Proxy Statements to Shareholders


Dear Home Office Contact:

Legg Mason is mailing proxy statements to shareholders in our sponsored funds in connection with the proposed sale of Legg Mason to Franklin Templeton. This may cause shareholders in our funds to contact your financial advisors with questions.

The sale will cause each fund’s management and subadvisory agreements to terminate. For operations to continue uninterrupted, all shareholders in our open-end funds, closed-end funds, ETFs and variable annuity funds are being asked to vote in favor of new management and subadvisory agreements, which are identical to the current agreements.

If approved by shareholders, the new agreements will take effect upon the closing of the sale of Legg Mason. Each fund’s investment manager and subadviser(s) will become subsidiaries of Franklin Templeton upon the closing of the sale of Legg Mason.

The votes of all shareholders, no matter how large or small their holdings, are important to completing the transaction. We ask for your help in encouraging or assisting your clients in the voting process. Prior to the shareholder meeting, voting can be accomplished by Internet, telephone or mail. Shareholders are urged to read the proxy statement and to vote promptly in order to help avoid the need for further solicitation.

If clients or members of your firm have questions, they may call Computershare at 866-963-5819. Computershare can assist shareholders who hold fund shares directly or through brokerage accounts.

The combination of Legg Mason and Franklin Templeton should create a more robust organization with greater scale, broader distribution capabilities and new opportunities for growth.

We thank you for your assistance in these important matters. We wish you and your families well in these challenging times and look forward to working with you towards a brighter future.

About Legg Mason, Inc.

Guided by a mission of Investing to Improve Lives™, Legg Mason helps investors globally achieve better financial outcomes by expanding choice across investment strategies, vehicles and investor access through independent investment managers with diverse expertise in equity, fixed income, alternative and liquidity investments. Legg Mason’s assets under management are $763 billion as of April 30, 2020.  To learn more, visit our web site, our newsroom, or follow us on LinkedInTwitter, or Facebook

©2019 Legg Mason Investor Services, LLC, member FINRA, SIPC. Legg Mason Investor Services, LLC is a subsidiary of Legg Mason, Inc.

All investments involve risk, including loss of principal. Risks typically associated with real estate include but are not limited to local, state, national or international economic conditions, including market disruptions caused by regional concerns, political upheaval, sovereign debt crises and other factors.  Any information, statement or opinion set forth herein is general in nature, is not directed to or based on the financial situation or needs of any particular investor, and does not constitute, and should not be construed as, investment advice, forecast of future events, a guarantee of future results, or a recommendation with respect to any particular security or investment strategy or type of retirement account. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies should consult their financial professional.