The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Class B and Class C shares are available only by exchange from other funds that may impose a contingent deferred sales charge ("CDSC"). Therefore, the returns for Class B and Class C shares reflect the impact of the maximum CDSC (5.00% for Class B and 1.00% for Class C) that could be imposed when shareholders redeem shares.
YTD (Year-To-Date) returns are cumulative figures and are not annualized. YTD returns are calculated from January 1 of the reporting year. Average annual total returns and calendar year returns assume reinvestment of all distributions at net asset value and the deduction of all fund expenses. Performance data does not reflect trade date adjustments made to the NAV at the month end. Performance would have been lower if fees had not been waived in various periods. Performance for other share classes will vary due to differences in sales charge structure and class expenses. All classes of shares are not available through all distribution channels.
Fund performance reflects a one-time, special distribution made from current income. If this one-time payment had not been made, the Fund's returns would have been lower. The quoted yields exclude the impact of a one time, special distribution made from current income.
1 Current 7-day yield represents net interest income generated by the investments for the past 7 days and assumes that the same income is generated each week over a 365-day period. The 7-day yield more closely reflects current fund earnings than does total returns.
2 Yield if fund dividends are reinvested in additional fund shares at the current 7-day yield instead of being paid in cash.
*Change indicates change in the NET ASSET VALUE from the previous business day.
** Gross expenses are the Fund's total annual operating expenses for the share class(es) indicated as of the date of the Fund's most current prospectus and do not reflect fee waivers or reimbursements. These expenses include management fees, 12b-1 distribution and service fees, and other expenses. In periods of market volatility, assets may decline significantly, causing total annual fund operating expenses to become higher than the numbers shown in the table above.
***Net expenses are the Fund's total annual operating expenses for the share classes indicated as of the date of the Fund's most current prospectus and reflect voluntary fee waivers and/or reimbursements, where these reductions would reduce the fund's gross expenses. Absent any waivers and/or reimbursements, performance shown may have been negative. These waivers and/or reimbursements may be reduced or terminated at any time. Because share classes B and C of the Fund do not currently have fee waivers or reimbursements, gross and net expense ratios are the same for these share classes.
An investor cannot invest directly in an index.
Click here for Index Definitions.Please note that an investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.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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