Legg Mason Partners Municipal Funds Inactive
Filed: 3 Jan 07, 12:00am
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES
EXCHANGE ACT OF 1934
(AMENDMENT NO. )
Filed by the Registrant x
Filed by a Party other than the Registrant ¨
Check the appropriate box:
| ¨ | Preliminary Proxy Statement |
| ¨ | Confidential, for Use of Commission Only (as permitted by Rule 14a-6(e)(2)) |
| ¨ | Definitive Proxy Statement |
| x | Definitive Additional Materials |
| ¨ | Soliciting Material Pursuant to § 240.14a-12 |
LEGG MASON PARTNERS MUNICIPAL FUNDS
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) filing Proxy Statement, if other than Registrant)
Payment of Filing Fee (Check the appropriate box):
| x | No fee required. |
| ¨ | Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. |
| (1) | Title of each class of securities to which transaction applies: |
| (2) | Aggregate number of securities to which transaction applies: |
| (3) | Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): |
| (4) | Proposed maximum aggregate value of transaction: |
| (5) | Total fee paid: |
| ¨ | Fee paid previously with preliminary materials. |
| ¨ | Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. |
| (1) | Amount Previously Paid: |
| (2) | Form, Schedule or Registration Statement No.: |
| (3) | Filing Party: |
| (4) | Date Filed: |
December 28, 2006
To: Smith Barney Financial Advisors
Re: Legg Mason Partners Florida Municipals Fund
As you know, Legg Mason has proposed a series of reorganizations — including certain fund mergers, liquidations and reassignments — in order to streamline the company’s mutual fund offerings. With a more streamlined mutual fund complex, Legg Mason believes the firm will be able to focus on funds that potentially offer the best prospects for long-term viability, attractive long-term performance and asset growth over time.
As part of this proposal, shareholders ofLegg Mason Partners Florida Municipals Fund (Florida Municipals Fund) have been asked to consider and approve the reorganization of the Fund into Legg Mason Partners Managed Municipals Fund, Inc. (Managed Municipals Fund).
Please note:
| • | There are no material differences between the investment objectives of the Funds. The Managed Municipals Fund seeks to maximize current interest income that is excluded from gross income for regular federal income tax purposes to the extent consistent with prudent investment management and the preservation of capital. The Florida Municipals Fund seeks as high a level of income exempt from regular federal income taxes as is consistent with prudent investing. |
| • | As part of its investment program, Legg Mason Partners Florida Municipals Fund generally favors municipal securities that enable its shares to be exempt from the Florida intangibles tax. However, the Florida intangibles tax has been repealed effective January 1, 2007. Because the tax benefit for Florida residents of owning Florida municipal securities will be eliminated, the benefit of owning a fund that invests substantially in Florida municipal securities is greatly diminished. |
| • | Joe Deane and David Fare are responsible for day-to-day portfolio management of both Funds and employ the same investment strategy for selecting securities for both Funds. |
Copies of the proxy materials recently mailed to shareholders of Florida Municipals Fund are enclosed with this letter and have been posted on our website atwww.leggmason.com/investorservices (Merger Proxy H).
Thank you for your continued support and confidence in the Legg Mason Partners Funds.
For more information, please contact the Legg Mason Partners Funds Sales Desk at1-800-544-7835.
An investor should consider a fund’s investment objectives, risks, charges and expenses carefully before investing. For a free prospectus, which contains this and other information on any Legg Mason Partners Funds, visitwww.leggmason.com/investorservices. An investor should read the prospectus carefully before investing.
Attachment: Merger Proxy H
©2006 Legg Mason Investor Services, LLC, Member NASD, SIPC
(12/06) 06-0857
The recipient of this letter should review the proxy statement for a more complete description of the terms of the proposed reorganization.
FOR BROKER/DEALER USE ONLY — NOT FOR DISTRIBUTION TO THE PUBLIC