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.
Closed-End Funds Advised by Legg Mason Partners Fund Advisor, LLC Announce Shareholder Approval of New Management and Subadvisory Contracts
Jun 08, 2020
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