Legg Mason Partners Fund Advisor, LLC to Assume Management Responsibility for Former Citigroup Asset Management-Advised Closed-End Funds as Part of Reorganization of Legg Mason Advisory Subsidiaries.NEW YORK -- Citigroup Investments Corporate Loan Fund Inc. (NYSE NYSE See: New York Stock Exchange : TLI (Transport Level Interface) A common interface for transport services (layer 4 of the OSI model). It provides a common language to a transport protocol and allows client/server applications to be used in different networking environments. ), High Income Opportunity Fund Inc. (NYSE: HIO HIO Hole-In-One (chiropractic) HIO Health Insuring Organization HIO Harvard International Office HIO Health Information Organization HIO Horse Industry Organization HIO Hogere Informatica-Opleiding HIO High Income Opportunities ), Intermediate Muni Fund, Inc. (AMEX AMEX See: American Stock Exchange : SBI SBI Special Background Investigation SBI Subsidiary Body for Implementation SBI State Bank of India SBI Secure Border Initiative SBI Small Business Institute SBI Stockholm Brain Institute SBI Serious Bacterial Infection SBI Society of Breast Imaging ), Managed High Income Portfolio Inc. (NYSE: MHY MHY My Hotel Year (band) ), Managed Municipals Portfolio Inc. (NYSE: MMU (Memory Management Unit) The part of the computer that governs memory access. Either part of the CPU chip or housed on separate chips, the MMU controls memory partitions and virtual memory. See memory and virtual memory. MMU - Memory Management Unit ), Municipal High Income Fund Inc. (NYSE: MHF MHF Mental Health Foundation (London, UK) MHF Malaysian Hockey Federation MHF Method Hiding Factor MHF Medium High Frequency MHF Major Hazards Facility MHF Mixed Hydrazine Fuel MHF Magnolia House of Furniture, Inc ), Real Estate Income Fund Inc. (NYSE: RIT RIT, n See therapy, regenerative injection. ), Salomon Brothers Emerging Markets Debt Fund Inc. (NYSE: ESD (1) (Electronic Software Distribution) Distributing new software and upgrades via the network rather than individual installations on each machine. See ESL. ), Salomon Brothers Emerging Markets Floating Rate Fund Inc. (NYSE: EFL EFL - Extended Fortran Language ), Salomon Brothers Emerging Markets Income Fund Inc. (NYSE: EMD EMD Electromechanical dissociation, see there ), Salomon Brothers Emerging Markets Income Fund II Inc. (NYSE: EDF (algorithm) EDF - earliest deadline first. ), Salomon Brothers Global High Income Fund Inc. (NYSE: EHI Ehi (ē`hī), the same as Ahiram. ), Salomon Brothers Global Partners Income Fund Inc. (NYSE: GDF GDF Gaz De France GDF Government(-wide) Data Files GDF Guardia di Finanza (Italian Revenue Guard Corps) GDF Global Development Finance (World Bank) ), Salomon Brothers High Income Fund Inc. (NYSE: HIF HIF Hypoxia Inducible Factor HIF Heavy Ion Fusion HIF Housing Inspection Foundation HIF Hammarby Idrottsförening (Swedish sport team) HIF Hey, It's Free (website) ), Salomon Brothers High Income Fund II Inc. (NYSE: HIX HIX Hollosi Information EXchange ), Salomon Brothers Inflation Management Fund Inc. (NYSE: IMF IMF See: International Monetary Fund IMF See International Monetary Fund (IMF). ), Salomon Brothers Municipal Partners Fund Inc. (NYSE: MNP (Microcom Networking Protocol) A family of communications protocols from Microcom, Inc., Norwood, MA, that have become de facto standards for error correction (classes 2 through 4) and data compression (class 5). In 1997, Compaq acquired Microcom. ), Salomon Brothers Municipal Partners Fund II Inc. (NYSE: MPT MPT Maryland Public Television MPT Modern Portfolio Theory (investing) MPT Ministry of Posts and Telecommunications MPT Message-Passing Toolkit MPT Master of Physical Therapy MPT Mitochondrial Permeability Transition ), Salomon Brothers 2008 Worldwide Dollar Government Term Trust Inc. (NYSE: SBG SBG Salzburg, Österreich (Salzburg, Austria) SBG Sociedade Brasileira de Genética (Portugese) SBG Südbadenbus GmbH (German) SBG Student Body Government SBG Server-Based Gaming ), Salomon Brothers Variable Rate Strategic Fund Inc. (NYSE: GFY), Salomon Brothers Worldwide Income Fund Inc. (NYSE: SBW) and Zenix Income Fund Inc. (NYSE: ZIF) announced today that effective August 1, 2006, Legg Mason Partners Fund Advisor, LLC, an affiliate of each Fund's current investment adviser, will assume management responsibilities for each Fund as a result of a reorganization of Legg Mason's investment advisory subsidiaries. Following the purchase of substantially all of Citigroup's asset management business in December 2005, Legg Mason undertook an internal reorganization to consolidate the advisory services provided to the Funds through a more limited number of advisers, focusing on the advisers' strengths. As part of this reorganization, at meetings held in June 2006, the Board of each Fund approved a new management agreement with Legg Mason Partners Fund Advisor, LLC ("LMPFA LMPFA Legg Mason Partners Fund Advisor, LLC "), under which LMPFA will act as the investment adviser for each Fund. LMPFA, with offices at 100 Light Street, Baltimore, Maryland 21202, is a newly-organized investment adviser that has been formed to serve as the investment adviser of the Funds and other Legg Mason-sponsored funds. In addition, the Boards of the following Funds approved new sub-advisory agreements for those Funds between LMPFA and Western Asset Management Company ("Western Asset"): High Income Opportunity Fund Inc. Intermediate Muni Fund, Inc. Managed High Income Portfolio Inc. Managed Municipals Portfolio Inc. Municipal High Income Fund Inc. Salomon Brothers Emerging Markets Debt Fund Inc. Salomon Brothers Emerging Markets Floating Rate Fund Inc. Salomon Brothers Emerging Markets Income Fund Inc. Salomon Brothers Emerging Markets Income Fund II Inc. Salomon Brothers Global High Income Fund Inc. Salomon Brothers Global Partners Income Fund Inc. Salomon Brothers High Income Fund Inc. Salomon Brothers High Income Fund II Inc. Salomon Brothers Inflation Management Fund Inc. Salomon Brothers Municipal Partners Fund Inc. Salomon Brothers Municipal Partners Fund II Inc. Salomon Brothers 2008 Worldwide Dollar Government Term Trust Inc. Salomon Brothers Variable Rate Strategic Fund Inc. Salomon Brothers Worldwide Income Fund Inc. Zenix Income Fund Inc. Western Asset, established in 1971 and having offices at 385 East Colorado Boulevard, Pasadena, California 91101, acts as investment adviser to institutional accounts, such as corporate pension plans, mutual funds and endowment funds. As of March 31, 2006, Western Asset's total assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. were approximately $512 billion (of which approximately $77 billion was managed by Western Asset Management Ltd.). The Boards of Salomon Brothers Global High Income Fund Inc. and Salomon Brothers Variable Rate Strategic Fund Inc. approved additional sub-advisory agreements for those Funds between Western Asset and Western Asset Management Ltd. As of March 31, 2006, Western Asset Management Ltd., with offices at 10 Exchange Place, London, England, had approximately $77 billion of total assets under management. LMPFA and Western Asset are wholly-owned subsidiaries of Legg Mason. The Board of Real Estate Income Fund Inc. approved a sub-advisory agreement for that Fund between LMPFA and AEW Management and Advisors, L.P, the Fund's current sub-adviser. The Board of Citigroup Investments Corporate Loan Fund Inc. approved a sub-advisory agreement for that Fund between LMPFA and Citigroup Alternative Investments LLC, the Fund's current sub-adviser. LMPFA provides administrative and certain oversight services to the Funds. LMPFA has delegated to the sub-advisers, as applicable, the day-to-day portfolio management of the Funds. Legg Mason expects that the current portfolio managers who are responsible for the day-to-day management of the Funds, as well as senior management and other key employees, will be the same immediately after the new management and sub-advisory agreements take effect, and the current portfolio managers will have access to the same research and other resources to support their investment management functions. The management fees for each Fund will remain unchanged. In addition to these advisory changes, the Funds are expected to be renamed in October of 2006. The chart below gives each Fund's current name and the proposed name of the Fund as of October 2006:
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Current Fund Name Fund Name as of October 2006
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Citigroup Investments Corporate
Loan Fund Inc. LMP Corporate Loan Fund Inc.
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High Income Opportunity Fund Inc. Western Asset High Income
Opportunity Fund Inc.
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Intermediate Muni Fund, Inc. Western Asset Intermediate Muni
Fund Inc.
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Managed High Income Portfolio Inc. Western Asset Managed High Income
Fund Inc.
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Managed Municipals Portfolio Inc. Western Asset Managed Municipals
Fund Inc.
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Municipal High Income Fund Inc. Western Asset Municipal High
Income Fund Inc.
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Real Estate Income Fund Inc. LMP Real Estate Income Fund Inc.
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Salomon Brothers Emerging Markets Western Asset Emerging Markets
Debt Fund Inc. Debt Fund Inc.
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Salomon Brothers Emerging Markets Western Asset Emerging Markets
Floating Rate Fund Inc. Floating Rate Fund Inc.
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Salomon Brothers Emerging Markets Western Asset Emerging Markets
Income Fund Inc. Income Fund Inc.
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Salomon Brothers Emerging Markets Western Asset Emerging Markets
Income Fund II Inc. Income Fund II Inc.
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Salomon Brothers Global High Income Western Asset Global High Income
Fund Inc. Fund Inc.
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Salomon Brothers Global Partners Western Asset Global Partners
Income Fund Inc. Income Fund Inc.
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Salomon Brothers High Income Fund Western Asset High Income Fund
Inc. Inc.
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Salomon Brothers High Income Fund II Western Asset High Income Fund II
Inc. Inc.
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Salomon Brothers Inflation Western Asset Inflation
Management Fund Inc. Management Fund Inc.
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Salomon Brothers Municipal Partners Western Asset Municipal Partners
Fund Inc. Fund Inc.
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Salomon Brothers Municipal Partners Western Asset Municipal Partners
Fund II Inc. Fund II Inc.
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Salomon Brothers 2008 Worldwide Western Asset 2008 Worldwide
Dollar Government Term Trust Inc. Dollar Government Term Trust
Inc.
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Salomon Brothers Variable Rate Western Asset Variable Rate
Strategic Fund Inc. Strategic Fund Inc.
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Salomon Brothers Worldwide Income Western Asset Worldwide Income
Fund Inc. Fund Inc.
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Zenix Income Fund Inc. Western Asset Zenix Income Fund
Inc.
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Note: "Smith Barney," "Salomon Brothers" and "Citi" are service marks of Citigroup, licensed for use by Legg Mason as the names of funds and investment advisers. Legg Mason and its affiliates, as well as the fund's investment manager, are not affiliated with Citigroup. |
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