WDI
Western Asset Diversified Income Fund
NAV 1
$14.95
Market Price 2
$14.20
YTD Total Return At NAV 3
9.04%
YTD Total Return At Market Price
10.17%
Premium / Discount 4
-5.02%
Overall Morningstar Rating
Rating Category: Multisector Bond
The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.
Morningstar Style Box
| Large | Size | |||
|---|---|---|---|---|
| Medium | ||||
| Small | ||||
| Value | Blend | Growth | ||
| Style | ||||
Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.
Historical Morningstar Ratings
| Years | 3 |
| Ratings | |
| Number of Funds In Category | 24 |
| Years | 5 |
| Ratings | |
| Number of Funds In Category |
| Years | 10 |
| Ratings | |
| Number of Funds In Category |
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Overview
Fund Description
- Diverse opportunity set: Invests in a wide range of fixed income securities, seeking to go beyond traditional bond benchmarks to access a broad range of opportunities for income and capital appreciation
- Income-focused: Potential access to fixed income sectors and private debt not typically available through traditional mutual funds
- Flexible and dynamic: Rotates sectors and securities in response to market conditions, focusing on what we believe are undervalued securities with attractive fundamentals
- Limited Term: The Fund intends to liquidate on or about June 24, 2033*
*Within 6-18 months of the liquidation date the Board may approve a tender offer for 100% of the shares outstanding. If, upon expiration of the tender offer, the Fund has in excess of $200 million aggregate net assets the Board may remove the Fund’s termination date.
Fund Information
Identifiers
Trading Characteristics
Performance
- Average Annual Total Returns
- Calendar Year Returns
- Cumulative Total Returns
- Risk Measures
Average Annual Total Returns
Average Annual Total Returns
2025
Chart
Month End As of 10/31/2025 | 1 Year | 3 Years | Since Inception 06/25/2021 | |
|---|---|---|---|---|
| Western Asset Diversified Income Fund - Market Price (%) | 8.08 | 18.46 | 3.32 | |
| Western Asset Diversified Income Fund - NAV (%) | 9.52 | 12.90 | 3.44 | |
| Bloomberg U.S. Corporate High Yield - 2% Issuer Cap Index (%) | 8.16 | 10.20 | 4.13 |
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 based on Market Price or NAV, and assume the reinvestment of all distributions at the Dividend Reinvestment Plan Price or NAV, respectively. 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.
Calendar Year Returns
Calendar Year Returns
Chart
Month End As of 10/31/2025 | YTD | 2024 | 2023 | 2022 | Performance Inception Date | |
|---|---|---|---|---|---|---|
| Western Asset Diversified Income Fund - Market Price (%) | 12.18 | 13.78 | 24.97 | -23.44 | 06/25/2021 | |
| Western Asset Diversified Income Fund - NAV (%) | 9.19 | 9.10 | 17.32 | -18.07 | 06/25/2021 | |
| Bloomberg U.S. Corporate High Yield - 2% Issuer Cap Index (%) | 7.39 | 8.19 | 13.44 | -11.18 | — |
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 based on Market Price or NAV, and assume the reinvestment of all distributions at the Dividend Reinvestment Plan Price or NAV, respectively. 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.
Cumulative Total Returns
Cumulative Total Returns
The hypothetical growth scenario of $10,000 does not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares. Had they been reflected hypothetical values would be lower.
2021
2025
Chart
Month End As of 10/31/2025 | YTD | 1 Month | 3 Months | 6 Months | 1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Since Inception 06/25/2021 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Western Asset Diversified Income Fund - Market Price (%) | 12.18 | -0.68 | -0.13 | 8.97 | 8.08 | 66.22 | — | — | — | 15.27 | |
| Western Asset Diversified Income Fund - NAV (%) | 9.19 | 0.46 | 3.34 | 9.60 | 9.52 | 43.90 | — | — | — | 15.85 | |
| Bloomberg U.S. Corporate High Yield - 2% Issuer Cap Index (%) | 7.39 | 0.16 | 2.24 | 6.34 | 8.16 | 33.82 | — | — | — | 19.24 |
Historical Cumulative Total Returns
2025
Date Selected As of 10/31/2025 | YTD | 1 Month | 3 Months | 6 Months | 1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Since Inception 06/25/2021 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Western Asset Diversified Income Fund - Market Price (%) | 12.18 | -0.68 | -0.13 | 8.97 | 8.08 | 66.22 | — | — | — | 15.27 | |
| Western Asset Diversified Income Fund - NAV (%) | 9.19 | 0.46 | 3.34 | 9.60 | 9.52 | 43.90 | — | — | — | 15.85 | |
| Bloomberg U.S. Corporate High Yield - 2% Issuer Cap Index (%) | 7.39 | 0.16 | 2.24 | 6.34 | 8.16 | 33.82 | — | — | — | 19.24 |
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 based on Market Price or NAV, and assume the reinvestment of all distributions at the Dividend Reinvestment Plan Price or NAV, respectively. 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.
Risk Measures
Risk Measures10
| Statistics | 1 Year | 3 Years | 5 Years |
|---|---|---|---|
| Alpha (%) | -0.67 | 0.87 | — |
| Beta | 1.58 | 1.34 | — |
| R-Squared | 0.85 | 0.86 | — |
| Historical Tracking Error | 2.66 | 3.10 | — |
| Information Ratio | 0.51 | 0.87 | — |
| Upside Capture Ratio | 150.43 | 135.14 | — |
| Downside Capture Ratio | 308.11 | 150.65 | — |
| Standard Deviation (%) | 1 Year | 3 Years | 5 Years |
|---|---|---|---|
| Western Asset Diversified Income Fund - NAV | 5.15 | 7.03 | — |
| Sharpe Ratio (%) | 1 Year | 3 Years | 5 Years |
|---|---|---|---|
| Western Asset Diversified Income Fund - NAV | 0.93 | 1.07 | — |
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 based on Market Price or NAV, and assume the reinvestment of all distributions at the Dividend Reinvestment Plan Price or NAV, respectively. 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.
Portfolio
Positions
| Fund | Benchmark | |
|---|---|---|
| Number of Holdings | 420 | 1,973 |
Portfolio Statistics
| Fund | Benchmark | |
|---|---|---|
| Effective Duration | 3.97 Years | — |
| Cash Flow | 10.92% | — |
| Weighted Average Life | 8.88 Years | 3.68 Years |
Portfolio Allocations
- Sector
- Credit Quality
Sector
Sector Allocation
Chart
| Fund | ||
|---|---|---|
| High-Yield Credit | 44.31% | |
| Collateralized Loan Obligation | 12.79% | |
| Bank Loans | 10.37% | |
| Commercial Mortgage Backed Securities | 9.59% | |
| Non-Agency Retail Mortgage Backed Security | 7.39% | |
| Investment-Grade Credit | 4.78% | |
| EM USD Sovereigns | 3.00% | |
| Asset-Backed Securities | 2.69% | |
| EM USD Corporate | 2.52% | |
| Other | 1.31% | |
| EM Local Debt | 0.60% | |
| Cash & Cash Equivalents | 0.66% |
Credit Quality
Credit Quality Allocation 9
Chart
| Fund | ||
|---|---|---|
| AAA | 0.50% | |
| AA | 1.19% | |
| A | 0.11% | |
| BBB | 7.79% | |
| BB | 30.52% | |
| B | 29.07% | |
| CCC | 11.18% | |
| CC | 0.04% | |
| C | 0.20% | |
| Not Rated | 18.73% | |
| Cash & Cash Equivalents | 0.66% |
Portfolio Holdings
Holdings
Distributions & Tax
- Distributions
- Tax Information
Distributions
Distribution Schedules
Rates and Yields
Distribution Rate
Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.
Distributions Per Share
Current Year Distributions Per Share
| Record Date | Ex-Dividend Date | Payable Date | Total Distribution Per Share |
|---|---|---|---|
| 11/20/2025 | 11/20/2025 | 12/01/2025 | $0.1485 |
| 10/24/2025 | 10/24/2025 | 11/03/2025 | $0.1485 |
| 09/23/2025 | 09/23/2025 | 10/01/2025 | $0.1485 |
| 08/22/2025 | 08/22/2025 | 09/02/2025 | $0.1485 |
| 07/24/2025 | 07/24/2025 | 08/01/2025 | $0.1485 |
| 06/23/2025 | 06/23/2025 | 07/01/2025 | $0.1485 |
| 05/22/2025 | 05/22/2025 | 06/02/2025 | $0.1485 |
| 04/23/2025 | 04/23/2025 | 05/01/2025 | $0.1485 |
| 03/24/2025 | 03/24/2025 | 04/01/2025 | $0.1485 |
| 02/21/2025 | 02/21/2025 | 03/03/2025 | $0.1485 |
| 01/24/2025 | 01/24/2025 | 02/03/2025 | $0.1485 |
Historical Distributions Per Share
- 2024
- 2023
- 2022
- 2021
- Since Inception
| Record Date | Ex-Dividend Date | Payable Date | Total Distribution Per Share |
|---|---|---|---|
| 12/23/2024 | 12/23/2024 | 12/31/2024 | $0.1485 |
| 11/21/2024 | 11/21/2024 | 12/02/2024 | $0.1485 |
| 10/24/2024 | 10/24/2024 | 11/01/2024 | $0.1485 |
| 09/23/2024 | 09/23/2024 | 10/01/2024 | $0.1485 |
| 08/23/2024 | 08/23/2024 | 09/03/2024 | $0.1485 |
| 07/24/2024 | 07/24/2024 | 08/01/2024 | $0.1485 |
| 06/21/2024 | 06/21/2024 | 07/01/2024 | $0.1485 |
| 05/23/2024 | 05/22/2024 | 06/03/2024 | $0.1435 |
| 04/23/2024 | 04/22/2024 | 05/01/2024 | $0.1435 |
| 03/21/2024 | 03/20/2024 | 04/01/2024 | $0.1435 |
| 02/22/2024 | 02/21/2024 | 03/01/2024 | $0.143 |
| 01/24/2024 | 01/23/2024 | 02/01/2024 | $0.143 |
| 12/21/2023 | 12/20/2023 | 12/29/2023 | $0.143 |
| 11/22/2023 | 11/21/2023 | 12/01/2023 | $0.14 |
| 10/24/2023 | 10/23/2023 | 11/01/2023 | $0.14 |
| 09/22/2023 | 09/21/2023 | 10/02/2023 | $0.14 |
| 08/24/2023 | 08/23/2023 | 09/01/2023 | $0.135 |
| 07/24/2023 | 07/21/2023 | 08/01/2023 | $0.135 |
| 06/23/2023 | 06/22/2023 | 07/03/2023 | $0.135 |
| 05/23/2023 | 05/22/2023 | 06/01/2023 | $0.13 |
| 04/21/2023 | 04/20/2023 | 05/01/2023 | $0.13 |
| 03/24/2023 | 03/23/2023 | 04/03/2023 | $0.13 |
| 02/21/2023 | 02/17/2023 | 03/01/2023 | $0.128 |
| 01/24/2023 | 01/23/2023 | 02/01/2023 | $0.128 |
| 12/22/2022 | 12/21/2022 | 12/30/2022 | $0.128 |
| 11/22/2022 | 11/21/2022 | 12/01/2022 | $0.125 |
| 10/24/2022 | 10/21/2022 | 11/01/2022 | $0.125 |
| 09/23/2022 | 09/22/2022 | 10/03/2022 | $0.125 |
| 08/24/2022 | 08/23/2022 | 09/01/2022 | $0.12 |
| 07/22/2022 | 07/21/2022 | 08/01/2022 | $0.12 |
| 06/23/2022 | 06/22/2022 | 07/01/2022 | $0.12 |
| 05/23/2022 | 05/20/2022 | 06/01/2022 | $0.117 |
| 04/22/2022 | 04/21/2022 | 05/02/2022 | $0.117 |
| 03/24/2022 | 03/23/2022 | 04/01/2022 | $0.117 |
| 02/18/2022 | 02/17/2022 | 03/01/2022 | $0.117 |
| 01/24/2022 | 01/21/2022 | 02/01/2022 | $0.117 |
| 12/23/2021 | 12/22/2021 | 12/31/2021 | $0.117 |
| 11/22/2021 | 11/19/2021 | 12/01/2021 | $0.117 |
| 10/22/2021 | 10/21/2021 | 11/01/2021 | $0.117 |
| 09/23/2021 | 09/22/2021 | 10/01/2021 | $0.117 |
| 08/24/2021 | 08/23/2021 | 09/01/2021 | $0.117 |
Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.
The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.
Refer to the fund’s annual report for specific information regarding distributions.
Tax Information
Tax Information
Federal ID Number 86-2358725
Distributions per Share ($)
- 2024
- 2023
- 2022
- 2021
| Record Date | Ordinary Dividends | Qualified Dividends | Capital Gain Distributions | Unrecaptured Section 1250 Gain | Non-Taxable Return Of Capital | Section 199a Dividends | Foreign Tax Paid | Exempt Interest Dividends | Interest on Tax Reclaim Refunds |
|---|---|---|---|---|---|---|---|---|---|
| Jan 24 | 0.143 | — | — | — | — | — | — | — | — |
| Feb 22 | 0.143 | — | — | — | — | — | — | — | — |
| Mar 21 | 0.1435 | — | — | — | — | — | — | — | — |
| Apr 23 | 0.1435 | — | — | — | — | — | — | — | — |
| May 23 | 0.1435 | — | — | — | — | — | — | — | — |
| Jun 21 | 0.1485 | — | — | — | — | — | — | — | — |
| Jul 24 | 0.1485 | — | — | — | — | — | — | — | — |
| Aug 23 | 0.1485 | — | — | — | — | — | — | — | — |
| Sep 23 | 0.1485 | — | — | — | — | — | — | — | — |
| Oct 24 | 0.1485 | — | — | — | — | — | — | — | — |
| Nov 21 | 0.1485 | — | — | — | — | — | — | — | — |
| Dec 23 | 0.1485 | — | — | — | — | — | — | — | — |
| 1.756 | — | — | — | — | — | — | — | — |
Supplemental Tax Information
Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.
Pricing
- Pricing
- Premium/Discount
Pricing
Pricing History Chart
- 1 Month
- 3 Months
- 6 Months
- YTD
- 1 Year
- 3 Years
- Since Inception
November 2025
| SuSunday | MoMonday | TuTuesday | WeWednesday | ThThursday | FrFriday | SaSaturday |
|---|---|---|---|---|---|---|
November 2025
| SuSunday | MoMonday | TuTuesday | WeWednesday | ThThursday | FrFriday | SaSaturday |
|---|---|---|---|---|---|---|
Chart
Daily Fund Prices
52-Week Range
Premium / Discount
Historical Data - Daily Fund Prices
- 1 Month
- 3 Months
- 6 Months
- YTD
- 1 Year
- 3 Years
- 5 Years
- Since Inception
November 2025
| SuSunday | MoMonday | TuTuesday | WeWednesday | ThThursday | FrFriday | SaSaturday |
|---|---|---|---|---|---|---|
November 2025
| SuSunday | MoMonday | TuTuesday | WeWednesday | ThThursday | FrFriday | SaSaturday |
|---|---|---|---|---|---|---|
Historical Pricing Results From 10/13/2025 To 11/13/2025
| Date | NAV | NAV Change | NAV Change (%) | Market Price | Market Price Change | Market Price Change (%) | Avg. of Market Price vs. NAV at Close |
|---|---|---|---|---|---|---|---|
| 11/13/2025 | $14.95 | $-0.03 | -0.20% | $14.20 | $-0.20 | -1.39% | -5.02% |
| 11/12/2025 | $14.98 | $0.00 | 0.00% | $14.40 | $0.01 | 0.07% | -3.87% |
| 11/11/2025 | $14.98 | $0.01 | 0.07% | $14.39 | $0.00 | 0.00% | -3.94% |
| 11/10/2025 | $14.97 | $0.03 | 0.20% | $14.39 | $0.07 | 0.49% | -3.87% |
| 11/07/2025 | $14.94 | $-0.01 | -0.07% | $14.32 | $0.02 | 0.14% | -4.15% |
| 11/06/2025 | $14.95 | $0.03 | 0.20% | $14.30 | $-0.06 | -0.42% | -4.35% |
| 11/05/2025 | $14.92 | $-0.01 | -0.07% | $14.36 | $-0.01 | -0.07% | -3.75% |
| 11/04/2025 | $14.93 | $-0.02 | -0.13% | $14.37 | $0.00 | 0.00% | -3.75% |
| 11/03/2025 | $14.95 | $-0.02 | -0.13% | $14.37 | $-0.09 | -0.62% | -3.88% |
| 10/31/2025 | $14.97 | $-0.01 | -0.07% | $14.46 | $0.06 | 0.42% | -3.41% |
| 10/30/2025 | $14.98 | $-0.03 | -0.20% | $14.40 | $-0.03 | -0.21% | -3.87% |
| 10/29/2025 | $15.01 | $-0.02 | -0.13% | $14.43 | $-0.11 | -0.76% | -3.86% |
| 10/28/2025 | $15.03 | $0.02 | 0.13% | $14.54 | $0.02 | 0.14% | -3.26% |
| 10/27/2025 | $15.01 | $0.03 | 0.20% | $14.52 | $0.03 | 0.21% | -3.26% |
| 10/24/2025 | $14.98 | $-0.09 | -0.60% | $14.49 | $-0.12 | -0.82% | -3.27% |
| 10/23/2025 | $15.07 | $-0.02 | -0.13% | $14.61 | $0.01 | 0.07% | -3.05% |
| 10/22/2025 | $15.09 | $-0.03 | -0.20% | $14.60 | $0.06 | 0.41% | -3.25% |
| 10/21/2025 | $15.12 | $0.01 | 0.07% | $14.54 | $0.10 | 0.69% | -3.84% |
| 10/20/2025 | $15.11 | $0.02 | 0.13% | $14.44 | $-0.18 | -1.23% | -4.43% |
| 10/17/2025 | $15.09 | $-0.01 | -0.07% | $14.62 | $-0.06 | -0.41% | -3.11% |
| 10/16/2025 | $15.10 | $0.01 | 0.07% | $14.68 | $-0.07 | -0.47% | -2.78% |
| 10/15/2025 | $15.09 | $0.07 | 0.47% | $14.75 | $-0.04 | -0.27% | -2.25% |
| 10/14/2025 | $15.02 | $0.02 | 0.13% | $14.79 | $-0.12 | -0.80% | -1.53% |
| 10/13/2025 | $15.00 | $0.01 | 0.07% | $14.91 | $0.09 | 0.61% | -0.60% |
Premium/Discount
Historical Premium/Discount 4
- 1 Month
- 3 Months
- 6 Months
- YTD
- 1 Year
- 3 Years
- Since Inception
November 2025
| SuSunday | MoMonday | TuTuesday | WeWednesday | ThThursday | FrFriday | SaSaturday |
|---|---|---|---|---|---|---|
November 2025
| SuSunday | MoMonday | TuTuesday | WeWednesday | ThThursday | FrFriday | SaSaturday |
|---|---|---|---|---|---|---|
Chart
Press Releases
Documents
Fund Literature
Factsheet - Western Asset Diversified Income Fund
Product Commentary - Western Asset Diversified Income Fund
Closed-End Funds Product Guide
Distribution Summary - Franklin Templeton Closed-End Fund
Regulatory Documents
Annual Report - Western Asset Diversified Income Fund
Semi-Annual Report - Western Asset Diversified Income Fund
Policy and Procedures - Audit Committee Charter
Mailed hardcopies unavailable.
Policy and Procedures - Compensation Committee Charter
Mailed hardcopies unavailable.
Policy and Procedures - Nominating Committee Charter February 2024
Mailed hardcopies unavailable.
Fiscal Q1 Holdings - Western Asset Diversified Income Fund
Mailed hardcopies unavailable.
Fiscal Q3 Holdings - Western Asset Diversified Income Fund
Mailed hardcopies unavailable.
Risks
What Are The Risks?
All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. Leverage increases the volatility of investment returns and subjects investments to magnified losses and a decline in value. Diversification does not assure against market loss.
Important Information
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.
Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.
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Performance data quoted represents past performance, which does not guarantee future results.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
The Bloomberg U.S. Corporate High Yield - 2% Issuer Cap Index measures the performance of U.S. dollar-denominated, non-investment-grade, fixed-rate, taxable corporate bond market. The Index limits the maximum exposure to any one issuer to 2%.
Source: Bloomberg Indices.
All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Footnotes
Net Asset Value (NAV) represents the value of a closed-end fund's underlying holdings per share. NAV is determined by dividing the total net assets of the fund by the number of shares outstanding. The fund calculates the NAV per share each business day normally coinciding with the close of trading on the New York Stock Exchange (NYSE).
Market Price, determined by supply and demand, is the price an investor purchases or sells the fund. The Market Price shown reflects the last trade on the listing exchange at the time that the fund's NAV is calculated.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
Premium / Discount reflects the difference between the NAV and the Market Price of the fund, and represents the amount that the fund is trading above or below its NAV, expressed as a percentage of the NAV.
Distribution Rate is calculated by annualizing the most recent distribution amount paid, divided by the closing market price or NAV as of the date indicated. The Distribution Rate calculation includes income and return of capital, and excludes special distributions. The Distribution Rate is not guaranteed, subject to change, and is not a quotation of fund performance.
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Includes operating and other expenses.
Based on the Fund’s net assets of the common shares, as of the most recent Annual Report. See the fund’s Annual Report for information on the fund’s expenses.
The difference between total assets and net assets, if any, is due primarily to the Fund’s use of borrowings and other liabilities; net assets do not include borrowings. The Fund may employ leverage in the form of loans, preferred stock, reverse repurchase agreements and/or other instruments. When the Fund engages in transactions that have a leveraging effect on the Fund’s portfolio, the value of the Fund will be more volatile and all other risks will tend to be compounded.
Credit Quality is a measure of a bond issuer's ability to repay interest and principal in a timely manner. The credit ratings shown are based on each portfolio security's rating as provided by S&P Global Ratings, Moody's Investors Service and/or Fitch Ratings, Inc. and typically range from AAA (highest) to D (lowest), or an equivalent and/or similar rating. For this purpose, if two or more of the agencies have assigned differing ratings to a security, the highest rating is used. Securities that are unrated by all three agencies are reflected as such. The credit quality of the investments in the portfolio does not apply to the stability or safety of the portfolio. The methodology used for the calculation of credit quality ratings displayed may differ from the methodology for monitoring investment limits, if applicable. Please note, the portfolio itself has not been rated by an independent rating agency.
Based on the fund’s Net Asset Value (NAV)