125 Broad Street, New York, New York

(Address of Principal Executive Offices)

In addition to a fund’s operating expenses, you will indirectly bear the operating expenses of the underlying funds. For instance, you will pay management fees of both the fund and the underlying funds

One underlying fund may buy the same securities that another underlying fund sells. You would indirectly bear the costs of these trades without accomplishing any investment purpose

A fund’s Target Allocation and Target Range are measures of the percentage of the fund’s assets invested in underlying funds across two asset classes, not the percentage of equity securities or fixed income securities invested in indirectly by a fund. The underlying funds generally invest principally in either equity or fixed income securities, but their percentage investments in these securities may vary from time to time, subject to any applicable regulatory requirements. Thus, the percentage of equity or fixed income securities held by a fund indirectly, through its investment in underlying funds, may vary substantially from its Target Allocation or Target Range. Investors should take this into account when determining whether a fund is an appropriate investment for them

You may receive taxable gains from fund transactions by the underlying funds as well as taxable gains from transactions in shares of the underlying funds by a fund

When interest rates go up, prices of fixed income securities go down. This is known as interest rate risk

An issuer of a security may default on its obligation to pay principal and/or interest or the security’s credit rating may be downgraded. This is known as credit risk

An issuer of a security may prepay principal earlier than scheduled, which could force an underlying fund to reinvest in lower yielding securities. This is known as call or prepayment risk

Slower than expected principal payments may extend a security’s life. This locks in a below-market interest rate, increases the security’s duration and reduces the value of the security. This is known as extension risk

Stock prices may decline generally

If an adverse event occurs, such as the issuance of an unfavorable earnings report, the value of a particular issuer’s security may be depressed

Legg Mason Partners Appreciation Fund

Legg Mason Partners Fundamental Value Fund

Legg Mason Partners Investors Value Fund

Legg Mason Partners Capital Fund

Legg Mason Growth Trust, Inc.

Legg Mason Special Investment Trust, Inc.

Royce Total Return Fund

Legg Mason Partners Mid Cap Core Fund

Legg Mason Partners Small Cap Core Fund

Legg Mason Emerging Markets Trust

Legg Mason Partners Emerging Markets Equity Fund

Western Asset Core Plus Bond Portfolio

Western Asset Absolute Return Portfolio

Western Asset High Yield Portfolio

Growth stocks or small capitalization stocks (generally those comprising the Russell 2000 Indices) may fall out of favor with investors and may experience greater volatility, as well as greater potential for gain or loss

Value stocks may fall out of favor with investors

An underlying fund’s investments in foreign securities may decline because of adverse governmental action or political, economic or market instability in a foreign country or region. Less information may be available about foreign securities or markets and foreign markets may be smaller, less liquid and more volatile than U.S. markets. In addition, currency fluctuations could erase investment gains or add to investment losses. These risks are heightened for investments in emerging markets

The portfolio managers’ judgment about the attractiveness and risk adjusted return potential of particular asset classes, investment styles, underlying funds or other issues may prove to be wrong

The underlying equity funds invest principally in equity securities and the underlying fixed income funds invest principally in fixed income securities. However, under normal market conditions an underlying fund may vary the percentage of its assets in equity securities or in fixed income securities (subject to any applicable regulatory requirements). Depending upon the percentage of equity or fixed income securities held by the underlying funds at any given time, and the percentage of the assets of the fund invested in various underlying funds, the fund’s actual exposure to equity securities and fixed income securities may vary substantially from its Target Allocation or Target Range.

An underlying fund may depart from its principal investment strategies in response to adverse market, economic or political conditions by taking temporary defensive positions in any type of money market instruments and short-term debt securities or cash without regard to any percentage limitations. If an underlying fund takes a temporary defensive position, it (and the fund) may be unable to achieve their investment objectives.

The fund is not diversified, which means that it can invest a higher percentage of its assets in any one underlying fund than a diversified fund. Being non-diversified may magnify the fund’s losses from adverse events affecting a particular underlying fund. The underlying funds in which the fund invests may be either diversified or non-diversified.

Are seeking capital appreciation

Currently have exposure to fixed income investments and less volatile equity investments and wish to broaden your investment portfolio

Are willing to accept the risks of the stock market

Have a long-term horizon and no need for current income

⁽¹⁾

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of fund shares at the end of the measurement period. After-tax returns are for Class A shares only. After-tax returns for other share classes will vary.

⁽²⁾

The Morgan Stanley Capital International EAFE Index (MSCI EAFE Index) is a free float-adjusted market capitalization index designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI EAFE Index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. 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.

⁽³⁾

The Lifestyle Allocation 100% Composite Benchmark is a hypothetical representation of the performance of the fund’s major asset classes. It consists of 55% Russell 1000 Index, 25% Russell 2000 Index and 20% MSCI EAFE Index. The Russell 1000 Index consists of the largest 1,000 U.S. companies based on total market capitalization. The Russell 2000 Index is a broad-based unmanaged capitalization weighted index of small-capitalization companies. The MSCI EAFE Index is a broad-based unmanaged index of foreign stocks.

⁽¹⁾

You may buy Class A shares in amounts of $1,000,000 or more at net asset value (without a sales charge) but if you redeem those shares within 12 months of purchase you will pay a contingent deferred sales charge of 1.00%.

⁽²⁾

Other expenses have been estimated for the current fiscal year.

⁽³⁾

Class A, C, FI and R shares include fees for recordkeeping services.

⁽⁴⁾

Management has contractually agreed to waive fees and/or reimburse expenses incurred directly by the fund (other than brokerage, taxes and extraordinary expenses) to limit such expenses to 0.80%, 1.55%, 1.55% and 0.55% for Class A, Class B, Class C and Class I, respectively, until November 30, 2008. Acquired fund fees and expenses (fees and expenses of underlying funds) are included in the calculation of total annual fund operating expenses, but they are not subject to the contractual fee waiver and/or expense reimbursement.

You invest $10,000 in the fund for the period shown

Your investment has a 5% return each year — the assumption of a 5% return is required by the Securities and Exchange Commission (the “SEC”) for purposes of this example and is not a prediction of the fund’s future performance

You reinvest all distributions and dividends without a sales charge

The fund’s operating expenses (after giving effect to the contractual fee waivers in effect through November 30, 2008) stay the same

The expenses of the underlying funds are reflected

⁽¹⁾

Assumes conversion to Class A shares approximately eight years after purchase.

Legg Mason Partners Fundamental Value Fund

Growth stocks or small capitalization stocks (generally those comprising the Russell 2000 Indices) may fall out of favor with investors and may experience greater volatility, as well as greater potential for gain or loss

Value stocks may fall out of favor with investors

An underlying fund’s investments in foreign securities may decline because of adverse governmental action or political, economic or market instability in a foreign country or region. Less information may be available about foreign securities or markets and foreign markets may be smaller, less liquid and more volatile than U.S. markets. In addition, currency fluctuations could erase investment gains or add to investment losses. These risks are heightened for investments in emerging markets

The portfolio managers’ judgment about the attractiveness and risk adjusted return potential of particular asset classes, investment styles, underlying funds or other issues may prove to be wrong

The underlying equity funds invest principally in equity securities and the underlying fixed income funds invest principally in fixed income securities. However, under normal market conditions an underlying fund may vary the percentage of its assets in equity securities or in fixed income securities (subject to any applicable regulatory requirements). Depending upon the percentage of equity or fixed income securities held by the underlying funds at any given time, and the percentage of the assets of the fund invested in various underlying funds, the fund’s actual exposure to equity securities and fixed income securities may vary substantially from its Target Allocation or Target Range.

An underlying fund may depart from its principal investment strategies in response to adverse market, economic or political conditions by taking temporary defensive positions in any type of money market instruments and short-term debt securities or cash without regard to any percentage limitations. If an underlying fund takes a temporary defensive position, it (and the fund) may be unable to achieve their investment objectives.

The fund is not diversified, which means that it can invest a higher percentage of its assets in any one underlying fund than a diversified fund. Being non-diversified may magnify the fund’s losses from adverse events affecting a particular underlying fund. The underlying funds in which the fund invests may be either diversified or non-diversified.

Currently have exposure to fixed income investments and less volatile equity investments and wish to broaden your investment portfolio

Are willing to accept the risks of the stock market

Have a long-term time horizon and no need for current income

⁽¹⁾

As of November 20, 2006, Class Y shares were renamed Class I shares.

Class A

Return before taxes ⁽¹⁾

Return after taxes on distributions ^{(1) (2)}

Return after taxes on distributions and sale of fund shares ^{(1) (2)}

Other Classes (Return Before Taxes only)

Class B

Class C

Class I ⁽³⁾

Comparative Indices

Lehman U.S. Aggregate ⁽⁴⁾

Russell 3000 ⁽⁴⁾

Lifestyle Allocation 85% Composite Benchmark ⁽⁵⁾

⁽¹⁾

On November 20, 2006, the maximum initial sales charge on Class A shares was increased for sales made on or after that date. The average annual returns for Class A shares in the table have been calculated as if the increased maximum sales charge had been in effect for the entire period.

⁽²⁾

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other share classes will vary.

⁽³⁾

As of November 20, 2006, Class Y shares were renamed Class I shares.

⁽⁴⁾

The Lehman Brothers U.S. Aggregate Index represents securities that are publicly-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization.

⁽⁵⁾

The Lifestyle Allocation 85% Composite Benchmark is a hypothetical representation of the performance of the fund’s major asset classes. It consists of 45% Russell 1000 Index, 20% Russell 2000 Index, 20% MSCI EAFE Index, 10% Lehman Brothers U.S. Aggregate Index and 5% Lehman Brothers U.S. High Yield — 2% Issuer Cap Index. The Russell 1000 Index consists of the 1,000 largest U.S. companies based on total market capitalization. The Russell 2000 Index is a broad-based unmanaged capitalization weighted index of small-capitalization companies. The Morgan Stanley Capital International EAFE Index (MSCI EAFE) is a broad-based unmanaged index of foreign stocks. The Lehman Brothers U.S. Aggregate Index represents securities that are publicly-registered, taxable, and dollar denominated; it covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Lehman Brothers U.S. High Yield — 2% Issuer Cap is the 2% Issuer Cap component of the Lehman Brothers U.S. Corporate High Yield Index, which covers the universe of fixed rate, non-investment grade debt.

⁽¹⁾

You may buy Class A shares in amounts of $1,000,000 or more at net asset value (without a sales charge) but if you redeem those shares within 12 months of purchase you will pay a contingent deferred sales charge of 1.00%.

⁽²⁾

Other expenses have been estimated for the current fiscal year.

⁽³⁾

Class A, C, FI and R shares include fees for recordkeeping services.

⁽⁴⁾

Management has contractually agreed to waive fees and/or reimburse expenses incurred directly by the fund (other than brokerage, taxes and extraordinary expenses) to limit such expenses to 0.80%, 1.55%, 1.55% and 0.55% for Class A, Class B, Class C and Class I, respectively, until November 30, 2008. Acquired fund fees and expenses (fees and expenses of underlying funds) are included in the calculation of total annual fund operating expenses, but they are not subject to the contractual fee waiver and/or expense reimbursement.

You invest $10,000 in the fund for the period shown

Your investment has a 5% return each year — the assumption of a 5% return is required by the SEC for purposes of this example and is not a prediction of the fund’s future performance

You reinvest all distributions and dividends without a sales charge

The fund’s operating expenses (after giving effect to the contractual fee waivers in effect through November 30, 2008) stay the same

The expenses of the underlying funds are reflected

⁽¹⁾

Assumes conversion to Class A shares approximately eight years after purchase.

Legg Mason Partners Large Cap Growth Fund

Legg Mason Partners Investors Value Fund

Legg Mason Partners Capital Fund

Legg Mason American Leading Companies Trust

Legg Mason Opportunity Trust

Legg Mason Growth Trust, Inc.

Legg Mason Special Investment Trust, Inc.

Royce Total Return Fund

Legg Mason Partners Mid Cap Core Fund

Legg Mason Partners Small Cap Core Fund

Legg Mason Emerging Markets Trust

Legg Mason Partners Emerging Markets Equity Fund

An underlying fund’s investments in foreign securities may decline because of adverse governmental action or political, economic or market instability in a foreign country or region. Less information may be available about foreign securities or markets and foreign markets may be smaller, less liquid and more volatile than U.S. markets. In addition, currency fluctuations could erase investment gains or add to investment losses. These risks are heightened for investments in emerging markets

The portfolio managers’ judgment about the attractiveness and risk adjusted return potential of particular asset classes, investment styles, underlying funds or other issues may prove to be wrong

Growth stocks or small capitalization stocks (generally those comprising the Russell 2000 Indices) may fall out of favor with investors and may experience greater volatility, as well as greater potential for gain or loss

Value stocks may fall out of favor with investors

The underlying equity funds invest principally in equity securities and the underlying fixed income funds invest principally in fixed income securities. However, under normal market conditions an underlying fund may vary the percentage of its assets in equity securities or in fixed-income securities (subject to any applicable regulatory requirements). Depending upon the percentage of equity or fixed income securities held by the underlying funds at any given time, and the percentage of the assets of the fund invested in various underlying funds, the fund’s actual exposure to equity securities and fixed income securities may vary substantially from its Target Allocation or Target Range.

An underlying fund may depart from its principal investment strategies in response to adverse market, economic or political conditions by taking temporary defensive positions in any type of money market instruments and short-term debt securities or cash without regard to any percentage limitations. If an underlying fund takes a temporary defensive position, it (and the fund) may be unable to achieve their investment objectives.

The fund is not diversified, which means that it can invest a higher percentage of its assets in any one underlying fund than a diversified fund. Being non-diversified may magnify the fund’s losses from adverse events affecting a particular underlying fund. The underlying funds in which the fund invests may be either diversified or non-diversified.

Are seeking growth of capital

Are willing to accept the risks of the stock market, although lessened through greater exposure to fixed income securities than Lifestyle Allocation 100% and Lifestyle Allocation 85%

Have a long-term time horizon and no need for current income

⁽¹⁾

As of November 20, 2006, Class Y shares were renamed Class I shares.

Class A

Return before taxes ⁽¹⁾

Return after taxes on distributions ⁽¹⁾⁽²⁾

Return after taxes on distributions and sale of fund shares ⁽¹⁾⁽²⁾

Other Classes Return Before Taxes Only

Class B

Class C

Class I ⁽³⁾

Comparative Indices

Lehman U.S. Aggregate ⁽⁴⁾

Russell 3000 ⁽⁴⁾

Lifestyle Allocation 70% Composite Benchmark ⁽⁵⁾

⁽¹⁾

On November 20, 2006, the maximum initial sales charge on Class A shares was increased for sales made on or after that date. The average annual returns for Class A shares in the table have been calculated as if the increased maximum sales charge had been in effect for the entire period.

⁽²⁾

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other share classes will vary.

⁽³⁾

As of November 20, 2006, Class Y shares were renamed Class I shares.

⁽⁴⁾

The Lehman Brothers U.S. Aggregate Index represents securities that are publicly-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization.

⁽¹⁾

You may buy Class A shares in amounts of $1,000,000 or more at net asset value (without a sales charge) but if you redeem those shares within 12 months of purchase you will pay a contingent deferred sales charge of 1.00%.

⁽²⁾

Other expenses have been estimated for the current fiscal year.

⁽³⁾

Class A, C, FI and R shares include fees for recordkeeping services.

⁽⁴⁾

Management has contractually agreed to waive fees and/or reimburse expenses incurred directly by the fund (other than brokerage, taxes and extraordinary expenses) to limit such expenses to 0.80%, 1.55%, 1.55% and 0.55% for Class A, Class B, Class C and Class I, respectively, until November 30, 2008. Acquired fund fees and expenses (fees and expenses of underlying funds) are included in the calculation of total annual fund operating expenses, but they are not subject to the contractual fee waiver and/or expense reimbursement.

You invest $10,000 in the fund for the period shown

Your investment has a 5% return each year — the assumption of a 5% return is required by the SEC for purposes of this example and is not a prediction of the fund’s future performance

You reinvest all distributions and dividends without a sales charge

The fund’s operating expenses (after giving effect to the contractual fee waivers in effect through November 30, 2008) stay the same

The expenses of the underlying funds are reflected

⁽¹⁾

Assumes conversion to Class A shares approximately eight years after purchase.

Target

Range

Legg Mason Partners Investors Value Fund

Legg Mason Partners Large Cap Growth Fund

Legg Mason Partners Capital Fund

Legg Mason American Leading Companies Trust

Legg Mason Opportunity Trust

Legg Mason Growth Trust, Inc.

Legg Mason Special Investment Trust, Inc.

Royce Total Return Fund

Legg Mason Partners Mid Cap Core Fund

Legg Mason Partners Small Cap Core Fund

An underlying fund’s investments in foreign securities may decline because of adverse governmental action or political, economic or market instability in a foreign country or region. Less information may be available about foreign securities or markets and foreign markets may be smaller, less liquid and more volatile than U.S. markets. In addition, currency fluctuations could erase investment gains or add to investment losses. These risks are heightened for investments in emerging markets

The portfolio managers’ judgment about the attractiveness and risk adjusted return potential of particular asset classes, investment styles, underlying funds or other issues may prove to be wrong

An underlying fund may invest in below investment grade bonds which are speculative and their issuers may have diminished capacity to pay principal and interest. These securities have a higher risk of default, tend to be less liquid, and may be more difficult to value. Changes in economic conditions or other circumstances are likely to weaken the capacity of issuers of these securities to make principal and interest payments.

The underlying equity funds invest principally in equity securities and the underlying fixed income funds invest principally in fixed income securities. However, under normal market conditions an underlying fund may vary the percentage of its assets in equity securities or in fixed income securities (subject to any applicable regulatory requirements). Depending upon the percentage of equity or fixed income securities held by the underlying funds at any given time, and the percentage of the assets of the fund invested in various underlying funds, the fund’s actual exposure to equity securities and fixed income securities may vary substantially from its Target Allocation or Target Range.

An underlying fund may depart from its principal investment strategies in response to adverse market, economic or political conditions by taking temporary defensive positions in any type of money market instruments and short-term debt securities or cash without regard to any percentage limitations. If an underlying fund takes a temporary defensive position, it (and the fund) may be unable to achieve their investment objectives.

The fund is not diversified, which means that it can invest a higher percentage of its assets in any one underlying fund than a diversified fund. Being non-diversified may magnify the fund’s losses from adverse events affecting a particular underlying fund. The underlying funds in which the fund invests may be either diversified or non-diversified.

Are willing to sacrifice some growth potential for less volatility

Are willing to accept the risks of the stock market and below investment grade bonds

Have a long-term time horizon

⁽¹⁾

As of November 20, 2006, Class Y shares were renamed Class I shares.

Class A

Return before taxes ⁽¹⁾

Return after taxes on distributions ^{(1) (2)}

Return after taxes on distributions and sale of fund shares ⁽¹⁾

Other Classes Before Taxes

Class B

Class C

Class I ⁽³⁾

Comparative Indices

Lehman U.S. Aggregate ⁽⁴⁾

Russell 1000 ⁽⁴⁾

Lifestyle Allocation 50% Composite Benchmark ⁽⁵⁾

⁽¹⁾

On November 20, 2006, the maximum initial sales charge on Class A shares was increased for sales made on or after that date. The average annual returns for Class A shares in the table have been calculated as if the increased maximum sales charge had been in effect for the entire period.

⁽²⁾

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other share classes will vary.

⁽³⁾

As of November 20, 2006, Class Y shares were renamed Class I shares.

⁽⁴⁾

The Lehman Brothers U.S. Aggregate Index represents securities that are publicly-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Russell 1000 Index consists of the 1,000 largest U.S. companies based on total market capitalization.

⁽⁵⁾

The Lifestyle Allocation 50% Composite Benchmark is a hypothetical representation of the performance of the fund’s major asset classes. It consists of 28% Russell 1000 Index, 12% Russell 2000 Index, 10% MSCI EAFE Index, 43% Lehman Brothers U.S. Aggregate Index and 7% Lehman Brothers U.S. High Yield—2% Issuer Cap Index. The Russell 1000 Index consists of the 1,000 largest U.S. companies based on total market capitalization. The Russell 2000 Index is a broad-based unmanaged capitalization weighted index of small-capitalization companies. The Morgan Stanley Capital International EAFE Index (MSCI EAFE) is a broad-based unmanaged index of foreign stocks. The Lehman Brothers U.S. Aggregate Index represents securities that are publicly-registered, taxable, and dollar denominated; it covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Lehman Brothers U.S. High Yield—2% Issuer Cap is the 2% Issuer Cap component of the Lehman Brothers U.S. Corporate High Yield Index, which covers the universe of fixed rate, non-investment grade debt.

⁽¹⁾

You may buy Class A shares in amounts of $1,000,000 or more at net asset value (without a sales charge) but if you redeem those shares within 12 months of purchase you will pay a contingent deferred sales charge of 1.00%.

⁽²⁾

Other expenses have been estimated for the current fiscal year.

⁽³⁾

Class A, C, FI and R shares include fees for recordkeeping services.

⁽⁴⁾

Management has contractually agreed to waive fees and/or reimburse expenses incurred directly by the fund (other than brokerage, taxes and extraordinary expenses) to limit such expenses to 0.80%, 1.55%, 1.55% and 0.55% for Class A, Class B, Class C and Class I, respectively, until November 30, 2008. Acquired fund fees and expenses (fees and expenses of underlying funds) are included in the calculation of total annual fund operating expenses, but they are not subject to the contractual fee waiver and/or expense reimbursement.