Effective December 31, 2025, it is anticipated that David F. Hoffman, CFA will step down as a member of the portfolio management team for the Fund. Thereafter, Mr. Hoffman will transition to an advisory role with Brandywine Global Investment Management, LLC (“Brandywine Global”).

Effective July 31, 2025, Paul Mielczarski will become a member of the Fund’s portfolio management team, which will consist of the members listed below:

• David F. Hoffman
• Jack P. McIntyre
• Brian L. Kloss
• Anujeet Sareen
• Tracy Chen
• Paul Mielczarski

Data and commentary provided in this press release are for informational purposes only. Franklin Resources, Inc. and its affiliates do not engage in selling shares of the Fund.

For more information about the Fund, please call Fund Investor Services: 1-888-777-0102, or consult the Fund’s website at www.franklintempleton.com/investments/options/closed-end-funds. 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.

The Fund’s shares are traded on the New York Stock Exchange. Similar to stocks, 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.

About Brandywine Global

Brandywine Global offers a broad array of fixed income, equity, alternatives, and asset allocation strategies that seek value across global markets with approximately $63 billion in total assets under management as of March 31, 2025. Founded in 1986 and headquartered in Philadelphia, the firm maintains strategically located offices across the United States, Europe, Australia and Asia. More information about the firm is available at www.brandywineglobal.com.

About Franklin Templeton

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.57 trillion in assets under management as of May 31, 2025. For more information, please visit franklintempleton.com and follow us on LinkedIn, X and Facebook.

Category: Fund Announcement

Source: Franklin Resources, Inc.

Source: Legg Mason Closed End Funds

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