92083-P2 12/23
Filed pursuant to Rule 424(b)(3)
Registration No. 333-264548
CLARION PARTNERS REAL ESTATE INCOME FUND INC.
SUPPLEMENT DATED DECEMBER 15, 2023 TO
THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION
DATED APRIL 28, 2023
Effective December 15, 2023, the following changes are made to the Fund’s Prospectus and Statement of Additional Information (“SAI”):
Portfolio Management Update
| I. | Effective December 15, 2023, the section entitled “Management of the Fund – Investment Team” in the Fund’s Prospectus is deleted in its entirety and replaced with the following: |
Investment Team
Set forth below is information regarding the team of professionals at Clarion Partners and Western Asset primarily responsible for overseeing the day-to-day operations of the Fund.
Clarion Partners is responsible for the day-to-day portfolio management of the Fund (including Private CRE), subject to the supervision and direction of the Board and Franklin Templeton Fund Adviser, LLC (formerly known as Legg Mason Partners Fund Advisor, LLC) (“FTFA”). Clarion Partners utilizes a team approach, with decisions derived from interaction among various investment management sector specialists. Under this team approach, management of the Fund’s portfolio will reflect a consensus of interdisciplinary views.
Western Asset has day-to-day responsibility for managing the portion of the Fund’s Publicly Traded Real Estate Securities investments that Clarion Partners allocates to Western Asset, subject to the supervision of the Board, FTFA and Clarion Partners.
Portfolio Managers
| | |
| Name, Address and Title | | Principal Occupation(s)
During Past 5 Years |
| | |
| Clarion Partners Portfolio Managers | | |
| Richard Schaupp | | Responsible for the day-to-day management with other members of the Fund’s portfolio management team; Managing Director of Clarion Partners; has been employed more than 5 years with Clarion Partners. |
| Janet Souk | | Responsible for the day-to-day management with other members of the Fund’s portfolio management team; Managing Director of Clarion Partners; has been employed since 2019 with Clarion Partners; prior to Clarion Partners, she was Project/Asset Manager with Greenoak/Mosser from 2017 to 2019. |
| Brian Watkins | | Responsible for the day-to-day management with other members of the Fund’s portfolio management team; Managing Director of Clarion Partners; has been employed more than 5 years with Clarion Partners. |
| Janis Mandarino | | Responsible for the day-to-day management with other members of the Fund’s portfolio management team; Senior Vice President of Clarion Partners; has been employed more than 5 years with Clarion Partners. |
| Brent Jenkins | | Responsible for the day-to-day management with other members of the Fund’s portfolio management team; Managing Director of Clarion Partners; joined Clarion Partners in 2023; prior to Clarion Partners, he was Senior Vice President, Portfolio Management with PIMCO from 2014 to 2023. |
| | |
| Name, Address and Title | | Principal Occupation(s)
During Past 5 Years |
| | |
| Western Asset Portfolio Managers | | |
| S. Kenneth Leech | | Responsible for the day-to-day management with other members of the Fund’s portfolio management team; Chief Investment Officer of Western Asset for more than 5 years. |
| Greg E. Handler | | Responsible for the day-to-day management with other members of the Fund’s portfolio management team; research analyst/portfolio manager at Western Asset for more than 5 years. |
Additional information about the portfolio managers’ compensation, other accounts managed by them and other information is provided in the SAI.
Clarion Partners Investment Committee
Clarion Partners has Investment Committees (Equity, Debt and Portfolio Allocation) for Private CRE Investments. Each committee is comprised of seasoned real estate professionals with an average of over 30 years of real estate investment experience. The relevant Investment Committee will oversee the investment process, review and approve each potential Private CRE investment and disposition as well as determine allocations to Western Asset.
Capitalized terms not defined herein have the meanings assigned to them in the Prospectus.
| II. | Effective December 15, 2023, the following changes are made to the Fund’s SAI. |
a) In the section entitled “Portfolio Managers – Clarion Partners Portfolio Managers” in the Fund’s SAI, the following portfolio manager is added:
| | | | | | | | | | |
Portfolio Managers | | Type of Account | | Number of
Accounts
Managed | | Total Assets
Managed
(Billions) ($) | | Number of
Accounts
Managed for
which Advisory
Fee is
Performance-
Based | | Assets
Managed for
which Advisory
Fee is
Performance-
Based
(Billions) ($) |
Brent Jenkins* | | Other Registered Investment Companies | | None | | None | | None | | None |
| | Other Pooled Investment Vehicles | | None | | None | | None | | None |
| | Other Accounts | | None | | None | | None | | None |
| | * | | The information is as of December 15, 2023 and does not reflect the Fund. |
b) In the section entitled “Portfolio Managers – Securities Ownership of Portfolio Managers” in the Fund’s SAI, the following portfolio manager is added:
Brent Jenkins* E
| | * | | The information is as of December 15, 2023. |
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