Franklin Templeton Fund Adviser, LLC Announces Distributions for Certain Closed End Funds Pursuant to their Managed Distribution Policy for the Months of December 2025, January and February 2026

Franklin Templeton Fund Adviser, LLC has announced the distribution plans for several of its closed-end funds as per their managed distribution policy, covering the months of December 2025, January 2026, and February 2026. These distributions reflect the funds' ongoing efforts to maintain consistent payouts based on income and capital gains generated from their respective portfolios.

The distribution schedule is as follows: for December, the record and ex-dividend date is December 23, with payment occurring on December 31. In January, the corresponding dates repeat for the 23rd, leading up to payment on January 30. February follows similarly with records on the 20th and payments on the 27th.

Three funds are highlighted: BrandywineGLOBAL - Global Income Opportunities (BWG) will distribute $0.0800 per share for each of the three months; LMP Capital and Income Fund (SCD) will provide $0.1200; and Western Asset Emerging Markets Debt Fund (EMD) will distribute $0.0950. Notably, these amounts represent no change from previous distributions.

Each fund's managed distribution policy strives to deliver steady distribution levels, even if it means utilizing long-term capital gains or returning capital, particularly when not sufficient income is generated monthly. A point of caution is raised—returns of capital should not be equated with actual income or investment performance, as these do not indicate the fund's profitability. The Board of Directors maintains the authority to alter or suspend this policy at any time, potentially affecting share market prices.

Investors are reminded to consult fund-specific tax information, as actual distributions and their tax implications will be contingent on each fund’s performance through their fiscal year. For further inquiries, investors can contact Fund Investor Services or visit Franklin Templeton's website.

The recent announcement by Franklin Templeton Fund Adviser, LLC regarding distributions for certain closed-end funds under their managed distribution policy for December 2025, January, and February 2026 offers valuable insights for investors.

The funds, including BrandywineGLOBAL - Global Income Opportunities (BWG), LMP Capital and Income Fund (SCD), and Western Asset Emerging Markets Debt Fund (EMD), will maintain distribution amounts consistent with previous allocations, providing a sense of stability amid market fluctuations. For example, BWG and SCD will both distribute $0.08000 and $0.12000 per share respectively, while EMD will maintain a distribution of $0.09500. This predictability can be appealing to income-focused investors.

However, it's essential to note that these distributions may include Return of Capital (ROC), particularly with EMD's estimated source indicating around 29.66% from ROC and SCD showing 2.49%. While ROC can provide immediate cash returns to investors, it also suggests that a portion of the distributions is not derived from profit but rather a return of their own investment. Investors should carefully assess the implications, particularly as ROC does not necessarily indicate strong fund performance.

The sustainability of these distributions hinges significantly on the funds’ ability to generate immediate income, as outlined in their tax records. Any modification, suspension, or termination of the managed distribution policy may adversely impact the market price of the funds and, consequently, investor portfolios. Therefore, investors should monitor fiscal year-end sources of distributions closely.

While Franklin Templeton’s historical management track record may instill confidence, potential investors should weigh these distribution strategies against their overall investment strategy and risk tolerance. Ultimately, while these funds may suit income-oriented portfolios, it remains prudent to engage in thorough due diligence.