The performance shown above represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown above. 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.
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 assuming reinvestment of all distributions at net asset value and the deduction of all fund expenses.Class I shares are sold at net asset value with no initial or contingent deferred sales charge, but higher initial minimum investment requirements apply.
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.
Average annual total returns and calendar-year total returns assume the reinvestment of all distributions at net asset value and the deduction of all Fund expenses.For performance data including the effects of sales charges, Class A shares reflect the maximum front-end sales charge of 5.75% for equity funds, 4.25% for most fixed-income funds and 2.5% for the following funds: Adjustable Rate Income Fund, Intermediate Maturity California Municipals Fund, Intermediate Maturity New York Municipals Fund, Intermediate-Term Municipals Fund, Short/Intermediate U.S. Government Fund, Short-Term Investment Grade Bond Fund, and Inflation Management Fund. One- and five-year returns for Class B shares reflect a maximum contingent deferred sales charge (CDSC) of up to 5.0% and 1.0%, respectively. One-year returns for Class C shares reflect a CDSC of 1.0%.For Legg Mason Funds, Class R commenced operations on November 20, 2006. Performance shown for periods since the inception date of Class R are actual returns for that share class. Performance for this class for periods prior to that reflect the Fund's Primary Class performance without adjustment for the lower expenses of R shares. Class R shares would have substantially similar annual returns as the Primary Class shares because the classes are invested in the same portfolio of securities. Annual returns would differ only to the extent Class R shares and Primary Class shares have different expenses.For Legg Mason Partners Funds Class R shares commenced operations on December 28, 2006. Performance shown for periods since the inception date of Class R shares are actual returns for that share class. Performance for these classes for periods prior to that reflect the Fund's Class A share returns at net asset value adjusted for the higher additional expenses of Class R.
An investor cannot invest directly in an index.
Click here for Index Definitions.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.
