Our goal
Total return with an emphasis on income.
What we invest in
The Fund invests in a broad range of equity and fixed
income securities of both U.S. and foreign issuers. The Fund will vary its allocation between equity and fixed income securities depending on the Investment Manager’s view of economic, market or political conditions, fiscal and monetary policy and security
valuation. Depending on the Investment Manager’s view of these factors, which may vary from time to time, the Investment Manager may allocate substantially all of the investments in the portfolio
to equity securities or fixed income securities.
Our approach
The Portfolio’s manager applies a rigorous, "bottom-up"
research process to identify companies with strong fundamentals, skilled and committed management teams and a clear market
advantage. Through patient management, the Portfolio seeks to capture earnings growth from companies offering new or innovative technologies, products and services.
What I should know before investing?
All investments are subject to risks, including the possible
loss of principal. Investments in foreign securities involve risks, including the possibility of losses due to changes in currency exchange rates and negative developments in the political, economic, or regulatory structure of specific countries or regions. The Fund’s fixed income investments are subject to credit risk, inflation risk, and interest rate risk. As interest rates rise, bond prices fall, reducing the value of a fund’s share price. The Fund
may invest in lower-rated high yield bonds which are subject to greater credit risk (risk of default) than higher-rated obligations.
Leverage may result in greater volatility of NAV and the market price of common shares and increases a shareholder’s risk of loss. The Fund may make significant investments in derivative
instruments. Derivative instruments can be illiquid, may
disproportionately increase losses, and have a potentially
large impact on Fund performance.
Meet your ClearBridge and Western Asset managers
Hersh Cohen, Peter Vanderlee and Michael Clarfeld are co-portfolio managers of your Fund and oversee the allocation
between equity and fixed income. They have over 40, 10 and 9 years of investment industry experience, respectively. They’re
part of ClearBridge Advisors, Legg Mason’s largest equity manager. ClearBridge offers institutional and individual investors a variety of traditional and alternative equity strategies. Western Asset uses a team-based approach to manage the fixed-income portion of your Fund. They’re one of the world’s largest and leading fixed-income managers, focusing exclusively on fixed income since its founding in 1971. Legg Mason’s unique structure provides you with access to this specialized expertise. We offer a powerful portfolio of solutions through our independent investment management firms.
Category: Income & Preferred Stock Funds
Rankings Details >
| FUND DATA | |
| Trading Symbol |
SCD |
| NAV Symbol |
XSCDX |
| Cusip |
50208A102 |
| Listed Exchange |
NYSE |
| Inception Date |
Feb-24-2004 |
| Fiscal Year End |
Dec |
| Distribution Frequency |
Qrtly |
| Shares Outstanding |
29.96 million |
| DAILY | As of Sep-01-2010 |
| Market Price |
$10.64 |
| Net Asset Value |
$12.52 |
| Premium/Discount |
-15.02% |
| Distribution Rate (Market price)* |
4.89% |
| Distribution Rate (NAV)* |
4.15% |
| 52 Week High/Low Market Price |
$11.02 / $9.16 |
| 52 Week High/Low NAV |
$12.94 / $11.62 |
| 52 Week Average/Premium Discount |
-17.39% |
The Funds are not sold or distributed by Legg Mason Investor Services, LLC ("LMIS") or any affiliate of Legg Mason, Inc. Shares of the funds are bought and sold through non-affiliated broker/dealers and trade on the NYSE/NYSE Alternext. *Distribution Rate is calculated by annualizing the amount of the most recent distribution paid, excluding special distributions, divided by the previous trading day's closing market price or NAV. Distributions may include investment income, realized capital gains, and/or return of capital. The Distribution Rate will change based on changes in market price and distribution amounts, may not include all amounts distributed by the fund, and is not a quotation of Fund performance. For more information about a distribution's composition refer to the distribution press release or Section 19 notice located in the press release section of our website.
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.
Net Asset Value (NAV) is 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. However, the price at which an investor may buy or sell common shares of the fund is at the fund's market price as determined by supply of and demand for the fund's common shares, which may be more or less than the fund's NAV.
Unless otherwise specified, all investment managers and Legg Mason Investors Services, LLC, are subsidiaries of Legg Mason Inc.
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FINRA,
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