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Western Asset Inflation Indexed Plus Bond Portfolio


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The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown above. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. The fund's returns shown herein do not reflect adjustments made to the fund's net asset value subsequent to period end and are or may be materially different from those shown in the Fund's shareholder report and prospectus for the applicable period. View full disclosure


Quarter-end Performance
Average Annual Total Returns
(as of 3/31/08)
  Institutional
1 Month 0.00%
3 Month 4.76%
Year-to-Date 4.76%
1 Year 12.87%
3 Year 6.63%
5 Year 6.67%
10 Year --
Inception (3/1/01) 7.82%
Expense Ratio (Gross)1 0.29%
Expense Ratio (Net) 2 0.25%




Month-end Performance
Average Annual Total Returns
(as of 5/31/08)
  Institutional
1 Month -0.07%
3 Month -1.93%
Year-to-Date 2.74%
1 Year 11.43%
3 Year 5.06%
5 Year 5.37%
10 Year --
Inception (3/1/01) 7.34%
Expense Ratio (Gross)1 0.29%
Expense Ratio (Net)2 0.25%

The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown above. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Calculations include reinvestment of dividends and capital gains distributions. Returns for periods less than one year are cumulative. Net performance would have been lower if fees had not been waived in various periods.

1Gross expenses are the Fund's total annual operating expenses for the share class indicated as of the date of the Fund's most current prospectus and do not reflect fee waivers or reimbursements. These expenses include management fees, 12b-1 distribution and service fees, and other expenses.

1Net expenses are the Fund's total annual operating expenses for the share class indicated as of the date of the Fund's most current prospectus and reflect contractual fee waivers and/or reimbursements. The Fund's Manager has contractually agreed to waive fees and/or reimburse expenses until 8/1/08 to limit total annual operating expenses to 0.25% for Institutional Class of the Fund's average daily net assets attributable to that class.

Quarter-end Performance
Cumulative Total Returns
(as of 3/31/08)
  Financial Intermediary
1 Month -0.12%
3 Months 4.54%
YTD 4.54%
1 Year --
3 Years --
5 Years --
10 Years --
Inception (6/28/07) 14.29%
Expense Ratio (Gross)1 0.54%
Expense Ratio (Net)2 0.50%




Month-end Performance
Cumulative Total Returns
(as of 5/31/08)
  Financial Intermediary
1 Month -0.10%
3 Months -2.10%
YTD 2.47%
1 Year --
3 Years --
5 Years --
10 Years --
Inception (6/28/07) 12.03%
Expense Ratio (Gross)1 0.54%
Expense Ratio (Net)2 0.50%

The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown above. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Calculations include reinvestment of dividends and capital gains distributions. Returns for periods less than one year are cumulative. Net performance would have been lower if fees had not been waived in various periods.

1Gross expenses are the Fund's total annual operating expenses for the share class indicated as of the date of the Fund's most current prospectus and do not reflect fee waivers or reimbursements. These expenses include management fees, 12b-1 distribution and service fees, and other expenses.

2Net expenses are the Fund's total annual operating expenses for the share class indicated as of the date of the Fund's most current prospectus and reflect contractual fee waivers and/or reimbursements. The Fund's Manager has contractually agreed to waive fees and/pr reimburse expenses until 8/1/08 to limit total annual operating expenses to 0.50% for Financial Intermediary Class of the Fund's average daily net assets attributable to that class.







FIXED INCOME
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