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 2022
Legg Mason Partners Fund Advisor announced distribution declarations for its closed-end funds under a managed distribution policy for September, October, and November 2022. Key dates include record dates of September 23, October 24, and November 22, with payable dates spanning from October 3 to December 1, 2022. Specific distributions noted are for funds SCD at $0.26000, BWG at $0.09000, and EMD at $0.08000. Investors should be aware that distributions may involve a return of capital if net investment income is insufficient.
- SCD, BWG, and EMD have declared consistent monthly distributions for September, October, and November 2022.
- The distribution amounts reflect a steady income generation from the Funds' investment portfolios.
- Distributions may involve a return of shareholder's capital, indicating potential financial risks.
- The managed distribution policy may be modified or terminated, which could negatively affect share prices.
The following dates apply to the distribution schedule below:
Month |
Record Date |
Ex-Dividend Date |
Payable Date |
September |
|
|
|
October |
|
|
|
November |
|
|
|
Ticker |
Fund |
Month |
Amount |
Change from Previous Distribution |
|
SCD |
|
September |
|
b |
- |
BWG |
|
September |
|
- |
|
|
October |
|
|||
November |
|
||||
EMD |
|
September |
|
- |
|
October |
|
||||
November |
|
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 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 |
|
|
|
|
- |
|
- |
|
|
(a) |
BWG |
|
|
|
|
- |
|
- |
|
|
(b) |
EMD |
|
|
|
|
- |
|
- |
|
|
(b) |
-
Sources of cumulative fiscal year-to-date distributions are estimated through
September 30, 2022 . -
Sources of cumulative fiscal year-to-date distributions are estimated through
November 30, 2022 .
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 2023, 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
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/20220802005565/en/
Investor Contact:
Source: Franklin Resources, Inc. and Legg Mason Closed End Funds
FAQ
What are the distribution amounts for SCD, BWG, and EMD for September 2022?
When are the payable dates for the distributions of SCD, BWG, and EMD?
What is the risk associated with the distributions declared by these funds?
How often do the funds SCD, BWG, and EMD declare distributions?