Legg Mason Partners Fund Advisor, LLC Announces Distributions for Certain Closed End Funds Pursuant to Their Managed Distribution Policy

Rhea-AI Summary

Legg Mason Partners Fund Advisor announced that several closed-end funds will distribute payments per their managed distribution policy. The funds' distribution schedule includes record, ex-dividend, and payable dates for September, October, and November 2021. Funds SCD, BWG, and EMD will provide distributions of $0.26000, $0.08000, and $0.09000 respectively. Shareholders should note that if net income and capital gains are less than the distributions, the difference will be drawn from net assets, potentially affecting capital. The company's board may modify this policy at any time.

Positive

• Funds announce distributions indicating financial activity and returns for shareholders.
• Consistent distribution levels derived from net investment income and capital gains reflect a strategic approach.

Negative

• Distributions might include returns of capital, which may reduce shareholder investment value.
• Potential for distribution policy modifications could adversely affect market prices for shares.

Legg Mason Partners Fund Advisor, LLC announced today that certain closed end funds have declared distributions pursuant to their managed distribution policy.

The following dates apply to the distribution schedule below:

Month	Record Date	Ex-Dividend Date	Payable Date
September	9/23/2021	9/22/2021	10/1/2021
October	10/22/2021	10/21/2021	11/1/2021
November	11/22/2021	11/19/2021	12/1/2021

Ticker	Fund Name		Month		Amount		Change from Previous Distribution
SCD	LMP Capital and Income Fund Inc.a		September		$0.26000	b	-
BWG	BrandywineGLOBAL - Global Income Opportunities Fund Inc. a		September		$0.08000		-
			October		$0.08000
			November		$0.08000
EMD	Western Asset Emerging Markets Debt Fund Inc. a		September		$0.09000		-
			October		$0.09000
			November		$0.09000

^a Please see table below for each Fund’s estimated source of distributions.

^b Quarterly paying distribution.

Under the terms of each Fund’s managed distribution policy, the Fund seeks to maintain a consistent distribution level derived from the income and capital gains generated from the Fund’s investment portfolio. Shareholders should note that if the Fund’s aggregate net investment income and net realized capital gains are less than the amount of the distributions paid, the difference will be distributed from the Fund's net assets and may constitute a return of the shareholder’s capital. 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.

Each Fund’s distributions have been set based on the current level of income generated from the Fund’s investment portfolio and accumulated capital gains, if any. Based on the Funds’ tax accounting records, which also factors 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
SCD	Nov 30		35.39%		-		-		64.61%	(a)
BWG	Oct 31		79.25%		-		-		20.75%	(b)
EMD	Dec 31		63.85%		-		-		36.15%	(c)

^(a)Sources of cumulative fiscal year-to-date distributions are estimated through September 30, 2021.

^(b) Sources of cumulative fiscal year-to-date distributions are estimated through October 31, 2021. The sources of distributions for the one month ended November 30, 2021, are estimated to be 84.10% sourced from income and 15.90% from a return of capital.

^(c) Sources of cumulative fiscal year-to-date distributions are estimated through November 30, 2021.

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.

This press release is not for tax reporting purposes but is being provided to announce the amount of each Fund’s distributions that have been declared by the Board of Directors. In early 2022, after definitive information is available, each Fund will send shareholders a Form 1099-DIV, if applicable, specifying how the distributions paid by each Fund during the prior calendar year should be characterized for purposes of reporting the distributions on a shareholder’s tax return (e.g., ordinary income, long-term capital gain or return of capital).

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’ web site at www.lmcef.com. 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.

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/20210804005474/en/

FAQ

What are the distribution amounts for SCD, BWG, and EMD funds?

SCD will distribute $0.26000, BWG $0.08000, and EMD $0.09000.

When are the record and ex-dividend dates for these funds?

Record dates are September 23, October 22, and November 22, while ex-dividend dates are September 22, October 21, and November 19.

What risks are associated with the managed distribution policy of these funds?

If the funds' income and gains are less than the distributions, the shortfall will be taken from net assets, potentially reducing shareholder capital.

Could the distribution policy of the funds change?

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

How might distribution policy changes impact SCD, BWG, and EMD stocks?

Changes to the distribution policy could negatively affect market prices for the funds' shares.