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Author’s note: This article was released to members of CEF/ETF Income Laboratory on August 3, 2020.
Franklin Resources acquires Legg Mason CEFs
Activists in certain Legg Mason (LM) funds continue to hold out. Remember, when Franklin Resources (BEN) acquired Legg Mason, shareholders of the Legg Mason CEFs (including the Western Asset and Royce Funds) have/had to approve new management and subadvisory contracts for the funds to continue their existence. Otherwise, the funds would have to be liquidated, in an obvious blow to management but at the same time, a boon for shareholders who gain an