FORM N-CSR

-----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, R4Ob7fITNxPwzp59DjFhY1WKbvaGsoktnmla5dYj31O4OKHKRLXQhE2DsuSyN8WB DnMCWtl+WtZvkfFrRswehA== 0000950123-07-000180.txt : 20070108 0000950123-07-000180.hdr.sgml : 20070108 20070108115055 ACCESSION NUMBER: 0000950123-07-000180 CONFORMED SUBMISSION TYPE: N-CSRS 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-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03275 FILM NUMBER: 07516525 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 S000008864 Legg Mason Partners Multiple Discipline Funds - Balanced All Cap Growth and Value Fund

C000024127 Class Y

C000024128 Class A sdfax

C000024129 Class B sdfbx

C000024130 Class C sdfcx

N-CSRS 1 y27685nvcsrs.htm FORM N-CSR FORM 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, 4^th 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 Annual Report to Stockholders is filed herewith.



SEMI-ANNUAL REPORT OCTOBER 31, 2006		Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value



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

Legg Mason Partners
Multiple Discipline Funds
Balanced All Cap Growth
and Value

Semi-Annual Report • October 31, 2006

What’s

Inside


Fund Objective

The Fund seeks a balance between long-term growth of capital and principal preservation.



Letter from the Chairman		I

Fund at a Glance		1

Fund Expenses		2

Schedule of Investments		4

Statement of Assets and Liabilities		10

Statement of Operations		11

Statements of Changes in Net Assets		12

Financial Highlights		13

Notes to Financial Statements		16

Board Approval of Management and Subadvisory Agreements		25

Additional Shareholder Information		28

Letter from the Chairman

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 Index^iv returned 6.10% during the six months ended October 31, 2006.
	After a prolonged period of rising interest rates, both short- and long-term yields declined over the reporting period. After peaking in late June — when two- and 10-year Treasuries hit 5.29% and 5.25%, respectively — rates fell sharply as the Fed paused from its tightening cycle. In addition, inflationary pressures eased as oil prices, which rose to a record $78 a

Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value I

barrel in mid-July, subsequently fell 15% in the latter part of the third quarter.^v Overall, during the six-months ended October 31, 2006, two-year Treasury yields fell from 4.87% to 4.71%. Over the same period, 10-year Treasury yields declined from 5.07% to 4.61%. Looking at the six-month period as a whole, the overall market, as measured by the Lehman Brothers U.S. Aggregate Index,^vi returned 4.60%.

Special Shareholder Notices

Shareholders approved a reorganization pursuant to which the Fund’s assets have been acquired, and its liabilities assumed by the Legg Mason Partners Capital and Income Fund (the “Acquiring Fund”), in exchange for shares of the Acquiring Fund, effective as of close of business December 1, 2006. The Fund has been liquidated and shares of the Acquiring Fund have been distributed to Fund shareholders.


	Effective August 1, 2006, Legg Mason Partners Fund Advisor, LLC (“LMPFA”) became the Fund’s investment manager, ClearBridge Advisors, LLC (“ClearBridge”), formerly CAM North America, LLC, became a subadviser to the Fund’s All Cap Growth and All Cap Value segments and responsible for the Fund’s coordinating portfolio management, and Western Asset Management Company (“Western Asset”) became subadviser to the Fund’s Fixed Income — Government Securities Management segment. The portfolio managers who were responsible for the day-to-day management of the Fund remained the same immediately prior to and immediately after the date of these changes. LMPFA, ClearBridge and Western Asset are wholly-owned subsidiaries of Legg Mason.
	Certain changes regarding share class pricing and related matters were implemented on November 20, 2006.
	The Fund was formerly known as Smith Barney Multiple Discipline Funds — Balanced All Cap Growth and Value Fund.

Performance Review

For the six months ended October 31, 2006, Class A shares of Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value, excluding sales charges, returned 4.38%. These shares outperformed the Fund’s unmanaged fixed income benchmark, the Lehman Brothers Intermediate Treasury Bond Index,^vii which returned 3.62%. In comparison — the Fund’s unmanaged equity benchmark, the Russell 3000 Index,^viii returned 5.12% for the same period. The Lipper Mixed-Asset

II Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value

Target Allocation Growth Funds Category Average¹ increased 3.65% over the same time frame.


	Performance Snapshot as of October 31, 2006 (excluding sales charges) (unaudited)


		Six Months

MDF Balanced All Cap Growth and Value — Class A Shares		4.38%

Lehman Brothers Intermediate Treasury Bond Index		3.62%

Russell 3000 Index		5.12%

Lipper Mixed-Asset Target Allocation Growth Funds Category Average		3.65%


	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 3.98% and Class C shares returned 4.07% 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.

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.


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 607 funds in the Fund’s Lipper category, and excluding sales charges.

Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value III

As always, thank you for your confidence in our stewardship of your assets. We look forward to helping you meet your financial goals.

Sincerely,

R. Jay Gerken, CFA

Chairman, President and Chief Executive Officer

December 13, 2006

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 invest in small- and mid-cap companies that may involve a higher degree of risk and volatility than investments in large-cap companies. Interest rate increases, causing the price of fixed income securities to decline, would reduce the value of the Fund’s share price. 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. 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		Source: The Wall Street Journal, 9/29/06.

^vi		The Lehman Brothers U.S. Aggregate Index is a broad-based bond index comprised of government, corporate, mortgage and asset-backed issues, rated investment grade or higher, and having at least one year to maturity.

^vii		The Lehman Brothers Intermediate Treasury Bond index is composed of all bonds covered by the Lehman Brothers Treasury Bond Index with maturities between one and 9.9 years. Total return consists of price appreciation/depreciation plus income as a percentage of the original investment.

^viii		The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the U.S. equity market.

IV Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value

Fund at a Glance (unaudited)


	Investment Breakdown

Legg Mason Partners Multiple Discipline Funds Balanced All 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			Beginning		Ending		Annualized			Expenses
	Return Without			Account		Account		Expense			Paid During
	Sales Charges(2)			Value		Value		Ratio			the Period(3)

Class A		4.38	%	$	1,000.00	$	1,043.80		1.54	%	$	7.93

Class B		3.98			1,000.00		1,039.80		2.28			11.72

Class C		4.07			1,000.00		1,040.70		2.28			11.73


⁽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 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 Balanced All 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	$	1,017.44		1.54	%	$	7.83

Class B		5.00			1,000.00		1,013.71		2.28			11.57

Class C		5.00			1,000.00		1,013.71		2.28			11.57


⁽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 Balanced All Cap Growth and Value 2006 Semi-Annual Report 3


	Schedule of Investments (October 31, 2006) (unaudited)

LEGG MASON PARTNERS MULTIPLE DISCIPLINE FUNDS BALANCED ALL CAP GROWTH AND VALUE


Shares		Security	Value

COMMON STOCKS — 63.8%
CONSUMER DISCRETIONARY — 11.7%
Internet & Catalog Retail — 1.9%
	7,500	Amazon.com Inc.*	$	285,674
	6,705	Expedia Inc.*		108,956
	5,455	IAC/ InterActiveCorp.*		168,996

		Total Internet & Catalog Retail		563,626

Media — 7.6%
	6,300	Cablevision Systems Corp., New York Group, Class A Shares*		175,077
	3,820	Comcast Corp., Special Class A Shares*		154,634
	2,642	Discovery Holding Co., Class A Shares*		39,207
	16,650	Interpublic Group of Cos. Inc.*		181,652
	1,998	Liberty Global Inc., Series A Shares*		52,428
	184	Liberty Global Inc., Series C Shares*		4,679
	918	Liberty Media Holding Corp., Capital Group, Series A Shares*		81,757
	9,592	Liberty Media Holding Corp., Interactive Group, Series A Shares*		211,695
	15,195	News Corp., Class B Shares		330,339
	13,670	Pearson PLC, ADR		201,633
	23,680	Time Warner Inc.		473,837
	11,990	Walt Disney Co.		377,205

		Total Media		2,284,143

Specialty Retail — 2.2%
	3,150	Bed Bath & Beyond Inc.*		126,913
	6,170	Charming Shoppes Inc.*		91,316
	2,000	Gap Inc.		42,040
	10,630	Home Depot Inc.		396,818

		Total Specialty Retail		657,087

		TOTAL CONSUMER DISCRETIONARY		3,504,856

CONSUMER STAPLES — 5.0%
Beverages — 1.3%
	4,350	Coca-Cola Co.		203,232
	1,000	Molson Coors Brewing Co., Class B Shares		71,180
	1,845	PepsiCo Inc.		117,047

		Total Beverages		391,459

Food & Staples Retailing — 1.2%
	6,020	Safeway Inc.		176,747
	3,600	Wal-Mart Stores Inc.		177,408

		Total Food & Staples Retailing		354,155

See Notes to Financial Statements.

4 Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value 2006 Semi-Annual Report


	Schedule of Investments (October 31, 2006) (unaudited) (continued)


Shares		Security	Value

Food Products — 1.7%
	650	Kraft Foods Inc., Class A Shares	$	22,360
	8,290	Unilever PLC, ADR		201,281
	5,187	Wm. Wrigley Jr. Co.		269,465

		Total Food Products		493,106

Household Products — 0.8%
	1,000	Kimberly-Clark Corp.		66,520
	2,912	Procter & Gamble Co.		184,592

		Total Household Products		251,112

		TOTAL CONSUMER STAPLES		1,489,832

ENERGY — 5.1%
Energy Equipment & Services — 1.7%
	1,200	Baker Hughes Inc.		82,860
	2,600	GlobalSantaFe Corp.		134,940
	2,260	Grant Prideco Inc.*		85,360
	5,140	Weatherford International Ltd.*		211,152

		Total Energy Equipment & Services		514,312

Oil, Gas & Consumable Fuels — 3.4%
	8,450	Anadarko Petroleum Corp.		392,249
	850	Chevron Corp.		57,120
	3,850	Exxon Mobil Corp.		274,967
	2,960	Murphy Oil Corp.		139,593
	5,390	Williams Cos. Inc.		131,678

		Total Oil, Gas & Consumable Fuels		995,607

		TOTAL ENERGY		1,509,919

FINANCIALS — 8.3%
Capital Markets — 3.1%
	800	Franklin Resources Inc.		91,168
	3,350	Lehman Brothers Holdings Inc.		260,764
	6,160	Merrill Lynch & Co. Inc.		538,507
	350	State Street Corp.		22,481

		Total Capital Markets		912,920

Consumer Finance — 0.7%
	3,450	American Express Co.		199,444

Diversified Financial Services — 1.2%
	3,356	Bank of America Corp.		180,788
	3,820	JPMorgan Chase & Co.		181,221

		Total Diversified Financial Services		362,009

See Notes to Financial Statements.

Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value 2006 Semi-Annual Report 5


	Schedule of Investments (October 31, 2006) (unaudited) (continued)


Shares		Security	Value

Insurance — 1.8%
	5,120	American International Group Inc.	$	343,910
	3,540	Chubb Corp.		188,151

		Total Insurance		532,061

Thrifts & Mortgage Finance — 1.5%
	3,380	MGIC Investment Corp.		198,609
	6,200	PMI Group Inc.		264,430

		Total Thrifts & Mortgage Finance		463,039

		TOTAL FINANCIALS		2,469,473

HEALTH CARE — 11.3%
Biotechnology — 5.1%
	4,860	Amgen Inc.*		368,923
	9,870	Biogen Idec Inc.*		469,812
	2,395	Genentech Inc.*		199,503
	3,110	Genzyme Corp.*		209,956
	5,200	ImClone Systems Inc.*		162,708
	10,820	Millennium Pharmaceuticals Inc.*		126,594

		Total Biotechnology		1,537,496

Health Care Providers & Services — 1.0%
	5,840	UnitedHealth Group Inc.		284,875

Pharmaceuticals — 5.2%
	4,060	Abbott Laboratories		192,891
	1,500	Eli Lilly & Co.		84,015
	2,820	Forest Laboratories Inc.*		138,011
	2,140	GlaxoSmithKline PLC, ADR		113,955
	7,205	Johnson & Johnson		485,617
	1,450	Novartis AG, ADR		88,058
	9,800	Pfizer Inc.		261,170
	3,730	Wyeth		190,342

		Total Pharmaceuticals		1,554,059

		TOTAL HEALTH CARE		3,376,430

INDUSTRIALS — 5.5%
Aerospace & Defense — 2.2%
	1,300	Boeing Co.		103,818
	5,460	Honeywell International Inc.		229,976
	1,760	L-3 Communications Holdings Inc.		141,715
	3,520	Raytheon Co.		175,824

		Total Aerospace & Defense		651,333

Electrical Equipment — 0.4%
	1,450	Emerson Electric Co.		122,380

See Notes to Financial Statements.

6 Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value 2006 Semi-Annual Report


	Schedule of Investments (October 31, 2006) (unaudited) (continued)


Shares		Security	Value

Industrial Conglomerates — 2.0%
	6,940	General Electric Co.	$	243,663
	12,500	Tyco International Ltd.		367,875

		Total Industrial Conglomerates		611,538

Machinery — 0.9%
	2,320	Caterpillar Inc.		140,847
	3,650	Pall Corp.		116,435

		Total Machinery		257,282

		TOTAL INDUSTRIALS		1,642,533

INFORMATION TECHNOLOGY — 13.2%
Communications Equipment — 1.8%
	20,770	Cisco Systems Inc.*		501,180
	1,290	Motorola Inc.		29,748

		Total Communications Equipment		530,928

Computers & Peripherals — 2.4%
	8,600	Dell Inc.*		209,238
	1,800	International Business Machines Corp.		166,194
	1,000	Lexmark International Inc., Class A Shares*		63,590
	1,920	SanDisk Corp.*		92,352
	7,938	Seagate Technology		179,240

		Total Computers & Peripherals		710,614

Electronic Equipment & Instruments — 0.5%
	3,870	Agilent Technologies Inc.*		137,772

Internet Software & Services — 1.4%
	3,000	eBay Inc.*		96,390
	2,500	VeriSign Inc.*		51,700
	10,800	Yahoo! Inc.*		284,472

		Total Internet Software & Services		432,562

Semiconductors & Semiconductor Equipment — 4.0%
	5,500	Applied Materials Inc.		95,645
	3,500	Broadcom Corp., Class A Shares*		105,945
	4,795	Cree Inc.*		105,442
	12,330	Intel Corp.		263,122
	7,740	Micron Technology Inc.*		111,843
	2,700	Novellus Systems Inc.*		74,655
	17,670	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		171,399
	8,950	Texas Instruments Inc.		270,111

		Total Semiconductors & Semiconductor Equipment		1,198,162

See Notes to Financial Statements.

Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value 2006 Semi-Annual Report 7


	Schedule of Investments (October 31, 2006) (unaudited) (continued)


Shares		Security	Value

Software — 3.1%
	4,360	Advent Software Inc.*	$	161,407
	3,650	Autodesk Inc.*		134,138
	3,400	Electronic Arts Inc.*		179,826
	15,350	Microsoft Corp.		440,698

		Total Software		916,069

		TOTAL INFORMATION TECHNOLOGY		3,926,107

MATERIALS — 2.3%
Chemicals — 0.9%
	2,250	Dow Chemical Co.		91,778
	3,900	E.I. du Pont de Nemours & Co.		178,620

		Total Chemicals		270,398

Metals & Mining — 0.7%
	6,830	Alcoa Inc.		197,455

Paper & Forest Products — 0.7%
	3,385	Weyerhaeuser Co.		215,252

		TOTAL MATERIALS		683,105

TELECOMMUNICATION SERVICES — 1.4%
Diversified Telecommunication Services — 0.7%
	5,905	Verizon Communications Inc.		218,485

Wireless Telecommunication Services — 0.7%
	8,055	Vodafone Group PLC, ADR		208,222

		TOTAL TELECOMMUNICATION SERVICES		426,707

		TOTAL COMMON STOCKS (Cost — $16,612,858)		19,028,962


Face
Amount

U.S. GOVERNMENT & AGENCY OBLIGATIONS — 27.4%
U.S. Government Agencies — 12.4%
$	800,000	Federal Home Loan Bank (FHLB), Global Bonds, 4.625% due 7/18/07	796,736
	800,000	Federal Home Loan Mortgage Corp. (FHLMC), Notes, 3.625% due 9/15/08	782,140
	2,100,000	Federal National Mortgage Association (FNMA), Notes, 5.750% due 2/15/08	2,119,076

		Total U.S. Government Agencies	3,697,952

See Notes to Financial Statements.

8 Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value 2006 Semi-Annual Report


	Schedule of Investments (October 31, 2006) (unaudited) (continued)


Face
Amount		Security	Value

U.S. Government Obligations — 15.0%
		U.S. Treasury Notes:
$	846,000	4.000% due 4/15/10	$	830,567
	750,000	5.000% due 2/15/11		763,799
	500,000	4.875% due 2/15/12		507,637
	600,000	4.375% due 8/15/12		594,727
	1,805,000	4.250% due 8/15/14		1,765,023

		Total U.S. Government Obligations		4,461,753

		TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost — $8,112,158)		8,159,705

		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost — $24,725,016)		27,188,667

SHORT-TERM INVESTMENTS — 8.8%
Repurchase Agreements — 8.8%
	1,510,000	Interest in $8,280,000 joint tri-party repurchase agreement dated 10/31/06 with Deutsche Bank Securities Inc., 5.290% due 11/1/06; Proceeds at maturity — $1,510,222; (Fully collateralized by various U.S. government agency obligations, 1.370% to 5.000% due 1/1/18 to 7/15/35; Market value — $1,540,200)		1,510,000
	1,127,000	Interest in $443,169,000 joint tri-party repurchase agreement dated 10/31/06 with Greenwich Capital Markets Inc., 5.280% due 11/1/06; Proceeds at maturity — $1,127,165; (Fully collateralized by various U.S. government agency obligations, 3.314% to 6.554% due 11/1/28 to 11/1/36; Market value — $1,149,548)		1,127,000

		TOTAL SHORT-TERM INVESTMENTS (Cost — $2,637,000)		2,637,000

		TOTAL INVESTMENTS — 100.0% (Cost — $27,362,016#)		29,825,667
		Other Assets in Excess of Liabilities — 0.0%		12,013

		TOTAL NET ASSETS — 100.0%	$	29,837,680


*		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.

Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value 2006 Semi-Annual Report 9


	Statement of Assets and Liabilities (October 31, 2006) (unaudited)


ASSETS:
	Investments, at value (Cost — $27,362,016)	$	29,825,667
	Cash		836
	Interest and dividends receivable		86,415
	Receivable for Fund shares sold		12,226
	Prepaid expenses		24,934

	Total Assets		29,950,078

LIABILITIES:
	Payable for Fund shares repurchased		36,232
	Investment management fee payable		16,336
	Distribution fees payable		5,413
	Directors’ fees payable		607
	Accrued expenses		53,810

	Total Liabilities		112,398

Total Net Assets		$	29,837,680

NET ASSETS:
	Par value (Note 6)	$	2,299
	Paid-in capital in excess of par value		26,559,666
	Undistributed net investment income		208,413
	Accumulated net realized gain on investments		603,651
	Net unrealized appreciation on investments		2,463,651

Total Net Assets		$	29,837,680

Shares Outstanding:
	Class A		1,371,487

	Class B		547,941

	Class C		379,200

Net Asset Value:
	Class A (and redemption price)		$13.02

	Class B*		$12.93

	Class C*		$12.93

Maximum Public Offering Price Per Share:
	Class A (based on maximum initial sales charge of 5.00%)		$13.71

* 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.

10 Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value 2006 Semi-Annual Report


	Statement of Operations (For the six months ended October 31, 2006) (unaudited)


INVESTMENT INCOME:
	Interest	$	324,679
	Dividends		189,726
	Less: Foreign taxes withheld		(1,297	)

	Total Investment Income		513,108

EXPENSES:
	Investment management fee (Note 2)		135,350
	Distribution fees (Notes 2 and 4)		80,301
	Registration fees		20,739
	Merger and proxy fees		19,539
	Transfer agent fees (Note 4)		18,027
	Shareholder reports (Note 4)		12,968
	Audit and tax		12,895
	Legal fees		8,783
	Custody fees		1,702
	Directors’ fees		954
	Insurance		380
	Miscellaneous expenses		4,612

	Total Expenses		316,250
	Less: Fee waivers and/or expense reimbursements (Notes 2 and 7)		(15,106	)

	Net Expenses		301,144

Net Investment Income			211,964

REALIZED AND UNREALIZED GAIN ON INVESTMENTS (NOTES 1 AND 3):
	Net Realized Gain From Investment Transactions		638,659
	Change in Net Unrealized Appreciation/ Depreciation From Investments		332,713

Net Gain on Investments			971,372

Increase in Net Assets From Operations		$	1,183,336

See Notes to Financial Statements.

Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value 2006 Semi-Annual Report 11


	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 income	$	211,964		$	236,324
	Net realized gain		638,659			328,470
	Change in net unrealized appreciation/depreciation		332,713			2,463,851

	Increase in Net Assets From Operations		1,183,336			3,028,645

DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTES 1 AND 5):
	Net investment income		(62,824	)		(210,002	)
	Net realized gains		(196,704	)		(172,882	)

	Decrease in Net Assets From Distributions to Shareholders		(259,528	)		(382,884	)

FUND SHARE TRANSACTIONS (NOTE 6):
	Net proceeds from sale of shares		4,470,041			15,811,286
	Reinvestment of distributions		170,278			256,288
	Cost of shares repurchased		(14,290,553	)		(6,044,846	)

	Increase (Decrease) in Net Assets From Fund Share Transactions		(9,650,234	)		10,022,728

Increase (Decrease) in Net Assets			(8,726,426	)		12,668,489
NET ASSETS:
	Beginning of period		38,564,106			25,895,617

	End of period*	$	29,837,680		$	38,564,106

* Includes undistributed net investment income of:			$208,413			$59,273

See Notes to Financial Statements.

12 Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value 2006 Semi-Annual Report


	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(3)

Net Asset Value, Beginning of Period			$12.56			$11.56			$11.40

Income From Operations:
	Net investment income		0.08			0.11			0.04
	Net realized and unrealized gain		0.46			1.04			0.12

Total Income From Operations			0.54			1.15			0.16

Less Distributions From:
	Net investment income		(0.02	)		(0.09	)		—
	Net realized gains		(0.06	)		(0.06	)		—

Total Distributions			(0.08	)		(0.15	)		—

Net Asset Value, End of Period			$13.02			$12.56			$11.56

Total Return(4)			4.38	%		9.97	%		1.40	%

Net Assets, End of Period (000s)			$17,853			$16,539			$12,368

Ratios to Average Net Assets:
	Gross expenses		1.61	%(5)		1.70	%		2.91	%(5)
	Net expenses(6)(7)		1.54	(5)(8)		1.39			1.40	(5)
	Net investment income		1.26	(5)		0.87			0.59	(5)

Portfolio Turnover Rate			24	%		52	%		36	%


⁽¹⁾		Per share amounts have been calculated using the average shares method.

⁽²⁾		For the six months ended October 31, 2006 (unaudited).

⁽³⁾		For the period August 6, 2004 (inception date) to April 30, 2005.

⁽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 A shares will not exceed 1.40%.

⁽⁷⁾		Reflects fee waivers and/or expense reimbursements.

⁽⁸⁾		The ratio of expenses to average net assets of Class A shares exceeds the voluntary expense limitation by 0.14% due to extraordinary expenses.

See Notes to Financial Statements.

Legg Mason Partners Multiple Discipline Funds Balanced All 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 B Shares(1)		2006(2)			2006			2005(3)

Net Asset Value, Beginning of Period			$12.50			$11.51			$11.41

Income (Loss) From Operations:
	Net investment income (loss)		0.03			0.01			(0.01	)
	Net realized and unrealized gain		0.46			1.04			0.11

Total Income From Operations			0.49			1.05			0.10

Less Distributions From:
	Net investment income		(0.00	)(4)		—			—
	Net realized gains		(0.06	)		(0.06	)		—

Total Distributions			(0.06	)		(0.06	)		—

Net Asset Value, End of Period			$12.93			$12.50			$11.51

Total Return(5)			3.98	%		9.12	%		0.88	%

Net Assets, End of Period (000s)			$7,083			$7,072			$5,396

Ratios to Average Net Assets:
	Gross expenses		2.46	%(6)		2.53	%		4.09	%(6)
	Net expenses(7)(8)		2.28	(6)(9)		2.14			2.15	(6)
	Net investment income (loss)		0.52	(6)		0.12			(0.15	)(6)

Portfolio Turnover Rate			24	%		52	%		36	%


⁽¹⁾		Per share amounts have been calculated using the average shares method.

⁽²⁾		For the six months ended October 31, 2006 (unaudited).

⁽³⁾		For the period August 16, 2004 (inception date) to April 30, 2005.

⁽⁴⁾		Amount represents less than $0.01 per share.

⁽⁵⁾		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.

⁽⁶⁾		Annualized.

⁽⁷⁾		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%.

⁽⁸⁾		Reflects fee waivers and/or expense reimbursements.

⁽⁹⁾		The ratio of expenses to average net assets of Class B shares exceeds the voluntary expense limitation by 0.13% due to extraordinary expenses.

See Notes to Financial Statements.

14 Legg Mason Partners Multiple Discipline Funds Balanced All 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 C Shares(1)		2006(2)			2006			2005(3)

Net Asset Value, Beginning of Period			$12.49			$11.50			$11.41

Income (Loss) From Operations:
	Net investment income (loss)		0.03			0.02			(0.01	)
	Net realized and unrealized gain		0.47			1.03			0.10

Total Income From Operations			0.50			1.05			0.09

Less Distributions From:
	Net investment income		(0.00	)(4)		—			—
	Net realized gains		(0.06	)		(0.06	)		—

Total Distributions			(0.06	)		(0.06	)		—

Net Asset Value, End of Period			$12.93			$12.49			$11.50

Total Return(5)			4.07	%		9.13	%		0.79	%

Net Assets, End of Period (000s)			$4,902			$5,426			$4,538

Ratios to Average Net Assets:
	Gross expenses		2.34	%(6)		2.45	%		3.79	%(6)
	Net expenses(7)(8)		2.28	(6)(9)		2.13			2.15	(6)
	Net investment income (loss)		0.53	(6)		0.13			(0.16	)(6)

Portfolio Turnover Rate			24	%		52	%		36	%


⁽¹⁾		Per share amounts have been calculated using the average shares method.

⁽²⁾		For the six months ended October 31, 2006 (unaudited).

⁽³⁾		For the period August 16, 2004 (inception date) to April 30, 2005.

⁽⁴⁾		Amount represents less than $0.01 per share.

⁽⁵⁾		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.

⁽⁶⁾		Annualized.

⁽⁷⁾		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%.

⁽⁸⁾		Reflects fee waivers and/or expense reimbursements.

⁽⁹⁾		The ratio of expenses to average net assets of Class C shares exceeds the voluntary expense limitation by 0.13% due to extraordinary expenses.

See Notes to Financial Statements.

Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value 2006 Semi-Annual Report 15

Notes to Financial Statements (unaudited)


1.	Organization and Significant Accounting Policies

Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value (the “Fund”) is a separate 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) Distributions to Shareholders. Distributions from net investment income and distributions of net realized gains, if any, are declared at least annually. Distributions to

16 Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value 2006 Semi-Annual Report

Notes to Financial Statements (unaudited) (continued)

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.

(e) 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.

(f) 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.

(g) 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 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, ClearBridge Advisers, LLC (“ClearBridge”), formerly known as CAM North America LLC, became a subadviser to the Fund’s All Cap Growth and All Cap Value segments and responsible for the Fund’s coordinating portfolio management, and Western Asset Management Company (“Western Asset”) became subadviser to the Fund’s Fixed Income — Government Securities Management segment. The portfolio managers who are responsible for the day-to-day management of the Fund remained the same immediately prior to and immediately after the date of these changes. LMPFA provides administrative and certain oversight services to the Fund and delegates day-to-day management of the Fund to the subadvisers, except LMPFA is responsible for

Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value 2006 Semi-Annual Report 17

Notes to Financial Statements (unaudited) (continued)

management of the Fund’s cash and short-term instruments. LMPFA, Western Asset and ClearBridge are wholly-owned subsidiaries of Legg Mason.

The Fund’s investment management fee remains unchanged. For its services, LMPFA pays Western Asset and ClearBridge 70% of the management fee, net of expense waivers and reimbursements, it receives from the Fund. This fee is divided between the subadvisers on a pro rata basis, based on the assets allocated to each subadviser, from time to time.

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, SBFM and LMPFA waived a portion of their fee in the amount of $15,074. In addition, during the six months ended October 31, 2006, the Fund was reimbursed for expenses amounting to $32.

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 $1,000 on sales of the Fund’s Class A shares. In addition, for the six months ended October 31, 2006, CDSCs paid to LMIS and its affiliates were approximately:


	Class B		Class C

CDSCs	$	9,000	$	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.

18 Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value 2006 Semi-Annual Report

Notes to Financial Statements (unaudited) (continued)


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) and U.S. Government & Agency Obligations were as follows:


			U.S. Government &
	Investments		Agency Obligations

Purchases	$	1,513,209	$	6,329,316

Sales		7,531,425		9,380,779

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	$	2,773,686
Gross unrealized depreciation		(310,035	)

Net unrealized appreciation	$	2,463,651


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 respective class. Distribution fees are accrued daily and paid monthly.

For the six months ended October 31, 2006, class specific expenses were as follows:


	Distribution		Transfer		Shareholder
	Fees		Agent Fees		Reports Expenses

Class A	$	20,823	$	10,490	$	5,508
Class B		34,365		6,119		4,285
Class C		25,113		1,415		3,169
Class Y†		—		3		6

Total	$	80,301	$	18,027	$	12,968


†		On September 8, 2006, Class Y shares were liquidated.

Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value 2006 Semi-Annual Report 19

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	$	30,704	$	123,219
	Class B		997		—
	Class C		722		—
	Class Y†		30,401		86,783

	Total	$	62,824	$	210,002

Net Realized Gains:
	Class A	$	83,100	$	78,644
	Class B		34,287		31,977
	Class C		24,802		27,613
	Class Y†		54,515		34,648

	Total	$	196,704	$	172,882


†		On September 8, 2006, Class Y shares were liquidated.


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		164,572		$	2,067,370			453,099		$	5,479,835
Shares issued on reinvestment		9,049			112,933			16,209			199,357
Shares repurchased		(119,374	)		(1,490,346	)		(221,827	)		(2,730,124	)

Net Increase		54,247		$	689,957			247,481		$	2,949,068

Class B
Shares sold		38,012		$	469,413			244,889		$	2,949,695
Shares issued on reinvestment		2,760			34,246			2,553			31,179
Shares repurchased		(58,769	)		(723,017	)		(150,437	)		(1,812,947	)

Net Increase (Decrease)		(17,997	)	$	(219,358	)		97,005		$	1,167,927

Class C
Shares sold		17,249		$	212,040			150,508		$	1,796,657
Shares issued on reinvestment		1,861			23,099			2,109			25,752
Shares repurchased		(74,172	)		(919,469	)		(112,740	)		(1,379,416	)

Net Increase (Decrease)		(55,062	)	$	(684,330	)		39,877		$	442,993

20 Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value 2006 Semi-Annual Report

Notes to Financial Statements (unaudited) (continued)


	Six Months Ended						Year Ended
	October 31, 2006						April 30, 2006

	Shares			Amount			Shares			Amount

Class Y†
Shares sold		138,773		$	1,721,218			457,203		$	5,585,099
Shares repurchased		(896,079	)		(11,157,721	)		(10,204	)		(122,359	)

Net Increase (Decrease)		(757,306	)	$	(9,436,503	)		446,999		$	5,462,740


†		On September 8, 2006, Class Y shares were liquidated.


7.	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

Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value 2006 Semi-Annual Report 21

Notes to Financial Statements (unaudited) (continued)

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 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.


8.	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 7. The complaints seek injunctive relief and compensatory and punitive damages, removal of SBFM as the investment manager 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 manager and its affiliates to continue to render services to the Funds 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

22 Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value 2006 Semi-Annual Report

Notes to Financial Statements (unaudited) (continued)

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 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 1940 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 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 Fund was not identified in the Second Amended Complaint. 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.


9.	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

Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value 2006 Semi-Annual Report 23

Notes to Financial Statements (unaudited) (continued)

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.


10.	Additional Shareholder Information

24 Legg Mason Partners Multiple Discipline Funds Balanced All 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 two separate new subadvisory agreements between the Manager and each of ClearBridge Advisors, LLC, formerly known as CAM North America, LLC, and Western Asset Management Company (each a “Subadviser”) (each a “New Subadvisory Agreement”). The New Management Agreement and the New Subadvisory Agreements 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 Subadvisers’ parent organization, Legg Mason. In approving the New Management Agreement and New Subadvisory Agreements, 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 each of the Subadvisers 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 Subadvisers under the New Subadvisory Agreements. The Board members’ evaluation of the services expected to be provided by the Manager and the Subadvisers 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 Subadvisers and the qualifications, backgrounds and responsibilities of their senior personnel. The Board members further considered the financial resources available to the Manager, the Subadvisers 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 Agreements 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

Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value 25

Board Approval of Management and Subadvisory

Agreements (unaudited) (continued)

Lipper used to determine the similarity of the Fund to the funds included in the 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 benchmarks. 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 Agreements.

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 Subadvisers in light of the nature, extent and quality of the management services expected to be provided by the Subadvisers. The Board members noted that the Manager, and not the Fund, will pay the subadvisory fee to each Subadviser. The Board members determined that the Fund’s management fee and the Fund’s subadvisory fees 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 Agreements.

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 Agreements.

The Board members considered Legg Mason’s advice and the advice of its counsel that the New Management Agreement and the New Subadvisory Agreements were being entered into in connection with an internal reorganization within Legg Mason, that did

26 Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value

Board Approval of Management and Subadvisory

Agreements (unaudited) (continued)

not involve an actual change of control or management. The Board members further noted 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 Agreements. 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 Agreements. 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 Agreements in private sessions with their independent legal counsel at which no representatives of the Manager or Subadvisers were present.

Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value 27

Additional Shareholder Information (unaudited)

Results of Special Meetings of Shareholders

On October 19, 2006, a Special Meeting of Shareholders was held to approve an Agreement and Plan of Reorganization, providing for (i) the acquisition of all of the assets and the assumption of all of the liabilities of Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value (the “Acquired Fund”), in exchange for shares of Legg Mason Partners Capital and Income Fund (the “Acquiring Fund”) to be distributed to the shareholders of the Acquired Fund and (ii) the subsequent termination of the Acquired Fund. The following table provides the number of votes cast for or against, as well as the number of abstentions and broker non-votes for the matter voted on at the Special Meeting of Shareholders.

Approval of Agreement and Plan of Reorganization


					Broker
Votes For	Votes Against		Abstentions		Non-Votes

1,668,982.626		59,758.312		113,098.284		0.000

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		3,106,849.666		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 Balanced All Cap Growth and Value

Legg Mason Partners
Multiple Discipline Funds
Balanced All 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

SUBADVISERS

ClearBridge Advisors, LLC
Western Asset Management Company

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 Balanced All 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 FD03081 12/06 SR06-196		Legg Mason Partners Multiple Discipline Funds Balanced All 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 BALANCED ALL 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 related 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 y27685exv99wcert.htm EX-99.CERT: CERTIFICATION EX-99.CERT

CERTIFICATIONS PURSUANT TO SECTION 302
EX-99.CERT

CERTIFICATIONS

I, R. Jay Gerken, certify that:

I have reviewed this report on Form N-CSR of Legg Mason Partners Investment Funds, Inc. — Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value;

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;

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;

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

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:

I have reviewed this report on Form N-CSR of Legg Mason Partners Investment Funds, Inc. — Legg Mason Partners Multiple Discipline Funds Balanced All Cap Growth and Value;

	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

	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 y27685exv99w906cert.htm EX-99.906CERT: CERTIFICATION 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 Balanced All 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
Balanced All Cap Growth and Value				Balanced All 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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