Franklin Templeton Fund Adviser, LLC Announces Distributions for Certain Closed End Funds Pursuant to their Managed Distribution Policy for the Months of March, April and May 2024 - Seite 2

$0.08450

May

$0.08450

^(a) Please see table below for each Fund’s estimated source of distributions.

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. To the extent that sufficient distributable income is not available on a monthly basis, each Fund will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution rate. A return of capital may occur, for example, when some or all of the money that was invested in the Fund is paid back to shareholders. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. Even though the Fund may realize current year capital gains, such gains may be offset, in whole or in part, by the Fund’s capital loss carryovers from prior years. 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.

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
BWG	Oct 31	90.78%	-	-	9.22%	(a)
SCD	Nov 30	31.00%	-	-	69.00%	(a)
EMD	Dec 31