NEW YORK--(BUSINESS WIRE)--

The Funds announced today that the Board of Directors of each Fund has authorized changes to each Fund’s Dividend Reinvestment Plan (the “Plan”) with respect to dividend reinvestment determinations and transaction fees for Plan participants selling their shares.

Effective July 1, 2017, each Fund will use the dividend payment date to determine if new shares are issued or shares are purchased in the open market for Plan participants reinvesting their distributions. If on the payment date the closing market price (plus $0.03 per share commission) is at or above the net asset value (“NAV”), the Fund will issue new shares of common stock. Newly issued shares of common stock will be issued at a price equal to the greater of (a) the NAV per share on the date prior to issuance or (b) 95% of the closing market price per share. If the closing market price (plus $0.03 per share commission) is lower than the NAV per share on the payment date, the Plan Agent will receive the distribution in cash and purchase common stock in the open market. The foregoing is a summary of the revised Plan and is subject to the terms and conditions of the applicable Plan.

Also effective July 1, 2017, fees paid by Plan participants to sell shares will change. With respect to each Fund, Plan participants will pay a $5.00 transaction fee plus a $0.05 per share commission upon a sale of shares held pursuant to the Plan. Fees and commissions per sale charged to Plan participants of the following Funds will increase: EMD, GDO, GFY, HIO, HIX, MHF, MMU, MNP, SBI, SBW and SCD. Fees and commissions per sale charged to Plan participants of the following Funds will decrease: BWG, CBA, CEM, CTR, DMO, EMO, HYI, IGI and MTT. Fees and commissions per sale charged to Plan participants of the following Funds will not change: EHI, ESD and TLI.

Fund investors that would like to participate in the Fund’s dividend reinvestment plan can contact Computershare Trust Company, N.A., the Plan Agent, at 1-888-888-0151 for more information.

Each Fund is managed by Legg Mason Partners Fund Advisor, LLC, a wholly owned subsidiary of Legg Mason, Inc., and sub-advised by other affiliates of Legg Mason, Inc.

Contact each Fund at 1-888-777-0102 for additional information, or consult the Funds’ web site at www.lmcef.com. Hard copies of each Fund’s complete audited financial statements are available free of charge upon request.

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

THIS PRESS RELEASE IS NOT AN OFFER TO PURCHASE NOR A SOLICITATION OF AN OFFER TO SELL SHARES OF THE FUNDS. THIS PRESS RELEASE MAY CONTAIN STATEMENTS REGARDING PLANS AND EXPECTATIONS FOR THE FUTURE THAT CONSTITUTE FORWARD-LOOKING STATEMENTS WITHIN THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT ARE FORWARD-LOOKING AND CAN BE IDENTIFIED BY THE USE OF WORDS SUCH AS “MAY,” “WILL,” “EXPECT,” “ANTICIPATE,” “ESTIMATE,” “BELIEVE,” “CONTINUE” OR OTHER SIMILAR WORDS. SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON EACH FUND’S CURRENT PLANS AND EXPECTATIONS, AND ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS.

ADDITIONAL INFORMATION CONCERNING SUCH RISKS AND UNCERTAINTIES IS CONTAINED IN EACH FUND’S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.

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