The Funds are not sold or distributed by Legg Mason Investor Services, LLC ("LMIS") or any affiliate of Legg Mason, Inc. Shares of the funds are bought and sold through non-affiliated broker/dealers and trade on the NYSE/NYSE Alternext. Duration is a mathematical measure of the price sensitivity of a portfolio to changes in interest rates. Duration is stated in years; the shorter the duration, the less price variability you can expect in the fund's NAV.
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.
Portfolio Characteristics are subject to change at any time. 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.
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