Explore Our Closed-End Funds

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Performance shown represents past performance and is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate so shares, when sold, may be worth more or less than the original cost. Returns based on Market Price assume the reinvestment of all distributions at the Dividend Reinvestment Plan Price and the deduction of all fund expenses. Returns based on NAV assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. Year-To-Date (YTD) returns are calculated from January 1st of the reporting year and not annualized.

Net Asset Value (NAV) is total assets less total liabilities divided by the number of shares outstanding. Market Price, determined by supply and demand, is the price an investor purchases or sells the fund. The Market Price may differ from a fund's NAV.

The Distribution Rate is not guaranteed, subject to change, and is not a quotation of Fund performance. Distribution Rate is calculated by annualizing the most recent distribution amount paid, excluding special distributions, divided by the closing market price or NAV as of the date indicated. Distributions paid by the Fund may be comprised of income, capital gains, and/or return of capital. At year-end the Fund will issue a Form 1099 with the final composition of the distribution for tax purposes. A current estimate of the distribution's composition can be found on each fund's Overview page or in the most recent distribution press release and/or Section 19 notice located in the press release section of each individual product page. The Distribution Rate is not guaranteed, subject to change, and is not a quotation of Fund performance. A return of capital is not taxable and results in a reduction in the tax basis of a shareholder's investment. Please go to the individual product pages for information relating to the composition of the quoted distribution rates. 


Effective June 1, 2017, the following Funds changed their security pricing methodology to now use the mean value of the bid and ask prices (of underlying fund holdings) to calculate the NAV: Western Asset Income Fund and Western Asset Premier Bond Fund.  Funds may show a one-time increase of the NAV, which is due to this change in pricing methodology.

The Closed-End Funds are not sold or distributed by Legg Mason Investor Services, LLC ("LMIS") or any affiliate of Legg Mason, Inc. Unlike open-end funds, shares are not continually offered. Like other public companies, closed-end funds have a one-time initial public offering, and once their shares are first issued, are generally bought and sold through non-affiliated broker/dealers and trade on nationally recognized stock exchanges. Share prices will fluctuate with market conditions and, at the time of sale, may be worth more or less than your original investment. Shares of exchange-traded closed-end funds may trade at a discount or premium to their original offering price, and often trade at a discount to their net asset value. Investment return, market price and net asset value will fluctuate with changes in market conditions. The Funds are subject to investment risks, including the possible loss of principal invested. Note that unlike other closed-end funds, Western Asset Middle Market Debt Fund, and Western Asset Middle Market Income Fund are not publicly traded and closed to new investors.