As was previously announced on February 19, 2020, Franklin Resources, Inc. (“Franklin Resources”) and Legg Mason, Inc. (“Legg Mason”) announced that they have entered into a definitive agreement for Franklin Resources to acquire Legg Mason in an all-cash transaction. Each Fund is administered by Legg Mason Partners Fund Advisor, LLC, a wholly owned subsidiary of Legg Mason, and managed by Western Asset Management Company, LLC (“Western Asset”) and other affiliates of Legg Mason. The Funds’ investment manager, Western Asset, is a wholly-owned subsidiary of Legg Mason and would become a wholly-owned subsidiary of Franklin Resources as a result of the transaction. The Funds are sub-advised by other affiliates of Western Asset that also would be acquired by Franklin Resources as a result of the transaction. The transaction is subject to approval by Legg Mason’s shareholders and customary closing conditions, including receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction of the other conditions, the transaction is expected to be consummated in the latter part of 2020.
Closed-End Funds Administered by Legg Mason Partners Fund Advisor, LLC Announce Board Approval of New Management and Subadvisory Agreements
Apr 15, 2020
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