Legg Mason Partners Fund Advisor, LLC Announces Distributions for Certain Closed End Funds Pursuant to their Managed Distribution Policy for the Months of March, April and May 2023

Rhea-AI Summary

Legg Mason Partners Fund Advisor, LLC announced distribution declarations for three closed-end funds under its managed distribution policy for March, April, and May 2023. Key details include:

• SCD: $0.26000 in March, no change from previous distribution.
• BWG: $0.08000 in March, down by $0.01000; stable at $0.08000 for April and May.
• EMD: $0.07000 for March, April, and May, each down by $0.01000 compared to the previous amounts.

Distributions may derive from income or capital gains, with implications for shareholder capital. Shareholders will receive a Form 1099-DIV in early 2024 for tax reporting.

Positive

• Consistent distribution levels maintained for SCD.
• BWG maintains same distribution amount for April and May.

Negative

• BWG and EMD distributions decreased by $0.01000.
• Potentially a return of capital could affect shareholder value.

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 March, April and May 2023.

The following dates apply to the distribution schedule below:

Month	Record Date	Ex-Dividend Date	Payable Date
March	3/24/2023	3/23/2023	4/3/2023
April	4/21/2023	4/20/2023	5/1/2023
May	5/23/2023	5/22/2023	6/1/2023

Ticker	Fund Name	Month	Amount		Change from Previous Distribution
SCD	LMP Capital and Income Fund Inc.a	March	$0.26000	b	-
BWG	BrandywineGLOBAL - Global Income Opportunities Fund Inc. a	March	$0.08000		$(0.01000)
		April	$0.08000
		May	$0.08000
EMD	Western Asset Emerging Markets Debt Fund Inc. a	March	$0.07000		$(0.01000)
		April	$0.07000
		May	$0.07000
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, each 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 income and capital gains, if any. 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
SCD	Nov 30		32.96%		-		-		67.04%	(a)
BWG	Oct 31		78.22%		-		-		21.78%	(b)
EMD	Dec 31		78.42%		-		-		21.58%	(b)
(a) Sources of cumulative fiscal year-to-date distributions are estimated through March 31, 2023.
(b) Sources of cumulative fiscal year-to-date distributions are estimated through May 31, 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.

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 2024, 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).

The Funds’ common shares are traded on the New York Stock Exchange. Similar to stocks, Fund share prices 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.

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.

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/20230214005445/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 SCD, BWG, and EMD in March 2023?

SCD has a distribution of $0.26000, BWG is $0.08000, and EMD is $0.07000.

When will the distributions for March, April, and May 2023 be paid?

Payments are scheduled for April 3, May 1, and June 1, 2023, respectively.

How does the managed distribution policy affect distributions?

This policy aims to maintain consistent distribution levels, but may lead to returns of capital if income and gains are insufficient.

What is the impact of a decrease in distributions for BWG and EMD?

The reductions might affect shareholder returns and investment capital, leading to increased risks.