Closed-End Funds Administered by Legg Mason Partners Fund Advisor, LLC Announce Board Approval of New Management & Subadvisor...
May 15 2020 - 8:00AM
Business Wire
Western Asset Inflation-Linked Income Fund
(NYSE: WIA) and Western Asset Inflation-Linked Opportunities &
Income Fund (NYSE: WIW) (each, a “Fund” and, together, the
“Funds”)
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 (“LMPFA”), 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.
Under the Investment Company Act of 1940, as amended,
consummation of the transaction will result in the automatic
termination of the Funds’ agreements with Western Asset and its
affiliates. Therefore, each Fund’s Board of Trustees has approved
new management and subadvisory agreements that will be presented to
the shareholders of the applicable Fund for their approval.
Additional informational materials will be mailed to shareholders.
In connection with the proposal to approve the new investment
management and subadvisory agreements for each Fund, each Fund
intends to file a definitive proxy statement with the Securities
and Exchange Commission (the “SEC”). Shareholders are advised to
read their Fund’s proxy statement when it becomes available because
it will contain important information. When filed with the SEC, the
proxy statement and other documents filed by the Funds will become
available for free on the SEC website, www.sec.gov. Copies of the
proxy statement will also be mailed to each shareholder of record
as of the record date for the special shareholder meeting.
An investment in a Fund involves risk, including loss of
principal. Investment return and the value of shares will
fluctuate. The rapid and global spread of a highly contagious novel
coronavirus respiratory disease, designated COVID-19, first
detected in China in December 2019, has resulted in extreme
volatility in the financial markets and severe losses; reduced
liquidity of many instruments; restrictions on international and,
in some cases, local travel, significant disruptions to business
operations (including business closures); strained healthcare
systems; disruptions to supply chains, consumer demand and employee
availability; and widespread uncertainty regarding the duration and
long-term effects of this pandemic. Some sectors of the economy and
individual issuers have experienced particularly large losses. In
addition, the COVID-19 pandemic may result in a sustained economic
downturn or a global recession, domestic and foreign political and
social instability, damage to diplomatic and international trade
relations and increased volatility and/or decreased liquidity in
the securities markets. The ultimate economic fallout from the
pandemic, and the long-term impact on economies, markets,
industries and individual issuers, are not known. The U.S.
government and the Federal Reserve, as well as certain foreign
governments and central banks, are taking extraordinary actions to
support local and global economies and the financial markets in
response to the COVID-19 pandemic, including by pushing interest
rates to very low levels. This and other government intervention
into the economy and financial markets to address the COVID-19
pandemic may not work as intended, particularly if the efforts are
perceived by investors as being unlikely to achieve the desired
results. The COVID-19 pandemic could adversely affect the value and
liquidity of a Fund’s investments, and negatively impact the Fund’s
performance. In addition, the outbreak of COVID-19, and measures
taken to mitigate its effects, could result in disruptions to the
services provided to a Fund by its service providers.
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.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200515005154/en/
Media: Fund Investor Services-1-888-777-0102
Western Asset Inflation ... (NYSE:WIA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Western Asset Inflation ... (NYSE:WIA)
Historical Stock Chart
From Jul 2023 to Jul 2024