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Overall Morningstar Rating TM as of 8/31/12 is based on risk-adjusted
returns and derived from a weighted average of the performance
figures associated with 3-, 5- and 10-year rating metrics.
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Over a century of experience in identifying opportunities and delivering smart investment solutions to our clients
Important Information: 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 securities include greater price volatility, illiquidity
and possibility of default. International investments are subject to special risks, including
currency fluctuations and social, economic and political uncertainties, which could
increase volatility. These risks are magnified in emerging markets.
Morningstar proprietary ratings are as of August 31, 2012 and are subject to change
every month. A 4- or 5-star rating does not necessarily imply that a fund achieved positive
results for the period. Past performance is no guarantee of future results. For each fund
with at least a three-year history, Morningstar calculates a Morningstar Rating based on
a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s
monthly performance (including the effects of sales charges, loads and redemption fees),
placing more emphasis on downward variations and rewarding consistent performance.
The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the
next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1
star. (Each share class is counted as a fraction of one fund within this scale and rated
separately, which may cause slight variations in the distribution percentages.) Class I
shares of the Fund were rated against 1,020, 880 and 620 Intermediate-Term Bond Funds
over the 3-, 5- and 10-year periods, respectively. With respect to these Intermediate-Term
Bond Funds, Class I shares of the Fund received Morningstar Ratings of 5, 4 and 5 stars
for the 3-, 5- and 10-year periods, respectively. Ratings are for Class I shares only; other
classes may have different performance characteristics. Classes have a common portfolio.
© 2012 Legg Mason Investor Services, LLC, member FINRA, SIPC. Legg Mason Investor Services, LLC and Western Asset Management Co. are subsidiaries of Legg Mason, Inc.
FN1212974
AN INVESTOR SHOULD CONSIDER A FUND’S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES CAREFULLY BEFORE
INVESTING. FOR A FREE PROSPECTUS, WHICH CONTAINS THIS AND OTHER INFORMATION ON ANY LEGG MASON FUND, VISIT
LEGGMASON.COM/ INDIVIDUALINVESTORS. AN INVESTOR SHOULD READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
