Legg Mason WA NJ Municipals B  SNJBX
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2009-10-31
Out of
Muni New Jersey 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
   6.13 Yrs
   Avg Credit Quality
   AA
As of 2009-09-30
Day Change
$ 0.00
  
NAV (2009-11-20)
$ 12.57
  
YTD Return % (2009-11-20)
15.03%
  
Total Assets ($ mil)
315
View Data Definitions
  Performance    
Growth of $10,000 Fund: Legg Mason WA NJ Municipals B
(from 1999-01-01 to 2009-10-31) Category: Muni New Jersey
Index: BarCap Municipal TR USD
Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20
Inception date: 1992-11-06 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 15.03 11.96 3.72 4.05 4.78 4.77
+/- Category -1.34 -2.20 1.24 0.77 0.06 ---
+/- BarCap Municipal TR USD 2.89 0.29 -0.53 -0.31 --- ---
Standardized Annual Returns %   more on standardized returns
Quarter-End (as of 2009-09-30) 12.74 8.53 3.67 4.39 4.76 4.91
Month-End (as of 2009-10-31) 10.55 8.59 2.84 3.94 4.78 4.77
After Tax Returns % (as of 2009-09-30 )  
On Distribution --- 8.59 2.84 3.94 4.76 ---
On Distribution & Sale of Shares --- 7.08 2.99 3.93 4.71 ---
Morningstar Rating --- --- ---
# of compared funds covered (3 yrs : out of 64 funds), (5 yrs : out of 56 funds), (10 yrs : out of 48 funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, 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 2.32
Advance Refunded 0.66
State Appropriated Tobacco ---
Non-state Appropriated Tobacco 8.27
Education 9.24
Health 5.01
Housing 6.31
Industrial 6.07
Transportation 6.53
Utilities 2.22
Water/Sewer 6.20
Misc. Revenue 47.17
Bond Quality % of Bonds
AAA 41.9
AA 22.0
A 23.6
BBB 7.8
BB 3.6
B 1.0
Below B 0.1
Not Rated 0.0
 
Asset Allocation
% of Net Assets
Cash 0.3
Stocks 0.0
Bonds 99.7
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 % 20
Total Number of Bond Holdings 94 30 Day SEC Yield % 3.57
% of Assets in Top 10 Holdings 35.05 ending as of 2009-09-30
View Data Definitions
Top 10 Holdings Maturity
Date		 Amount
$000		 Value
$000		 % of Net
Assets
New Jersey St Higher Ed Assist Re 6.125% 2030-06-01 13,000 13,935 4.40
New Jersey St Tpk Auth 5.25% 2040-01-01 12,000 12,870 4.06
New Jersey St Transn Tr Fd Aut Tr 5.875% 2038-12-15 11,000 12,591 3.98
New Jersey St Edl Facs Auth 7.5% 2032-12-01 10,000 11,433 3.61
Tobacco Settlement Fing Corp N Asset 5% 2015-06-01 10,000 11,023 3.48
New Jersey Econ Dev Auth 5% 2026-06-15 9,470 10,744 3.39
New Jersey Health Care Facs Fi Rev 5.75% 2033-07-01 10,000 10,423 3.29
Puerto Rico Elec Pwr Auth 5.375% 2022-07-01 9,000 9,835 3.11
PUERTO RICO COMWLTH REF PUB I 2029-07-01 9,200 9,200 2.91
New Jersey Econ Dev Auth 5% 2018-12-15 8,000 8,922 2.82
Data through 2009-09-30
  Other Information
Fund Inception: 1992-11-06
Portfolio Manager  (Start Date)
Joseph P. Deane  (1999-02-01)
Deane is portfolio manger with Western Asset. Prior to joining the firm in 2005, he was with Citigroup Asset Management or one of its affiliates since 1972.
David T. Fare  (2004-12-31)
Fare is portfolio manger with Western Asset. Prior to joining the firm in 2005, he was with Citigroup Asset Management or one of its affiliates since 1989.
Robert E. Amodeo  (2006-10-30)
Amodeo is portfolio manger with Western Asset. Prior to joining the firm in 2005, he was a managing director and portfolio manger with Salomon Brothers Asset Management Inc. from 1992 to 2005. Amodeo holds the Chartered Financial Analyst designation.
Kenneth S. Leech  (2006-10-30)
Leech transitioned into a CIO Emeritus role in September 2008 and joined Western Asset as Chief Investment Officer in 1990. Prior to joining Western in 1990, he was a portfolio manager with Greenwich Capital Markets from 1988 to 1990; the First Boston Corporation from 1980 to 1988; and the National Bank of Detroit from 1977 to 1980.He has over 32 years of investment experience.
Stephen A. Walsh  (2006-10-30)
Walsh is a chief investment officer of Western Asset Management Company since September 2008. Prior to joining Western in 1990, he was a portfolio manager at Security Pacific Investment Managers from 1989 to 1991. Prior to that, Walsh was a portfolio manager at Atlantic Richfield Company from 1981 to 1988.He has over 27 years of investment experience
Sales Charge %
(taken from prospectus dated 2009-11-10)
Front: None
Deferred: None
Expense Ratio % 1.28
based on net assets
(taken from annual report dated 2009-03-31)
Correspondence Information
Legg Mason & Co., LLC
55 Water Street, 32nd Floor
New York,  NY  10004
USA
Telephone:
800-451-2010
787-759-8333
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.