Legg Mason has mailed proxy statements to shareholders in our U.S. funds in connection with the proposed sale of Legg Mason to Franklin Templeton. The sale will cause each fund’s management and subadvisory agreements to terminate.

For operations to continue uninterrupted, shareholders of all Legg Mason 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 funds’ current agreements. Each fund’s Board recommends that shareholders vote FOR each proposal applicable to their fund.

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

Following the sale, Legg Mason and its affiliates will be part of an organization with greater scale, broader distribution capabilities and new opportunities for growth.

Prior to the shareholder meeting, voting can be accomplished by Internet, telephone or mail. If you have questions, please call Computershare at 866-963-5819.

The votes of all shareholders, no matter how large or small their holdings, are important to completing the sale. If you are a Legg Mason fund shareholder, please read your fund’s proxy statement and VOTE. It is important that you vote promptly. This will help avoid the need for further solicitation.

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.