Western Asset Middle Market Income Fund Inc. (XWMFX) Announces Shareholder Approval of New Management and Subadvisory Agreements
Western Asset Middle Market Income Fund (XWMFX) shareholders approved a new management agreement and subadvisory agreements during a Special Meeting, following the acquisition of Legg Mason by Franklin Resources. The new agreements were required due to the automatic termination of existing contracts post-Transaction. The Fund's management and subadvisers have been providing services under interim agreements since the acquisition. This change aims to continue supporting the Fund's operations without disruption. Investors are reminded that investments can involve risks including loss of principal.
- Shareholders approved new management and subadvisory agreements, enhancing operational continuity.
- The management and subadvisers continued services without interruption during the transition.
- None.
NEW YORK--(BUSINESS WIRE)--Western Asset Middle Market Income Fund Inc. (“XWMFX” or the “Fund”) announced that, based on certified voting results from the Fund’s Special Meeting of Shareholders (the “Special Meeting”), shareholders have voted to approve the new management agreement with the Fund’s manager and the new subadvisory agreements with the Fund’s subadvisers. Approval of these new agreements was proposed in connection with the consummated combination of Legg Mason Inc. (“Legg Mason”), the parent company of the Fund’s investment manager and subadvisers, and Franklin Resources, Inc. (“Franklin Resources”), a global investment management organization operating as Franklin Templeton (the “Transaction”), which resulted in the automatic termination of the Fund’s current management and subadvisory agreements. The Fund's investment manager and the subadvisers continued to provide uninterrupted services with respect to the Fund pursuant to interim management and subadvisory agreements that were approved by the Fund’s Board of Directors. The new management and subadvisory agreements each became effective upon receipt of requisite approval of the agreements by shareholders of the Fund at the Special Meeting.
On July 31, 2020, Franklin Resources acquired Legg Mason in an all-cash transaction. As a result of the Transaction, Legg Mason Partners Fund Advisor, LLC, the Fund’s manager, became an indirect, wholly-owned subsidiary of Franklin Resources and the Fund’s subadvisers, Western Asset Management Company, LLC, Western Asset Management Company Limited, Western Asset Management Company Ltd. and Western Asset Management Company Pte. Ltd., also became indirect wholly-owned subsidiaries of Franklin Resources.
An investment in the Fund involves risk, including loss of principal. Investment return and the value of shares will fluctuate.
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 the 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 the Fund’s filings with the Securities and Exchange Commission (the “SEC”).
The Fund files its semi-annual and annual reports with the SEC. These reports are available on the SEC’s website at www.sec.gov. For more information, please call Investor Relations: 1-888-777-0102, or consult the Fund’s website at www.lmcef.com. The information contained on the Fund’s website is not part of this press release. Hard copies of the Fund’s complete audited financial statements are available free of charge upon request.
Category: Fund Announcement
Source: Franklin Resources, Inc.
