Franklin Templeton Announces Distributions for Certain Closed-End Funds Pursuant to their Managed Distribution Policy for the Months of March, April and May 2026

Franklin Templeton announced today that certain closed-end funds have declared distributions pursuant to their managed distribution policy for the next three months.

Under the terms of each Fund's managed distribution policy, each Fund seeks to maintain a consistent distribution level derived from the income and capital gains generated from the Fund's investment portfolio. To the extent that sufficient distributable income is not available on a monthly basis, each Fund will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution rate. A return of capital may occur, for example, when some or all of the money that was invested in a Fund is paid back to shareholders. A return of capital distribution does not necessarily reflect a Fund's investment performance and should not be confused with "yield" or "income". Even though a Fund may realize current year capital gains, such gains may be offset, in whole or in part, by the Fund's capital loss carryovers from prior years. The Board of Directors/Trustees may modify, terminate or suspend the managed distribution policy at any time. Any such modification, termination or suspension could have an adverse effect on the market price of a Fund's shares.

Shareholders should not draw any conclusions about each Fund's investment performance from the amount of these distributions or from the terms of each Fund's managed distribution policy. The amounts of each Fund's distributions to be reported will be estimates and will not be provided for tax reporting purposes. The actual amounts will depend upon each Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. Each Fund will send a Form 1099-DIV to shareholders for the calendar year that will describe how to report the Fund's distributions for federal income tax purposes.

For more information about the Funds, please call 1-888-777-0102 or consult the Funds' website at www.franklintempleton.com/investments/options/closed-end-funds. Hard copies of the Funds' complete audited financial statements are available free of charge upon request.

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

The Funds' common shares are traded on the New York Stock Exchange. Similar to stocks, Fund share price 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.

INVESTMENT PRODUCTS: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Category: Distribution Related

Source: Franklin Resources, Inc.

Source: Legg Mason Closed-End Funds

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