Western Asset Inflation Management Fund (NYSE:IMF)
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Salomon Brothers Announces Launch of Salomon Brothers Inflation
Management Fund Inc.
NEW YORK, May 26 /PRNewswire-FirstCall/ -- Salomon Brothers Asset Management
Inc. ("SBAM") announced that Salomon Brothers Inflation Management Fund Inc.
("the Fund") will begin trading today on the New York Stock Exchange under the
symbol "IMF." The Fund is a newly organized, non-diversified closed-end
management investment company whose primary investment objective is total
return; its secondary investment objective is current income. The Fund will
invest, under normal market conditions, at least 80% of its managed assets in
inflation-protected securities issued by U.S. and non-U.S. governments, their
agencies or instrumentalities and corporations that are structured to provide
protection against inflation, and certain other fixed income securities that
SBAM believes will provide protection against inflation. In an effort to
maximize returns, the Fund may employ leverage through such techniques as
borrowings from certain financial institutions and the use of reverse
repurchase agreements up to approximately 33% of its total assets. However,
the Fund may not be leveraged at all times, and the amount of leverage may
vary.
The Fund raised approximately $220 million during its recent initial public
offering of common shares, assuming full exercise of the underwriters'
overallotments, which may not necessarily occur. Citigroup Global Markets Inc.
was the lead manager of the underwriting syndicate.
The Fund will be managed by SBAM, which is relied on by some of the world's
largest institutions for global fixed income investment management. SBAM was
established in 1987 and, together with SBAM affiliates in London, Tokyo, and
Hong Kong, provides a broad range of fixed income and equity investment
management services to individuals and institutional clients throughout the
world. It is an indirect wholly owned subsidiary of Citigroup Inc.
Shares of closed-end exchange-traded investment companies, like the Fund,
usually trade on a national stock exchange. Like other stocks, share prices
will fluctuate with market conditions and, at the time of sale, may be worth
more or less than the original investment. Shares of closed-end exchange-
traded funds often trade at a discount to their net asset value, and may also
trade at a discount to their original offering price. The Fund's use of
leverage may cause greater volatility in the net asset value of its shares.
For a prospectus and more complete information about Salomon Brothers Inflation
Management Fund Inc., including risk considerations, charges and expenses,
please contact a financial advisor or Salomon Brothers Asset Management at
1-888-777-0102. A copy of the prospectus is also available on the Salomon
Brothers Asset Management web site at http://www.sbam.com/. Investors should
read the prospectus carefully before they invest.
For more information, call 1-888-777-0102 or 1-800-SALOMON, or consult the
Fund's web site at http://www.sbam.com/.
DATASOURCE: Salomon Brothers Asset Management Inc.
CONTACT: Brenda Grandell, Director, Closed-End Funds, +1-212-291-3775,
or Edward Giltenan, Head of Public Relations, +1-212-559-6746, both of
Citigroup Asset Management, for Salomon Brothers Asset Management Inc.
Web site: http://www.sbam.com/