UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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SCHEDULE 14A
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DB3/ 203402258.1
Legg Mason Product Updates
September 1, 2020 – Legg Mason Funds
As part of our ongoing commitment to keep you informed about our product line-up, included below are updates to existing products.
Legg Mason Open-End Funds Shareholder Meeting Update for August 31, 2020 and Franklin Templeton Acquisition Closing
At the August 31, 2020 Special Meetings of Shareholders, an additional nine (9) funds successfully passed the proposals to approve new management and subadvisory agreements. Five (5) open-end funds still have not yet obtained a sufficient number of votes to approve the new agreements. Meetings for these 5 funds have been adjourned until September 25, 2020 at 4:30 p.m. Eastern Time to permit the continued solicitation of shareholder votes. The open-end funds that have not yet passed the proposals are:
QS S&P 500 Index Fund
Western Asset Intermediate Maturity California Municipals Fund
Western Asset Institutional U.S. Treasury Reserves
Western Asset U.S. Treasury Reserves
Western Asset Premium Liquid Reserves
As previously communicated, due to the public health impact of the coronavirus ("COVID-19") pandemic and to support the health and safety of its shareholders, the meeting will be held in a virtual meeting format only. The meeting will be accessible solely by means of remote communication.
Federal law mandates a high rate of voter participation. Please understand that these are not routine proxy votes. We recognize this process has been challenging for you and for your investor clients. We must continue to ask for your help in encouraging shareholders to vote. If this communication comes after you voted, please accept our apologies for any inconvenience, and we thank you. We appreciate any and all assistance you can give to this important effort.
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You could lose money by investing in a money market fund. Although certain money market funds seek to preserve the value of your investment at $1.00 per share, they cannot guarantee they will do so. Because the share price of certain money market funds will fluctuate when you sell your shares in those funds, they may be worth less than what you originally paid for them. A money market fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if a fund's liquidity falls below required minimums because of market conditions or other factors. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.
All investments involve risk, including the loss of principal.
©2020 Legg Mason Investor Services, LLC, member FINRA, SIPC. Legg Mason Investor Services, LLC and all entities mentioned are wholly-owned subsidiaries of Franklin Resources, Inc.
BEFORE INVESTING, CAREFULLY CONSIDER A FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES. YOU CAN FIND THIS AND OTHER INFORMATION IN EACH PROSPECTUS, AND SUMMARY PROSPECTUS, AT WWW.LEGGMASONFUNDS.COM. PLEASE READ THE PROSPECTUS CAREFULLY.
Intended for Home Office Use Only. Not for Use with the Public.
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