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Franklin Templeton Fund Adviser, LLC Announces Distributions for Certain Closed End Funds Pursuant to their Managed Distribution Policy for the Months of June, July and August 2025

1. Franklin Templeton announces distributions for closed-end funds for June to August 2025. 2. Distributions may include capital gains and return of capital to maintain consistency. 3. Market price may be adversely affected by policy changes in distributions. 4. Distributions do not reflect fund performance; shareholders should be cautious. 5. Investors are subject to risks, including potential loss of original investment.

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FAQ

Why Neutral?

While distributions maintain income flow, reliance on capital return is concerning.

How important is it?

Distributions influence short-term investor sentiment but may not impact long-term valuations.

Why Short Term?

Market reactions likely in response to upcoming distribution announcements, with adjustments expected.

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NEW YORK--(BUSINESS WIRE)--Franklin Templeton Fund Adviser, LLC announced today that certain closed end funds have declared distributions pursuant to their managed distribution policy for the months of June, July and August 2025. The following dates apply to the distribution schedule below: 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 the Fund is paid back to shareholders. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. Even though the 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 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 the Fund’s shares. Based on the Funds’ tax accounting records, which also factor in currency fluctuations, each Fund’s estimated source of cumulative fiscal year-to-date distributions is presented in the table below: The updated estimated components of the distributions announced today will be provided to shareholders of record in a separate notice when the distributions are paid. 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 and sources of each Fund’s distributions to be reported will be estimates and will not be provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes 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. Franklin Templeton Fund Adviser, LLC is an indirect, wholly-owned subsidiary of Franklin Resources, Inc. (“Franklin Resources”). 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 More News From Franklin Resources, Inc. and Legg Mason Closed End Funds

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