Closed End Funds

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Returns are based on Market Price or NAV, and assume the reinvestment of all distributions. Returns include the deduction of management fees, operating expenses and all other fund expenses, and do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares. Returns for periods of less than one year are not annualized.

All investments involve risk, including possible loss of principal. Please see each product's web page for specific details regarding investment objective, risks, performance, and other important information. Review this information carefully before you make any investment decision.

The Closed-End Funds are not sold or distributed by Franklin Distributors, LLC. (FD, LLC) or any Franklin Templeton affiliated companies. Unlike open-end funds, shares are not continually offered. Like other public companies, closed-end funds have a one-time initial public offering, and once their shares are first issued, are generally bought and sold through non-affiliated broker/dealers and trade on nationally recognized stock exchanges. Share prices will fluctuate with market conditions and, at the time of sale, may be worth more or less than your original investment. Shares of exchange-traded closed-end funds may trade at a discount or premium to their original offering price, and often trade at a discount to their net asset value. Investment return, market price and net asset value will fluctuate with changes in market conditions. The Funds are subject to investment risks, including the possible loss of principal invested. 

Note that unlike other closed-end funds, Western Asset Middle Market Debt Fund, and Western Asset Middle Market Income Fund are not publicly traded and closed to new investors.

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All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.

The Templeton Global Income Fund is now managed by another provider. You can access content at https://secure.alpsinc.com/MarketingAPI/api/v1/Content/sabacef/saba-capital-income-opportunities-fund-ii-ar-20241031.pdf