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INDEPENDENT EXPERTISE. SINGULAR FOCUS. This presentation is printed on 100% recycled paper MILLER INCOME OPPORTUNITY TRUST THIS MATERIAL MUST BE PRECEDED.

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Presentation on theme: "INDEPENDENT EXPERTISE. SINGULAR FOCUS. This presentation is printed on 100% recycled paper MILLER INCOME OPPORTUNITY TRUST THIS MATERIAL MUST BE PRECEDED."— Presentation transcript:

1 INDEPENDENT EXPERTISE. SINGULAR FOCUS. This presentation is printed on 100% recycled paper MILLER INCOME OPPORTUNITY TRUST 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. 2Q 2014

2 INDEPENDENT EXPERTISE. SINGULAR FOCUS. CLICK TO EDIT MASTER TITLE STYLE About LMM3 Why Unconstrained Income?10 Fund Overview15 Appendix21 WHAT’S INSIDE FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. 2

3 INDEPENDENT EXPERTISE. SINGULAR FOCUS. ABOUT LMM 3 FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.

4 INDEPENDENT EXPERTISE. SINGULAR FOCUS. 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. FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. Bill Miller, CFABill Miller IV, CFA MILLER INCOME OPPORTUNITY TRUST PORTFOLIO MANAGEMENT TEAM

5 INDEPENDENT EXPERTISE. SINGULAR FOCUS. 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 FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.

6 INDEPENDENT EXPERTISE. SINGULAR FOCUS. 6 STRATEGIES Miller Opportunity Trust Miller Income Opportunity Trust Portfolio Management Team Bill Miller, CFA Samantha McLemore, CFA Bill Miller, CFA Bill Miller IV, CFA Strategy AUM $2.6B$88.3M Objective High GrowthHigh Income and Growth Benchmark S&P 500 BofAML U.S. High Yield Master II S&P 500 Strategy Inception 12/31/19994/1/2009 Vehicles Offered U.S. Mutual Fund, Dublin Fund, Institutional SMA U.S. Mutual Fund Two unconstrained mandates, with $2.7 in AUM as of 6/30/14 FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.

7 INDEPENDENT EXPERTISE. SINGULAR FOCUS. 7 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 SUSTAINABLE COMPETITIVE ADVANTAGE FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.

8 INDEPENDENT EXPERTISE. SINGULAR FOCUS. 8 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 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 FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.

9 INDEPENDENT EXPERTISE. SINGULAR FOCUS. 9 1.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. 2.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). 3.FINANCIAL & MANAGERIAL ASSESSMENT LMM focuses on business models, capital allocation, and corporate governance to determine how the business can build shareholder value over time. 4.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. 5.DECISION MAKING LMM studies common behavioral pitfalls to improve our decision-making process and to increase our probability of success. INVESTMENT PROCESS FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. There is no guarantee the manager’s investment strategy will be successful.

10 INDEPENDENT EXPERTISE. SINGULAR FOCUS. WHY UNCONSTRAINED INCOME? 10 FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.

11 INDEPENDENT EXPERTISE. SINGULAR FOCUS. According to a Legg Mason Survey of over 3,000 affluent investors, the top three motivations for investing in income-generating investments are: 1.Growth of wealth (59%) 2.Protection of wealth (53%) 3.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 THE MANY FACES OF INCOME INVESTING 11 Nearly 7 out of 10 investors worldwide say that investing in income-generating products is an extremely important or important priority. FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.

12 INDEPENDENT EXPERTISE. SINGULAR FOCUS. WHY UNCONSTRAINED INCOME? 12 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 FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. 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.

13 INDEPENDENT EXPERTISE. SINGULAR FOCUS. NON-TRADITIONAL INCOME SOURCES OFFER UNIQUE OPPORTUNITIES 13 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 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. 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 REIT s – FTSE NAREIT Mortgage REITs; U.S. Treasuries – Barclays U.S. Treasury Index. Please see appendix for index definitions. FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.

14 INDEPENDENT EXPERTISE. SINGULAR FOCUS. NON-TRADITIONAL INCOME SOURCES OFFER UNIQUE OPPORTUNITIES 14 5-YEAR RISK/RETURN5-YEAR CORRELATION (1)(2)(3)(4)(5)(6) U.S. Treasuries (1) U.S. Investment Grade Corporate (2) 0.56 Equity REITs (3)-0.170.43 Dividend-paying Equities (4) -0.340.330.74 MLPs (5)-0.270.260.500.64 U.S. High Yield Corporate (6) -0.240.570.750.780.63 Mortgage REITs (7)0.100.430.610.530.550.46 While idiosyncratic risk may be greater than traditional sources of income, active management and low correlations can help to manage total risk. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. UNMANAGED INDEX RETURNS DO NOT REFLECT ANY FEES, EXPENSES OR SALES CHARGES. 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. FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. U.S. Treasuries Equity REITs MLPs Mortgage REITs U.S. Investment Grade Corporate Dividend-paying Equities U.S. High Yield Corporate

15 INDEPENDENT EXPERTISE. SINGULAR FOCUS. FUND OVERVIEW 15 FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.

16 INDEPENDENT EXPERTISE. SINGULAR FOCUS. FUND OVERVIEW 16 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/$50 CLASS I: $1,000,000/NONE CLASS IS: $1,000,000 FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.

17 INDEPENDENT EXPERTISE. SINGULAR FOCUS. INVESTMENT PROCESS: IDEA GENERATION 17 Internal sources Market screens Dividend changes Volatility or controversy Meetings with management Capital raises External sources Sell-side research Conferences Other investors FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.

18 INDEPENDENT EXPERTISE. SINGULAR FOCUS. 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 18 FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.

19 INDEPENDENT EXPERTISE. SINGULAR FOCUS. PORTFOLIO CONSTRUCTION Formula that underlies all of LMM’s investment decisions: Implied Return = Yield +Growth of Cash Flow 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 BUY DISCIPLINE 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 SELL DISCIPLINE 19 FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.

20 INDEPENDENT EXPERTISE. SINGULAR FOCUS. FLEXIBLE PORTFOLIO CONSTRUCTION 20 Subordinate Debt Convertible Debt Preferreds Straight Convertible Equity Options Warrants Senior Secured Debt 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 Flexibility to navigate the capital structure allows management to identify and invest in securities with the most attractive yields paired with the best valuations FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. 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.

21 INDEPENDENT EXPERTISE. SINGULAR FOCUS. APPENDIX 21 FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.

22 INDEPENDENT EXPERTISE. SINGULAR FOCUS. TACTICAL MANAGEMENT HAS PAID DIVIDENDS 22 2010201120122013 Calendar Year Yields8.0%9.0%9.5%10.0% Calendar Year Returns28.7%-7.2%23.9%27.6% Consistently high yields and strong total returns 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 INDEPENDENT EXPERTISE. SINGULAR FOCUS. BOTTOM-UP, OPPORTUNISTICALLY DRIVEN RESULTS BACKGROUND AND EXAMPLES 23 Business Development Companies (BDCs) Capital Structure Arbitrage Alternative Asset Managers Idiosyncratic Equities Lend to small and medium-sized businesses while banks reduce illiquid loan exposure, creating secular opportunity Generate high interest rates and dividend yields – 8% + 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 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% 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 FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.

24 INDEPENDENT EXPERTISE. SINGULAR FOCUS. INVESTMENT RESULTS 24 FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. As of June 30, 2014.¹Partial period from 04/03/09 to 12/31/09. Performance for periods greater than one year are annualized. 1

25 INDEPENDENT EXPERTISE. SINGULAR FOCUS. INVESTMENT RESULTS 25 As of June 30, 2014. Performance for periods greater than one year are annualized. FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.

26 INDEPENDENT EXPERTISE. SINGULAR FOCUS. 26 3-Year Risk/Return 1-Year Risk/Return RISK/RETURN CHARACTERISTICS 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. 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

27 INDEPENDENT EXPERTISE. SINGULAR FOCUS. 27 RISK/RETURN AND CORRELATIONS Miller Income Opportunity Trust U.S. Treasuries -0.45 U.S. Investment Grade Corporate 0.22 Equity REITs0.73 Dividend-Paying Equities 0.78 MLPs0.68 U.S. High Yield Corporate 0.77 Mortgage REITs0.64 3-Year Correlations ReturnStandard Deviation Sharpe RatioAlpha Miller Income Opportunity Trust 16.1910.551.534.01 BofAML U.S. High Yield Master II 9.276.411.44---- ReturnStandard Deviation Sharpe RatioAlpha Miller Income Opportunity Trust 16.1910.551.53 3.46 S&P 50016.5812.261.35---- 3-Year Risk/Return 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. FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.

28 INDEPENDENT EXPERTISE. SINGULAR FOCUS. TEAM BIOGRAPHIES 28 PORTFOLIO MANAGERS FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. Bill Miller, CFA o 32 years of investment industry experience o BA in Economics, Washington and Lee University o Pursued graduate studies in Philosophy in the Ph.D. program at Johns Hopkins University Bill Miller IV, CFA o 6 years of investment industry experience o Former analyst with McKinsey & Company o BA in Economics, Tufts University (graduated Phi Beta Kappa) o MBA, Tuck School of Business at Dartmouth College Chip Bailey, Senior Equity Trader, Legg Mason Investment Counsel o 20 years of investment industry experience Phil Yakim, Head of Equity and Fixed Income Trading, Legg Mason Investment Counsel o 20 years of investment industry experience Christy Siegel, Research analyst INVESTMENT TEAM

29 INDEPENDENT EXPERTISE. SINGULAR FOCUS. PERFORMANCE DISCLOSURE June 30, 2014 29 FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.

30 INDEPENDENT EXPERTISE. SINGULAR FOCUS. 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. 30 FN1410756 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.


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