Our goal1
Maximize current income exempt from regular federal income tax
What we invest in
The Fund focuses on finding value primarily through investments in intermediate-term municipal securities and targets an average effective maturity of between three and 10 years. Investments are mainly of high credit quality but the Fund can invest in lower-rated, higher-yielding securities — limited to 20% of assets — enabling the managers to seek opportunities and selectively invest in securities that may enhance current income.
Our approach
Western Asset's approach emphasizes team management and intensive proprietary research to identify undervalued securities with the potential to outperform over the long term. The teams employ multiple investment strategies in an effort to manage risk and create diversified portfolios, including sector rotation, issue selection and duration management.
What should I know before investing?
Fixed income securities involve interest rate, credit, inflation and reinvestment risks; and possible loss of principal. As interest rates rise the value of fixed income securities falls. High yield bonds possess greater price volatility, illiquidity and possibility of default. Derivatives, such as options and futures, can be illiquid, may disproportionately increase losses and have a potentially large impact on Fund performance. An investor may be subject to the Federal Alternative Minimum Tax (AMT), and state and local taxes may apply. Capital gains, if any, are fully taxable.
Meet your Western Asset managers
Western Asset uses a team-based approach to managing your Fund, with team members averaging over 20 years of investment industry experience.
One of the world's largest and leading fixed-income managers, Western has focused exclusively on fixed income since its founding in 1971. They offer investors a broad range of core and specialized bond portfolios from across the fixed-income universe, all managed using a long-term, value-oriented investment process.
Legg Mason's unique structure provides you with access to this specialized expertise. We offer a powerful portfolio of solutions through our independent investment management firms.
Category: Intermediate Municipal Debt Funds
Rankings Details >
| CLASS | NASDAQ | CUSIP |
| A | SBLTX | 52469L884 |
|
| C | SMLLX | 52469L868 |
|
| I | SBTYX | 52469L843 |
|
Past performance is no guarantee of future results. Each fund is ranked based on average annual total returns assuming reinvestment of dividends and capital gains, distributions, at net asset value and the deduction of all fund expenses. Each fund is ranked within a universe of funds similar in portfolio characteristics and capitalizations as defined by Lipper Inc. Rankings do not include the effect of the fund's sales charges. Results would have been less favorable had sales charges been included. A high Lipper ranking does not necessarily imply that a fund achieved positive results for the period. Lipper Inc. is a nationally recognized organization that ranks the performance of mutual funds.
Prior to October 5, 2009, the Fund was known as Legg Mason Partners Intermediate-Term Municipals Fund. The Fund's investment objective, portfolio managers and investment strategy have not changed. Please see the prospectus for details.
Morningstar ratings are only shown for those funds that have achieved a 4 or 5 star rating.Lipper Top Quartile rankings are shown for those funds that are ranked in the top 25% of their Lipper category.
1There is no guarantee that the Fund’s objective will be met.
Information on Sales Charges, Breakpoints, Sales Charge Waivers and Exchanges
Click here for more information about:
Class A shares:
- what are the front-end sales loads charged on the purchase of Class A shares
- how to qualify for reduced sales charges or breakpoints
- what kinds of accounts can be combined to qualify for reduced sales charges
- what waivers of front-end sales charges are available
Class B shares:
- what are the contingent deferred sales charges payable upon redemption
- what waivers of deferred sales charges are available
Class C shares:
- what are the contingent deferred sales charges payable upon redemption
- what waivers of deferred sales charges are available
Exchange privileges:
- which funds are exchangeable
- what conditions are applicable
Other share classes may be available for which sales charges, breakpoints, sales charge waivers and exchanges may differ. Please speak to a financial professional or click on the link above.
Exchange Privileges: Many mutual funds that charge front-end sales loads offer a discount on the sales loads for a large investment. The investment levels required to obtain a reduced sales load are commonly referred to as "breakpoints." Typically, you may be entitled to a lower front-end load based on a single transaction if the dollar amount exceeds one or more breakpoints. In addition, some funds offer discounts based on purchases made over time, under a right of accumulation or letter of intent. The criteria for breakpoints for each mutual fund are set out in the fund prospectus and statements of additional information. FINRA issued an Investor Alert to ensure that investors better understand how breakpoints work and what you may need to know to make sure that, should you purchase shares eligible for breakpoints, you are charged the lowest possible front-end sales charge. Visit the
FINRA Website to read the FINRA Investor Alert.
Diversification does not assure a profit or protect against market loss.
INVESTMENT PRODUCTS: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
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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FINRA,
SIPC
