) issued an order in connection with the settlement of an administrative proceeding against SBFM, the Fund’s prior investment manager, and CGM relating to the appointment of an affiliated transfer agent for the Smith Barney family of mutual funds, including the Fund (the “Funds”).
   The SEC order finds that SBFM and CGM willfully violated Section 206(1) of the Investment Advisers Act of 1940 (“Advisers Act”). Specifically, the order finds that SBFM and CGM knowingly or recklessly failed to disclose to the boards of the Funds in 1999 when proposing a new transfer agent arrangement with an affiliated transfer agent that: First Data Investors Services Group (“First Data”), the Funds’ then-existing transfer agent, had offered to continue as transfer agent and do the same work for substantially less money than before; and that Citigroup Asset Management (“CAM”), the Citigroup business unit that, at the time, included the Fund’s investment manager and other investment advisory companies, had entered into a side letter with First Data under which CAM agreed to recommend the appointment of First Data as sub-transfer agent to the affiliated transfer agent in exchange for, among other things, a guarantee by First Data of specified amounts of asset management and investment banking fees to CAM and CGM. The order also finds that SBFM and CGM willfully violated Section 206(2) of the Advisers Act by virtue of the omissions discussed above and other misrepresentations and omissions in the materials provided to the Funds’ boards, including the failure to make clear that the affiliated transfer agent would earn a high profit for performing limited functions while First Data continued to perform almost all of the transfer agent functions, and the suggestion that the proposed arrangement was in the Funds’ best interests and that no viable alternatives existed. SBFM and CGM do not admit or deny any wrongdoing or liability. The settlement does not establish wrongdoing or liability for purposes of any other proceeding.
   The SEC censured SBFM and CGM and ordered them to cease and desist from violations of Sections 206(1) and 206(2) of the Advisers Act. The order requires Citigroup to pay $208.1 million, including $109 million in disgorgement of profits, $19.1 million in interest, and a civil money penalty of $80 million. Approximately $24.4 million has already been paid to the Funds, primarily through fee waivers. The remaining $183.7 million, including the penalty, has been paid to the U.S. Treasury and will be distributed pursuant to a plan submitted for the approval of the SEC. At this time, there is no certainty as to how the above-described proceeds of the settlement will be distributed, to whom such distributions will be made, the methodology by which such distributions will be allocated, and when such distributions will be made. The order also required that transfer agency fees received from the Funds since December 1, 2004, less certain expenses, be placed in escrow and provided that a portion of such fees might be subsequently distributed in accordance with the terms of the order. On April 3, 2006, an aggregate amount of approximately $9 million was distributed to the affected Funds.
   The order required SBFM to recommend a new transfer agent contract to the Fund boards within 180 days of the entry of the order; if a Citigroup affiliate submitted a proposal to serve as transfer agent or sub-transfer agent, SBFM and CGM would have been
20     Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value 2006 Semi-Annual Report


 

Notes to Financial Statements (unaudited) (continued)
required, at their expense, to engage an independent monitor to oversee a competitive bidding process. On November 21, 2005, and within the specified timeframe, the Fund’s Board selected a new transfer agent for the Fund. No Citigroup affiliate submitted a proposal to serve as transfer agent. Under the order, SBFM also must comply with an amended version of a vendor policy that Citigroup instituted in August 2004.
   Although there can be no assurance, the Fund’s manager does not believe that this matter will have a material adverse effect on the Fund.
   On December 1, 2005, Citigroup completed the sale of substantially all of its global asset management business, including SBFM, to Legg Mason.
9.  Legal Matters
Beginning in August 2005, five class action lawsuits alleging violations of federal securities laws and state law were filed against CGM and SBFM, (collectively, the “Defendants”) based on the May 31, 2005 settlement order issued against the Defendants by the SEC as described in Note 8. The complaints seek injunctive relief and compensatory and punitive damages, removal of SBFM as the adviser for the Smith Barney family of funds, rescission of the Funds’ management and other contracts with SBFM, recovery of all fees paid to SBFM pursuant to such contracts, and an award of attorneys’ fees and litigation expenses.
   On October 5, 2005, a motion to consolidate the five actions and any subsequently filed, related action was filed. That motion contemplates that a consolidated amended complaint alleging substantially similar causes of action will be filed in the future.
   As of the date of this report, the Fund’s investment manager believes that resolution of the pending lawsuit will not have a material effect on the financial position or results of operations of the Fund or the ability of the Fund’s investment manager and its affiliates to continue to render services to the Fund under their respective contracts.
* * *
   Beginning in June 2004, class action lawsuits alleging violations of the federal securities laws were filed against CGM and a number of its then affiliates, including SBFM and Salomon Brothers Asset Management Inc. (“SBAM”), which were then investment adviser or manager to certain of the Funds (the “Managers”), substantially all of the mutual funds then managed by the Managers (the “Defendant Funds”), and Board Members of the Defendant Funds (collectively, the “Defendants”). The complaints alleged, among other things, that CGM created various undisclosed incentives for its brokers to sell Smith Barney and Salomon Brothers funds. In addition, according to the complaints, the Managers caused the Defendant Funds to pay excessive brokerage commissions to CGM for steering clients towards proprietary funds. The complaints also alleged that the Defendants breached their fiduciary duty to the Defendant Funds by improperly charging Rule 12b-1 fees and by drawing on fund assets to make undisclosed payments of soft dollars and excessive brokerage commissions. The complaints also alleged that the Defendant Funds failed to adequately disclose certain of the allegedly wrongful conduct. The complaints sought injunctive relief and compensatory and punitive damages, rescission of the Defendant Funds’ contracts with
Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value 2006 Semi-Annual Report      21


 

Notes to Financial Statements (unaudited) (continued)
the Managers, recovery of all fees paid to the Managers pursuant to such contracts and an award of attorneys’ fees and litigation expenses.
   On December 15, 2004, a consolidated amended complaint (the “Complaint”) was filed alleging substantially similar causes of action. On May 27, 2005, all of the Defendants filed motions to dismiss the Complaint. On July 26, 2006, the court issued a decision and order (1) finding that plaintiffs lacked standing to sue on behalf of the shareholders of the Funds in which none of the plaintiffs had invested (including the Fund) and dismissing those Funds from the case (although stating that they could be brought back into the case if standing as to them could be established), and (2) other than one stayed claim, dismissing all of the causes of action against the remaining Defendants, with prejudice, except for the cause of action under Section 36(b) of the Investment Company Act, which the court granted plaintiffs leave to repeal as a derivative claim.
   On October 16, 2006, plaintiffs filed their Second Consolidated Amended Complaint (“Second Amended Complaint”) which alleges derivative claims on behalf of nine funds identified in the Second Amended Complaint, under the Fund Section 36(b) of the 1940 Act, against CAM, SBAM, SBFM and CGM as investment advisers to the identified funds, as well as CGM as a distributor for the identified funds (collectively, the “Second Amended Complaint Defendants”). The Second Amended Complaint alleges no claims against any of the Funds or any of their Board Members. Under Section 36(b), the Second Amended Complaint alleges similar facts and seeks similar relief against the Second Amended Complaint Defendants as the Complaint.
   Additional lawsuits arising out of these circumstances and presenting similar allegations and requests for relief may be filed in the future.
10.  Other Matters
On September 16, 2005, the staff of the SEC informed SBFM and SBAM that the staff is considering recommending that the SEC institute administrative proceedings against SBFM and SBAM for alleged violations of Section 19(a) and 34(b) of the 1940 Act (and related Rule 19a-1). The notification is a result of an industry wide inspection by the SEC and is based upon alleged deficiencies in disclosures regarding dividends and distributions paid to shareholders of certain funds. Section 19(a) and related Rule 19a-1 of the 1940 Act generally require funds that are making dividend and distribution payments to provide shareholders with a written statement disclosing the source of the dividends and distributions, and, in particular, the portion of the payments made from each of net investment income, undistributed net profits and/or paid-in capital. In connection with the contemplated proceedings, the staff may seek a cease and desist order and/or monetary damages from SBFM or SBAM.
   Although there can be no assurance, the Fund’s manager believes that this matter is not likely to have a material adverse effect on the Fund.
11.  Additional Shareholder Information
The Fund’s Board approved a reorganization pursuant to which the Fund’s assets would be acquired, and its liabilities assumed by Legg Mason Partners Multiple Discipline Funds All Cap Growth and Value (the “Acquiring Fund”), in exchange for shares of the Acquiring
22     Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value 2006 Semi-Annual Report


 

Notes to Financial Statements (unaudited) (continued)
Fund. The Fund would then be liquidated and shares of the Acquiring Fund would be distributed to Fund shareholders.
   Under the reorganization, Fund shareholders would receive shares of the Acquiring Fund with the same aggregate net asset value as their shares of the Fund. It is anticipated that as a result of the reorganization, Fund shareholders would recognize no gain or loss for Federal income tax purposes. The reorganization is subject to the satisfaction of certain conditions, including approval by Fund shareholders. If Fund shareholder approval of the reorganization is obtained, Fund actions are generally expected to be implemented during the first half of 2007.
   The Fund’s Board approved certain share class modifications which, among other things, standardize share class features for all equity and fixed income funds in the fund complex. The features standardized include such things as sales loads, distribution charges and other costs. These modifications were implemented on November 20, 2006.
   The Fund’s Board also approved a number of initiatives designed to streamline and restructure the fund complex, and authorized seeking shareholder approval for those initiatives where shareholder approval is required. As a result, Fund shareholders have been asked to elect a new Board, approve matters that will result in the Fund being grouped for organizational and governance purposes with other funds in the fund complex, and domicile the Fund as a Maryland business trust, with all funds operating under uniform charter documents. Fund shareholders also have been asked to approve investment matters, including standardized fundamental investment policies. If shareholder approval is obtained, these matters generally are expected to be implemented during the first half of 2007.
12.  Recent Accounting Pronouncements
During June 2006, the Financial Accounting Standards Board (“FASB”) issued FASB Interpretation 48 (“FIN 48” or the “Interpretation”), Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement 109. FIN 48 supplements FASB Statement 109, Accounting for Income Taxes, by defining the confidence level that a tax position must meet in order to be recognized in the financial statements. FIN 48 prescribes a comprehensive model for how a fund should recognize, measure, present, and disclose in its financial statements uncertain tax positions that the fund has taken or expects to take on a tax return. FIN 48 requires that the tax effects of a position be recognized only if it is “more likely than not” to be sustained based solely on its technical merits. Management must be able to conclude that the tax law, regulations, case law, and other objective information regarding the technical merits sufficiently support the position’s sustainability with a likelihood of more than 50 percent. FIN 48 is effective for fiscal periods beginning after December 15, 2006. At adoption, the financial statements must be adjusted to reflect only those tax positions that are more likely than not to be sustained as of the adoption date. Management of the Fund has determined that adopting FIN 48 will not have a material impact on the Fund’s financial statements.
* * *
   On September 20, 2006, FASB released Statement of Financial Accounting Standards No. 157 “Fair Value Measurements” (“FAS 157”). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires
Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value 2006 Semi-Annual Report      23


 

Notes to Financial Statements (unaudited) (continued)
additional disclosures about fair value measurements. The application of FAS 157 is required for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. At this time, management is evaluating the implications of FAS 157 and its impact on the financial statements has not yet been determined.
   Should shareholders approve the reorganization proposal, these new standards will not be applicable.
24     Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value 2006 Semi-Annual Report


 

Board Approval of Management and Subadvisory
Agreements (unaudited)
At a meeting held in person on June 29, 2006, the Fund’s Board, including a majority of the Board members who are not “interested persons” of the Fund or Legg Mason Partners Fund Advisor, LLC (the “Manager”) or any sub-investment adviser or proposed sub-investment adviser as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”), approved a new management agreement (the “New Management Agreement”) between the Fund and the Manager. The Fund’s Board, including a majority of the Independent Board Members, also approved a new subadvisory agreement between the Manager and ClearBridge Advisors, LLC (the “Subadviser”) (the “New Subadvisory Agreement”). The New Management Agreement and the New Subadvisory Agreement replaced the Fund’s prior management agreement with Smith Barney Fund Management LLC and were entered into in connection with an internal reorganization of the Manager’s, the prior manager’s and the Subadviser’s parent organization, Legg Mason. In approving the New Management Agreement and New Subadvisory Agreement, the Board, including the Independent Board Members, considered the factors discussed below, among other things.
   The Board noted that the Manager will provide administrative and certain oversight services to the Fund, and that the Manager will delegate to the Subadviser the day-to-day portfolio management of the Fund. The Board members reviewed the qualifications, backgrounds and responsibilities of the senior personnel that will provide oversight and general management services and the portfolio management team that would be primarily responsible for the day-to-day management of the Fund. The Board members noted that the portfolio managers who are responsible for the day-to-day management of the Fund would remain the same immediately prior to and after these changes.
   The Board members received and considered information regarding the nature, extent and quality of services expected to be provided to the Fund by the Manager under the New Management Agreement and by the Subadviser under the New Subadvisory Agreement. The Board members’ evaluation of the services expected to be provided by the Manager and the Subadviser took into account the Board members’ knowledge and familiarity gained as Fund Board members, including as to the scope and quality of Legg Mason’s investment management and other capabilities and the quality of its administrative and other services. The Board members considered, among other things, information and assurances provided by Legg Mason as to the operations, facilities and organization of the Manager and the Subadviser and the qualifications, backgrounds and responsibilities of their senior personnel. The Board members further considered the financial resources available to the Manager, the Subadviser and Legg Mason. The Board members concluded that, overall, the nature, extent and quality of services expected to be provided under the New Management Agreement and the New Subadvisory Agreement were acceptable.
   The Board members also received and considered performance information for the Fund as well as comparative information with respect to a peer group of funds (the “Performance Universe”) selected by Lipper, Inc. (“Lipper”), an independent provider of investment company data. The Board members were provided with a description of the methodology Lipper used to determine the similarity of the Fund to the funds included in the
Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value      25


 

Board Approval of Management and Subadvisory
Agreements (unaudited) (continued)
Performance Universe. The Board members noted that they had received and discussed with management, at periodic intervals, information comparing the Fund’s performance against, among other things, its benchmark. Based on the Board members’ review, which included careful consideration of the factors noted above, the Board members concluded that the performance of the Fund under the circumstances, supported approval of the New Management Agreement and New Subadvisory Agreement.
   The Board members reviewed and considered the management fee that would be payable by the Fund to the Manager in light of the nature, extent and quality of the management services expected to be provided by the Manager, including the fee waiver and/or expense reimbursement arrangements currently in place. Additionally, the Board members received and considered information comparing the Fund’s management fee and overall expenses with those of comparable funds in both the relevant expense group and a broader group of funds, each selected and provided by Lipper. The Board members also reviewed and considered the subadvisory fee that would be payable by the Manager to the Subadviser in light of the nature, extent and quality of the management services expected to be provided by the Subadviser. The Board members noted that the Manager, and not the Fund, will pay the subadvisory fee to the Subadviser. The Board members determined that the Fund’s management fee and the Fund’s subadvisory fee were reasonable in light of the nature, extent and quality of the services expected to be provided to the Fund under the New Management Agreement and the New Subadvisory Agreement.
   The Board members received and considered a pro-forma profitability analysis of Legg Mason and its affiliates in providing services to the Fund, including information with respect to the allocation methodologies used in preparing the profitability data. The Board members recognized that Legg Mason may realize economies of scale based on its internal reorganization and synergies of operations. The Board members noted that it was not possible to predict with a high degree of confidence how Legg Mason’s and its affiliates’ profitability would be affected by its internal reorganization and by other factors including potential economies of scale, but that based on their review of the pro-forma profitability analysis, their most recent prior review of the profitability of the predecessor manager and its affiliates from their relationship with the Fund and other factors considered, they determined that the management fee was reasonable. The Board members noted that they expect to receive profitability information on an annual basis.
   In their deliberations, the Board members also considered, and placed significant importance on, information that had been received and conclusions that had been reached by the Board in connection with the Board’s most recent approval of the Fund’s prior management agreement, in addition to information provided in connection with the Board’s evaluation of the terms and conditions of the New Management Agreement and the New Subadvisory Agreement.
   The Board members considered Legg Mason’s advice and the advice of its counsel that the New Management Agreement and the New Subadvisory Agreement were being entered into in connection with an internal reorganization within Legg Mason, that did not involve an actual change of control or management. The Board members further noted
26     Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value


 

Board Approval of Management and Subadvisory
Agreements (unaudited) (continued)
that the terms and conditions of the New Management Agreement are substantially identical to those of the Fund’s previous management agreement except for the identity of the Manager, and that the initial term of the New Management Agreement (after which it will continue in effect only if such continuance is specifically approved at least annually by the Board, including a majority of the Independent Board Members) was the same as that under the prior management agreement.
   In light of all of the foregoing, the Board, including the Independent Board Members, approved the New Management Agreement and the New Subadvisory Agreement. No single factor reviewed by the Board members was identified as the principal factor in determining whether to approve the New Management Agreement and the New Subadvisory Agreement. The Independent Board Members were advised by separate independent legal counsel throughout the process. The Independent Board Members also discussed the proposed approval of the New Management Agreement and the New Subadvisory Agreement in private sessions with their independent legal counsel at which no representatives of the Manager or Subadviser were present.
Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value      27


 

Additional Shareholder Information (unaudited)
Results of a Special Meeting of Shareholders
On December 11, 2006, a Special Meeting of Shareholders was held to elect Board Members. The following table provides the number of votes cast for or against, as well as the number of abstentions and broker non-votes as to the matter voted on at the Special Meeting of Shareholders.
Election of Board Members
                                 
        Votes       Broker
Item Voted On   Votes For   Against   Abstentions   Non-Votes
 
Nominees:
                               
Paul R. Ades
    121,866,497.391       3,054,107.186       0.000       0.000  
Andrew L. Breech
    121,900,821.025       3,019,783.552       0.000       0.000  
Dwight B. Crane
    121,850,512.564       3,070,092.013       0.000       0.000  
Robert M. Frayn, Jr.
    121,778,191.988       3,142,412.589       0.000       0.000  
Frank G. Hubbard
    121,848,495.495       3,072,109.082       0.000       0.000  
Howard J. Johnson
    121,865,914.325       3,054,690.252       0.000       0.000  
David E. Maryatt
    121,813,754.911       3,108,849.666       0.000       0.000  
Jerome H. Miller
    121,858,470.310       3,062,134.267       0.000       0.000  
Ken Miller
    121,889,516.870       3,031,087.707       0.000       0.000  
John J. Murphy
    121,864,667.771       3,055,936.806       0.000       0.000  
Thomas F. Schlafly
    121,848,850.151       3,071,754.426       0.000       0.000  
Jerry A. Viscione
    121,844,786.595       3,075,817.982       0.000       0.000  
R. Jay Gerken, CFA
    121,826,709.153       3,093,895.424       0.000       0.000  
 
Board Members are elected by the shareholders of all of the series of the Company of which the Fund is a series.
28     Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value


 

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  Legg Mason Partners
Multiple Discipline Funds
Large Cap Growth and Value

 
DIRECTORS
Paul R. Ades
Dwight B. Crane
R. Jay Gerken, CFA
  Chairman
Frank G. Hubbard
Jerome H. Miller
Ken Miller
 
INVESTMENT MANAGER
Legg Mason Partners
Fund Advisor, LLC
 
SUBADVISER
ClearBridge Advisors, LLC
 
DISTRIBUTORS
Citigroup Global Markets Inc.
Legg Mason Investor Services, LLC
PFS Investments Inc.
 
CUSTODIAN
State Street Bank and
Trust Company
 
TRANSFER AGENT
PFPC Inc.
4400 Computer Drive
Westborough, Massachusetts 01581
 
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
KPMG LLP
345 Park Avenue
New York, New York 10154


 

     
 
This report is submitted for the general information of the shareholders of Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value, but it may also be used as sales literature when preceded or accompanied by the current Prospectus.

This report must be preceded or accompanied by a free prospectus. Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.

www.leggmason.com/InvestorServices

©
2006 Legg Mason
Investor Services, LLC
Member NASD, SIPC

FD01760 12/06 SR06-192

(Legg Mason Logo)
  Legg Mason Partners
Multiple Discipline Funds
Large Cap Growth and Value

The Fund is a separate series of Legg Mason Partners Investment Funds, Inc., a Maryland corporation.

LEGG MASON PARTNERS MULTIPLE DISCIPLINE FUNDS
LARGE CAP GROWTH AND VALUE
LEGG MASON PARTNERS FUNDS
125 Broad Street
10th Floor, MF-2
New York, New York 10004

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. To obtain information on Form N-Q from the Fund, shareholders can call Legg Mason Partners Shareholder Services at 1-800-451-2010.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio transactions is available (1) without charge, upon request, by calling 1-800-451-2010, (2) on the Fund’s website at www.leggmason.com/InvestorServices and (3) on the SEC’s website at www.sec.gov.


 

ITEM 2. CODE OF ETHICS.
Not Applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not Applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Included herein under Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not applicable.
ITEM 11. CONTROLS AND PROCEDURES.
  (a)   The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.
  (b)   There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.
ITEM 12. EXHIBITS.
(a)(1) Not applicable.
Exhibit 99.CODE ETH
(a)(2) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.
Exhibit 99.CERT
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.
Exhibit 99.906CERT

 


 

SIGNATURES
   Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.
         
Legg Mason Partners Investment Funds, Inc.  
 
       
By:
  /s/ R. Jay Gerken    
 
       
 
  (R. Jay Gerken)    
 
  Chief Executive Officer of    
    Legg Mason Partners Investment Funds, Inc.
Date: January 8, 2007
   Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
By:
  /s/ R. Jay Gerken    
 
       
 
  (R. Jay Gerken)    
 
  Chief Executive Officer of    
    Legg Mason Partners Investment Funds, Inc.
Date: January 8, 2007
         
By:
  /s/ Kaprel Ozsolak    
 
       
 
  (Kaprel Ozsolak)    
 
  Chief Financial Officer of    
    Legg Mason Partners Investment Funds, Inc.
Date: January 8, 2007

 

EX-99.CERT 2 y27682exv99wcert.htm EX-99.CERT: CERTIFICATIONS EX-99.CERT
 

CERTIFICATIONS PURSUANT TO SECTION 302
EX-99.CERT
CERTIFICATIONS
I, R. Jay Gerken, certify that:
1.   I have reviewed this report on Form N-CSR of Legg Mason Partners Investment Funds, Inc. — Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value;
2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.   The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
  a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
  b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
  c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
  d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.   The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
  a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
  b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
                 
Date:
  January 8, 2007       /s/ R. Jay Gerken    
 
               
 
          R. Jay Gerken    
 
          Chief Executive Officer    

 


 

I, Kaprel Ozsolak, certify that:
1.   I have reviewed this report on Form N-CSR of Legg Mason Partners Investment Funds, Inc. — Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value;
2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.   The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
  a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
  b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
  c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
  d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.   The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
  a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
  b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
                 
Date:
  January 8, 2007       /s/ Kaprel Ozsolak    
 
               
 
          Kaprel Ozsolak    
 
          Chief Financial Officer    

 

EX-99.906CERT 3 y27682exv99w906cert.htm EX-99.906CERT: CERTIFICATIONS EX-99.906CERT
 

CERTIFICATIONS PURSUANT TO SECTION 906
EX-99.906CERT
CERTIFICATION
R. Jay Gerken, Chief Executive Officer, and Kaprel Ozsolak, Chief Financial Officer of Legg Mason Partners Investment Funds, Inc. — Legg Mason Partners Multiple Discipline Funds Large Cap Growth and Value (the “Registrant”), each certify to the best of his knowledge that:
 1. The Registrant’s periodic report on Form N-CSR for the period ended October 31, 2006 (the “Form N-CSR”) fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and
 2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
     
Chief Executive Officer
  Chief Financial Officer
Legg Mason Partners Investment Funds, Inc. —
  Legg Mason Partners Investment Funds, Inc. —
          Legg Mason Partners Multiple Discipline Funds
            Legg Mason Partners Multiple Discipline Funds
          Large Cap Growth and Value
            Large Cap Growth and Value
             
/s/ R. Jay Gerken
 
      /s/ Kaprel Ozsolak
 
   
R. Jay Gerken
      Kaprel Ozsolak    
Date: January 8, 2007
      Date: January 8, 2007    
     This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.

 

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-----END PRIVACY-ENHANCED MESSAGE-----