Legg Mason Partners Fund Advisor, LLC Announces Distributions for Certain Closed End Funds Pursuant to Their Managed Distribution Policy for the Months of September, October and November 2023

Rhea-AI Summary

Legg Mason Partners Fund Advisor, LLC has declared distributions for September, October, and November 2023. The distribution schedule and amounts are provided. The funds aim to maintain a consistent distribution level derived from income and capital gains. If sufficient income is not available, long-term capital gains and/or return of capital will be distributed. The estimated source of distributions for each fund is also presented.

Positive

• The funds have declared distributions for September, October, and November 2023.
• The funds aim to maintain a consistent distribution level derived from income and capital gains.
• Long-term capital gains and/or return of capital will be distributed if sufficient income is not available.
• The estimated source of distributions for each fund is provided.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Legg Mason Partners Fund Advisor, LLC announced today that certain closed end funds have declared distributions pursuant to their managed distribution policy for the months of September, October and November 2023.

The following dates apply to the distribution schedule below:

Month		Record Date		Ex-Dividend Date		Payable Date
September		9/22/2023		9/21/2023		10/2/2023
October		10/24/2023		10/23/2023		11/1/2023
November		11/22/2023		11/21/2023		12/1/2023

Ticker		Fund Name		Month		Amount		Change from Previous Distribution
BWG		BrandywineGLOBAL - Global Income		September		$0.08000		-
		Opportunities Fund Inc. a		October		$0.08000
				November		$0.08000
EMD		Western Asset Emerging Markets Debt Fund Inc. a		September		$0.08450		$0.01450
				October		$0.08450
				November		$0.08450
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		21.72%		-		-		78.28%	(a)
EMD	Dec 31		75.79%		-		-		24.21%	(b)

1. Sources of cumulative fiscal year-to-date distributions are estimated through October 31, 2023. The sources of distributions for the one month ended November 2023, are estimated to be 88.58% from income and 11.42% from return of capital.
2. Sources of cumulative fiscal year-to-date distributions are estimated through November 30, 2023.

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.

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/20230802753530/en/

Investor Contact: Fund Investor Services 1-888-777-0102

Source: Franklin Resources, Inc. and Legg Mason Closed End Funds

FAQ

What is the name of the company issuing the press release?

The company issuing the press release is Legg Mason Partners Fund Advisor, LLC.

What is the purpose of the managed distribution policy?

The purpose of the managed distribution policy is to maintain a consistent distribution level derived from income and capital gains.

What happens if sufficient distributable income is not available?

If sufficient distributable income is not available, long-term capital gains and/or return of capital will be distributed.

What does a return of capital distribution mean?

A return of capital distribution occurs when some or all of the money invested in the fund is paid back to shareholders. It does not necessarily reflect the fund's investment performance and should not be confused with yield or income.

Can the managed distribution policy be modified or terminated?

Yes, the Board of Directors may modify, terminate, or suspend the managed distribution policy at any time.