Legg Mason Inv Counsel MD Tx-Free Inc A  LMMDX
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2009-10-31
Out of
Muni Single State Long Funds
Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance.
Morningstar®
Style Box™
What is this?
   Avg Duration
   7.14 Yrs
   Avg Credit Quality
   AA
As of 2009-09-30
Day Change
$ -0.01
  
NAV (2009-11-20)
$ 16.45
  
YTD Return % (2009-11-20)
16.05%
  
Total Assets ($ mil)
185
View Data Definitions
  Performance    
Growth of $10,000 Fund: Legg Mason Inv Counsel MD Tx-Free Inc A
(from 1999-01-01 to 2009-10-31) Category: Muni Single State Long
Index: BarCap Municipal TR USD
Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20
Inception date: 1991-05-01 10yr and Inception Returns as of 2009-10-31
YTD Returns as of 2009-11-20
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Fund 16.05 14.65 4.25 4.02 5.22 5.62
+/- Category -1.70 -0.31 2.13 0.85 0.45 ---
+/- BarCap Municipal TR USD 3.91 2.98 0.00 -0.34 --- ---
Standardized Annual Returns %   more on standardized returns
Quarter-End (as of 2009-09-30) 11.95 8.91 3.31 3.38 4.75 5.46
Month-End (as of 2009-10-31) 10.81 11.39 2.78 3.01 4.76 5.38
After Tax Returns % (as of 2009-09-30 )  
On Distribution --- 11.39 2.82 3.02 4.77 ---
On Distribution & Sale of Shares --- 8.94 3.00 3.16 4.72 ---
Morningstar Rating --- --- ---
# of compared funds covered (3 yrs : out of 320 funds), (5 yrs : out of 285 funds), (10 yrs : out of 268 funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is 4.25%, the maximum deferred sales fee is none, and the maximum redemption sales fee is none.
The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.
  Portfolio Profile    
Sector Breakdown %
General Obligations 19.95
Advance Refunded ---
State Appropriated Tobacco ---
Non-state Appropriated Tobacco ---
Education 31.44
Health 29.83
Housing 1.88
Industrial 0.89
Transportation 8.71
Utilities ---
Water/Sewer 0.98
Misc. Revenue 6.32
Bond Quality % of Bonds
AAA 35.7
AA 24.9
A 24.0
BBB 12.6
BB 0.0
B 0.0
Below B 0.0
Not Rated 2.9
 
Asset Allocation
% of Net Assets
Cash 4.4
Stocks 0.0
Bonds 95.6
Other 0.0
Foreign Stocks 0.0
(as a % of Assets)
Data through 2009-09-30 Data through 2009-09-30
 
Holding Status
Total Number of Stock Holdings Turnover % 8
Total Number of Bond Holdings 91 30 Day SEC Yield % 2.98
% of Assets in Top 10 Holdings 26.07 ending as of 2009-09-30
View Data Definitions
Top 10 Holdings Maturity
Date		 Amount
$000		 Value
$000		 % of Net
Assets
Maryland St G.O Bds 5.5% 2015-03-01 5,000 5,957 3.25
Maryland St Indl Dev Fing Auth 2031-11-01 5,325 5,325 2.90
Baltimore Md Port Facs Rev Port Fac 6.5% 2011-10-01 5,000 5,180 2.82
Maryland St Health & Higher Ed Var Rev B 2043-07-01 5,000 5,000 2.72
Baltimore Cnty Md Econ Dev Eco Dev R 2031-10-01 4,800 4,800 2.61
Washington Subn San Dist 6% 2019-06-01 3,665 4,737 2.58
Baltimore Md Proj Rev Pj And Re 5% 2024-07-01 3,800 4,585 2.50
Baltimore Md Proj Rev Rev Bds 5% 2033-07-01 4,000 4,326 2.36
Maryland St Health & Higher Ed Rev Bd 5% 2036-06-01 5,000 4,216 2.30
Prince Georges Cnty Md Indl De Le 5.125% 2015-06-30 3,340 3,728 2.03
Data through 2009-09-30
  Other Information
Fund Inception: 1991-05-01
Portfolio Manager  (Start Date)
R. Scott Pierce  (2001-08-01)
Pierce is a portfolio manager with Legg Mason, his employer since 1994. Previously, he worked at T. Rowe Price Associates, Inc. Pierce holds the Chartered Financial Analyst designation.
Sales Charge %
(taken from prospectus dated 2009-08-01)
Front: 4.25
Deferred: None
Expense Ratio % 0.70
based on net assets
(taken from annual report dated 2009-03-31)
Correspondence Information
100 Light Street 23rd Floor

Baltimore,  MD  21202
United States
Telephone:
800-822-5544
410-539-0000
Data on this page does not include the fund's short positions (if any).
Show Data Definitions

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Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.