Closed End Funds Advised by Legg Mason Partners Fund Advisor, LLC Amend Dividend Reinvestment Plans
ClearBridge American Energy MLP Fund Inc. (NYSE:CBA),
ClearBridge Energy MLP Fund Inc. (NYSE:CEM),
ClearBridge Energy MLP Opportunity Fund Inc. (NYSE:EMO),
ClearBridge Energy MLP Total Return Fund Inc. (NYSE:CTR),
Legg Mason BW Global Income Opportunities Fund Inc. (NYSE:BWG),
LMP Capital and Income Fund Inc. (NYSE:SCD),
Western Asset Corporate Loan Fund Inc. (NYSE:TLI),
Western Asset Emerging Markets Debt Fund Inc. (NYSE:ESD),
Western Asset Emerging Markets Income Fund Inc. (NYSE:EMD),
Western Asset Global Corporate Defined Opportunity Fund Inc. (NYSE:GDO),
Western Asset Global High Income Fund Inc. (NYSE:EHI),
Western Asset High Income Fund II Inc. (NYSE:HIX),
Western Asset High Income Opportunity Fund Inc. (NYSE:HIO),
Western Asset High Yield Defined Opportunity Fund Inc. (NYSE:HYI),
Western Asset Intermediate Muni Fund Inc. (NYSE:SBI),
Western Asset Investment Grade Defined Opportunity Trust Inc. (NYSE:IGI),
Western Asset Managed Municipals Fund Inc. (NYSE:MMU),
Western Asset Mortgage Defined Opportunity Fund Inc. (NYSE:DMO),
Western Asset Municipal Defined Opportunity Trust Inc. (NYSE:MTT),
Western Asset Municipal High Income Fund Inc. (NYSE:MHF),
Western Asset Municipal Partners Fund Inc. (NYSE:MNP),
Western Asset Variable Rate Strategic Fund Inc. (NYSE:GFY), and
Western Asset Worldwide Income Fund Inc. (NYSE:SBW) (together, the “Funds”).
The Funds announced today that the Board of Directors of each Fund has authorized changes to each Fund’s Dividend Reinvestment
Plan (the “Plan”) with respect to dividend reinvestment determinations and transaction fees for Plan participants selling their
shares.
Effective July 1, 2017, each Fund will use the dividend payment date to determine if new shares are issued or shares are
purchased in the open market for Plan participants reinvesting their distributions. If on the payment date the closing market price
(plus $0.03 per share commission) is at or above the net asset value (“NAV”), the Fund will issue new shares of common stock. Newly
issued shares of common stock will be issued at a price equal to the greater of (a) the NAV per share on the date prior to issuance
or (b) 95% of the closing market price per share. If the closing market price (plus $0.03 per share commission) is lower than the
NAV per share on the payment date, the Plan Agent will receive the distribution in cash and purchase common stock in the open
market. The foregoing is a summary of the revised Plan and is subject to the terms and conditions of the applicable Plan.
Also effective July 1, 2017, fees paid by Plan participants to sell shares will change. With respect to each Fund, Plan
participants will pay a $5.00 transaction fee plus a $0.05 per share commission upon a sale of shares held pursuant to the Plan.
Fees and commissions per sale charged to Plan participants of the following Funds will increase: EMD, GDO, GFY, HIO, HIX, MHF, MMU,
MNP, SBI, SBW and SCD. Fees and commissions per sale charged to Plan participants of the following Funds will decrease: BWG, CBA,
CEM, CTR, DMO, EMO, HYI, IGI and MTT. Fees and commissions per sale charged to Plan participants of the following Funds will not
change: EHI, ESD and TLI.
Fund investors that would like to participate in the Fund’s dividend reinvestment plan can contact Computershare Trust Company,
N.A., the Plan Agent, at 1-888-888-0151 for more information.
Each Fund is managed by Legg Mason Partners Fund Advisor, LLC, a wholly owned subsidiary of Legg Mason, Inc., and sub-advised by
other affiliates of Legg Mason, Inc.
Contact each Fund at 1-888-777-0102 for additional information, or consult the Funds’ web site at www.lmcef.com. Hard copies of each Fund’s complete audited financial statements are available free of charge
upon request.
Data and commentary provided in this press release are for informational purposes only. Legg Mason and its affiliates do not
engage in selling shares of the Funds.
THIS PRESS RELEASE IS NOT AN OFFER TO PURCHASE NOR A SOLICITATION OF AN OFFER TO SELL SHARES OF THE FUNDS. THIS PRESS RELEASE
MAY CONTAIN STATEMENTS REGARDING PLANS AND EXPECTATIONS FOR THE FUTURE THAT CONSTITUTE FORWARD-LOOKING STATEMENTS WITHIN THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT ARE FORWARD-LOOKING AND
CAN BE IDENTIFIED BY THE USE OF WORDS SUCH AS “MAY,” “WILL,” “EXPECT,” “ANTICIPATE,” “ESTIMATE,” “BELIEVE,” “CONTINUE” OR OTHER
SIMILAR WORDS. SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON EACH FUND’S CURRENT PLANS AND EXPECTATIONS, AND ARE SUBJECT TO RISKS
AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS.
ADDITIONAL INFORMATION CONCERNING SUCH RISKS AND UNCERTAINTIES IS CONTAINED IN EACH FUND’S FILINGS WITH THE SECURITIES AND
EXCHANGE COMMISSION.
Legg Mason, Inc.
Maria Rosati, 212-805-6036
mrosati@leggmason.com
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