Securities and Exchange Commission July 31, 2008 – Federal Register Recent Federal Regulation Documents

Applicant seeks an order declaring that it has ceased to be an investment company. On April 16, 2007, each series of applicant transferred its assets to a corresponding series of either Legg Mason Partners Equity Trust or Legg Mason Partners Income Trust, based on net asset value. Expenses of approximately $1,016,235 incurred in connection with the reorganization were paid by applicant and Legg Mason, Inc., the parent of applicant's investment adviser. Filing Date: The application was filed on July 16, 2008. Applicant's Address: 55 Water St., New York, NY 10041.