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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: $746.2 million (as of 3/31/09)

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
EQUITY
> Legg Mason Special Investment Trust



Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about the Fund. To obtain a free prospectus, click here or call 1-888-425-6432. Please read the prospectus carefully before investing.

All investments involve risk, including possible loss of principal.

Legg Mason Investor Services, LLC and all entities mentioned above are affiliates of Legg Mason, Inc.

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