Portfolio holdings are subject to change at any time without notice and do not reflect trade date activity. Percentages are based on total portfolio. This information is provided for information purposes only and should not be construed as a recommendation to purchase or sell any security.
Standard deviation indicates the percentage by which a fund’s performance has varied from its average performance in any given month during the last 36 months. The higher the standard deviation, the greater the range of performance, indicating greater volatility.
Effective Duration is a duration calculation for bonds with embedded options. Effective duration takes into account that expected cash flows will fluctuate as interest rates change.
Credit quality is a measure of a bond issuer's ability to repay interest and a principal in a timely manner. The credit quality ratings shown are provided by a nationally recognized ratings organization, as specified above. If a security is unrated the subadviser may determine a comparable rating, which is included in the credit quality breakdown. The credit quality of the investments in the Fund's portfolio does not apply to the stability or safety of the Fund.
All investments involve risk, including possible loss of principal.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 on this website and click on the prospectus link. An investor should read the prospectus carefully before investing.All investment managers mentioned are subsidiaries of Legg Mason, Inc. Legg Mason Investor Services, LLC, is a subsidiary of Legg Mason, Inc.
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