Certain Closed End Funds Advised by Legg Mason Partners Fund Advisor, LLC Announce Appointment of New Lead Independent Director

Rhea-AI Summary

The Board of multiple Funds under Franklin Resources has appointed Eileen Kamerick as Lead Independent Director, effective November 8, 2022, following the passing of former Director William Hutchinson. Additionally, Nisha Kumar will take over as Chair of the Audit Committee. This management transition aims to maintain effective governance within the Funds. Investors should note that shares of these Funds, traded on the NYSE under the ticker BEN, are subject to market fluctuations and inherent risks.

Positive

• Appointment of Eileen Kamerick as Lead Independent Director may bring fresh perspectives.
• Nisha Kumar's ascension to Audit Committee Chair could enhance oversight.

Negative

• The passing of William Hutchinson raises concerns about leadership continuity.

BrandywineGLOBAL – Global Income Opportunities Fund Inc. (“BWG”)

Clarion Partners Real Estate Income Fund Inc. (“CPREIF”)

ClearBridge Energy Midstream Opportunity Fund Inc. (“EMO”)

ClearBridge MLP and Midstream Fund Inc. (“CEM”)

ClearBridge MLP and Midstream Total Return Fund Inc. (“CTR”)

LMP Capital and Income Fund Inc. (“SCD”)

Western Asset Diversified Income Fund (“WDI”)

Western Asset Emerging Markets Debt Fund Inc. (“EMD”)

Western Asset Global Corporate Defined Opportunity Fund Inc. (“GDO”)

Western Asset Global High Income Fund Inc. (“EHI”)

Western Asset High Income Fund II Inc. (“HIX”)

Western Asset High Income Opportunity Fund Inc. (“HIO”)

Western Asset High Yield Defined Opportunity Fund Inc. (“HYI”)

Western Asset Intermediate Muni Fund Inc. (“SBI”)

Western Asset Investment Grade Defined Opportunity Trust Inc. (“IGI”)

Western Asset Managed Municipals Fund Inc. (“MMU”)

Western Asset Middle Market Income Fund Inc. (“XWMFX”)

Western Asset Mortgage Opportunity Fund Inc. (“DMO”)

Western Asset Municipal High Income Fund Inc. (“MHF”)

Western Asset Municipal Partners Fund Inc. (“MNP”)

(collectively, the “Funds”)

NEW YORK--(BUSINESS WIRE)-- The Board of each Fund announced today the appointment of Eileen Kamerick as Lead Independent Director, effective November 8, 2022. Ms. Kamerick replaces William Hutchinson, the former Lead Independent Director of the Funds, who recently passed away. The Boards also announced that Nisha Kumar will succeed Ms. Kamerick as Chair of each Fund’s Audit Committee.

About Franklin Templeton

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton.

For more information about the Funds, please call 1-888-777-0102 or consult the Funds’ website at www.franklintempleton.com/investments/options/closed-end-funds. Hard copies of the Funds’ complete audited financial statements are available free of charge upon request.

Data and commentary provided in this press release are for informational purposes only. Franklin Resources and its affiliates do not engage in selling shares of the Funds traded on the New York Stock Exchange.

Certain Fund shares are traded on the New York Stock Exchange. Similar to stocks, such Fund share prices will fluctuate with market conditions and, at the time of sale, may be worth more or less than the original investment. Shares of closed-end funds often trade at a discount to their net asset value, and can increase an investor’s risk of loss. All investments are subject to risk, including the risk of loss.

INVESTMENT PRODUCTS: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Category: Corporate Action

Media Contact: Fund Investor Services-1-888-777-0102

Source: Franklin Resources, Inc.

Source: Legg Mason Closed End Funds

View source version on businesswire.com: https://www.businesswire.com/news/home/20221110005534/en/

Investor Contact: Fund Investor Services 1-888-777-0102

Source: Franklin Resources, Inc. and Legg Mason Closed End Funds

FAQ

Who is the new Lead Independent Director for Franklin Resources Funds?

Eileen Kamerick has been appointed as the Lead Independent Director effective November 8, 2022.

What changes occurred in the Audit Committee of Franklin Resources Funds?

Nisha Kumar will succeed Eileen Kamerick as Chair of the Audit Committee.

What is the significance of the management changes for the Funds?

The changes aim to ensure effective governance and continuity in the Funds' operations.

What should investors know about the Funds traded under BEN?

Investors should be aware that shares are subject to market fluctuations and risks.