For what reasons did deficit spending start?

Fight deflation now and
cause inflation later?

This website contains important legal and general information about Legg Mason, Inc. and its investment subsidiaries. Please scroll down to read these sections. If you disagree with any of the information or sections and do not agree, do not accept or open the website. When accessing this website, you must select your country of residence or investor status and you must not access any other areas of the country or display any content that is not intended for the relevant country of residence or investor status. This website is not directed to you if Legg Mason, Inc. and / or its investment affiliates are prohibited by any statute in any jurisdiction from making the information on this website available to you and is not intended for any use that may would constitute a violation of any local law or regulation.

This website is directed solely to the jurisdictions accessible from the international website above. The products described on this website are not registered under the United States Securities Act of 1933 and are not offered or sold in the United States or to any US citizen or resident.

Please read the “Important Information” below and confirm that you agree to the terms of use of this website and that you will only access information for your country of residence. Depending on your jurisdiction, you may not be able to access all of the ranges of funds or funds available on this website.

I confirm that I have read and agree to the Terms of Use for this website and that I will only access product information that is available in my country of residence. By selecting "Agree" below, I also agree to the setting of cookies on this computer to save my website settings and track user activities. More information about our cookie policy


1.0 A brief introduction to this website

This website is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security that may be referred to on this or through this website if such offer, solicitation or distribution would be unlawful or the person making the offer or the requesting person does not meet the necessary requirements or the request or the offer is made to persons to whom it is unlawful to make this offer or to make this request. Furthermore, this website does not constitute an offer or a recommendation by Legg Mason Investments (Ireland) Limited or any of its subsidiaries described herein for any securities, investment management services or advisory services. No investment, tax or legal advice is provided through this website and you agree, that you will not use this website for these purposes. There is no guarantee that the securities, products or services described on or accessed through this website will be suitable for any particular investor. Products and services mentioned in links on this website or on this website are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Investors should carefully consider all risks, including any specific risks, of the products described on this website before investing in Shares of any Fund and, if necessary, seek advice from financial, legal, accounting, tax or other relevant advisers catch up.

No person or company (including other companies associated with the financial sector) is permitted to link from their website to this website without the express permission of Legg Mason Investments (Ireland) Limited.

1.1 Who is the operator of this website?

This website is owned and operated by Legg Mason Investments (Ireland) Limited, a wholly owned subsidiary of Legg Mason, Inc. ("Legg Mason"), a US-based financial services holding company listed on the New York Stock Exchange and is traded. Unless otherwise stated, all information on this website has been approved for publication by Legg Mason Investments (Ireland) Limited, located on 6th Floor, Building Three, Number One Ballsbridge, 126 Pembroke Road, Ballsbridge, Dublin 4, D04 EP27, Ireland. Registered in Ireland under company number 271887. Authorized and regulated by the Central Bank of Ireland.

2.0 Does this website describe Legg Mason's investment management skills?

Yes. This website may also contain information on certain investment managers depending on the jurisdiction in which you are located.

All of the investment management companies described on this website (with the exception of Shiozumi Asset Management) are affiliated with Legg Mason Investments (Ireland) Limited through the joint control and ownership of Legg Mason, Inc. Legg Mason Investments (Ireland) Limited offers its clients access to such affiliates primarily through its proprietary Irish and UK domiciled funds, with these affiliates acting as the investment manager or sub-investment manager. While some of the affiliates are authorized or licensed to do business in one or more European countries, they may not be authorized to offer investment advice in all European countries.

2.1 What do I need to know about the accuracy of the information given on this website?

No guarantee is given with regard to the information given on this website. Legg Mason Investments (Ireland) Limited believes the information and opinions expressed on this website are correct as of the date of publication. All fund prices stated on this website are indicative only and should not be relied on for trading purposes. Click here for pricing information.

Although Legg Mason Investments (Ireland) Limited will use all reasonable endeavors to ensure that the information provided on this website is correct and kept up to date, it cannot be held responsible for any loss or damage that may result from the use of outdated or obsolete information on this website has arisen.

2.2 Does this website offer financial advice?

No. Legg Mason Investments (Ireland) Limited does not provide investment advice or recommendations regarding the range of products or services it offers. The information on this website should not be construed as investment advice or recommendations. An investment in the funds mentioned on this website may not be suitable for all investors. Investments in the funds described on this website should only be made on the basis of the relevant prospectus, the relevant key investor information document or the other relevant fund documents as amended from time to time.

2.3 What general risk factors should I be aware of before accessing information on this website?

Past performance is not a guide to future returns. Please note that the price of Shares and the income from them can go down as well as up and you may not get back the amount originally invested. The level of income you receive may differ from the level of projected income at the time of investment.

Fluctuations in exchange rates can affect the value of an investment and the income from it.

If you exercise a cancellation right, you may not get back the amount originally invested if the share price has decreased since the time you invested.

Fees and costs, especially the initial sales charge, are not deducted evenly over the life of the investment, so you may not get back the amount invested if you redeem your investment in the first few years of the life.

The investment products and services can have tax implications. There is no guarantee that the tax status or proposed tax status as it exists at the time an investment is made will not change and these are subject to the individual circumstances of each individual. You should seek advice from your tax advisor to understand the tax implications of the products and services on this website.

Dividends and capital gains on securities issued in the relevant Fund may be subject to withholding taxes levied by the countries in which each Fund invests.

The acquisition of Shares could entail a material risk for an investor of losing the entire amount invested.

If you have any doubts about investing in any of the funds described on this website, you should contact an approved advisor who specializes in providing advice on such investments.

Investments in financial products are always associated with risks that vary depending on the product. You can find the full risk information on the products in the prospectus and in the document containing the key investor information.

2.4 Is the fund offering on this website available to "US persons"?

No, the funds are not classified as investment companies in the U.S. under the U.S. Investment Company Act of 1940, as amended, and the shares in these funds are not registered under the U.S. Securities Act of 1933, as amended (“Securities Act”) or registered under any other statute or ordinance in the United States. Shares in the Fund cannot be purchased by “US Persons” as defined under Regulation S of the Securities Act. The information provided on this website is not intended for distribution to or use by any person or entity in the USA or in any legal system or country in which such disclosure or use would violate the law or an ordinance or in which the funds described herein, Legg Mason Investments (Ireland) Limited (including its affiliates) or its products or services would be required to be registered, licensed or otherwise authorized. Further information can be found in the respective fund prospectus and offer document.

2.5 Does this website contain content from providers other than Legg Mason and its subsidiaries?

Yes. This website may provide you with access to market data such as: B. News, third-party analyst reports, analytics, latest sales transaction data, stock price quotes, and other information about stocks and the stock market (“Market Data”). Legg Mason Investments (Ireland) Limited may receive this market data from third parties that are independent from Legg Mason Investments (Ireland) Limited. Although the sources of the market data presented on this website are believed to be reliable, Legg Mason Investments (Ireland) Limited is not responsible for and makes no representations with regard to the content, correctness, completeness, currency, suitability or reliability of the Market data.

The market data is provided “as is” and is available on the basis of availability. Legg Mason Investments (Ireland) Limited will not be liable for any loss of profits, trading losses or any other damage resulting from inaccurate, inaccurate or unavailable market data or other information. Legg Mason Investments (Ireland) Limited is under no obligation to update the market data or other information accessible via this website or to continue to offer market data and other information.

You may also have access to third party websites. Legg Mason Investment (Ireland) Limited is in no way responsible for the content of any websites to which this website is linked. Legg Mason Investment (Ireland) Limited does not create or maintain the information that the user can access via the links, and Legg Mason Investment (Ireland) Limited does not check or update the information on linked websites. Legg Mason Investment (Ireland) Limited is not responsible for and makes no representations with regard to the content, correctness, completeness, topicality, suitability or reliability of the linked websites.

2.6 Important information on liability

Legg Mason Investments (Ireland) Limited makes no guarantee or representation that the website will be accessible at all times. For administrative or other reasons, the website may be temporarily unavailable or only available to a limited extent.

You agree that you will contact Legg Mason Investments (Ireland) Limited (including its subsidiaries or affiliates) and its officers, directors, employees and agents for any lawsuit, cost, claim, injury, loss, damage, litigation or expense ( in particular legal costs, costs and expenses of any kind that have arisen in any way, also with regard to claims by third parties, on the basis of full compensation) and hold them completely and effectively harmless, which were caused by the following, directly or indirectly arose therefrom or in connection with it stand:

(i) access to and / or use of the Legg Mason Investments (Ireland) Limited website by you and / or other third parties or legal entities and / or:

(ii) breach or failure to comply with these Terms of Use by you and / or other third parties and / or:

(iii) the operation, use or provision by you of any information to a third party that was provided in breach of your obligations under these Terms of Use.

2.7 Intellectual property

All copyrights, trademarks, logos, service marks, trade names, or other elements of intellectual property displayed on or used in connection with this website are owned by Legg Mason, Inc. or one of the Legg Mason group companies. The content of this website is protected by current intellectual property laws. Legg Mason, Inc. reserves all intellectual property rights in all materials on this website and will enforce those rights to the extent permitted by law. The material accessible on or through this website is only available for personal research and printing purposes. Users of this website may not otherwise:

(i) copy, reproduce, modify, sell, republish, post, transmit or distribute materials from this website in any way without the express written permission of Legg Mason Inc. (or one of its subsidiaries);

(ii) use, copy, modify or display any name, logo, text or image of Legg Mason Inc. (or one of its subsidiaries) without the express written permission of Legg Mason;

(iii) display any pages, text, images or other content from this website using "framing" technology without the express written permission of Legg Mason Inc. (or one of its subsidiaries);

(iv) modify or use the pages, text, images or other content from this website for purposes other than personal, non-commercial research and printing; or

(v) Take steps to create the appearance of an association or financial or other support between a user and / or a website and Legg Mason Inc. (or one of its subsidiaries).

You agree that Investments (Ireland) Limited will not be bound by any obligation of confidentiality to you with respect to any information or material communicated to you through this website, unless otherwise agreed in a separate direct contract between you and Investments (Ireland) Limited.

You acknowledge that the content of the foregoing provisions of these Terms of Use does not limit any specific provisions that may be set forth in the respective Terms of Use for certain products and services offered through this website.

additional Information

3.0 Changes to the content on the website

We reserve the right, in our sole discretion, to change, add, or delete portions of these Terms at any time without notice to users of the website.We also reserve the right, at our sole discretion, to change the content of this website and to add or delete content. You must periodically review these terms for changes. All changes, additions and deletions made to these terms and conditions will be effective when they are published on this website. If you access this website after we post changes to the terms, you are agreeing to the changed terms.

3.1 Data protection declaration and data security

The protection of your data is very important to Legg Mason Investments (Ireland) Limited. If information that you provide or that we receive from this website constitutes personal data, we have established procedures for the use of this information.

Unless this is restricted by the applicable laws, you agree that all personal information / data relating to you, which Legg Mason Investments (Ireland) Limited collects from this website from time to time, is used for the purposes and towards the persons which are permitted in the current, valid data protection declaration of Legg Mason Investments (Ireland) Limited. You can access Legg Mason Investments (Ireland) Limited's privacy policy by clicking here.

Legg Mason may also use cookies when users access this website. Please see our Cookie Policy for more information.

Please note that telephone conversations may be monitored or recorded when you call Legg Mason Investments (Ireland) Limited in order to maintain and improve our services.

3.2 Termination

Legg Mason Investments (Ireland) Limited reserves the right to terminate this Agreement, your access to and use of this website and / or any such website at any time for any notice, with or without cause.

3.3 Change

Legg Mason Investments (Ireland) Limited reserves the right, in its sole discretion, to unreservedly and without notice or notice, any information or material contained in these Terms of Use or otherwise any applicable Terms of Use for any relevant product and / or service available on this website , to change. By continuing to use the website, you are agreeing to all such new, amended, deleted or supplemented terms of use.

3.4 languages

Information on this website can be published in both English and the local language.

Version 1