The investment seeks to maximize current income exempt from federal income tax. The fund normally invests at least 80% of net assets in municipal securities, which are securities the interest on which is excluded from regular federal income tax. It may invest up to 20% of assets in municipal securities and other investments whose interest may be subject to federal income tax.
Fund filings (PDF) »

Asset managers:
Stephen A. Walsh (Started: May 17, 2007)
Kenneth Leech (Started: May 17, 2007)
Joseph P. Deane (Started: Jan 3, 2006)
David Fare (Started: Jan 3, 2006)
Robert E. Amodeo (Started: May 17, 2007)

Advisor Company:
Legg Mason Partners Fund Advisor, LLC
Fund family reports on Morningstar »

	1 year	3 years	5 years	10 years
Alpha*	8.00	-2.58	0.46	-0.22
Beta*	1.39	1.20	1.07	0.77
Mean annual return	1.73	0.23	0.40	0.41
R-squared*	74.08	52.75	46.20	38.15
Standard deviation	8.13	9.98	7.80	5.83
Sharpe ratio	2.53	0.08	0.25	0.36
* Against standard index

Risk measurement details »

Security	Net Assets
M-S-R Engy Auth 7%	3.66%
Public Auth 6.5%	3.12%
Tennessee Engy Acquisition C Gas R 5.25%	2.46%
Atlanta Ga Wtr & Waste Wtr Rev Ref 6.25%	2.33%
Brooklyn Arena Loc Dev Corp N Rev 6.25%	2.25%
Michigan St Hosp Fin Auth 5%	2.04%
Massachusetts St Health & Edl Rev 5.75%	2.01%
California Statewide Cmntys De Rev Bd 5%	1.90%
St John Baptist Parish La Rev Rev 5.125%	1.85%
Brazos Riv Tex Hbr Nav Dist 5.95%	1.79%

Holdings Performance »