Legg Mason Partners Fund Advisor, LLC Announces Distributions for Certain Closed End Funds Pursuant to their Managed Distribution Policy
NEW YORK--(BUSINESS WIRE)--Nov 12, 2018--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:
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:
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 2019 and early 2020, 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.
Investment advisory and sub-advisory services are provided by subsidiaries of Legg Mason, which may include Western Asset Management Company Limited in London, Western Asset Management Company Pte. Ltd. in Singapore and Western Asset Management Company Ltd in Japan (the “WAM Subsidiaries”). The WAM Subsidiaries, indirect wholly-owned subsidiaries of Legg Mason, Inc., are compensated by Western Asset Management Company, LLC (“Western Asset”) for any allocated assets and receive 100% of the subadvisory fee paid to Western Asset with respect to such assets. The identities of the specific WAM subsidiaries can be found in the Fund’s shareholder report.
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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Legg Mason Partners Fund Advisor, LLC
Fund Investor Services, 1-888-777-0102
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE
SOURCE: Legg Mason Partners Fund Advisor, LLC
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PUB: 11/12/2018 08:30 AM/DISC: 11/12/2018 08:30 AM