PRESS RELEASE


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


November 13, 2017

 

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.

The following dates apply to the distribution schedule below:

                   
Month     Record Date     Ex-Dividend Date     Payable Date
December     12/22/2017     12/21/2017     12/29/2017
January     1/19/2018     1/18/2018     2/01/2018
February     2/16/2018     2/15/2018     3/01/2018
           
 
Ticker  

Fund Name

 

Month

  Amount      

Change from
Previous
Distribution

SCD

  LMP Capital and Income Fund Inc.1   Dec   $0.31000   a   -
                     

BWG

Legg Mason BW Global Income Opportunities Fund Inc. 1 Dec $0.07650 b $(0.0135)
Jan $0.07650
        Feb   $0.07650        

EMD

Western Asset Emerging Markets Debt Fund Inc. 1 Dec $0.10000 -
Jan $0.10000
        Feb   $0.10000        
1 – Please see table below for each Fund’s estimated source of distributions.
a Quarterly paying distribution.
b The Fund has decreased its distributions to a level that better approximates the current level of net investment income generated by its investment portfolio.
 

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 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.

The 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 Fund's 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   Dec 31   10.23%   -   -   89.77%   a
BWG   Oct 31   94.43%   -   -   5.57%   b
EMD   Dec 31   100.00%   -   -   -   c
a Sources of cumulative fiscal year-to-date distributions are estimated through December 31, 2017.

b Sources of cumulative fiscal year-to-date distributions are estimated through February 28, 2018.

c Sources of cumulative fiscal year-to-date distributions are estimated through February 28, 2018. Sources of cumulative fiscal year-to-date distributions are estimated to be 93.15% sourced from income and 6.85% from a return of capital through December 31, 2017.

 

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 2018 and early 2019, 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).

For more information about the Funds, please call 1-888-777-0102 or consult the Fund’s 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. Legg Mason and its affiliates do not engage in selling shares of the Funds.

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