Legg Mason Partners Fund Advisor, LLC Announces Distributions for Certain Closed End Funds Pursuant to their Managed Distribu...
August 15 2016 - 7:00AM
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 September 9/23/2016 9/21/2016 9/30/2016 October
10/21/2016 10/19/2016 10/28/2016 November 11/18/2016 11/16/2016
11/25/2016
Ticker
Fund Name Month Amount
Change from Previous
Distribution
SCD LMP Capital and Income Fund Inc.1 Sept $0.31000 a -
BWG Legg Mason BW Global Income Opportunities Fund
Inc. 1 Sept $0.09000 - Oct $0.09000 Nov
$0.09000 ESD Western Asset
Emerging Markets Debt Fund Inc. 1 Sept $0.10500 † -
EMD
Western Asset Emerging Markets Income Fund Inc. 1 Sept $0.21000 a -
SBW Western Asset Worldwide Income Fund Inc. 1 Sept
$0.07250 † -
1 – Please see table below for each Fund’s
estimated source of distributions.
a Quarterly paying distribution.
b The Fund has decreased its distribution
rate to a level that better approximates the current level of net
investment income generated by its investment portfolio.
† On February 16, 2016, EMD, SBW and ESD
announced approval by each Fund’s Board of Directors of a proposal
to merge (i) EMD with and into ESD and (ii)SBW with and into ESD,
subject to approval by the stockholders of each Fund. ESD and SBW
intend to announce distribution rates for each respective fund on
amonthly basis until voting results of each merger proposal are
determined.
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 Nov 30 30.99% - -
69.01% b BWG Oct 31 62.59% -
- 37.41% c ESD Dec 31 71.72%
- - 28.28% b EMD May 31
31.46% - - 68.54% b SBW Dec 31
77.43% - - 22.57% b
b Sources of cumulative fiscal
year-to-date distributions are estimated through September 30,
2016.
c Sources of cumulative fiscal
year-to-date distributions are estimated through October 31, 2016.
Sources of calendar fiscal year-to-date distributionsare estimated
to be 87.00% sourced from income and 13.00% from a return of
capital for the month ended November 30, 2016.
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 2017,
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160815005172/en/
Media:Maria Rosati, 212-805-6036mrosati@leggmason.com
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