N-CSRS

-----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, FMNiaZF5nxGfUUQ9MSkrrm/NvHRLRVy/Sbl4+2bRN1hWBHaim20BGedO6iknts/Z 4jbUbkV6YCh5bjdqkzSmQg== 0000950123-07-000195.txt : 20070108 0000950123-07-000195.hdr.sgml : 20070108 20070108132413 ACCESSION NUMBER: 0000950123-07-000195 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: 07516904 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 S000008865 Legg Mason Partners Multiple Discipline Funds - Global All Cap Growth and Value Fund

C000024131 Class Y

C000024132 Class A spgax

C000024133 Class B spggx

C000024134 Class C spglx

N-CSRS 1 y27711nvcsrs.htm FORM N-CSRS N-CSRS

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 Semi-Annual Report to Stockholders is filed herewith.



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



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

Legg Mason Partners
Multiple Discipline Funds
Global All 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		11

Statement of Operations		12

Statements of Changes in Net Assets		13

Financial Highlights		14

Notes to Financial Statements		17

Board Approval of Management and Subadvisory Agreements		27

Additional Shareholder Information		30

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.
	International equities also generated positive results during the reporting period but lagged their U.S. counterparts. During the six months ended October 31, 2006, the MSCI EAFE Index^v returned 3.77%. As was the case in the U.S., international equities declined during the first three months of the period and then rallied sharply. One notable exception

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

was Japan, as its equity market was weak throughout the reporting period. Mixed economic data and concerns over the likelihood of higher interest rates dragged its market down.

Performance Review

For the six months ended October 31, 2006, Class A shares of Legg Mason Partners Multiple Discipline Funds Global All Cap Growth and Value, excluding sales charges, returned 5.58%. In comparison, the Fund’s unmanaged benchmarks, the Russell 3000 Index^vi, the MSCI EAFE Index and the MSCI World Growth Index^vii returned 5.12%, 3.77% and 2.11%, respectively, for the same period. The Lipper Global Multi-Cap Growth Funds Category Average¹ increased 1.39% over the same time frame.


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


		Six Months

MDF Global All Cap Growth and Value—Class A Shares		5.58%

Russell 3000 Index		5.12%

MSCI EAFE Index		3.77%

MSCI World Growth Index		2.11%

Lipper Global Multi-Cap Growth Funds Category Average		1.39%


	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 5.10% and Class C shares returned 5.19% 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 72 funds in the Fund’s Lipper category, and excluding sales charges.

II Legg Mason Partners Multiple Discipline Funds Global All 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 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 — Global All Cap Growth and Value Fund.

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

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

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,

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. 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 fluctuation. 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 MSCI EAFE Index is an unmanaged index of common stocks of companies located in Europe, Australasia and the Far East.

^vi		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.

^vii		The MSCI World Growth Index is an unmanaged index considered representative of growth stocks of developed countries.

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

Fund at a Glance (unaudited)


	Investment Breakdown

Legg Mason Partners Multiple Discipline Funds Global 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		5.58	%	$	1,000.00	$	1,055.80		1.24	%	$	6.43

Class B		5.10			1,000.00		1,051.00		2.04			10.55

Class C		5.19			1,000.00		1,051.90		1.98			10.24


⁽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 Global 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	$	1,018.95		1.24	%	$	6.31

Class B		5.00			1,000.00		1,014.92		2.04			10.36

Class C		5.00			1,000.00		1,015.22		1.98			10.06


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


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

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


Shares		Security	Value

COMMON STOCKS — 97.2%
CONSUMER DISCRETIONARY — 18.5%
Automobiles — 0.4%
	14,300	Honda Motor Co., Ltd., ADR	$	505,219

Hotels, Restaurants & Leisure — 0.6%
	19,130	McDonald’s Corp.		801,930

Household Durables — 1.0%
	13,000	Koninklijke Philips Electronics NV, New York Registered Shares		452,790
	28,085	Newell Rubbermaid Inc.		808,286

		Total Household Durables		1,261,076

Internet & Catalog Retail — 2.5%
	49,000	Amazon.com Inc.*		1,866,410
	32,145	Expedia Inc.*		522,356
	27,145	IAC/ InterActiveCorp.*		840,952

		Total Internet & Catalog Retail		3,229,718

Media — 10.0%
	39,800	Cablevision Systems Corp., New York Group, Class A Shares*		1,106,042
	45,400	Comcast Corp., Special Class A Shares*		1,837,792
	17,420	Discovery Holding Co., Class A Shares*		258,513
	11,500	EchoStar Communications Corp., Class A Shares*		408,480
	25,600	Grupo Televisa SA, ADR		631,808
	10,531	Liberty Global Inc., Series A Shares*		276,333
	3,836	Liberty Global Inc., Series C Shares*		97,550
	14,275	Liberty Media Holding Corp., Capital Group, Series A Shares*		1,271,332
	96,375	Liberty Media Holding Corp., Interactive Group, Series A Shares*		2,126,996
	64,200	News Corp., Class B Shares		1,395,708
	98,240	Time Warner Inc.		1,965,782
	33,900	Walt Disney Co.		1,066,494
	6,410	WPP Group PLC, ADR		410,240

		Total Media		12,853,070

Multiline Retail — 0.4%
	7,750	Target Corp.		458,645

Specialty Retail — 3.6%
	25,500	Bed Bath & Beyond Inc.*		1,027,395
	43,000	Charming Shoppes Inc.*		636,400
	77,795	Home Depot Inc.		2,904,087

		Total Specialty Retail		4,567,882

		TOTAL CONSUMER DISCRETIONARY		23,677,540

See Notes to Financial Statements.

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


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


Shares		Security	Value

CONSUMER STAPLES — 7.4%
Beverages — 2.2%
	30,050	Coca-Cola Co.	$	1,403,936
	5,840	Diageo PLC, ADR		434,905
	14,740	PepsiCo Inc.		935,105

		Total Beverages		2,773,946

Food & Staples Retailing — 1.7%
	23,790	Kroger Co.		535,037
	18,930	Tesco PLC, ADR		428,291
	12,900	Wal-Mart de Mexico SA de CV, Series V Shares, ADR		447,953
	15,000	Wal-Mart Stores Inc.		739,200

		Total Food & Staples Retailing		2,150,481

Food Products — 1.8%
	16,100	Groupe Danone, ADR		505,379
	8,930	Nestle SA, ADR		765,748
	20,675	Wm. Wrigley Jr. Co.		1,074,066

		Total Food Products		2,345,193

Household Products — 0.8%
	7,540	Kimberly-Clark Corp.		501,561
	9,000	Procter & Gamble Co.		570,510

		Total Household Products		1,072,071

Tobacco — 0.9%
	14,800	Altria Group Inc.		1,203,684

		TOTAL CONSUMER STAPLES		9,545,375

ENERGY — 7.5%
Energy Equipment & Services — 2.3%
	13,000	Grant Prideco Inc.*		491,010
	20,000	Halliburton Co.		647,000
	6,000	Noble Corp.		420,600
	32,600	Weatherford International Ltd.*		1,339,208

		Total Energy Equipment & Services		2,897,818

Oil, Gas & Consumable Fuels — 5.2%
	35,200	Anadarko Petroleum Corp.		1,633,984
	11,350	BP PLC, ADR		761,585
	11,546	ConocoPhillips		695,531
	18,800	Exxon Mobil Corp.		1,342,696
	3,050	Royal Dutch Shell PLC, ADR, Class A Shares		212,341
	5,500	Suncor Energy Inc.		421,575
	23,580	Total SA, ADR		1,606,741

		Total Oil, Gas & Consumable Fuels		6,674,453

		TOTAL ENERGY		9,572,271

See Notes to Financial Statements.

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


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


Shares		Security	Value

FINANCIALS — 15.0%
Capital Markets — 4.5%
	10,500	Bank of New York Co. Inc.	$	360,885
	2,795	Goldman Sachs Group Inc.		530,463
	21,000	Lehman Brothers Holdings Inc.		1,634,640
	25,900	Merrill Lynch & Co. Inc.		2,264,178
	24,510	Nomura Holdings Inc., ADR		431,866
	9,800	UBS AG		586,432

		Total Capital Markets		5,808,464

Commercial Banks — 3.2%
	6,490	Bank of Ireland, ADR		521,796
	5,700	HSBC Holdings PLC, ADR		544,179
	61,130	Mitsubishi UFJ Financial Group Inc., ADR		779,407
	34,200	National Bank of Greece SA, ADR		312,588
	25,510	United Overseas Bank Ltd., ADR		579,077
	13,457	Wachovia Corp.		746,864
	17,600	Wells Fargo & Co.		638,704

		Total Commercial Banks		4,122,615

Consumer Finance — 1.9%
	15,840	American Express Co.		915,710
	9,950	Capital One Financial Corp.		789,334
	5,310	ORIX Corp., ADR		749,241

		Total Consumer Finance		2,454,285

Diversified Financial Services — 1.5%
	14,460	Bank of America Corp.		778,960
	9,960	ING Groep NV, ADR		441,527
	14,500	JPMorgan Chase & Co.		687,880

		Total Diversified Financial Services		1,908,367

Insurance — 3.5%
	14,000	AFLAC Inc.		628,880
	25,200	American International Group Inc.		1,692,684
	11,500	AXA, ADR		438,380
	14,300	Chubb Corp.		760,045
	22,000	Marsh & McLennan Cos. Inc.		647,680
	5,380	St. Paul Travelers Cos. Inc.		275,080

		Total Insurance		4,442,749

Thrifts & Mortgage Finance — 0.4%
	30,000	New York Community Bancorp Inc.		490,500

		TOTAL FINANCIALS		19,226,980

See Notes to Financial Statements.

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


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


Shares		Security	Value

HEALTH CARE — 17.5%
Biotechnology — 9.8%
	28,900	Alkermes Inc.*	$	485,520
	24,900	Amgen Inc.*		1,890,159
	71,600	Biogen Idec Inc.*		3,408,160
	18,900	Genentech Inc.*		1,574,370
	24,900	Genzyme Corp.*		1,680,999
	34,200	ImClone Systems Inc.*		1,070,118
	150,000	Isis Pharmaceuticals Inc.*		1,287,000
	83,998	Millennium Pharmaceuticals Inc.*		982,777
	75,000	Nanogen Inc.*		154,500

		Total Biotechnology		12,533,603

Health Care Equipment & Supplies — 0.4%
	10,880	Smith & Nephew PLC, ADR		529,747

Health Care Providers & Services — 2.3%
	48,900	UnitedHealth Group Inc.		2,385,342
	7,500	WellPoint Inc.*		572,400

		Total Health Care Providers & Services		2,957,742

Pharmaceuticals — 5.0%
	5,000	Abbott Laboratories		237,550
	18,000	Forest Laboratories Inc.*		880,920
	13,170	GlaxoSmithKline PLC, ADR		701,303
	19,655	Johnson & Johnson		1,324,747
	19,450	Novartis AG, ADR		1,181,198
	6,550	Novo-Nordisk A/ S, ADR		492,560
	29,000	Pfizer Inc.		772,850
	18,000	Sanofi-Aventis, ADR		768,420

		Total Pharmaceuticals		6,359,548

		TOTAL HEALTH CARE		22,380,640

INDUSTRIALS — 7.6%
Aerospace & Defense — 1.7%
	7,970	Boeing Co.		636,484
	15,400	L-3 Communications Holdings Inc.		1,240,008
	6,400	Raytheon Co.		319,680

		Total Aerospace & Defense		2,196,172

Building Products — 0.3%
	14,000	Masco Corp.		387,100

Commercial Services & Supplies — 0.4%
	9,125	Avery Dennison Corp.		576,153

See Notes to Financial Statements.

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


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


Shares		Security	Value

Industrial Conglomerates — 4.2%
	39,680	General Electric Co.	$	1,393,165
	11,460	Hutchison Whampoa Ltd., ADR		510,543
	9,000	Textron Inc.		818,370
	24,000	Tomkins PLC, ADR		450,720
	74,750	Tyco International Ltd.		2,199,892

		Total Industrial Conglomerates		5,372,690

Machinery — 1.0%
	25,500	Pall Corp.		813,450
	5,000	Parker Hannifin Corp.		418,150

		Total Machinery		1,231,600

		TOTAL INDUSTRIALS		9,763,715

INFORMATION TECHNOLOGY — 14.9%
Communications Equipment — 2.2%
	75,000	C-COR Inc.*		749,250
	34,000	Cisco Systems Inc.*		820,420
	20,600	Comverse Technology Inc.*		448,462
	43,750	Nokia Oyj, ADR		869,750

		Total Communications Equipment		2,887,882

Computers & Peripherals — 2.6%
	41,920	Dell Inc.*		1,019,913
	8,660	International Business Machines Corp.		799,578
	8,720	SanDisk Corp.*		419,432
	47,069	Seagate Technology		1,062,818

		Total Computers & Peripherals		3,301,741

Electronic Equipment & Instruments — 0.6%
	11,750	Mettler-Toledo International Inc.*		806,638

Internet Software & Services — 0.4%
	19,500	Yahoo! Inc.*		513,630

Office Electronics — 0.6%
	13,975	Canon Inc., ADR		746,125

Semiconductors & Semiconductor Equipment — 4.2%
	25,000	Broadcom Corp., Class A Shares*		756,750
	28,200	Cree Inc.*		620,118
	68,450	Intel Corp.		1,460,723
	58,250	Micron Technology Inc.*		841,713
	54,500	Texas Instruments Inc.		1,644,810

		Total Semiconductors & Semiconductor Equipment		5,324,114

See Notes to Financial Statements.

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


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


Shares		Security	Value

Software — 4.3%
	24,000	Advent Software Inc.*	$	888,480
	27,500	Autodesk Inc.*		1,010,625
	17,000	Electronic Arts Inc.*		899,130
	44,875	Microsoft Corp.		1,288,361
	16,420	SAP AG, ADR		815,089
	18,800	Trend Micro Inc., ADR		593,140

		Total Software		5,494,825

		TOTAL INFORMATION TECHNOLOGY		19,074,955

MATERIALS — 2.6%
Chemicals — 1.7%
	11,550	Air Products & Chemicals Inc.		804,689
	5,980	BASF AG, ADR		526,120
	19,000	E.I. du Pont de Nemours & Co.		870,200

		Total Chemicals		2,201,009

Construction Materials — 0.6%
	19,990	CRH PLC, ADR		715,442

Metals & Mining — 0.3%
	1,990	Rio Tinto PLC, ADR		440,566

		TOTAL MATERIALS		3,357,017

TELECOMMUNICATION SERVICES — 4.3%
Diversified Telecommunication Services — 1.7%
	21,148	AT&T Inc.		724,319
	10,014	Embarq Corp.		484,177
	18,500	Nippon Telegraph & Telephone Corp., ADR		464,905
	8,608	Telefonica SA, ADR		496,681

		Total Diversified Telecommunication Services		2,170,082

Wireless Telecommunication Services — 2.6%
	13,400	ALLTEL Corp.		714,354
	22,150	SK Telecom Co., Ltd., ADR		533,372
	61,988	Sprint Nextel Corp.		1,158,556
	36,212	Vodafone Group PLC, ADR		936,080

		Total Wireless Telecommunication Services		3,342,362

		TOTAL TELECOMMUNICATION SERVICES		5,512,444

UTILITIES — 1.9%
Electric Utilities — 0.9%
	25,520	Endesa SA, ADR		1,119,052

Gas Utilities — 0.4%
	239,100	Hong Kong & China Gas, ADR		558,299

See Notes to Financial Statements.

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


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


Shares		Security	Value

Multi-Utilities — 0.6%
	14,850	Sempra Energy	$	787,644

		TOTAL UTILITIES		2,464,995

		TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost — $101,802,047)		124,575,932


Face
Amount

SHORT-TERM INVESTMENT — 3.0%
Repurchase Agreement — 3.0%
$	3,803,000	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 — $3,803,559; (Fully collateralized by various U.S. government agency obligations, 1.370% to 5.000% due 1/1/18 to 7/15/35; Market value — $3,879,060) (Cost — $3,803,000)		3,803,000

		TOTAL INVESTMENTS — 100.2% (Cost — $105,605,047#)		128,378,932
		Liabilities in Excess of Other Assets — (0.2)%		(212,059	)

		TOTAL NET ASSETS — 100.0%	$	128,166,873


*		Non-income producing security.

#		Aggregate cost for federal income tax purposes is substantially the same.

		Abbreviation used in this schedule:


ADR		— American Depositary Receipt


	Summary of Investments by Country (unaudited)**


United States	76.6	%
United Kingdom	4.6
Japan	3.3
Switzerland	2.6
France	2.6
Spain	1.3
Cayman Islands	1.2
Germany	1.0
Bermuda	1.0
Ireland	1.0
Mexico	0.8
Hong Kong	0.8
Netherlands	0.7
Finland	0.7
Singapore	0.5
South Korea	0.4
Denmark	0.4
Canada	0.3
Greece	0.2

	100.0	%


**	As a percentage of total investments. Please note that Fund holdings are as of October 31, 2006 and are subject to change.

See Notes to Financial Statements.

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


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


ASSETS:
	Investments, at value (Cost — $105,605,047)	$	128,378,932
	Cash		201
	Receivable for securities sold		221,249
	Dividends and interest receivable		90,509
	Receivable for Fund shares sold		32,030
	Prepaid expenses		30,639

	Total Assets		128,753,560

LIABILITIES:
	Payable for securities purchased		267,034
	Payable for Fund shares repurchased		119,462
	Investment management fee payable		80,720
	Distribution fees payable		30,853
	Directors’ fees payable		2,470
	Accrued expenses		86,148

	Total Liabilities		586,687

Total Net Assets		$	128,166,873

NET ASSETS:
	Par value (Note 5)	$	12,461
	Paid-in capital in excess of par value		171,316,483
	Undistributed net investment income		68,320
	Accumulated net realized loss on investments and foreign currency transactions		(66,005,126	)
	Net unrealized appreciation on investments and foreign currencies		22,774,735

Total Net Assets		$	128,166,873

Shares Outstanding:
	Class A		4,283,039

	Class B		2,732,084

	Class C		5,446,242

Net Asset Value:
	Class A (and redemption price)		$10.60

	Class B*		$10.10

	Class C*		$10.13

Maximum Public Offering Price Per Share:
	Class A (based on maximum initial sales charge of 5.00%)		$11.16

* 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 Global All Cap Growth and Value 2006 Semi-Annual Report 11


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


INVESTMENT INCOME:
	Dividends		$	1,346,188
	Interest			187,280
	Less: Foreign taxes withheld			(44,278	)

	Total Investment Income			1,489,190

EXPENSES:
	Investment management fee (Note 2)			595,643
	Distribution fees (Notes 2 and 4)			461,662
	Transfer agent fees (Note 4)			60,093
	Merger and proxy fees			28,748
	Shareholder reports (Note 4)			28,666
	Audit and tax			15,476
	Legal fees			11,439
	Registration fees			11,031
	Directors’ fees			4,591
	Insurance			1,462
	Custody fees			1,058
	Miscellaneous expenses			2,182

	Total Expenses			1,222,051
	Less: Fee waivers and/or expense reimbursements (Notes 2 and 7)			(187	)

	Net Expenses			1,221,864

Net Investment Income				267,326

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 1 AND 3):
	Net Realized Gain (Loss) From:
		Investment transactions		1,141,401
		Foreign currency transactions		(9	)

	Net Realized Gain			1,141,392

	Change in Net Unrealized Appreciation/ Depreciation From:
		Investments		4,548,755
		Foreign currencies		202

	Change in Net Unrealized Appreciation/ Depreciation			4,548,957

Net Gain on Investments and Foreign Currency Transactions				5,690,349

Increase in Net Assets From Operations			$	5,957,675

See Notes to Financial Statements.

12 Legg Mason Partners Multiple Discipline Funds Global All 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 income (loss)	$	267,326		$	(341,161	)
	Net realized gain (loss)		1,141,392			(1,373,704	)
	Change in net unrealized appreciation/depreciation		4,548,957			28,898,251

	Increase in Net Assets From Operations		5,957,675			27,183,386

FUND SHARE TRANSACTIONS (NOTE 5):
	Net proceeds from sale of shares		12,243,720			50,769,835
	Cost of shares repurchased		(63,548,556	)		(36,772,956	)

	Increase (Decrease) in Net Assets From Fund Share Transactions		(51,304,836	)		13,996,879

Increase (Decrease) in Net Assets			(45,347,161	)		41,180,265
NET ASSETS:
	Beginning of period		173,514,034			132,333,769

	End of period*	$	128,166,873		$	173,514,034

Includes undistributed net investment income of:			$68,320			—

Accumulated net investment loss of:			—		$	(199,006	)

See Notes to Financial Statements.

Legg Mason Partners Multiple Discipline Funds Global All Cap Growth and Value 2006 Semi-Annual Report 13


	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			$10.04			$8.35			$8.17			$6.24			$7.52			$9.64

Income (Loss) From Operations:
	Net investment income (loss)		0.03			0.01			0.04			(0.01	)		(0.03	)		(0.07	)
	Net realized and unrealized gain (loss)		0.53			1.68			0.14			1.94			(1.25	)		(2.05	)

Total Income (Loss) From Operations			0.56			1.69			0.18			1.93			(1.28	)		(2.12	)

Net Asset Value, End of Period			$10.60			$10.04			$8.35			$8.17			$6.24			$7.52

Total Return(3)			5.58	%		20.24	%		2.20	%		30.93	%		(17.02	)%		(21.99	)%

Net Assets, End of Period (000s)			$45,407			$46,030			$34,195			$18,263			$6,339			$10,768

Ratios to Average Net Assets:
	Gross expenses		1.24	%(4)		1.28	%		1.30	%		1.28	%		1.63	%		1.35	%
	Net expenses		1.24	(4)(5)(6)		1.27	(5)(6)		1.26	(5)(6)		1.28			1.63			1.35
	Net investment income (loss)		0.58	(4)		0.13			0.44			(0.11	)		(0.54	)		(0.84	)

Portfolio Turnover Rate			13	%		29	%		13	%		96	%		7	%		2	%


⁽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.

14 Legg Mason Partners Multiple Discipline Funds Global 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 B Shares(1)		2006(2)			2006			2005			2004			2003			2002

Net Asset Value, Beginning of Period			$9.61			$8.05			$7.94			$6.11			$7.43			$9.58

Income (Loss) From Operations:
	Net investment loss		(0.01	)		(0.06	)		(0.03	)		(0.08	)		(0.07	)		(0.13	)
	Net realized and unrealized gain (loss)		0.50			1.62			0.14			1.91			(1.25	)		(2.02	)

Total Income (Loss) From Operations			0.49			1.56			0.11			1.83			(1.32	)		(2.15	)

Net Asset Value, End of Period			$10.10			$9.61			$8.05			$7.94			$6.11			$7.43

Total Return(3)			5.10	%		19.38	%		1.39	%		29.95	%		(17.77	)%		(22.44	)%

Net Assets, End of Period (000s)			$27,594			$27,547			$22,975			$17,006			$10,274			$15,359

Ratios to Average Net Assets:
	Gross expenses		2.04	%(4)		2.07	%		2.08	%		2.10	%		2.40	%		2.04	%
	Net expenses		2.04	(4)(5)(6)		2.06	(5)(6)		2.05	(5)(6)		2.10			2.40			2.04
	Net investment loss		(0.22	)(4)		(0.67	)		(0.35	)		(1.05	)		(1.31	)		(1.54	)

Portfolio Turnover Rate			13	%		29	%		13	%		96	%		7	%		2	%


⁽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 B shares will not exceed 2.15%.

⁽⁶⁾		Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

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


	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			$9.63			$8.07			$7.95			$6.12			$7.43			$9.58

Income (Loss) From Operations:
	Net investment loss		(0.01	)		(0.05	)		(0.03	)		(0.08	)		(0.07	)		(0.13	)
	Net realized and unrealized gain (loss)		0.51			1.61			0.15			1.91			(1.24	)		(2.02	)

Total Income (Loss) From Operations			0.50			1.56			0.12			1.83			(1.31	)		(2.15	)

Net Asset Value, End of Period			$10.13			$9.63			$8.07			$7.95			$6.12			$7.43

Total Return(3)			5.19	%		19.33	%		1.51	%		29.90	%		(17.63	)%		(22.44	)%

Net Assets, End of Period (000s)			$55,166			$57,776			$62,485			$60,193			$52,173			$90,857

Ratios to Average Net Assets:
	Gross expenses		1.98	%(4)		2.01	%		2.07	%		2.09	%		2.27	%		2.04	%
	Net expenses		1.98	(4)(5)(6)		1.98	(5)(6)		2.03	(5)(6)		2.09			2.27			2.04
	Net investment loss		(0.15	)(4)		(0.59	)		(0.35	)		(1.10	)		(1.18	)		(1.54	)

Portfolio Turnover Rate			13	%		29	%		13	%		96	%		7	%		2	%


⁽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 C shares will not exceed 2.15%.

⁽⁶⁾		Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

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

Notes to Financial Statements (unaudited)


1.	Organization and Significant Accounting Policies

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

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) Foreign Risk. The Fund’s investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies and may require settlement in foreign currencies and pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

(f) 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.

(g) 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.

(h) 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.

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

Notes to Financial Statements (unaudited) (continued)

(i) 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 at an annual rate of 0.75% of the Fund’s average daily net assets.

Effective August 1, 2006, Legg Mason Partners Fund Advisor, LLC (“LMPFA”) became the Fund’s investment manager and ClearBridge Advisors, 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 management fee it receives from the Fund, after expense waivers and reimbursements.

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 amounting to $187.

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 $4,000 on sales of the Fund’s Class A shares. In addition, for the

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

Notes to Financial Statements (unaudited) (continued)

six months ended October 31, 2006, CDSCs paid to LMIS and its affiliates were approximately:


	Class B		Class C

CDSCs	$	18,000	$	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	$	19,228,064

Sales		63,972,766

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	$	27,727,669
Gross unrealized depreciation		(4,953,784	)

Net unrealized appreciation	$	22,773,885


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 Agent		Shareholder
	Fees		Fees		Reports Expenses

Class A	$	55,607	$	23,714	$	6,344
Class B		133,710		17,231		7,301
Class C		272,345		18,945		15,001
Class Y†		—		203		20

Total	$	461,662	$	60,093	$	28,666


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

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

Notes to Financial Statements (unaudited) (continued)

5. 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		264,845		$	2,600,019			1,512,684		$	13,962,585
Shares repurchased		(565,001	)		(5,579,130	)		(1,022,726	)		(9,436,724	)

Net Increase (Decrease)		(300,156	)	$	(2,979,111	)		489,958		$	4,525,861

Class B
Shares sold		129,263		$	1,212,220			762,713		$	6,746,191
Shares repurchased		(264,661	)		(2,490,253	)		(747,657	)		(6,691,609	)

Net Increase (Decrease)		(135,398	)	$	(1,278,033	)		15,056		$	54,582

Class C
Shares sold		119,811		$	1,127,266			567,857		$	5,087,576
Shares repurchased		(671,784	)		(6,334,924	)		(2,312,855	)		(20,644,598	)

Net Decrease		(551,973	)	$	(5,207,658	)		(1,744,998	)	$	(15,557,022	)

Class Y†
Shares sold		752,488		$	7,304,215			2,657,169		$	24,973,483
Shares repurchased		(4,924,364	)		(49,144,249	)		(3	)		(25	)

Net Increase (Decrease)		(4,171,876	)	$	(41,840,034	)		2,657,166		$	24,973,458


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


6.	Capital loss Carryforward

As of April 30, 2006, the Fund had, for federal income tax purposes, a net capital loss carryforward of approximately $65,645,856, of which $2,212,646 expires in 2009, $13,947,299 expires in 2010, $35,524,842 expires in 2011, $7,193,790 expires in 2012, $6,674,357 expires in 2013, and $92,922 expires in 2014. These amounts will be available to offset any future taxable capital gains.

Due to the proposed reorganization described in Note 10, 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.


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

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

Notes to Financial Statements (unaudited) (continued)

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 Funds’ 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

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

Notes to Financial Statements (unaudited) (continued)

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 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 the Managers, recovery of all fees paid to the Managers pursuant to such contracts and an award of attorneys’ fees and litigation expenses.

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

Notes to Financial Statements (unaudited) (continued)

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 replead 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, the Fund, 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 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 Compliant.

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 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

The Fund’s Board 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.

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

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

Notes to Financial Statements (unaudited) (continued)

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.


11.	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 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.

Legg Mason Partners Multiple Discipline Funds Global All Cap Growth and Value 2006 Semi-Annual Report 25

Notes to Financial Statements (unaudited) (continued)

Should shareholders approve the reorganization proposal, these new standards will not be applicable.

26 Legg Mason Partners Multiple Discipline Funds Global 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 a new subadvisory agreement between the Manager and ClearBridge Advisors, LLC, formerly known as CAM North America, 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 immediately after the date of 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

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

Board Approval of Management and Subadvisory Agreements (unaudited) (continued)

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 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. 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

28 Legg Mason Partners Multiple Discipline Funds Global All Cap Growth and Value

Board Approval of Management and Subadvisory Agreements (unaudited) (continued)

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 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 Global All Cap Growth and Value 29

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
	Votes For		Against		Abstentions		Non-Votes
Item Voted On

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.

30 Legg Mason Partners Multiple Discipline Funds Global All Cap Growth and Value

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Legg Mason Partners
Multiple Discipline Funds
Global 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

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 Global 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 FD02106 12/06 SR06-193		Legg Mason Partners Multiple Discipline Funds Global 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 GLOBAL 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 y27711exv99wcert.htm EX-99.CERT: CERTIFICATIONS 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 Global 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 Global 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 y27711exv99w906cert.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 Global 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
Global All Cap Growth and Value				Global 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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	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.