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Closed-End Funds Advised or Administered by Legg Mason Partners Fund Advisor, LLC Announce that Franklin Resources, Inc. Acquired Legg Mason, Inc.

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Franklin Resources, Inc. (Franklin Resources) and Legg Mason, Inc. (Legg Mason) announced today that Franklin Resources acquired Legg Mason in an all-cash transaction. As a result of the transaction, Legg Mason Partners Fund Advisor, LLC, Western Asset Management Company, LLC, ClearBridge Investments, LLC and Brandywine Global Investment Management, LLC became indirect, wholly owned subsidiaries of Franklin Resources. Under the Investment Company Act of 1940, consummation of the transaction automatically terminated the management and subadvisory agreements that were in place for each Fund prior to the transaction. Each Funds manager and subadviser(s) continue to provide uninterrupted services with respect to the Fund pursuant to either new management and subadvisory agreements that were approved by Fund shareholders or interim management and subadvisory agreements that were approved by the Funds board and will continue for a period of 150 days.

Franklin Resources, whose principal executive offices are at One Franklin Parkway, San Mateo, California 94403, is a global investment management organization operating, together with its subsidiaries, as Franklin Templeton. As of June 30, 2020, after giving effect to the transaction described above, Franklin Templetons asset management operations had aggregate assets under management of approximately $1.4 trillion.

An investment in a 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.

For more information, please call Investor Relations: 1-888-777-0102, or consult the Funds web site at www.lmcef.com. The information contained on the Funds web site is not part of this press release. Hard copies of the Funds complete audited financial statements are available free of charge upon request.

Category: Fund Announcement

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

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