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Legg Mason Special Investment Trust


Investment Objective:

Capital appreciation.

Investments:
The Fund invests primarily in equity securities, and securities convertible into equity securities, of companies whose market caps are typically classified as small to mid-size. The Fund also invests in "special situations" without regard to market cap. Special situations are companies undergoing unusual or possibly one-time developments that, in the Adviser's opinion, make them attractive for investment.
Inception Date:  
Institutional:December 1, 1994
Financial Intermediary:July 30, 2004

Performance Benchmark: S&P MidCap 400 Index

Total Fund Assets: $969.1 million (as of 6/30/09)

Ticker Symbol:  
Institutional:LMNSX
Financial Intermediary:LGASX
Investment Risks:
The value approach to investing involves the risk that those stocks deemed to be undervalued by the portfolio manager may remain undervalued. Small-cap stocks involve greater risks and volatility than stocks of large-cap companies. High yield bonds involve greater credit and liquidity risk than investment grade bonds. This Fund expects to hold a limited number of securities, and a decline in the value of these investments would cause the Fund's overall value to decline to a greater degree than a less concentrated portfolio. Foreign securities are subject to certain risks of overseas investing, including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations.

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FIXED INCOME
> Western Asset Absolute Return Portfolio
> Western Asset Core Bond Portfolio
> Western Asset Core Plus Bond Portfolio
> Western Asset Emerging Markets Debt Portfolio
> Western Asset Global High Yield Portfolio
> Western Asset High Yield Portfolio
> Western Asset Inflation Indexed Plus Bond Portfolio
> Western Asset Intermediate Bond Portfolio
> Western Asset Intermediate Plus Bond Portfolio
> Western Asset Limited Duration Bond Portfolio
> Western Asset Non-U.S. Opportunity Bond Portfolio
EQUITY
> Batterymarch U.S. Small Cap Equity Portfolio
> Legg Mason American Leading Companies Trust
> Legg Mason Emerging Markets Trust
> Legg Mason Growth Trust
> Legg Mason International Equity Trust
> Legg Mason Opportunity Trust
> Legg Mason Special Investment Trust
> Legg Mason Value Trust
> Legg Mason Partners Funds
> The Royce Funds




All investments involve risk, including possible loss of principal.

Legg Mason Investor Services, LLC; Batterymarch Financial Management, Inc.; Brandywine Global Investment Management, LLC; ClearBridge Advisors, LLC; Esemplia Emerging Markets; Global Currents Investment Management, LLC; Legg Mason Capital Management, Inc.; Royce & Associates, LLC and Western Asset Management Co. are subsidiaries of Legg Mason, Inc.

Investors should consider a fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about a fund. To obtain a free prospectus, please view the product specific page and click on the prospectus link. An investor should read the prospectus carefully before investing.

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