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Investors should consider a fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about a fund. To obtain a free prospectus, please view the product specific page on this Web site and click on the prospectus link. An investor should read the prospectus carefully before investing.
Separately Managed Accounts (SMAs) are investment services provided Legg Mason Private Portfolio Group, LLC, ("LMPPG") a federally registered investment adviser. LMPPG serves as the coordinating portfolio manager and in this role, manages client portfolios based on investment instructions provided by one or more Legg Mason affiliated sub-advisers. SMAs are designed for high net worth individuals who are able to meet specific minimum balances. SMAs are not sold through Legg Mason Investor Services, LLC., a registered broker dealer.
Like other public companies, closed-end funds have a one-time initial public offering. Thus, once their shares are first issued, shares are not continually offered by the closed-end fund, but trade in the open market through a stock exchange. Also, like other common stocks, share prices of closed-end funds will fluctuate with market conditions and, at the time of sale, may be worth more or less than your original investment. Shares of closed-end exchange-traded funds may trade at a discount or premium to their original offering price, and often trade at a discount to their net asset value (a price that reflects the value of the fund's underlying portfolio plus other assets, less the fund's liabilities divided by the number of shares outstanding). Investment return, price and net asset value will fluctuate with changes in market conditions.
All investments involve risk, including possible loss of principal.
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Legg Mason Investor Services, LLC and all entities mentioned above are subsidiaries of Legg Mason, Inc.