Franklin Templeton Fund Adviser, LLC Announces Distributions for Certain Closed End Funds Pursuant to Their Managed Distribution Policy for the Months of June, July and August 2024
Franklin Templeton Fund Adviser announced distributions for several closed-end funds for June, July, and August 2024. Each fund, including BrandywineGLOBAL (BWG), LMP Capital and Income Fund (SCD), and Western Asset Emerging Markets Debt Fund (EMD), will distribute monthly payments. BWG will distribute $0.08000 per month, SCD $0.11300, and EMD $0.08450. The managed distribution policy aims to provide consistent payouts from income and capital gains. When insufficient income exists, funds may return capital to shareholders. Adjustments to this policy can impact fund share prices. The estimated fiscal distribution sources up to August 31, 2024, show varying proportions of income, capital gains, and return of capital for each fund. Shareholders will receive official tax reporting documentation through Form 1099-DIV.
- Regular monthly distributions maintain investor returns: BWG ($0.08000), SCD ($0.11300), EMD ($0.08450).
- Managed distribution policy ensures consistent payouts from income and capital gains.
- High income percentage for BWG (68.80%) and EMD (68.44%) in fiscal year-to-date distributions.
- Possible return of capital may dilute investment value: BWG (31.20%), EMD (31.56%).
- Distributions include capital gains from prior years’ losses, which may affect future returns.
- Board reserves the right to modify distribution policy, potentially impacting share prices negatively.
The following dates apply to the distribution schedule below:
|
Month |
Record Date |
Ex-Dividend Date |
Payable Date |
|
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|
June |
6/21/2024 |
6/21/2024 |
7/1/2024 |
|
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|
July |
7/24/2024 |
7/24/2024 |
8/1/2024 |
|
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|
August |
8/23/2024 |
8/23/2024 |
9/3/2024 |
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Ticker |
Fund Name |
Month |
Amount |
|
Change from Previous Distribution |
||||||||
BWG |
BrandywineGLOBAL - Global Income Opportunities |
June |
|
- |
|||||||||
Fund Inc. (a) |
July |
|
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|
August |
|
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SCD |
LMP Capital and Income Fund Inc. (a) |
June |
|
- |
|||||||||
July |
|
||||||||||||
August |
|
||||||||||||
EMD |
Western Asset Emerging Markets Debt Fund Inc. (a) |
June |
|
- |
|||||||||
July |
|
||||||||||||
August |
|
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(a) Please see table below for each Fund’s estimated source of distributions.
Under the terms of each Fund’s managed distribution policy, each Fund seeks to maintain a consistent distribution level derived from the income and capital gains generated from the Fund’s investment portfolio. To the extent that sufficient distributable income is not available on a monthly basis, each Fund will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution rate. A return of capital may occur, for example, when some or all of the money that was invested in the Fund is paid back to shareholders. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. Even though the Fund may realize current year capital gains, such gains may be offset, in whole or in part, by the Fund’s capital loss carryovers from prior years. The Board of Directors may modify, terminate or suspend the managed distribution policy at any time. Any such modification, termination or suspension could have an adverse effect on the market price of the Fund’s shares.
Based on the Funds’ tax accounting records, which also factor in currency fluctuations, each Fund’s estimated source of cumulative fiscal year-to-date distributions is presented in the table below:
Fund |
|
Fiscal Year End |
|
Income |
|
Short-Term Capital Gains |
|
Long-Term Capital Gains |
|
Return of Capital |
|
|
BWG |
Oct 31 |
|
|
|
- |
|
- |
|
|
(a) |
||
SCD |
Nov 30 |
|
|
|
|
|
|
|
- |
(a) |
||
EMD |
Dec 31 |
|
|
|
- |
|
- |
|
|
(a) |
(a) Sources of cumulative fiscal year-to-date distributions are estimated through August 31, 2024.
The updated estimated components of the distributions announced today will be provided to shareholders of record in a separate notice when the distributions are paid.
Shareholders should not draw any conclusions about each Fund’s investment performance from the amount of these distributions or from the terms of each Fund’s managed distribution policy. The amounts and sources of each Fund’s distributions to be reported will be estimates and will not be provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon each Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. Each Fund will send a Form 1099-DIV to shareholders for the calendar year that will describe how to report the Fund’s distributions for federal income tax purposes.
Franklin Templeton Fund Adviser, LLC (formerly known as Legg Mason Partners Fund Advisor, LLC) is an indirect, wholly-owned subsidiary of Franklin Resources, Inc. (“Franklin Resources”).
For more information about the Funds, please call 1-888-777-0102 or consult the Funds’ website at www.franklintempleton.com/investments/options/closed-end-funds. Hard copies of the Funds’ complete audited financial statements are available free of charge upon request.
Data and commentary provided in this press release are for informational purposes only. Franklin Resources and its affiliates do not engage in selling shares of the Funds.
The Funds’ common shares are traded on the New York Stock Exchange. Similar to stocks, Fund share price will fluctuate with market conditions and, at the time of sale, may be worth more or less than the original investment. Shares of closed-end funds often trade at a discount to their net asset value, and can increase an investor’s risk of loss. All investments are subject to risk, including the risk of loss.
INVESTMENT PRODUCTS: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
Category: Distribution Related
Source: Franklin Resources, Inc.
Source: Legg Mason Closed End Funds
View source version on businesswire.com: https://www.businesswire.com/news/home/20240522745638/en/
Investor Contact: Fund Investor Services 1-888-777-0102
Source: Franklin Resources, Inc. and Legg Mason Closed End Funds
FAQ
What are the distribution amounts for BWG in June, July, and August 2024?
When are the record dates for BWG distributions in 2024?
How much of BWG's fiscal year-to-date distribution is from income?
What is the return of capital percentage for BWG's distributions?
When will BWG shareholders receive their distributions?
