The Funds announced that, based on certified voting results from the Funds’ Special Meeting of Shareholders (the “Special Meeting”), shareholders have voted to approve the new management agreement for each Fund’s adviser and the new subadvisory agreements for each Fund’s subadvisers. Approval of these new agreements was proposed in connection with the pending combination of Legg Mason Inc. (“Legg Mason”), the parent company of the Funds’ adviser and subadvisers, and Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton (the “Transaction”), which will result in the automatic termination of the Funds’ current management and subadvisory agreements. The new management and subadvisory agreements will each become effective upon the consummation of the Transaction.
Each Fund is a diversified closed-end management investment company that is advised by Western Asset Management Company, LLC, an affiliate of Legg Mason, and is sub-advised by each of Western Asset Management Company Limited, Western Asset Management Company Ltd, and Western Asset Management Company Pte. Ltd., each of which is an affiliate of the adviser. An investment in the Funds involves risk, including loss of principal. Investment return and the value of shares will fluctuate.
Any data and commentary provided in this press release are for informational purposes only. This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the Funds’ current plans and expectations, and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Additional information concerning such risks and uncertainties are contained in the Funds’ filings with the Securities and Exchange Commission (the “SEC”).
Each Fund files its semi-annual and annual reports with the SEC. These reports are available on the SEC’s website at www.sec.gov. For more information, please call Investor Relations: 1-888-777-0102, or consult the Funds’ website at www.lmcef.com. The information contained on the Funds’ website is not part of this press release. Hard copies of each Fund’s complete audited financial statements are available free of charge upon request.
Category: Fund Announcement
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