Closed-End Funds Advised by Legg Mason Partners Fund Advisor, LLC Announce Shareholder Approval of New Management and Subadvisory Contracts
Each of the Funds today announced that, based on certified voting results from the Fund’s Special Meeting of Shareholders (the “Special Meeting”), shareholders have voted to approve the new management agreement for the Fund’s manager and the new subadvisory agreement for the Fund’s subadviser(s). Approval of these new agreements was proposed in connection with the pending combination of Legg Mason Inc. (“Legg Mason”), the parent company of the Fund’s investment manager and subadviser(s), and Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton (the “Transaction”), which will result in the automatic termination of the Fund’s current management and subadvisory agreements. The new management and subadvisory agreements will each become effective upon the consummation of the Transaction.
An investment in a Fund 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 each Fund’s 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 each Fund’s filings with the SEC.
Each Fund files its semi-annual and annual reports with the Securities and Exchange Commission (the “Commission”). These reports are available on the Commission’s website at www.sec.gov. For more information, please call Investor Relations: 1-888-777-0102, or consult the Funds’ web site at www.lmcef.com. Hard copies of the Funds’ complete audited financial statements are available free of charge upon request.
Category: Fund Announcement
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