<SEC-DOCUMENT>0001683863-20-009468.txt : 20200514
<SEC-HEADER>0001683863-20-009468.hdr.sgml : 20200514
<ACCEPTANCE-DATETIME>20200514142615
ACCESSION NUMBER:		0001683863-20-009468
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200514
DATE AS OF CHANGE:		20200514
EFFECTIVENESS DATE:		20200514

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BrandywineGLOBAL-Global Income Opportunities Fund Inc
		CENTRAL INDEX KEY:			0001504545
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22491
		FILM NUMBER:		20877011

	BUSINESS ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		(888) 777-0102

	MAIL ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Legg Mason BW Global Income Opportunities Fund Inc.
		DATE OF NAME CHANGE:	20101028

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WESTERN ASSET MUNICIPAL HIGH INCOME FUND INC.
		CENTRAL INDEX KEY:			0000830487
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05497
		FILM NUMBER:		20876991

	BUSINESS ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		888-777-0102

	MAIL ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNICIPAL HIGH INCOME FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SPECIAL OPPORTUNITIES MUNICIPAL FUND INC
		DATE OF NAME CHANGE:	19881025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WESTERN ASSET INTERMEDIATE MUNI FUND INC.
		CENTRAL INDEX KEY:			0000882300
		IRS NUMBER:				133643581
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06506
		FILM NUMBER:		20876998

	BUSINESS ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		888-777-0102

	MAIL ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERMEDIATE MUNI FUND INC
		DATE OF NAME CHANGE:	20020219

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SMITH BARNEY INTERMEDIATE MUNICIPAL FUND INC
		DATE OF NAME CHANGE:	19920909

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SMITH BARNEY INTERMEDIATE QUALITY MUNICIPAL FUND INC
		DATE OF NAME CHANGE:	19600201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WESTERN ASSET MANAGED MUNICIPALS FUND INC.
		CENTRAL INDEX KEY:			0000886043
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06629
		FILM NUMBER:		20876996

	BUSINESS ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		888-777-0102

	MAIL ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MANAGED MUNICIPALS PORTFOLIO INC
		DATE OF NAME CHANGE:	19920929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WESTERN ASSET MUNICIPAL PARTNERS FUND INC.
		CENTRAL INDEX KEY:			0000894351
		IRS NUMBER:				133694722
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07362
		FILM NUMBER:		20876990

	BUSINESS ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		888-777-0102

	MAIL ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WETERN ASSET MUNICIPAL PARTNERS FUND INC.
		DATE OF NAME CHANGE:	20061010

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SALOMON BROTHERS MUNICIPAL PARTNERS FUND INC
		DATE OF NAME CHANGE:	20030505

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNICIPAL PARTNERS FUND INC
		DATE OF NAME CHANGE:	19930714

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WESTERN ASSET HIGH INCOME OPPORTUNITY FUND INC.
		CENTRAL INDEX KEY:			0000910068
		IRS NUMBER:				133735236
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07920
		FILM NUMBER:		20877000

	BUSINESS ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		888-777-0102

	MAIL ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HIGH INCOME OPPORTUNITY FUND INC
		DATE OF NAME CHANGE:	19941230

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SMITH BARNEY HIGH INCOME OPPORTUNITY FUND INC
		DATE OF NAME CHANGE:	19930913

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SMITH BARNEY HIGH INCOME FUND INC
		DATE OF NAME CHANGE:	19930802

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WESTERN ASSET HIGH INCOME FUND II INC.
		CENTRAL INDEX KEY:			0001058239
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08709
		FILM NUMBER:		20877001

	BUSINESS ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		8887770102

	MAIL ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SALOMON BROTHERS HIGH INCOME FUND II INC
		DATE OF NAME CHANGE:	19980421

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SALOMON BROTHERS HIGH YIELD BOND FUND IN
		DATE OF NAME CHANGE:	19980319

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WESTERN ASSET CORPORATE LOAN FUND INC.
		CENTRAL INDEX KEY:			0001068963
		IRS NUMBER:				521568099
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08985
		FILM NUMBER:		20877005

	BUSINESS ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		888-777-0102

	MAIL ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LMP CORPORATE LOAN FUND INC.
		DATE OF NAME CHANGE:	20061010

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CITIGROUP INVESTMENTS CORPORATE LOAN FUND INC.
		DATE OF NAME CHANGE:	20050421

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRAVELERS CORP LOAN FUND INC
		DATE OF NAME CHANGE:	19980826

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WESTERN ASSET GLOBAL HIGH INCOME FUND INC.
		CENTRAL INDEX KEY:			0001228509
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21337
		FILM NUMBER:		20877002

	BUSINESS ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		8887770102

	MAIL ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SALOMON BROTHERS GLOBAL HIGH INCOME FUND INC
		DATE OF NAME CHANGE:	20030617

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SALOMON BROTHERS GLOBAL HIGH YIELD FUND INC
		DATE OF NAME CHANGE:	20030422

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WESTERN ASSET EMERGING MARKETS DEBT FUND INC.
		CENTRAL INDEX KEY:			0001227862
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21343
		FILM NUMBER:		20877004

	BUSINESS ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		8887770102

	MAIL ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SALOMON BROTHERS EMERGING MARKETS DEBT FUND INC
		DATE OF NAME CHANGE:	20031003

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SALOMON BROTHERS FIXED INCOME STRATEGIC FUND INC
		DATE OF NAME CHANGE:	20030417

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LMP CAPITAL & INCOME FUND INC.
		CENTRAL INDEX KEY:			0001270131
		IRS NUMBER:				470936930
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21467
		FILM NUMBER:		20877006

	BUSINESS ADDRESS:	
		STREET 1:		C/O LEGG MASON & CO. LLC
		STREET 2:		620 EIGHTH AVE., 49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		212-805-6024

	MAIL ADDRESS:	
		STREET 1:		C/O LEGG MASON & CO. LLC
		STREET 2:		620 EIGHTH AVE., 49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SALOMON BROTHERS CAPITAL & INCOME FUND INC
		DATE OF NAME CHANGE:	20031219

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SALOMON BROTHERS EQUITY & INCOME FUND INC
		DATE OF NAME CHANGE:	20031113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WESTERN ASSET VARIABLE RATE STRATEGIC FUND INC.
		CENTRAL INDEX KEY:			0001299393
		IRS NUMBER:				510522808
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21609
		FILM NUMBER:		20876989

	BUSINESS ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		888-777-0102

	MAIL ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Salomon Brothers Variable Rate Strategic Fund Inc.
		DATE OF NAME CHANGE:	20040903

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Salomon Brothers Floating Rate Strategic Fund Inc.
		DATE OF NAME CHANGE:	20040803

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Western Asset Municipal Defined Opportunity Trust Inc.
		CENTRAL INDEX KEY:			0001454021
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22265
		FILM NUMBER:		20876992

	BUSINESS ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		888 - 777 - 0102

	MAIL ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Western Asset Municipal Term Trust Inc.
		DATE OF NAME CHANGE:	20090114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Western Asset Investment Grade Defined Opportunity Trust Inc.
		CENTRAL INDEX KEY:			0001462586
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22294
		FILM NUMBER:		20876997

	BUSINESS ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		888-777-0102

	MAIL ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WESTERN ASSET GLOBAL CORPORATE DEFINED OPPORTUNITY FUND INC.
		CENTRAL INDEX KEY:			0001472341
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22334
		FILM NUMBER:		20877003

	BUSINESS ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		888-777-0102

	MAIL ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Western Asset Global Credit Defined Opportunity Fund Inc.
		DATE OF NAME CHANGE:	20090916

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Western Asset Mortgage Opportunity Fund Inc.
		CENTRAL INDEX KEY:			0001478102
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22369
		FILM NUMBER:		20876993

	BUSINESS ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		(888) 777-0102

	MAIL ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Western Asset Mortgage Defined Opportunity Fund Inc.
		DATE OF NAME CHANGE:	20091204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ClearBridge MLP & Midstream Fund Inc.
		CENTRAL INDEX KEY:			0001488775
		IRS NUMBER:				272282398
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22405
		FILM NUMBER:		20877008

	BUSINESS ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		(888) 777-0102

	MAIL ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ClearBridge Energy MLP Fund Inc.
		DATE OF NAME CHANGE:	20100407

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Western Asset High Yield Defined Opportunity Fund Inc.
		CENTRAL INDEX KEY:			0001497186
		IRS NUMBER:				273075810
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22444
		FILM NUMBER:		20876999

	BUSINESS ADDRESS:	
		STREET 1:		55 WATER STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10041
		BUSINESS PHONE:		888-777-0102

	MAIL ADDRESS:	
		STREET 1:		55 WATER STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10041

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ClearBridge Energy Midstream Opportunity Fund Inc.
		CENTRAL INDEX KEY:			0001517518
		IRS NUMBER:				451474578
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22546
		FILM NUMBER:		20877009

	BUSINESS ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		888-777-0102

	MAIL ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ClearBridge Energy MLP Opportunity Fund Inc.
		DATE OF NAME CHANGE:	20110406

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Western Asset Middle Market Income Fund Inc.
		CENTRAL INDEX KEY:			0001525355
		IRS NUMBER:				452641964
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22582
		FILM NUMBER:		20876994

	BUSINESS ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE, 49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		(888) 777-0102

	MAIL ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE, 49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Western Asset Middle Market & High Yield Fund Inc.
		DATE OF NAME CHANGE:	20110913

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Western Asset Middle Market Income Fund Inc.
		DATE OF NAME CHANGE:	20110711

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ClearBridge MLP & Midstream Total Return Fund Inc.
		CENTRAL INDEX KEY:			0001547341
		IRS NUMBER:				454960969
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22693
		FILM NUMBER:		20877007

	BUSINESS ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		800-805-6035

	MAIL ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ClearBridge Energy MLP Total Return Fund Inc.
		DATE OF NAME CHANGE:	20120412

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Western Asset Middle Market Debt Fund Inc.
		CENTRAL INDEX KEY:			0001555085
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22734
		FILM NUMBER:		20876995

	BUSINESS ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE, 49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		888-777-0102

	MAIL ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE, 49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Clarion Partners Real Estate Income Fund Inc.
		CENTRAL INDEX KEY:			0001762562
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-23408
		FILM NUMBER:		20877010

	BUSINESS ADDRESS:	
		STREET 1:		620 8TH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		8887770102

	MAIL ADDRESS:	
		STREET 1:		620 8TH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>f5663d1.htm
<DESCRIPTION>LEGG MASON CLOSED-END FUNDS
<TEXT>
<html><head></head><body>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:'';text-align:center; font-weight:bold;font-size:10pt;font-family:'Times New Roman';font-style:normal;text-transform:none;font-variant: normal;">UNITED STATES&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:'';text-align:center; font-weight:bold;font-size:10pt;font-family:'Times New Roman';font-style:normal;text-transform:none;font-variant: normal;">SECURITIES AND EXCHANGE COMMISSION&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:'';text-align:center; font-weight:bold;font-size:10pt;font-family:'Times New Roman';font-style:normal;text-transform:none;font-variant: normal;">Washington, D.C. 20549&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;text-align:center;">&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:'';text-align:center; font-weight:bold;font-size:10pt;font-family:'Times New Roman';font-style:normal;text-transform:none;font-variant: normal;">SCHEDULE 14A &#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;text-align:center;">&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:'';text-align:center; font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Proxy Statement Pursuant to Section 14(a) of the Securities&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:'';text-align:center; font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Exchange Act of 1934 &#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;text-align:center;">&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:''; font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Filed by the Registrant [X] &#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:''; font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Filed by a Party other than the Registrant [&#160;&#160; ] &#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:''; font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Check the appropriate box: &#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:''; font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">[&#160;&#160; ]<font style="padding-left: 4em;"></font>Preliminary Proxy Statement &#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:''; font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">[&#160;&#160; ]&#160;&#160;<font style="padding-left: 4em;"></font>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) &#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:''; font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">[&#160;&#160; ]<font style="padding-left: 4em;"></font>Definitive Proxy Statement &#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:''; font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">[X]<font style="padding-left: 4em;"></font>Definitive Additional Materials &#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:''; font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">[&#160;&#160; ] <font style="padding-left: 4em;"></font>Soliciting Material Pursuant to &sect;240.14a-12&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;text-align:center;">&#160;&#160;</p>
        <div style="text-align: left;">
        <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  width:99.89%;">


                <tr>
                    <td style="width:49.91%;"></td>
                    <td style="width:49.98%;"></td>
                </tr>
                <tr>
                    <td valign="Top" style="border-right:solid 0.75pt ;  border-right:solid 0.75pt ;">
                    <p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.9pt;text-indent:-7.9pt;font-size:10pt;font-family:'Times New Roman Bold'; font-weight:bold;font-size:10pt;font-family:'Times New Roman Bold';text-transform:uppercase;font-style:normal;font-variant: normal;">BrandywineGLOBAL&ndash; Global Income Opportunities Fund Inc.&#160;</p>
                    </td>
                    <td valign="Top" style="border-left:solid 0.75pt ;  border-left:solid 0.75pt ;">
                    <p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.9pt;text-indent:-7.9pt;font-size:10pt;font-family:'Times New Roman Bold'; font-weight:bold;font-size:10pt;font-family:'Times New Roman Bold';text-transform:uppercase;font-style:normal;font-variant: normal;">Western Asset High Yield Defined Opportunity Fund Inc.&#160;</p>
                    </td>
                </tr>
                <tr>
                    <td valign="Top" style="border-right:solid 0.75pt ;  border-right:solid 0.75pt ;">
                    <p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.9pt;text-indent:-7.9pt;font-size:10pt;font-family:'Times New Roman Bold'; font-weight:bold;font-size:10pt;font-family:'Times New Roman Bold';text-transform:uppercase;font-style:normal;font-variant: normal;">Clarion Partners Real Estate Income Fund Inc.&#160;</p>
                    </td>
                    <td valign="Top" style="border-left:solid 0.75pt ;  border-left:solid 0.75pt ;">
                    <p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.9pt;text-indent:-7.9pt;font-size:10pt;font-family:'Times New Roman Bold'; font-weight:bold;font-size:10pt;font-family:'Times New Roman Bold';text-transform:uppercase;font-style:normal;font-variant: normal;">Western Asset Intermediate Muni Fund Inc.&#160;</p>
                    </td>
                </tr>
                <tr>
                    <td valign="Top" style="border-right:solid 0.75pt ;  border-right:solid 0.75pt ;">
                    <p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.9pt;text-indent:-7.9pt;font-size:10pt;font-family:'Times New Roman Bold'; font-weight:bold;font-size:10pt;font-family:'Times New Roman Bold';text-transform:uppercase;font-style:normal;font-variant: normal;">ClearBridge Energy Midstream Opportunity Fund Inc.&#160;</p>
                    </td>
                    <td valign="Top" style="border-left:solid 0.75pt ;  border-left:solid 0.75pt ;">
                    <p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.9pt;text-indent:-7.9pt;font-size:10pt;font-family:'Times New Roman Bold'; font-weight:bold;font-size:10pt;font-family:'Times New Roman Bold';text-transform:uppercase;font-style:normal;font-variant: normal;">Western Asset Investment Grade Defined Opportunity Trust Inc.&#160;</p>
                    </td>
                </tr>
                <tr style="height:3.85pt;">
                    <td valign="Top" style="border-right:solid 0.75pt ;  border-right:solid 0.75pt ;">
                    <p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.9pt;text-indent:-7.9pt;font-size:10pt;font-family:'Times New Roman Bold'; font-weight:bold;font-size:10pt;font-family:'Times New Roman Bold';text-transform:uppercase;font-style:normal;font-variant: normal;">ClearBridge MLP and Midstream Fund Inc.&#160;</p>
                    </td>
                    <td valign="Top" style="border-left:solid 0.75pt ;  border-left:solid 0.75pt ;">
                    <p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.9pt;text-indent:-7.9pt;font-size:10pt;font-family:'Times New Roman Bold'; font-weight:bold;font-size:10pt;font-family:'Times New Roman Bold';text-transform:uppercase;font-style:normal;font-variant: normal;">Western Asset Managed Municipals Fund Inc.&#160;</p>
                    </td>
                </tr>
                <tr>
                    <td valign="Top" style="border-right:solid 0.75pt ;  border-right:solid 0.75pt ;">
                    <p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.9pt;text-indent:-7.9pt;font-size:10pt;font-family:'Times New Roman Bold'; font-weight:bold;font-size:10pt;font-family:'Times New Roman Bold';text-transform:uppercase;font-style:normal;font-variant: normal;">ClearBridge MLP and Midstream Total Return Fund Inc.&#160;</p>
                    </td>
                    <td valign="Top" style="border-left:solid 0.75pt ;  border-left:solid 0.75pt ;">
                    <p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.9pt;text-indent:-7.9pt;font-size:10pt;font-family:'Times New Roman Bold'; font-weight:bold;font-size:10pt;font-family:'Times New Roman Bold';text-transform:uppercase;font-style:normal;font-variant: normal;">Western Asset Middle Market Debt Fund Inc.&#160;</p>
                    </td>
                </tr>
                <tr>
                    <td valign="Top" style="border-right:solid 0.75pt ;  border-right:solid 0.75pt ;">
                    <p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.9pt;text-indent:-7.9pt;font-size:10pt;font-family:'Times New Roman Bold'; font-weight:bold;font-size:10pt;font-family:'Times New Roman Bold';text-transform:uppercase;font-style:normal;font-variant: normal;">LMP Capital and Income Fund Inc.&#160;</p>
                    </td>
                    <td valign="Top" style="border-left:solid 0.75pt ;  border-left:solid 0.75pt ;">
                    <p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.9pt;text-indent:-7.9pt;font-size:10pt;font-family:'Times New Roman Bold'; font-weight:bold;font-size:10pt;font-family:'Times New Roman Bold';text-transform:uppercase;font-style:normal;font-variant: normal;">Western Asset Middle Market Income Fund Inc.&#160;</p>
                    </td>
                </tr>
                <tr>
                    <td valign="Top" style="border-right:solid 0.75pt ;  border-right:solid 0.75pt ;">
                    <p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.9pt;text-indent:-7.9pt;font-size:10pt;font-family:'Times New Roman Bold'; font-weight:bold;font-size:10pt;font-family:'Times New Roman Bold';text-transform:uppercase;font-style:normal;font-variant: normal;">Western Asset Corporate Loan Fund Inc.&#160;</p>
                    </td>
                    <td valign="Top" style="border-left:solid 0.75pt ;  border-left:solid 0.75pt ;">
                    <p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.9pt;text-indent:-7.9pt;font-size:10pt;font-family:'Times New Roman Bold'; font-weight:bold;font-size:10pt;font-family:'Times New Roman Bold';text-transform:uppercase;font-style:normal;font-variant: normal;">Western Asset Mortgage Opportunity Fund Inc.&#160;</p>
                    </td>
                </tr>
                <tr>
                    <td valign="Top" style="border-right:solid 0.75pt ;  border-right:solid 0.75pt ;">
                    <p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.9pt;text-indent:-7.9pt;font-size:10pt;font-family:'Times New Roman Bold'; font-weight:bold;font-size:10pt;font-family:'Times New Roman Bold';text-transform:uppercase;font-style:normal;font-variant: normal;">Western Asset Emerging Markets Debt Fund Inc.&#160;</p>
                    </td>
                    <td valign="Top" style="border-left:solid 0.75pt ;  border-left:solid 0.75pt ;">
                    <p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.9pt;text-indent:-7.9pt;font-size:10pt;font-family:'Times New Roman Bold'; font-weight:bold;font-size:10pt;font-family:'Times New Roman Bold';text-transform:uppercase;font-style:normal;font-variant: normal;">Western Asset Municipal Defined Opportunity Trust Inc.&#160;</p>
                    </td>
                </tr>
                <tr>
                    <td valign="Top" style="border-right:solid 0.75pt ;  border-right:solid 0.75pt ;">
                    <p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.9pt;text-indent:-7.9pt;font-size:10pt;font-family:'Times New Roman Bold'; font-weight:bold;font-size:10pt;font-family:'Times New Roman Bold';text-transform:uppercase;font-style:normal;font-variant: normal;">Western Asset Global Corporate Defined Opportunity Fund Inc.&#160;</p>
                    </td>
                    <td valign="Top" style="border-left:solid 0.75pt ;  border-left:solid 0.75pt ;">
                    <p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.9pt;text-indent:-7.9pt;font-size:10pt;font-family:'Times New Roman Bold'; font-weight:bold;font-size:10pt;font-family:'Times New Roman Bold';text-transform:uppercase;font-style:normal;font-variant: normal;">Western Asset Municipal High Income Fund Inc.&#160;</p>
                    </td>
                </tr>
                <tr>
                    <td valign="Top" style="border-right:solid 0.75pt ;  border-right:solid 0.75pt ;">
                    <p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.9pt;text-indent:-7.9pt;font-size:10pt;font-family:'Times New Roman Bold'; font-weight:bold;font-size:10pt;font-family:'Times New Roman Bold';text-transform:uppercase;font-style:normal;font-variant: normal;">Western Asset Global High Income Fund Inc.&#160;</p>
                    </td>
                    <td valign="Top" style="border-left:solid 0.75pt ;  border-left:solid 0.75pt ;">
                    <p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.9pt;text-indent:-7.9pt;font-size:10pt;font-family:'Times New Roman Bold'; font-weight:bold;font-size:10pt;font-family:'Times New Roman Bold';text-transform:uppercase;font-style:normal;font-variant: normal;">Western Asset Municipal Partners Fund Inc.&#160;</p>
                    </td>
                </tr>
                <tr>
                    <td valign="Top" style="border-right:solid 0.75pt ;  border-right:solid 0.75pt ;">
                    <p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.9pt;text-indent:-7.9pt;font-size:10pt;font-family:'Times New Roman Bold'; font-weight:bold;font-size:10pt;font-family:'Times New Roman Bold';text-transform:uppercase;font-style:normal;font-variant: normal;">Western Asset High Income Fund II Inc.&#160;</p>
                    </td>
                    <td valign="Top" style="border-left:solid 0.75pt ;  border-left:solid 0.75pt ;">
                    <p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.9pt;text-indent:-7.9pt;font-size:10pt;font-family:'Times New Roman Bold'; font-weight:bold;font-size:10pt;font-family:'Times New Roman Bold';text-transform:uppercase;font-style:normal;font-variant: normal;">Western Asset Variable Rate Strategic Fund Inc.&#160;</p>
                    </td>
                </tr>
                <tr>
                    <td valign="Top" style="border-right:solid 0.75pt ;  border-right:solid 0.75pt ;">
                    <p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.9pt;text-indent:-7.9pt;font-size:10pt;font-family:'Times New Roman Bold'; font-weight:bold;font-size:10pt;font-family:'Times New Roman Bold';text-transform:uppercase;font-style:normal;font-variant: normal;">Western Asset High Income Opportunity Fund Inc.&#160;</p>
                    </td>
                    <td valign="Top" style="border-left:solid 0.75pt ;  border-left:solid 0.75pt ;">
                    <p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.9pt;text-indent:-7.9pt;font-family:Times New Roman;font-weight:bold;font-size:10pt;">&#160;&#160;</p>
                    </td>
                </tr>

        </table>
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        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;">&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:'';text-align:center; font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> (Name of Registrant(s) as Specified In Its Charter) &#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;text-align:center;">&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:'';text-align:center; font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:'';text-align:center; font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Name of Person(s) Filing Proxy Statement, if other than the Registrant) &#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;text-align:center;">&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:''; font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Payment of Filing Fee (Check the appropriate box): &#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:''; font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">[X]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No fee required. &#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:''; font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">[&#160;&#160; ]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. &#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:''; font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;1)&#160;&#160;&#160;&#160;Title of each class of securities to which transaction applies:&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:''; font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;</p>
        <font style="padding-left: 4em;"></font>
        <div style="text-align: left;">
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                <tr>
                    <td valign="top" style="width:0%;white-space:nowrap;">
                    <p style="margin-bottom:0pt;margin-top:0pt;font-family:''; font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
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                    <td valign="top">
                    <p style="margin-bottom:0pt;margin-top:0pt; font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><font style="padding-left: 4em;"></font>&#160; &#160; &#160; &#160; &#160; 2)<font style="padding-left: 4em;"></font>Aggregate number of securities to which transaction applies:&#160;</p>
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        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:''; font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
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        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:''; font-size:10pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="padding-left: 4em;"></font><font style="text-decoration: underline; font-family: 'Times New Roman';"> </font>&#160;</p>
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<p style="margin: 0px;font: bold 16px/19px 'Calibri';">LEGG MASON U.S. FUND SHAREHOLDERS: YOUR VOTE MATTERS &#150; PLEASE VOTE!</p>
<p style="padding-right: 110px;margin-top: 13px;margin-bottom: 0px;font: 16px/22px 'Calibri';">Legg Mason has mailed proxy statements to shareholders in our U.S. funds in connection with the proposed sale of Legg Mason to Franklin Templeton. The sale will cause each fund's management and subadvisory agreements to terminate.</p>
<p style="padding-right: 131px;margin-top: 7px;margin-bottom: 0px;font: 16px/22px 'Calibri';">For operations to continue uninterrupted, shareholders of all Legg Mason open"end funds, closed"end funds, ETFs and variable annuity funds are being asked to vote in favor of new management and subadvisory agreements, which are identical to the funds' current agreements. Each fund's Board recommends that shareholders vote FOR each proposal applicable to their fund.</p>
<p style="padding-right: 97px;margin-top: 6px;margin-bottom: 0px;font: 16px/22px 'Calibri';">If approved by shareholders, the new agreements will take effect upon the closing of the sale of Legg Mason to Franklin Templeton. Each fund's investment manager and subadviser(s) will become subsidiaries of Franklin Templeton upon the closing of the sale.</p>
<p style="padding-right: 129px;margin-top: 8px;margin-bottom: 0px;font: 16px/22px 'Calibri';">Following the sale, Legg Mason and its affiliates will be part of an organization with greater scale, broader distribution capabilities and new opportunities for growth.</p>
<p style="padding-right: 103px;margin-top: 9px;margin-bottom: 0px;font: 16px/22px 'Calibri';">Prior to the shareholder meeting, voting can be accomplished by Internet, telephone or mail. If you have questions, please call Computershare at 866"963"5819.</p>
<p style="padding-right: 115px;margin-top: 9px;margin-bottom: 0px;font: 16px/22px 'Calibri';">The votes of all shareholders, no matter how large or small their holdings, are important to completing the sale. If you are a Legg Mason fund shareholder, please read your fund's proxy statement and <font style="font: 16px/22px 'Calibri';text-decoration: underline;">VOTE</font>. It is important that you vote promptly. This will help avoid the need for further solicitation.</p>
<p style="padding-right: 100px;margin-top: 7px;margin-bottom: 0px;font: 16px/22px 'Calibri';">We thank you for your assistance in these important matters. We wish you and your families well in these challenging times and look forward to working with you towards a brighter future.</p> </div>
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<p style="margin: 0px;font: bold 15px/18px 'Arial';">DO YOU INVEST IN OUR U.S. FUNDS? YOUR VOTE MATTERS!</p>
<p style="padding-right: 100px;margin-top: 11px;margin-bottom: 0px;font: 15px/20px 'Arial';">Legg Mason has mailed proxy statements to fund shareholders in connection with the proposed sale of Legg Mason to Franklin Templeton. The sale will cause each fund's management and subadvisory agreements to terminate.</p>
<p style="padding-right: 103px;margin-top: 6px;margin-bottom: 0px;font: 15px/19px 'Arial';">For operations to continue uninterrupted, shareholders in all of our open-end funds, closed-end funds, ETFs and variable annuity funds are being asked to vote in favor of new management and subadvisory agreements, which are identical to the funds' current agreements. Each fund's Board recommends that shareholders vote FOR each proposal applicable to their fund.</p>
<p style="padding-right: 102px;margin-top: 7px;margin-bottom: 0px;font: 15px/19px 'Arial';">If approved by shareholders, the new agreements will take effect upon the closing of the sale of Legg Mason to Franklin Templeton. Each fund's investment manager and subadviser(s) will become subsidiaries of Franklin Templeton upon the closing of the sale.</p>
<p style="padding-right: 97px;margin-top: 8px;margin-bottom: 0px;font: 15px/20px 'Arial';">Prior to the shareholder meetings, shareholders can vote by Internet, telephone or mail. If you have questions about a particular proxy statement, please call Computershare at 866-963-5819.</p>
<p style="padding-right: 123px;margin-top: 7px;margin-bottom: 0px;font: 15px/20px 'Arial';">Completing this voting process gets us that much closer to setting the future company up for success with the potential for new and exciting growth.</p>
<p style="padding-right: 122px;margin-top: 7px;margin-bottom: 0px;font: 15px/20px 'Arial';">We would like to thank the Legg Mason team that is working so hard on this effort in order to realize a major milestone for this transaction.</p> </div>
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<p style="margin: 0px;font: 16px/19px 'Times New Roman';">Dear Home Office Contact:</p>
<p style="padding-right: 100px;margin-top: 12px;margin-bottom: 0px;font: 16px/20px 'Times New Roman';">Legg Mason has mailed proxy statements to shareholders in our U.S. funds in connection with the proposed sale of Legg Mason to Franklin Templeton. This may cause clients who are shareholders in our funds to contact your financial advisors with questions. We ask for your help in encouraging or assisting your clients in the voting process.</p>
<p style="padding-right: 97px;margin-top: 10px;margin-bottom: 0px;font: 16px/20px 'Times New Roman';">The sale will cause each fund's management and subadvisory agreements to terminate. For operations to continue uninterrupted, shareholders of all of our open-end funds, closed-end funds, ETFs and variable annuity funds are being asked to vote in favor of new management and subadvisory agreements, which are identical to the funds' current agreements. Each fund's Board recommends that shareholders vote FOR each proposal applicable to their fund.</p>
<p style="padding-right: 109px;margin-top: 10px;margin-bottom: 0px;font: 16px/21px 'Times New Roman';">If approved by shareholders, the new agreements will take effect upon the closing of the sale of Legg Mason to Franklin Templeton. Each fund's investment manager and subadviser(s) will become subsidiaries of Franklin Templeton upon the closing of the sale.</p>
<p style="padding-right: 129px;margin-top: 7px;margin-bottom: 0px;font: 16px/21px 'Times New Roman';">Following the sale, Legg Mason and its affiliates will be part of an organization with greater scale, broader distribution capabilities and new opportunities for growth.</p>
<p style="padding-right: 117px;margin-top: 8px;margin-bottom: 0px;font: 16px/20px 'Times New Roman';">The votes of all shareholders, no matter how large or small their holdings, are important to completing the sale. Prior to the shareholder meeting, voting can be accomplished by Internet, telephone or mail. Shareholders are urged to read the proxy statement and to vote promptly in order to help avoid the need for further solicitation.</p>
<p style="padding-right: 99px;margin-top: 11px;margin-bottom: 0px;font: 16px/20px 'Times New Roman';">If clients or members of your firm have questions, they may call Computershare at 866-963- 5819. Computershare can assist shareholders who hold fund shares directly or through brokerage accounts.</p>
<p style="padding-right: 107px;margin-top: 30px;margin-bottom: 0px;font: 16px/21px 'Times New Roman';">We thank you for your assistance in these important matters. We wish you and your families well in these challenging times and look forward to working with you towards a brighter future.</p>
<p style="margin-top: 48px;margin-bottom: 0px;font: 12px/14px 'Calibri';color: #656565;">FOR HOME OFFICE USE ONLY. NOT FOR DISTRIBUTION TO FINANCIAL ADVISORS OR RETAIL INVESTORS.</p>
<p style="padding-right: 124px;margin-top: 19px;margin-bottom: 0px;font: 12px/17px 'Calibri';color: #656565;"><font style="font: 12px/14px 'Calibri';color: #656565;">(C)</font><font style="font: 12px/17px 'Calibri';color: #656565;margin-left: 2px;">2020 Legg Mason Investor Services, LLC, Member FINRA, SIPC. Legg Mason Investor Services, LLC is a subsidiary of Legg Mason, Inc.</font></p> </div>
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<p style="margin: 0px;font: 16px/18px 'Arial';">Dear Board Members</p>
<p style="padding-right: 100px;margin-top: 19px;margin-bottom: 0px;font: 16px/19px 'Arial';">As we've been discussing, the proxy solicitation process is now underway in connection with the proposed acquisition of Legg Mason by Franklin Templeton. You may have already received proxies for funds in which you hold shares; if you haven't, you can expect to receive them shortly. If you hold your shares in a brokerage account, you should expect to receive proxy statements in the mail and/or a notice from your broker that proxies are available on-line for your review.</p>
<p style="margin-top: 12px;margin-bottom: 0px;font: bold 16px/19px 'Arial';">WE NEED YOUR HELP IN ACQUIRING THE NEEDED SHAREHOLDER</p>
<p style="padding-right: 118px;margin-top: 2px;margin-bottom: 0px;font: 16px/20px 'Arial';"><font style="font: bold 16px/21px 'Arial';">VOTES</font>. Your vote matters, no matter how many or few shares you own, and we ask you to return your proxies promptly. We know some Board Members have already done so and we'd like to thank you for your quick responses.</p>
<p style="padding-right: 103px;margin-top: 13px;margin-bottom: 0px;font: 16px/19px 'Arial';">Getting fund shareholders to vote is among the most labor-intensive processes in our efforts to satisfy the requirements needed to close the transaction. We are kicking off a communications effort that will reach out to the sales staff, Affiliates and Legg Mason employees to ensure that we make this happen. As shareholders, you can expect to see several reminders asking you to be sure and vote.</p>
<p style="padding-right: 102px;margin-top: 15px;margin-bottom: 0px;font: 16px/19px 'Arial';">If you need any assistance in voting, please don't hesitate to reach out to Leah Mizer, who is leading the charge for Legg Mason. Leah's contact information is: +1 (410) 454- 3810 or <font style="font: 16px/19px 'Arial';text-decoration: underline;color: #0563c1;">LMizer@leggmason.com</font>. And don't hesitate to contact me directly if you have any questions on our progress.</p>
<p style="margin-top: 13px;margin-bottom: 0px;font: 16px/18px 'Arial';">Best,</p>
<p style="margin-top: 4px;margin-bottom: 0px;font: 16px/18px 'Arial';">Jane</p>
<p style="margin-top: 15px;margin-bottom: 0px;font: bold 12px/15px 'Arial';">Jane Trust, CFA</p>
<p style="margin-top: 1px;margin-bottom: 0px;font: italic 12px/15px 'Arial';">Senior Managing Director</p>
<p style="margin: 0px;font: 12px/15px 'Arial';">Head, Global Product Management</p>
<p style="margin: 0px;font: 15px/18px 'Calibri';">Legg Mason Global Asset Management</p> </div>
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<p style="text-align: center;padding-left: 9px;padding-right: 105px;margin: 0px;font: bold 15px/20px 'Calibri';">THIS DOCUMENT DOES NOT CONSTITUTE A SOLICITATION OF ANY VOTE OR APPROVAL. THE LEGG MASON"SPONSORED FUNDS HAVE FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION AND HAVE MAILED TO SHAREHOLDERS OF RECORD DEFINITIVE PROXY STATEMENTS. THE PROXY STATEMENTS CONTAIN IMPORTANT INFORMATION ABOUT THE FUNDS AND MATTERS RELATED TO THE PROPOSALS. SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENTS CAREFULLY.</p>
<p style="padding-right: 112px;margin-top: 7px;margin-bottom: 0px;font: 15px/20px 'Calibri';">Information regarding Franklin Templeton/Legg Mason Change of Control Definitive Proxy Statements for Legg Mason U.S. Funds Listed on Schedule A (the "Funds")</p>
<p style="padding-left: 271px;margin-top: 18px;margin-bottom: 0px;font: 15px/18px 'Calibri';">May 13, 2020</p>
<p style="margin-top: 21px;margin-bottom: 0px;font: bold 15px 'Calibri';text-decoration: underline;line-height: 18px;">Franklin Templeton/Legg Mason Transaction</p>
<p style="margin-top: 20px;margin-bottom: 0px;font: bold 15px/18px 'Calibri';">Q. What is happening with Legg Mason?</p>
<p style="text-align: center;padding-right: 107px;margin-top: 21px;margin-bottom: 0px;font: 14px/20px 'Calibri';"><font style="font: 14px/17px 'Calibri';">A:</font><font style="font: 14px/20px 'Calibri';margin-left: 4px;">In February 2020, Legg Mason entered into a definitive agreement (the "Transaction Agreement") with Franklin Templeton, under which Franklin Templeton will acquire Legg Mason (the "Transaction").</font></p>
<p style="padding-right: 158px;margin-top: 18px;margin-bottom: 0px;font: 15px/20px 'Calibri';">The Transaction is subject to approval by Legg Mason's shareholders and customary closing conditions, including receipt of regulatory approvals. Subject to such approvals and the satisfaction of the other conditions, the Transaction is expected to close in the third quarter of 2020.</p>
<p style="padding-right: 117px;margin-top: 17px;margin-bottom: 0px;font: 15px/19px 'Calibri';">As part of the Transaction, Franklin Templeton will maintain the investment autonomy of the Legg Mason affiliates that manage the investments of the Funds, including Brandywine Global, Clarion Partners, ClearBridge, ClearBridge RARE, Martin Currie, QS Investors, Royce Investment Partners, and Western Asset.</p>
<p style="margin-top: 20px;margin-bottom: 0px;font: bold 15px 'Calibri';text-decoration: underline;line-height: 18px;">Regulatory Requirements for Legg Mason Funds</p>
<p style="padding-right: 144px;margin-top: 21px;margin-bottom: 0px;font: bold 15px/20px 'Calibri';">Q. Why are Fund shareholders being asked to approve new management agreements and new subadvisory agreements?</p>
<p style="padding-right: 106px;margin-top: 18px;margin-bottom: 0px;font: 15px/20px 'Calibri';"><font style="font: 14px/17px 'Calibri';">A:</font><font style="font: 15px/20px 'Calibri';margin-left: 4px;">Legg Mason is the parent company of the investment managers and the subadvisers for the Funds. Upon completion of the Transaction, the Funds' investment managers and the subadvisers will become subsidiaries of Franklin Templeton.</font></p>
<p style="padding-right: 108px;margin-top: 17px;margin-bottom: 0px;font: 15px/20px 'Calibri';">The Transaction will result in what is commonly called a "change of control" of Legg Mason. This will cause the Funds' current management agreements and subadvisory agreements to terminate. Shareholders of the Funds are being asked to approve new management agreements and new subadvisory agreement(s). If approved by shareholders, each new agreement will take effect when the manager or applicable subadviser becomes a subsidiary of Franklin Templeton.</p>
<p style="padding-right: 101px;margin-top: 16px;margin-bottom: 0px;font: 14px/20px 'Calibri';">The Transaction will not be completed unless certain conditions are met. One of these conditions is advisory clients of Legg Mason investment affiliates representing a specified percentage of Legg Mason</p> </div>
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<p style="padding-right: 115px;margin: 0px;font: 15px/20px 'Calibri';">revenue consent to the continuation of their advisory relationships at close. This includes Legg Mason Funds whose shareholders have approved new management agreements.</p>
<p style="margin-top: 18px;margin-bottom: 0px;font: bold 15px 'Calibri';text-decoration: underline;line-height: 18px;">Information About the New Management Agreements and Subadvisory Agreements</p>
<p style="padding-right: 198px;margin-top: 20px;margin-bottom: 0px;font: bold 15px/21px 'Calibri';">Q. How do the new management and subadvisory agreements differ from the current agreements?</p>
<p style="padding-right: 114px;margin-top: 17px;margin-bottom: 0px;font: 15px/19px 'Calibri';"><font style="font: 14px/17px 'Calibri';">A:</font><font style="font: 15px/19px 'Calibri';margin-left: 4px;">The new agreements will be identical to the current agreements, except for the dates of execution, effectiveness and termination.</font></p>
<p style="margin-top: 19px;margin-bottom: 0px;font: bold 15px/18px 'Calibri';">Q. Will the Funds' contractual management fee rates go up?</p>
<p style="padding-right: 116px;margin-top: 21px;margin-bottom: 0px;font: 15px/20px 'Calibri';"><font style="font: 14px/17px 'Calibri';">A:</font><font style="font: 15px/20px 'Calibri';margin-left: 4px;">No. The sale of Legg Mason will not result in any changes to the contractual management fee rates charged to the Funds, nor will the sale cause expense waiver and reimbursement arrangements to change.</font></p>
<p style="padding-right: 136px;margin-top: 17px;margin-bottom: 0px;font: bold 15px/21px 'Calibri';">Q. Will the new management and subadvisory agreements result in any changes in the portfolio management, investment objective or investment strategy of the Funds?</p>
<p style="padding-right: 111px;margin-top: 16px;margin-bottom: 0px;font: 15px/20px 'Calibri';"><font style="font: 14px/17px 'Calibri';">A:</font><font style="font: 15px/20px 'Calibri';margin-left: 4px;">No. The new agreements are not expected to result in any changes to the portfolio managers of the Funds or to a Fund's investment objective or investment strategy.</font></p>
<p style="margin-top: 18px;margin-bottom: 0px;font: bold 15px 'Calibri';text-decoration: underline;line-height: 18px;">Information About Other Service Providers</p>
<p style="padding-right: 99px;margin-top: 21px;margin-bottom: 0px;font: bold 15px/20px 'Calibri';">Q. Will there be changes to a Fund's custodian or other service providers as a result of the sale of Legg Mason?</p>
<p style="padding-right: 117px;margin-top: 18px;margin-bottom: 0px;font: 15px/20px 'Calibri';"><font style="font: 14px/17px 'Calibri';">A:</font><font style="font: 15px/20px 'Calibri';margin-left: 4px;">No. There are not expected to be any changes to a Fund's custodian or other service providers as a result of the Transaction.</font></p>
<p style="padding-right: 123px;margin-top: 18px;margin-bottom: 0px;font: bold 15px/20px 'Calibri';">Q. Will Legg Mason Investor Services, LLC (LMIS) continue to serve as the principal underwriter for each Open"End Fund following the consummation of the Transaction?</p>
<p style="text-align: justify;padding-right: 101px;margin-top: 18px;margin-bottom: 0px;font: 15px/20px 'Calibri';"><font style="font: 14px/17px 'Calibri';">A:</font><font style="font: 15px/20px 'Calibri';margin-left: 4px;">LMIS is expected to continue to serve as the principal underwriter for each Open"End Fund following the consummation of the Transaction. LMIS also serves as a service agent of the Funds and is expected to continue to provide such services following the consummation of the Transaction.</font></p>
<p style="margin-top: 17px;margin-bottom: 0px;font: bold 15px 'Calibri';text-decoration: underline;line-height: 18px;">Potential Benefits to Shareholders of the Funds as a Result of the Transaction</p>
<p style="margin-top: 21px;margin-bottom: 0px;font: bold 15px/18px 'Calibri';">Q. How could the sale of Legg Mason potentially benefit shareholders of the Funds?</p>
<p style="padding-right: 99px;margin-top: 21px;margin-bottom: 0px;font: 14px/20px 'Calibri';"><font style="font: 14px/17px 'Calibri';">A:</font><font style="font: 14px/20px 'Calibri';margin-left: 4px;">Following the sale, Legg Mason and its affiliates will be part of an organization with greater scale, broader distribution capabilities and new opportunities to grow. Approval of the new management and</font></p>
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<p style="padding-right: 116px;margin: 0px;font: 15px/20px 'Calibri';">subadvisory agreements will provide continuity of the investment program shareholders of the Funds selected through their investment in the Funds and allow the Funds' operations to continue uninterrupted after the sale.</p>
<p style="margin-top: 17px;margin-bottom: 0px;font: bold 15px 'Calibri';text-decoration: underline;line-height: 18px;">Additional Information About the Current Agreements and the New Agreements</p>
<p style="margin-top: 21px;margin-bottom: 0px;font: bold 15px/18px 'Calibri';">Q. What happens if new management and new subadvisory agreements are not approved for a Fund?</p>
<p style="padding-right: 96px;margin-top: 21px;margin-bottom: 0px;font: 15px/19px 'Calibri';"><font style="font: 14px/17px 'Calibri';">A:</font><font style="font: 15px/19px 'Calibri';margin-left: 4px;">The Board of each Fund has approved interim management and subadvisory agreements to provide for maximum flexibility for each Fund's future. The terms of the interim agreements are identical to those of the current agreements except for term and escrow provisions required by applicable law. If shareholders of a Fund do not approve a new management agreement, or a new subadvisory agreement or agreements, and the sale of Legg Mason to Franklin Templeton occurs, the Fund's current agreements will terminate, and the manager or subadviser will not be able to provide services to the Fund. If this should happen, the Board of the Fund will implement the interim management or subadvisory agreements for a period of no more than 150 days in order to determine appropriate action, which could include continuing to solicit approval of new management or subadvisory agreements.</font></p>
<p style="margin-top: 13px;margin-bottom: 0px;font: bold 15px/18px 'Calibri';">Q. What will happen if the Transaction is not consummated?</p>
<p style="padding-right: 109px;margin-top: 21px;margin-bottom: 0px;font: 15px/20px 'Calibri';"><font style="font: 14px/17px 'Calibri';">A:</font><font style="font: 15px/20px 'Calibri';margin-left: 4px;">If the Transaction is not consummated, the investment manager and subadviser(s) to each Fund will continue to serve their respective Funds pursuant to the terms of the current management and subadvisory agreements.</font></p>
<p style="margin-top: 17px;margin-bottom: 0px;font: bold 15px 'Calibri';text-decoration: underline;line-height: 18px;">Information About the Shareholder Proxy Process</p>
<p style="margin-top: 21px;margin-bottom: 0px;font: bold 15px/18px 'Calibri';">Q. How does each Fund's Board of Trustees/Directors recommend that shareholders vote?</p>
<p style="padding-right: 149px;margin-top: 21px;margin-bottom: 0px;font: 15px/19px 'Calibri';"><font style="font: 14px/17px 'Calibri';">A:</font><font style="font: 15px/19px 'Calibri';margin-left: 4px;">After careful consideration, each Fund's Board recommends that shareholders vote FOR each proposal applicable to their Fund.</font></p>
<p style="margin-top: 19px;margin-bottom: 0px;font: bold 15px/18px 'Calibri';">Q. How can shareholders vote their shares?</p>
<p style="margin-top: 21px;margin-bottom: 0px;font: 15px/18px 'Calibri';"><font style="font: 14px/17px 'Calibri';">A:</font><font style="font: 15px/18px 'Calibri';margin-left: 4px;">Shareholders can vote their shares in one of four ways:</font></p>
<p style="padding-left: 48px;padding-right: 120px;margin-top: 22px;margin-bottom: 0px;text-indent: -24px;font: 15px/19px 'Calibri';"><font style="font: 15px/17px 'Times New Roman';">&#8729;</font><font style="font: 15px/19px 'Calibri';text-decoration: underline;margin-left: 17px;">By telephone</font>: Call the toll"free number printed on the proxy card(s) that was mailed to them and follow the instructions.</p>
<p style="padding-left: 48px;padding-right: 116px;margin-top: 20px;margin-bottom: 0px;text-indent: -24px;font: 15px/20px 'Calibri';"><font style="font: 15px/17px 'Times New Roman';">&#8729;</font><font style="font: 15px/20px 'Calibri';text-decoration: underline;margin-left: 17px;">By Internet</font>: Access the website address printed on the proxy card(s) that was mailed to them and follow the directions on the website.</p>
<p style="padding-left: 48px;padding-right: 119px;margin-top: 19px;margin-bottom: 0px;text-indent: -24px;font: 15px/20px 'Calibri';"><font style="font: 15px/17px 'Times New Roman';">&#8729;</font><font style="font: 15px/20px 'Calibri';text-decoration: underline;margin-left: 17px;">By mail</font>: Complete, sign and date the proxy card(s) that was mailed to them and return in the self"addressed, postage"paid envelope.</p>
<p style="padding-left: 308px;margin-top: 31px;margin-bottom: 0px;font: 15px/18px 'Calibri';">3</p> </div>
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<p style="padding-left: 48px;padding-right: 116px;margin: 0px;text-indent: -24px;font: 15px/20px 'Calibri';"><font style="font: 15px/17px 'Times New Roman';">&#8729;</font><font style="font: 15px/20px 'Calibri';text-decoration: underline;margin-left: 17px;">At the meeting</font>: Shareholders can vote their shares at the meeting scheduled on the date and time noted in the proxy statement and on the proxy card(s) mailed to them.</p>
<p style="margin-top: 17px;margin-bottom: 0px;font: bold 15px/18px 'Calibri';"><font style="font: bold 15px/18px 'Calibri';">Q.</font><font style="font: bold 15px 'Calibri';margin-left: 3px;line-height: 18px;">When and where are the shareholder meetings scheduled to be held?</font></p>
<p style="text-align: justify;padding-right: 104px;margin-top: 21px;margin-bottom: 0px;font: 14px/20px 'Calibri';"><font style="font: 14px/17px 'Calibri';">A:</font><font style="font: 14px/20px 'Calibri';margin-left: 4px;">Each Fund's shareholder meeting is scheduled to be held at the offices of Legg Mason at 620 Eighth Avenue, 49th Floor, New York, New York 10019. The date and time of each meeting is included in their Fund's proxy statement and on the proxy card(s) mailed to them. Please see </font><font style="font: 14px/20px 'Calibri';text-decoration: underline;">Schedule A</font>.</p>
<p style="padding-right: 97px;margin-top: 18px;margin-bottom: 0px;font: 15px/20px 'Calibri';">However, as we are concerned about shareholders' health and safety during the coronavirus (COVID"19) pandemic, we intend to monitor the recommendations of public health officials and governmental restrictions as the situation continues to evolve. If we decide to hold the meeting at a different time, in a different location, or partially or entirely by means of remote communication (i.e., a virtual meeting), we will announce any such updates by means of a press release posted on our website (http://www.leggmason.com/virtualproxyfundsmeeting).</p>
<p style="padding-right: 104px;margin-top: 15px;margin-bottom: 0px;font: 15px/20px 'Calibri';">We encourage shareholders to check the website beforehand if they plan to attend the meeting. An announcement of any change will also be filed with the U.S. Securities and Exchange Commission via its EDGAR system.</p>
<p style="margin-top: 17px;margin-bottom: 0px;font: bold 15px/18px 'Calibri';">Q: Why might a shareholder receive more than one proxy card?</p>
<p style="padding-right: 109px;margin-top: 21px;margin-bottom: 0px;font: 15px/20px 'Calibri';"><font style="font: 14px/17px 'Calibri';">A:</font><font style="font: 15px/20px 'Calibri';margin-left: 4px;">If a shareholder owns shares in more than one Fund as of the Record Date, they may receive more than one proxy card. Even if a shareholder plans to attend the meeting, the proxy statement asks that they please sign, date and return EACH proxy card they received. If they provide voting instructions by telephone or over the Internet, shareholders are asked to please vote on the proposals with respect to EACH Fund they own.</font></p>
<p style="padding-right: 116px;margin-top: 16px;margin-bottom: 0px;font: 14px/20px 'Calibri';">Certain closed"end funds have investors that have sent solicitations in opposition to the proposals to approve new management and subadvisory agreements. These closed"end funds request that shareholders not sign or return or vote on any color proxy cards other than a <font style="font: bold 14px 'Calibri';text-decoration: underline;line-height: 20px;">WHITE</font> proxy card.</p>
<p style="margin-top: 17px;margin-bottom: 0px;font: bold 15px/18px 'Calibri';">Q. Who can shareholders call if they have questions?</p>
<p style="padding-right: 126px;margin-top: 21px;margin-bottom: 0px;font: 15px/21px 'Calibri';"><font style="font: 14px/17px 'Calibri';">A:</font><font style="font: 15px/21px 'Calibri';margin-left: 4px;">They may call the proxy solicitor, Computershare, regardless of whether they hold shares directly with a particular fund or through their brokerage account, at </font><font style="font: bold 16px/22px 'Calibri';">866"963"5819</font><font style="font: 16px/22px 'Calibri';">.</font></p>
<p style="margin-top: 27px;margin-bottom: 0px;font: bold 15px/18px 'Calibri';">Q. What can shareholders do if they have lost their proxy card(s)?</p>
<p style="padding-right: 149px;margin-top: 21px;margin-bottom: 0px;font: 15px/20px 'Calibri';"><font style="font: 14px/17px 'Calibri';">A:</font><font style="font: 15px/20px 'Calibri';margin-left: 4px;">Shareholders who have lost their proxy cards may call the proxy solicitor, Computershare, for assistance at </font><font style="font: bold 15px/20px 'Calibri';">866"963"5819</font>.</p>
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<p style="margin: 0px;font: bold 15px/18px 'Calibri';">Q. Are the Funds paying for the proxy statements?</p>
<p style="padding-right: 110px;margin-top: 21px;margin-bottom: 0px;font: 15px/19px 'Calibri';"><font style="font: 14px/17px 'Calibri';">A:</font><font style="font: 15px/19px 'Calibri';margin-left: 4px;">No. All costs of the proxy and the shareholder meetings, including proxy solicitation costs, legal fees and the costs of printing and mailing the proxy statements, will be borne by Legg Mason.</font></p>
<p style="padding-left: 301px;margin-top: 19px;margin-bottom: 0px;font: bold 15px/18px 'Calibri';">***</p>
<p style="padding-right: 115px;margin-top: 21px;margin-bottom: 0px;font: 15px/20px 'Calibri';">Please see <font style="font: 15px/20px 'Calibri';text-decoration: underline;">Schedule A</font> for a list of proxy statements, record dates and scheduled shareholder meeting dates.</p>
<p style="padding-right: 99px;margin-top: 18px;margin-bottom: 0px;font: 15px/20px 'Calibri';">Shareholders of record at the close of business on the dates specified in <font style="font: 15px/20px 'Calibri';text-decoration: underline;">Schedule A</font> with respect to each fund are entitled to vote at the meetings.</p>
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<p style="margin: 0px;font: bold 15px 'Calibri';text-decoration: underline;line-height: 18px;">Schedule A</p>
<p style="margin-top: 31px;margin-bottom: 0px;font: bold 15px/18px 'Calibri';">Proxy Statement 1</p>
<p style="margin-top: 2px;margin-bottom: 0px;font: 15px/18px 'Calibri';">Record date for all funds: April 1, 2020</p>
<p style="padding-right: 129px;margin-top: 1px;margin-bottom: 0px;font: 15px/20px 'Calibri';">Shareholder meeting date and time for all funds: Scheduled for July 14, 2020 at 11:00 a.m. (Eastern time)</p>
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   <td style="height: 18px;padding: 0px;width: 320px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 1px/1px 'Calibri';">&#160;</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 284px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">ClearBridge Large Cap Growth ESG ETF</p></td>
   <td style="height: 18px;padding: 0px;width: 320px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 1px/1px 'Calibri';">&#160;</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 284px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Legg Mason Global Infrastructure ETF</p></td>
   <td style="height: 18px;padding: 0px;width: 320px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 1px/1px 'Calibri';">&#160;</p></td> </tr>
   <tr>
   <td style="height: 17px;padding: 0px;width: 284px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/17px 'Calibri';">Legg Mason International Low Volatility High</p></td>
   <td style="height: 17px;padding: 0px;width: 320px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 1px/17px 'Calibri';">&#160;</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 284px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Dividend ETF</p></td>
   <td style="height: 18px;padding: 0px;width: 320px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 1px/1px 'Calibri';">&#160;</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 284px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Legg Mason Low Volatility High Dividend ETF</p></td>
   <td style="height: 18px;padding: 0px;width: 320px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 1px/1px 'Calibri';">&#160;</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 284px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Legg Mason Small"Cap Quality Value ETF</p></td>
   <td style="height: 18px;padding: 0px;width: 320px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 1px/1px 'Calibri';">&#160;</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 284px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Short Duration Income ETF</p></td>
   <td style="height: 18px;padding: 0px;width: 320px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 1px/1px 'Calibri';">&#160;</p></td> </tr>
   <tr>
   <td style="height: 20px;padding: 0px;width: 284px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Total Return ETF</p></td>
   <td style="height: 20px;padding: 0px;width: 320px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 1px/1px 'Calibri';">&#160;</p></td> </tr>
   <tr>
   <td style="height: 67px;padding: 0px;width: 284px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 1px/1px 'Calibri';">&#160;</p></td>
   <td style="height: 67px;padding: 0px;width: 320px;vertical-align: bottom;"><p style="padding-left: 17px;margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">6</p></td> </tr> </table> </div>
<p style="page-break-before:always">
<div style="position:relative; overflow: hidden;margin: 114px 0px 65px 96px;padding: 0px;width: 720px;">
<p style="margin: 0px;font: bold 15px/18px 'Calibri';">Proxy Statement 2</p>
<p style="margin-top: 2px;margin-bottom: 0px;font: 15px/18px 'Calibri';">Record date for all funds: April 15, 2020</p>
<p style="margin-top: 1px;margin-bottom: 0px;font: 15px/18px 'Calibri';">Shareholder meeting dates and times:</p>
<p style="padding-left: 48px;padding-right: 105px;margin-top: 2px;margin-bottom: 0px;text-indent: -24px;font: 15px/20px 'Calibri';"><font style="font: 15px/17px 'Times New Roman';">&#8729;</font><font style="font: 15px/20px 'Calibri';margin-left: 17px;">All funds except Western Asset Investment Grade Income Fund Inc. and Western Asset Premier Bond Fund: Scheduled for July 14, 2020 at 11:00 a.m. (Eastern time)</font></p>
<p style="padding-left: 24px;margin: 0px;font: 15px/18px 'Calibri';"><font style="font: 15px/17px 'Times New Roman';">&#8729;</font><font style="font: 15px/18px 'Calibri';margin-left: 17px;">Western Asset Premier Bond Fund: Scheduled for July 14, 2020 at 9:00 a.m. (Eastern time)</font></p>
<p style="padding-left: 48px;padding-right: 120px;margin-top: 2px;margin-bottom: 0px;text-indent: -24px;font: 15px/19px 'Calibri';"><font style="font: 15px/17px 'Times New Roman';">&#8729;</font><font style="font: 15px/19px 'Calibri';margin-left: 17px;">Western Asset Investment Grade Income Fund Inc.: Scheduled for June 12, 2020 at 9:00 a.m. (Eastern time)</font></p>
<table cellpadding="0" cellspacing="0" style="width: 609px;margin-left: 7px;margin-top: 14px;font: 15px 'Calibri';">
   <tr>
   <td style="height: 26px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: bold 15px 'Calibri';text-decoration: underline;line-height: 18px;">Legg Mason Partners Income Trust</p></td>
   <td style="height: 26px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: bold 15px 'Calibri';text-decoration: underline;line-height: 18px;">Western Asset Funds, Inc.</p></td> </tr>
   <tr>
   <td style="height: 34px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Adjustable Rate Income Fund (to</p></td>
   <td style="height: 34px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Core Bond Fund</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">be renamed WesternAsset Ultra"Short Income</p></td>
   <td style="height: 18px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Core Plus Bond Fund</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Fund on or about April 22, 2020)</p></td>
   <td style="height: 18px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset High Yield Fund</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset California Municipals Fund</p></td>
   <td style="height: 18px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 14px/17px 'Calibri';">Western Asset Inflation Indexed Plus Bond Fund</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Corporate Bond Fund</p></td>
   <td style="height: 18px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Intermediate Bond Fund</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Emerging Markets Debt Fund</p></td>
   <td style="height: 18px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Macro Opportunities Fund</p></td> </tr>
   <tr>
   <td style="height: 17px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/17px 'Calibri';">Western Asset Global High Yield Bond Fund</p></td>
   <td style="height: 17px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 15px/17px 'Calibri';">Western Asset Total Return Unconstrained Fund</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Income Fund</p></td>
   <td rowspan="2" style="height: 36px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: bold 15px 'Calibri';text-decoration: underline;line-height: 18px;">Legg Mason Partners Institutional Trust</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Intermediate Maturity California</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Municipals Fund</p></td>
   <td style="height: 18px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 1px/1px 'Calibri';">&#160;</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Intermediate Maturity New York</p></td>
   <td style="height: 18px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 14px/17px 'Calibri';">Western Asset Institutional Government Reserves</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Municipals Fund</p></td>
   <td style="height: 18px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Institutional Liquid Reserves</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Intermediate"Term Municipals</p></td>
   <td style="height: 18px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Institutional U.S. Treasury</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Fund</p></td>
   <td style="height: 18px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Obligations Money Market</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Managed Municipals Fund</p></td>
   <td style="height: 18px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Fund</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Massachusetts Municipals Fund</p></td>
   <td style="height: 18px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Institutional U.S. Treasury</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Mortgage Total Return Fund</p></td>
   <td style="height: 18px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Reserves</p></td> </tr>
   <tr>
   <td style="height: 17px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/17px 'Calibri';">Western Asset Municipal High Income Fund</p></td>
   <td style="height: 17px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 14px/17px 'Calibri';">Western Asset Premier Institutional Government</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset New Jersey Municipals Fund</p></td>
   <td style="height: 18px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Reserves</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset New York Municipals Fund</p></td>
   <td style="height: 18px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Premier Institutional Liquid</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Oregon Municipals Fund</p></td>
   <td style="height: 18px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Reserves</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Pennsylvania Municipals Fund</p></td>
   <td style="height: 18px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 14px/17px 'Calibri';">Western Asset Premier Institutional U.S. Treasury</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Short Duration High Income Fund</p></td>
   <td style="height: 18px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Reserves</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Short Duration Municipal Income</p></td>
   <td style="height: 18px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Select Tax Free Reserves</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Fund</p></td>
   <td style="height: 18px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset SMASh Series C Fund</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Short"Term Bond Fund</p></td>
   <td style="height: 18px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset SMASh Series EC Fund</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 1px/1px 'Calibri';">&#160;</p></td>
   <td style="height: 18px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset SMASh Series M Fund</p></td> </tr>
   <tr>
   <td style="height: 19px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 1px/1px 'Calibri';">&#160;</p></td>
   <td style="height: 19px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset SMASh Series TF Fund</p></td> </tr>
   <tr>
   <td style="height: 34px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: bold 15px 'Calibri';text-decoration: underline;line-height: 18px;">Legg Mason Partners Money Market Trust</p></td>
   <td style="height: 34px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: bold 15px 'Calibri';text-decoration: underline;line-height: 18px;">Legg Mason Partners Premium Money Market</p></td> </tr>
   <tr>
   <td rowspan="2" style="height: 35px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Government Reserves</p></td>
   <td style="height: 21px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: bold 15px 'Calibri';text-decoration: underline;line-height: 18px;">Trust</p></td> </tr>
   <tr>
   <td style="height: 14px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 1px/14px 'Calibri';">&#160;</p></td> </tr>
   <tr>
   <td style="height: 19px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 14px/17px 'Calibri';">Western Asset New York Tax Free Money Market</p></td>
   <td style="height: 19px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Premium Liquid Reserves</p></td> </tr>
   <tr>
   <td style="height: 19px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Fund</p></td>
   <td style="height: 19px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 15px;margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Premium U.S. Treasury Reserves</p></td> </tr>
   <tr>
   <td style="height: 54px;padding: 0px;width: 297px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 1px/1px 'Calibri';">&#160;</p></td>
   <td style="height: 54px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="padding-left: 4px;margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">7</p></td> </tr> </table> </div>
<p style="page-break-before:always">
<div style="position:relative; overflow: hidden;margin: 94px 0px 67px 96px;padding: 0px;width: 720px;">
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">Western Asset Prime Obligations Money Market</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">Fund</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">Western Asset Tax Free Reserves</p>
<p style="padding-left: 7px;margin-top: 1px;margin-bottom: 0px;font: 15px/18px 'Calibri';">Western Asset U.S. Treasury Reserves</p>
<table cellpadding="0" cellspacing="0" style="width: 590px;margin-left: 7px;margin-top: 30px;font: 15px 'Calibri';">
   <tr>
   <td style="height: 26px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: bold 15px 'Calibri';text-decoration: underline;line-height: 18px;">Master Portfolio Trust</p></td>
   <td style="height: 26px;padding: 0px;width: 278px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: bold 15px 'Calibri';text-decoration: underline;line-height: 18px;">Legg Mason Partners Variable Income Trust</p></td> </tr>
   <tr>
   <td style="height: 34px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Government Portfolio</p></td>
   <td style="height: 34px;padding: 0px;width: 278px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Core Plus VIT Portfolio</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Liquid Reserves Portfolio</p></td>
   <td style="height: 18px;padding: 0px;width: 278px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 14px/17px 'Calibri';">Western Asset Variable Global High Yield Bond</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Tax Free Reserves Portfolio</p></td>
   <td style="height: 18px;padding: 0px;width: 278px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Portfolio</p></td> </tr>
   <tr>
   <td style="height: 18px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">U.S. Treasury Obligations Portfolio</p></td>
   <td style="height: 18px;padding: 0px;width: 278px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 1px/1px 'Calibri';">&#160;</p></td> </tr>
   <tr>
   <td style="height: 19px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">U.S. Treasury Reserves Portfolio</p></td>
   <td style="height: 19px;padding: 0px;width: 278px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 1px/1px 'Calibri';">&#160;</p></td> </tr>
   <tr>
   <td style="height: 36px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: bold 15px 'Calibri';text-decoration: underline;line-height: 18px;">Closed"End Funds</p></td>
   <td style="height: 36px;padding: 0px;width: 278px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 1px/1px 'Calibri';">&#160;</p></td> </tr>
   <tr>
   <td style="height: 34px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Investment</p></td>
   <td style="height: 34px;padding: 0px;width: 278px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 1px/1px 'Calibri';">&#160;</p></td> </tr>
   <tr>
   <td style="height: 20px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Grade Income Fund Inc.</p></td>
   <td style="height: 20px;padding: 0px;width: 278px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 1px/1px 'Calibri';">&#160;</p></td> </tr>
   <tr>
   <td style="height: 34px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Western Asset Premier Bond</p></td>
   <td style="height: 34px;padding: 0px;width: 278px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 1px/1px 'Calibri';">&#160;</p></td> </tr>
   <tr>
   <td style="height: 19px;padding: 0px;width: 312px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 15px/18px 'Calibri';">Fund</p></td>
   <td style="height: 19px;padding: 0px;width: 278px;vertical-align: bottom;"><p style="margin: 0px;white-space: nowrap;font: 1px/1px 'Calibri';">&#160;</p></td> </tr> </table>
<p style="margin-top: 53px;margin-bottom: 0px;font: bold 15px/18px 'Calibri';">Proxy Statement 3</p>
<p style="margin-top: 3px;margin-bottom: 0px;font: 15px/18px 'Calibri';">Record date for all funds: April 1, 2020</p>
<p style="padding-right: 129px;margin-top: 1px;margin-bottom: 0px;font: 15px/20px 'Calibri';">Shareholder meeting date and time for all funds: Scheduled for July 14, 2020 at 11:00 a.m. (Eastern time)</p>
<p style="padding-left: 7px;margin-top: 18px;margin-bottom: 0px;font: bold 15px 'Calibri';text-decoration: underline;line-height: 18px;">Legg Mason Global Asset Management Trust</p>
<p style="padding-left: 7px;margin-top: 17px;margin-bottom: 0px;font: 15px/18px 'Calibri';">BrandywineGLOBAL &#151; Alternative Credit Fund</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">BrandywineGLOBAL &#151; Diversified US Large Cap Value Fund</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">BrandywineGLOBAL &#151; Dynamic US Large Cap Value Fund</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">BrandywineGLOBAL &#151; Global Flexible Income Fund</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">BrandywineGLOBAL &#151; Global High Yield Fund</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">BrandywineGLOBAL &#151; Global Opportunities Bond Fund</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">BrandywineGLOBAL &#151; Global Opportunities Bond Fund (USD Hedged)</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">BrandywineGLOBAL &#151; Global Unconstrained Bond Fund</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">BrandywineGLOBAL &#151; International Opportunities Bond Fund</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">ClearBridge International Growth Fund</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">ClearBridge Global Infrastructure Income Fund</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">ClearBridge Small Cap Fund</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">ClearBridge Value Trust</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">Martin Currie Emerging Markets Fund</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">Martin Currie International Unconstrained Equity Fund</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">Martin Currie SMASh Series EM Fund</p>
<p style="padding-left: 308px;margin-top: 24px;margin-bottom: 0px;font: 15px/18px 'Calibri';">8</p> </div>
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<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">QS Global Market Neutral Fund</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">QS International Equity Fund</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">QS Strategic Real Return Fund</p>
<p style="padding-left: 7px;margin-top: 1px;margin-bottom: 0px;font: 15px/18px 'Calibri';">QS U.S. Small Capitalization Equity Fund</p>
<p style="margin-top: 19px;margin-bottom: 0px;font: bold 15px/18px 'Calibri';">Proxy Statement 4</p>
<p style="margin-top: 1px;margin-bottom: 0px;font: 15px/18px 'Calibri';">Record date for all funds: March 9, 2020</p>
<p style="margin-top: 2px;margin-bottom: 0px;font: 15px/18px 'Calibri';">Shareholder meeting date and time for all funds: Scheduled for June 5, 2020 at 9:00 a.m. (Eastern time)</p>
<p style="padding-left: 7px;margin-top: 18px;margin-bottom: 0px;font: 15px/18px 'Calibri';">BrandywineGLOBAL&#151; Global Income Opportunities Fund Inc.</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">Clarion Partners Real Estate Income Fund Inc.</p>
<p style="padding-left: 7px;margin-top: 1px;margin-bottom: 0px;font: 15px/18px 'Calibri';">ClearBridge Energy Midstream Opportunity Fund Inc.</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">ClearBridge MLP and Midstream Fund Inc.</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">ClearBridge MLP and Midstream Total Return Fund Inc.</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">LMP Capital and Income Fund Inc.</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">Western Asset Corporate Loan Fund Inc.</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">Western Asset Emerging Markets Debt Fund Inc.</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">Western Asset Global Corporate Defined Opportunity Fund Inc.</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">Western Asset Global High Income Fund Inc.</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">Western Asset High Income Fund II Inc.</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">Western Asset High Income Opportunity Fund Inc.</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">Western Asset High Yield Defined Opportunity Fund Inc.</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">Western Asset Intermediate Muni Fund Inc.</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">Western Asset Investment Grade Defined Opportunity Trust Inc.</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">Western Asset Managed Municipals Fund Inc.</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">Western Asset Middle Market Debt Fund Inc.</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">Western Asset Middle Market Income Fund Inc.</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">Western Asset Mortgage Opportunity Fund Inc.</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">Western Asset Municipal Defined Opportunity Trust Inc.</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/17px 'Calibri';">Western Asset Municipal High Income Fund Inc.</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">Western Asset Municipal Partners Fund Inc.</p>
<p style="padding-left: 7px;margin: 0px;font: 15px/18px 'Calibri';">Western Asset Variable Rate Strategic Fund Inc.</p>
<p style="padding-left: 301px;margin-top: 38px;margin-bottom: 0px;font: bold 15px/18px 'Calibri';">***</p>
<p style="padding-right: 135px;margin-top: 32px;margin-bottom: 0px;font: 12px/17px 'Calibri';color: #656565;">This document is provided for Internal Use Only and should not be distributed externally in electronic or hard copy form without explicit approval from LMIS Compliance. Doing so would violate LMIS policy.</p>
<p style="padding-left: 308px;margin-top: 174px;margin-bottom: 0px;font: 15px/18px 'Calibri';">9</p> </div>
<p style="page-break-before:always">
<div style="position:relative; overflow: hidden;margin: 94px 0px 227px 96px;padding: 0px;width: 720px;">
<p style="padding-right: 137px;margin: 0px;font: bold 16px/29px 'Times New Roman';">LEGG MASON SALES DESK SUMMARY &#150; U.S. FUNDS' PROXY STATEMENTS May 13, 2020</p>
<p style="padding-left: 48px;padding-right: 127px;margin-top: 35px;margin-bottom: 0px;text-indent: -24px;font: 16px/20px 'Times New Roman';"><font style="font: 16px/19px 'Times New Roman';">&#8729;</font><font style="font: 16px/20px 'Times New Roman';margin-left: 17px;">The sale of Legg Mason to Franklin Templeton will cause Legg Mason's U.S. funds' current management and subadvisory agreements to terminate.</font></p>
<p style="padding-left: 48px;padding-right: 97px;margin-top: 1px;margin-bottom: 0px;text-indent: -24px;font: 16px/20px 'Times New Roman';"><font style="font: 16px/19px 'Times New Roman';">&#8729;</font><font style="font: 16px/20px 'Times New Roman';margin-left: 17px;">For operations to continue uninterrupted, shareholders of all Legg Mason </font>open-end funds, closed-end funds, ETFs and variable annuity funds are being asked to vote in favor of new management and subadvisory agreements, which are identical to the funds' current agreements.</p>
<p style="padding-left: 24px;margin-top: 20px;margin-bottom: 0px;font: 16px/19px 'Times New Roman';"><font style="font: 16px/19px 'Times New Roman';">&#8729;</font><font style="font: 16px/19px 'Times New Roman';margin-left: 17px;">The funds' Boards have recommended a vote FOR the new agreements.</font></p>
<p style="padding-left: 48px;padding-right: 106px;margin-top: 2px;margin-bottom: 0px;text-indent: -24px;font: 16px/21px 'Times New Roman';"><font style="font: 16px/19px 'Times New Roman';">&#8729;</font><font style="font: 16px/21px 'Times New Roman';margin-left: 17px;">Shareholders are urged to read the proxy statement and to vote promptly in order to help avoid the need for further solicitation.</font></p>
<p style="padding-left: 48px;padding-right: 118px;margin: 0px;text-indent: -24px;font: 16px/19px 'Times New Roman';"><font style="font: 16px/19px 'Times New Roman';">&#8729;</font><font style="font: 16px/19px 'Times New Roman';margin-left: 17px;">Prior to the shareholder meeting, voting can be accomplished by Internet, telephone or mail.</font></p>
<p style="padding-left: 48px;padding-right: 159px;margin-top: 21px;margin-bottom: 0px;text-indent: -24px;font: 16px/20px 'Times New Roman';"><font style="font: 16px/19px 'Times New Roman';">&#8729;</font><font style="font: 16px/20px 'Times New Roman';margin-left: 17px;">Fund shareholders with questions may call Computershare at </font><font style="font: bold 16px/20px 'Times New Roman';">866-963-5819</font>. Computershare can assist shareholders who hold fund shares directly or through brokerage accounts.</p>
<p style="padding-left: 48px;padding-right: 109px;margin-top: 1px;margin-bottom: 0px;text-indent: -24px;font: 16px/20px 'Times New Roman';"><font style="font: 16px/19px 'Times New Roman';">&#8729;</font><font style="font: 16px/20px 'Times New Roman';margin-left: 17px;">If a shareholder owns shares in more than one fund as of the record date, they may receive more than one proxy card. Even if a shareholder plans to attend the meeting, the proxy statement asks that they please sign, date and return EACH proxy card they received. If they provide voting instructions by telephone or over the Internet, shareholders are asked to please vote on the proposals with respect to EACH fund they own.</font></p>
<p style="padding-left: 48px;padding-right: 110px;margin-top: 20px;margin-bottom: 0px;text-indent: -24px;font: 16px/20px 'Times New Roman';"><font style="font: 16px/19px 'Times New Roman';">&#8729;</font><font style="font: 16px/20px 'Times New Roman';margin-left: 17px;">Certain </font>closed-end funds have investors that have sent solicitations in opposition to the proposals to approve new management and subadvisory agreements. These closed-end funds request that shareholders not sign or return or vote on any color proxy cards other than a <font style="font: 16px/20px 'Times New Roman';text-decoration: underline;">WHITE</font> proxy card.</p>
<p style="padding-left: 48px;padding-right: 137px;margin-top: 1px;margin-bottom: 0px;text-indent: -24px;font: 16px/20px 'Times New Roman';"><font style="font: 16px/19px 'Times New Roman';">&#8729;</font><font style="font: 16px/20px 'Times New Roman';margin-left: 17px;">Upon completion of the sale, each Fund's investment manager and subadvisers will become subsidiaries of Franklin Templeton.</font></p>
<p style="padding-left: 48px;padding-right: 129px;margin-top: 1px;margin-bottom: 0px;text-indent: -24px;font: 16px/21px 'Times New Roman';"><font style="font: 16px/19px 'Times New Roman';">&#8729;</font><font style="font: 16px/21px 'Times New Roman';margin-left: 17px;">Following the sale, Legg Mason and its affiliates will be part of an organization with greater scale, broader distribution capabilities and new opportunities for growth.</font></p>
<p style="padding-right: 135px;margin-top: 39px;margin-bottom: 0px;font: 12px/17px 'Calibri';color: #656565;">This document is provided for Internal Use Only and should not be distributed externally in electronic or hard copy form without explicit approval from LMIS Compliance. Doing so would violate LMIS policy.</p> </div> </body></html>
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</SEC-DOCUMENT>
