1. MILLER INCOME OPPORTUNITY TRUST
2Q 2014
MILLER INCOME OPPORTUNITY TRUST
BNadzam proofed 9/28/12
LMrozek approved 6/25/12
THIS MATERIAL MUST BE PRECEDED OR ACCOMPANIED BY A PROSPECTUS, OR SUMMARY PROSPECTUS, IF AVAILABLE.
FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.
Please see last page for important information. The Fund is a newly organized, open-end investment company with no history of operations.
INVESTMENT PRODUCTS: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE .
This presentation is printed on 100% recycled paper

2. WHAT’S INSIDE About LMM 3 Why Unconstrained Income? 10 Fund Overview15
Appendix 21
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3. ABOUT LMM BNadzam proofed 6/8/12
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4. FIRM OVERVIEW
LMM is a valuation-focused firm which uses a multi-disciplinary and patient approach to create long- term capital growth and income for clients.
The team believes its competitive advantages are both analytical and behavioral.
A multi-faceted focus on a business’s ability to generate free cash flow over the long term forms the basis for LMM’s analytical edge, while ongoing study of institutional and individual behavior helps the firm capitalize on inefficiencies arising from human nature.
Led by legendary investor Bill Miller, CFA.
MILLER INCOME OPPORTUNITY TRUST
PORTFOLIO MANAGEMENT TEAM
1Q 2013
Data via Suzi O:\CS-Marketing\Reporting Information\Staff Count\...
From standard presentation slides per VAA & DHP 1/4/2012
standard_charts.ppt
Created by DHP 12/15/11. Approved by compliance (12/15/11, LMrozek/JChan)
Bill Miller, CFA
Bill Miller IV, CFA
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5. FIRM HISTORY
Based in Baltimore and founded in 1999; operations supported by Legg Mason Capital Management (LMCM)
50/50 venture with Legg Mason
2013: LMCM merged into ClearBridge, LMM spun off on its own, forming a service agreement with Legg Mason Investment Counsel (LMIC)
Seven employees, including four investment professionals
1Q 2013
Data via Suzi O:\CS-Marketing\Reporting Information\Staff Count\...
From standard presentation slides per VAA & DHP 1/4/2012
standard_charts.ppt
Created by DHP 12/15/11. Approved by compliance (12/15/11, LMrozek/JChan)
FOR HOME OFFICE USE ONLY. Not for distribution to the public.

6. Miller Opportunity Trust Miller Income Opportunity Trust
STRATEGIES
Two unconstrained mandates, with $2.7 in AUM as of 6/30/14
Miller Opportunity Trust
Miller Income Opportunity Trust
Portfolio Management Team
Bill Miller, CFA
Samantha McLemore, CFA
Bill Miller IV, CFA
Strategy AUM
$2.6B
$88.3M
Objective
High Growth
High Income and Growth
Benchmark
S&P 500
BofAML U.S. High Yield Master II
Strategy Inception
12/31/1999
4/1/2009
Vehicles Offered
U.S. Mutual Fund, Dublin Fund, Institutional SMA
U.S. Mutual Fund
From standard presentation slides per VAA & DHP 1/4/2012
Integrated analytics section added by DHP – 3/20/2012
standard_charts.ppt
FOR HOME OFFICE USE ONLY. Not for distribution to the public.

7. SUSTAINABLE COMPETITIVE ADVANTAGE
CULTURE
Emphasizes the profession vs. business
Conducive tor good decision making
Intellectual curiosity/learning agility
INVESTMENT APPROACH
Focus on process and delivering superior long-term results
Valuation-driven process
Challenge conventional thinking
Concentrated positions
Focus on long-term results
RESEARCH:
Flexible and adaptive to leverage intellectual capital
Seek out non-traditional sources of information
Stay current with academic research covering both business and scientific topics
From standard presentation slides per VAA & DHP 1/4/2012
Integrated analytics section added by DHP – 3/20/2012
standard_charts.ppt
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8. Focused on convictions Courage to be different
INVESTMENT PHILOSOPHY
Valuation-based strategies such as LMM’s have the potential to deliver superior results over the long term.
Valuation driven
LMM runs concentrated portfolios to gain maximum benefit from their thorough and innovative research and investment process.
Focused on convictions
While LMM believes the market is efficient in the short run, they recognize that market inefficiencies occur over an extended timeframe.
Invest for long-term results
From standard presentation slides per VAA & DHP 1/4/2012
Integrated analytics section added by DHP – 3/20/2012
standard_charts.ppt
In order to beat the market, one has to be different from the market. LMM is not afraid to be contrarian or to challenge conventional thinking. They believe periods of underperformance in the short term are the price we pay for superior long-term results.
Courage to be different
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9. INVESTMENT PROCESS IDEA GENERATION
LMM strives to identify and capitalize on market mispricings and inefficiencies using indicators such as new-low lists and controversies in the news.
COMPETITIVE STRATEGY ANALYSIS
LMM assesses a company’s market opportunities and firm-specific competitive advantages to determine if they will translate into high and sustainable returns on invested capital (ROIC).
FINANCIAL & MANAGERIAL ASSESSMENT
LMM focuses on business models, capital allocation, and corporate governance to determine how the business can build shareholder value over time.
VALUATION ANALYSIS
LMM uses multiple valuation methods, including discounted cash flow, levered buyout analysis, comparable company analysis, and private market analysis, to determine if a business is undervalued or mispriced.
DECISION MAKING
LMM studies common behavioral pitfalls to improve our decision-making process and to increase our probability of success.
From standard presentation slides per VAA & DHP 1/4/2012
Integrated analytics section added by DHP – 3/20/2012
standard_charts.ppt
There is no guarantee the manager’s investment strategy will be successful.
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10. WHY UNCONSTRAINED INCOME?
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11. THE MANY FACES OF INCOME INVESTING
According to a Legg Mason Survey of over 3,000 affluent investors, the top three motivations for investing in income-generating investments are:
Growth of wealth (59%)
Protection of wealth (53%)
To ensure proper portfolio diversification (51%)
However, only 18% were very satisfied with their income-producing investments, with 48% feeling the income being generated was less than they hoped for
70% of respondents would like FAs to bring more or better opportunities to the table, with 51% willing to take on more risk to generate more income
Income investing is not only a solution for income needs, it can help build wealth through total return
With Treasury rates remaining near historic lows, and the potential for rising rates putting capital at risk, it is more important than ever for investors to diversify their sources of income to meet both income and growth needs
PROOF: BNadzam proofed 9/28/12
COMP: LMrozek approved 6/25/12
Nearly 7 out of 10 investors worldwide say that investing in income-generating products is an extremely important or important priority.
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12. WHY UNCONSTRAINED INCOME?
FLEXIBILITY The ability to opportunistically allocate among highest-conviction ideas across all income-producing asset classes presents the potential for outsized yields and returns
CONSISTENT CURRENT HIGH INCOME Potential to produce consistently high levels of income by navigating the corporate capital structure and opportunistically taking advantage of other high yield opportunities
GREATER POTENTIAL FOR CAPITAL APPRECIATION Potential to produce significant principal growth by identifying high yielding securities selling at a significant discount to their intrinsic value
COMPLEMENT TO TRADITIONAL INCOME STRATEGIES Combining non-traditional income securities with low correlations may enhance yields and returns when paired with traditional income-producing securities
PROOF: BNadzam proofed 9/28/12
COMP: LMrozek approved 6/25/12
All investments involve risk, including loss of principal. Investments in fixed income securities involve risk, including possible loss of principal. These securities are subject to interest rate, credit, inflation and reinvestment risk. As interest rates rise, the value of fixed income securities falls. High yield bonds possess greater price volatility, illiquidity, and possibility of default.
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13. NON-TRADITIONAL INCOME SOURCES OFFER UNIQUE OPPORTUNITIES
What do non-traditional income sources have to offer?
Potential for significantly higher yields
Potential for significantly higher returns
Significant diversification benefits
Asset Class Calendar Year Yield Spreads vs. U.S. Treasuries
PROOF: BNadzam proofed 9/28/12
COMP: LMrozek approved 6/25/12
Dividend-paying equities – S&P Global Dividend Aristocrats; Corporate Investment Grade – Barclays U.S. Corporate Investment Grade; Corporate High Yield – Barclays U.S. Corporate High Yield; Equity REITs – S&P United States REIT; MLP (master limited partnerships) – Alerian MLP Index; Mortgage REITs – FTSE NAREIT Mortgage REITs; U.S. Treasuries – Barclays U.S. Treasury Index. Please see appendix for index definitions.
PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. UNMANAGED INDEX RETURNS DO NOT REFLECT ANY FEES, EXPENSES OR SALES CHARGES. YIELDS ARE NOT GUARANTEED AND ARE SUBJECT TO CHANGE.
FOR HOME OFFICE USE ONLY. Not for distribution to the public.

14. NON-TRADITIONAL INCOME SOURCES OFFER UNIQUE OPPORTUNITIES
While idiosyncratic risk may be greater than traditional sources of income, active management and low correlations can help to manage total risk.
5-YEAR CORRELATION
5-YEAR RISK/RETURN
(1)
(2)
(3)
(4)
(5)
(6)
U.S. Treasuries (1)
U.S. Investment Grade Corporate (2)
0.56
Equity REITs (3)
-0.17
0.43
Dividend-paying Equities (4)
-0.34
0.33
0.74
MLPs (5)
-0.27
0.26
0.50
0.64
U.S. High Yield Corporate (6)
-0.24
0.57
0.75
0.78
0.63
Mortgage REITs (7)
0.10
0.61
0.53
0.55
0.46
U.S. Treasuries
Equity REITs
MLPs
Mortgage REITs
U.S. Investment Grade Corporate
Dividend-paying Equities
U.S. High Yield Corporate
PROOF: BNadzam proofed 9/28/12
COMP: LMrozek approved 6/25/12
Source: Morningstar Direct, as of 6/30/14. Dividend-paying equities – S&P Global Dividend Aristocrats; Corporate Investment Grade – Barclays U.S. Corporate Investment Grade; Corporate High Yield – Barclays U.S. Corporate High Yield; Equity REITs – S&P United States REIT; MLPs (master limited partnerships) – Alerian MLP Index; Mortgage REITs – FTSE NAREIT Mortgage REITs; U.S. Treasuries – Barclays US Treasury. Please see appendix for index definitions.
PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. UNMANAGED INDEX RETURNS DO NOT REFLECT ANY FEES, EXPENSES OR SALES CHARGES.
FOR HOME OFFICE USE ONLY. Not for distribution to the public.

15. FUND OVERVIEW
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16. FUND OVERVIEW
OBJECTIVE: Provide a high level of income while maintaining the potential for growth.
FUND STRATEGY: An unconstrained income solution that seeks to tactically allocate across asset classes, and up and down the capital structure, in order to find the best combination of yield and valuation.
The Fund will primarily invest in cash distributing equity, and equity-like securities, fixed income securities, derivatives and other financial instruments of issuers located anywhere in the world.
FLEXIBLE MANDATE: The Fund may invest in the greatest yield/valuation opportunities across all asset classes in order to achieve its goal of producing a high level of income and capital appreciation
TYPES OF INVESTMENTS: Typical investments include, but are not limited to, high yielding common stock, real estate investment trusts, business development companies, master limited partnerships, and investment grade and below investment grade corporate debt. Derivatives may also be used opportunistically to enhance yields or hedge certain portfolio risks.
SHARE CLASS (SYMBOL): A (LMCJX), C (LCMNX), FI (LMCKX), I (LMCLX), IS (LMCMX)
INVESTMENT MINIMUMS/ADDITIONAL INVESTMENTS: CLASS A, CLASS C: $1,000/$ CLASS I: $1,000,000/NONE CLASS IS: $1,000,000
PROOF: BNadzam proofed 9/28/12
COMP: LMrozek approved 6/25/12
FOR HOME OFFICE USE ONLY. Not for distribution to the public.

17. INVESTMENT PROCESS: IDEA GENERATION
Internal sources
Market screens
Dividend changes
Volatility or controversy
Meetings with management
Capital raises
External sources
Sell-side research
Conferences
Other investors
PROOF: BNadzam proofed 9/28/12
COMP: LMrozek approved 6/25/12
FOR HOME OFFICE USE ONLY. Not for distribution to the public.

18. RESEARCH AND SECURITY SELECTION
LMM isn’t tied to a strict formula for choosing securities for the portfolio: the portfolio managers frame each opportunity differently based on the security’s specific characteristics
Any asset’s intrinsic value equals the present value of its future cash flows
Given that an equity investment is a residual cash flow, LMM already studies and understands all senior securities in the capital structure of each name owned
LMM’s fundamental, cash-flow-focused investment approach should help them select unique, higher- yielding, undervalued securities across the capital structure to generate superior risk-adjusted returns
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19. PORTFOLIO CONSTRUCTION
BUY DISCIPLINE
SELL DISCIPLINE
Favor securities with 1) high yield, 2) low but achievable growth expectations
Seek equities with a high free-cash- flow yield, high dividend yield and share buybacks
Seek debt and preferred securities with yield-to-worst above the high yield index and ability to pay current obligations
If the security is fairly priced
If LMM finds a better opportunity
If the investment case changes; e.g., if it is determined that there is a higher probability of loss than LMM initially believed
Formula that underlies all of LMM’s investment decisions:
Implied Return = Yield +Growth of Cash Flow
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20. FLEXIBLE PORTFOLIO CONSTRUCTION
Flexibility to navigate the capital structure allows management to identify and invest in securities with the most attractive yields paired with the best valuations
BENEFITS
Rising rate and inflation management
Capital preservation via collateral
High income potential
Restructuring opportunities
Attractive convertibles can provide income and capital appreciation potential
Capital appreciation and dividend income
Senior Secured Debt
Subordinate Debt
Convertible Debt
Preferreds
Straight
Convertible
Equity
Options
Warrants
PROOF: BNadzam proofed 9/28/12
COMP: LMrozek approved 6/25/12
Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Dividends fluctuate, are subject to change, and there is no guarantee they will continue to be paid.
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21. APPENDIX BNadzam proofed 6/8/12
FOR HOME OFFICE USE ONLY. Not for distribution to the public.

22. TACTICAL MANAGEMENT HAS PAID DIVIDENDS
2010
2011
2012
2013
Calendar Year Yields
8.0%
9.0%
9.5%
10.0%
Calendar Year Returns
28.7%
-7.2%
23.9%
27.6%
Consistently high yields and strong total returns
PROOF: BNadzam proofed 9/28/12
COMP: LMrozek approved 6/25/12
PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. UNMANAGED INDEX RETURNS DO NOT REFLECT ANY FEES, EXPENSES OR SALES CHARGES. YIELDS ARE NOT GUARANTEED AND ARE SUBJECT TO CHANGE.
FOR HOME OFFICE USE ONLY. Not for distribution to the public.

23. BOTTOM-UP, OPPORTUNISTICALLY DRIVEN RESULTS BACKGROUND AND EXAMPLES
Lend to small and medium-sized businesses while banks reduce illiquid loan exposure, creating secular opportunity
Generate high interest rates and dividend yields – 8% +
Business Development Companies (BDCs)
Find capital structure yield anomalies
Earn >11% tax-equivalent yield on Puerto Rico debt insured by Assured Guaranty, whose junior bonds, which we believe are priced rationally, yield 7%; PR debt is senior to these bonds
Capital Structure Arbitrage
Benefit from growing asset flows as investor appetite for low-volatility alternative products grows
Require very little capital, so pay majority of earnings to shareholders and currently yield ~10%
Alternative Asset Managers
PROOF: BNadzam proofed 9/28/12
COMP: LMrozek approved 6/25/12
Look for names that don’t fit into widely followed market
OCIP – integrated methanol/ammonia plant likely to generate a mid-teens run-rate dividend yield by year-end; recently came public so no “printed” dividend yield yet
Idiosyncratic Equities
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24. INVESTMENT RESULTS PROOF: BNadzam proofed 9/28/12     
INVESTMENT RESULTS
XL: S:\Performance Charts_PC\Performance_1Q13_US.xlsx
-Run performance in EaglePace
XL: S:\wa_products_PC\Macro Opportunities\Excel\3313 Monthly Rtns.xlsx
PROOF: BNadzam proofed 9/28/12
COMP: LMrozek approved 4/12/13
HIST: - Removed GROSS performance per Elissa, footnote updated, approved by Lisa – YM 3/4/13
- Stopped showing 3313 gross performance on the top chart, instead showing Composite (999455) net & gross perf starting 3/31/2013 per Elissa – YM 4/2/13
- Showing gross performance only in the bottom table – YM 4/3/13
- correspondance in here S:\wa_products_PC\Macro Opportunities\Archive\Performance_changes 1
As of June 30, 2014.¹Partial period from 04/03/09 to 12/31/09. Performance for periods greater than one year are annualized.
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25. INVESTMENT RESULTS PROOF: BNadzam proofed 9/28/12     
INVESTMENT RESULTS
XL: S:\Performance Charts_PC\Performance_1Q13_US.xlsx
-Run performance in EaglePace
XL: S:\wa_products_PC\Macro Opportunities\Excel\3313 Monthly Rtns.xlsx
PROOF: BNadzam proofed 9/28/12
COMP: LMrozek approved 4/12/13
HIST: - Removed GROSS performance per Elissa, footnote updated, approved by Lisa – YM 3/4/13
- Stopped showing 3313 gross performance on the top chart, instead showing Composite (999455) net & gross perf starting 3/31/2013 per Elissa – YM 4/2/13
- Showing gross performance only in the bottom table – YM 4/3/13
- correspondance in here S:\wa_products_PC\Macro Opportunities\Archive\Performance_changes
As of June 30, Performance for periods greater than one year are annualized.
FOR HOME OFFICE USE ONLY. Not for distribution to the public.

26. RISK/RETURN CHARACTERISTICS
1-Year Risk/Return
3-Year Risk/Return
U.S. Treasuries
Equity REITs
MLPs
Mortgage REITs
U.S. Investment Grade Corporate
Dividend-paying Equities
U.S. High Yield Corporate
Miller Income Opportunity Trust
Source: Morningstar Direct, as of 6/30/14. Dividend-paying equities – S&P Global Dividend Aristocrats; Corporate Investment Grade – Barclays U.S. Corporate Investment Grade; Corporate High Yield – Barclays U.S. Corporate High Yield; Equity REITs – S&P United States REIT; MLPs (master limited partnerships) – Alerian MLP Index; Mortgage REITs – FTSE NAREIT Mortgage REITs; U.S. Treasuries – Barclays U.S. Treasury. Please see appendix for index definitions.
FOR HOME OFFICE USE ONLY. Not for distribution to the public.

27. RISK/RETURN AND CORRELATIONS
3-Year Correlations
3-Year Risk/Return
Miller Income Opportunity Trust
U.S. Treasuries
-0.45
U.S. Investment Grade Corporate
0.22
Equity REITs
0.73
Dividend-Paying Equities
0.78
MLPs
0.68
U.S. High Yield Corporate
0.77
Mortgage REITs
0.64
Return
Standard Deviation
Sharpe Ratio
Alpha
Miller Income Opportunity Trust
16.19
10.55
1.53
4.01
BofAML U.S. High Yield Master II
9.27
6.41
1.44
----
Return
Standard Deviation
Sharpe Ratio
Alpha
Miller Income Opportunity Trust
16.19
10.55
1.53
3.46
S&P 500
16.58
12.26
1.35
----
Source: Morningstar Direct, as of 6/30/14. Dividend-paying equities – S&P Global Dividend Aristocrats; Corporate Investment Grade – Barclays U.S. Corporate Investment Grade; Corporate High Yield – Barclays U.S. Corporate High Yield; Equity REITs – S&P United States REIT; MLP (master limited partnerships) – Alerian MLP Index; Mortgage REITs – FTSE NAREIT Mortgage REITs; U.S. Treasuries – Barclays U.S. Treasury. Please see appendix for index definitions.
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28. TEAM BIOGRAPHIES 4/15/2017 PORTFOLIO MANAGERS Bill Miller, CFA
32 years of investment industry experience
BA in Economics, Washington and Lee University
Pursued graduate studies in Philosophy in the Ph.D. program at Johns Hopkins University
Bill Miller IV, CFA
6 years of investment industry experience
Former analyst with McKinsey & Company
BA in Economics, Tufts University (graduated Phi Beta Kappa)
MBA, Tuck School of Business at Dartmouth College
INVESTMENT TEAM
Chip Bailey, Senior Equity Trader, Legg Mason Investment Counsel
20 years of investment industry experience
Phil Yakim, Head of Equity and Fixed Income Trading, Legg Mason Investment Counsel
Christy Siegel, Research analyst
XL: S:\wa_products_PC\Macro Opportunities\Excel\3313 Risk Monitoring UCITS.xlsm
DATA: Bob Gingrich
PROOF: BNadzam proofed 9/28/12
COMP: Approved by LMrozek – YM 4/12/13
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29. PERFORMANCE DISCLOSURE June 30, 2014
Macro Opportunities Composite #999455
Location: S:\disclosures
New marketed product added to 2Q12
Updated Quarterly
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30. IMPORTANT RISK INFORMATION
The Fund is a newly organized, open-end investment company with no history of operations. All investing involves risk. Equity securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. Real estate investment trusts (REITs) are closely linked to the performance of the real estate markets. REITs are subject to illiquidity, credit and interest rate risks, and risks associated with small- and mid-cap investments. Asset-backed and mortgage-backed securities are subject to additional risks, such as prepayment and extension risks. Investments in MLPs include the risks of declines in energy and commodity prices, decreases in energy demand, adverse weather conditions, natural or other disasters, changes in government regulation, and changes in tax laws, and other risks of the MLP and energy sector. The Fund may engage in short selling, which is a speculative strategy that involves special risks. Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Fixed-income securities involve interest rate, credit, inflation and reinvestment risks; and possible loss of principal. As interest rates rise, the value of fixed-income securities falls. Risks of high-yield securities include greater price volatility, illiquidity and possibility of default. The Fund is classified as “non-diversified,” meaning it may invest a larger percentage of its assets in a small number of issuers, making it more susceptible to negative events than a diversified fund. Derivatives, such as options and futures, can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. Please see the prospectus for a more complete discussion of the Fund's risks.
S&P Global Dividend Aristocrats Index measures the performance of the highest dividend yielding companies within the S&P Global Broad Market Index (BMI) that have followed a policy of increasing or stable dividends for at least 10 consecutive years. Barclays U.S. Corporate Investment Grade Index is an unmanaged index consisting of publicly issued U.S. corporate and specified foreign debentures and secured notes that are rated investment grade (Baa3/BBB- or higher) by at least two ratings agencies, have at least one year to final maturity, and have at least $250 million par amount outstanding. To qualify, bonds must be SEC-registered. Please note that an investor cannot invest directly in an index, and unmanaged index returns do not reflect fees, expenses or sales charges. Barclays U.S. Corporate High Yield is an unmanaged index designed to mirror the investable universe of the U.S. high-yield corporate debt market. S&P United States REIT Index tracks the investable universe of publicly traded real estate investment trusts domiciled in the United States. Alerian MLP Index is a composite of the 50 most prominent energy MLP s, and it is calculated using a float-adjusted, capitalization-weighted methodology. FTSE NAREIT Mortgage REITs is a free-float adjusted, market capitalization-weighted index of U.S. Mortgage REITs. Mortgage REITs include all tax-qualified REITs with more than 50 percent of total assets invested in mortgage loans or mortgage-backed securities secured by interests in real property. Barclays U.S. Treasury Index is a measure of the public obligations of the U.S. Treasury.
Please note that an investor cannot invest directly in an index, and unmanaged index returns do not reflect fees, expenses or sales charges.
Copyright to 2013.
Updated 1/4/2011 compliance-approved text.
Updated 12/16/2010: End Note now titled Risk Disclosure
From: Chang, Jeff Sent: Thursday, December 16, :19 PM To: Tran, Cindy; Salimian, Marmar Cc: Mrozek, Lisa G.; Catalan, Caroline C.; Kerry, Marianne L. Subject: RE: Pitchbook Review
Hi:
Checked with Marmar, we should call it "risk disclosure" going forward. She states that it avoids confusion between "performance disclosure" and "risk disclosure" by making them distinctly different. Please let me or Marmar know if you have any questions.
OLD:
Updated on 12/1/09 per Lisa Mrozek (Lehman disclosure removed as it is over one year.)
LMM and Legg Mason Investor Services, LLC are subsidiaries of Legg Mason, Inc.
© 2014 Legg Mason Investor Services, LLC, Member FINRA, SIPC
FOR HOME OFFICE USE ONLY. Not for distribution to the public. FN