Closed-End Funds
Product guide
We offer breadth and depth of closed-end fund investment strategies to help meet the needs of our individual and institutional clients. Our funds offer investors the potential for attractive distributions, active professional management and the convenience of an exchange-traded security.
Experienced management by industry leaders
The Franklin Templeton closed-end funds are managed by our specialist investment managers, all of whom are supported by teams of experienced traders and analysts.
Strategies to help meet your investment needs
Trading NAV | Uses | Distribution Inception | ||||||
Fund name | symbol symbol Exchange Management | Primary investment(s)1 | leverage2 | frequency | date | |||
Equity | ||||||||
Master limited partnerships | ||||||||
ClearBridge MLP and Midstream | CEM | XCEMX | NYSE | ClearBridge | Portfolio of energy-related master limited | Yes | Quarterly | 6/25/10 |
Fund Inc. | Investments | partnerships (MLPs) and midstream entities | ||||||
ClearBridge MLP and Midstream | CTR | XCTRX | NYSE | ClearBridge | Energy-related master limited partnerships | Yes | Quarterly | 6/27/12 |
Total Return Fund Inc. | Investments | (MLPs) and midstream entities | ||||||
ClearBridge Energy Midstream | EMO | XEMOX | NYSE | ClearBridge | Energy midstream entities including | Yes | Quarterly | 6/10/11 |
Opportunity Fund Inc. | Investments | entities structured as both partnerships | ||||||
and corporations | ||||||||
Small-cap | ||||||||
Royce Global Value Trust | RGT | XRGTX | NYSE | Royce | Small-cap stocks of domestic and foreign | Yes | Quarterly | 10/17/13 |
Investment | companies, selected using a value approach | |||||||
Partners | ||||||||
Royce Micro-Cap Trust | RMT | XOTCX | NYSE | Royce | Common stocks of micro-cap companies, | Yes | Quarterly | 12/14/93 |
Investment | selected using a value approach | |||||||
Partners | ||||||||
Royce Value Trust | RVT | XRVTX | NYSE | Royce | Common stocks and convertible securities of | Yes | Quarterly | 11/26/86 |
Investment | small-capitalization companies, selected using | |||||||
Partners | a disciplined value approach | |||||||
Emerging markets equity | ||||||||
Templeton Dragon Fund Inc. | TDF | XTDFX | NYSE | Templeton | Portfolio seeking long-term capital appreciation | No | Semi- | 9/20/94 |
by investing at least 45% of its total assets in | annually | |||||||
equity securities of "China Companies" | ||||||||
Templeton Emerging | EMF | XEMFX | NYSE | Templeton | Portfolio seeking long-term capital appreciation | Yes | Annually | 2/26/87 |
Markets Fund | by investing, under normal market conditions, at | |||||||
least 80% of its net assets in emerging country | ||||||||
equity securities | ||||||||
Flexible allocation | ||||||||
LMP Capital and Income | SCD | XSCDX | NYSE | ClearBridge | A broad range of equity and fixed income | Yes | Quarterly | 2/24/04 |
Fund Inc. | Investments/ | securities of both U.S. and foreign issuers, | ||||||
Western | including up to 25% of its total assets in energy | |||||||
Asset | master limited partnerships (MLPs) | |||||||
Franklin Universal Trust | FT | XFUTX | NYSE | Franklin | Portfolio focused on high yield bonds and utility | Yes | Monthly | 9/23/88 |
stocks, selected using a fundamental approach |
Consider a fund's investment objective, risks, charges and expenses carefully before investing. The most recent shareholder report for each Fund, which contains this and other information about the Funds, can be viewed at www.franklintempleton.com.
Not FDIC Insured | May Lose Value | No Bank Guarantee
Trading NAV | Uses | Distribution Inception | ||||||
Fund name | symbol symbol Exchange Management | Primary investment(s)1 | leverage2 | frequency | date | |||
Fixed income | ||||||||
Municipal fixed income | ||||||||
Western Asset Municipal | MHF | XMHFX NYSE | Western | Intermediate- and long-term municipal | No | Monthly | 11/28/88 | |
High Income Fund Inc. | Asset | debt securities | ||||||
Western Asset Managed | MMU | XMMUX NYSE | Western | Municipal obligations rated investment grade | Yes | Monthly | 6/26/92 | |
Municipals Fund Inc. | Asset | at the time of investment | ||||||
Western Asset Municipal | MNP | XMNPX | NYSE | Western | A diversified portfolio of tax-exempt securities | Yes | Monthly | 1/29/93 |
Partners Fund Inc. | Asset | |||||||
Western Asset Intermediate | SBI | XSBIX | NYSE | Western | Investment-grade municipal securities that | Yes | Monthly | 3/2/92 |
Muni Fund Inc. | Asset | have a dollar-weighted average effective | ||||||
maturity of between three and 10 years | ||||||||
Taxable fixed-income | ||||||||
Investment-grade credit funds | ||||||||
Western Asset Investment Grade | IGI | XIGIX | NYSE | Western | Investment-grade corporate fixed income | No | Monthly | 6/26/09 |
Defined Opportunity Trust Inc. | Asset | securities of varying maturities | ||||||
Limited-term structure that will liquidate on | ||||||||
• or about December 2, 2024 | ||||||||
Western Asset Investment Grade | PAI | XPAIX | NYSE | Western | Debt securities rated within the four highest | No | Monthly | 3/22/73 |
Income Fund Inc. | Asset | grades, including government securities, bank | ||||||
debt, commercial paper, and cash or cash | ||||||||
equivalents | ||||||||
Western Asset Premier | WEA | XWEAX NYSE | Western | Diversified portfolio of investment-grade bonds | Yes | Monthly | 3/28/02 | |
Bond Fund | Asset | |||||||
U.S. mortgage funds | ||||||||
Western Asset Mortgage | DMO | XDMOX NYSE | Western | Provides a leveraged portfolio, consisting | Yes | Monthly | 2/24/10 | |
Opportunity Fund Inc.3 | Asset | primarily of non-agency residential mortgage- | ||||||
backed securities (RMBS), commercial | ||||||||
mortgage-backed securities (CMBS) and | ||||||||
mortgage whole loans | ||||||||
High-yield funds | ||||||||
Western Asset High Income | HIO | XHIOX | NYSE | Western | High-yield corporate bonds, debentures | No | Monthly | 11/16/93 |
Opportunity Fund Inc. | Asset | and notes | ||||||
Western Asset High Income | HIX | XHGIX | NYSE | Western | High-yield debt securities issued by U.S. and | Yes | Monthly | 5/28/98 |
Fund II Inc. | Asset | foreign corporations and governments | ||||||
Western Asset High Yield | HYI | XHYIX | NYSE | Western | High-yield corporate bonds | No | Monthly | 10/27/10 |
Defined Opportunity Fund Inc. | Asset | Limited term structure that will liquidate on | ||||||
• or about September 30, 2025 | ||||||||
Global income funds | ||||||||
BrandywineGLOBAL - Global | BWG | XBWGX NYSE | Brandywine | Global fixed-income securities, including | Yes | Monthly | 3/28/12 | |
Income Opportunities Fund Inc. | Global | sovereign debt of developed and emerging | ||||||
market countries, U.S. and non-U.S. corporate | ||||||||
debt, mortgage-backed securities and | ||||||||
currency exposure | ||||||||
Western Asset Global High | EHI | XEHIX | NYSE | Western | Global portfolio of investment-grade, below- | Yes | Monthly | 7/28/03 |
Income Fund Inc. | Asset | investment- grade and emerging market fixed | ||||||
income securities | ||||||||
Western Asset Global Corporate | GDO | XGDOX NYSE | Western | U.S. and foreign investment-grade corporate | Yes | Monthly | 11/24/09 | |
Defined Opportunity Fund Inc. | Asset | fixed-income securities of varying maturities | ||||||
Limited-term structure that will liquidate on | ||||||||
• or about December 2, 2024 | ||||||||
Templeton Global Income Fund | GIM | XGIMX | NYSE | Templeton | Global portfolio focused on investment | No | Monthly | 3/28/88 |
opportunities in currency, interest rates and | ||||||||
sovereign credit |
2 | Closed-end funds | franklintempleton.com |
Trading NAV | Uses | Distribution Inception | ||||||
Fund name | symbol symbol Exchange Management | Primary investment(s)1 | leverage2 | frequency | date | |||
Fixed income (cont'd) | ||||||||
Emerging markets debt funds | ||||||||
Western Asset Emerging Markets | EMD | XEMDX | NYSE | Western | Debt securities of emerging market issuers | Yes | Monthly | 12/1/03 |
Debt Fund Inc.4 | Asset | |||||||
Templeton Emerging Markets | TEI | XTEIX | NYSE | Templeton | Portfolio investing at least 80% of its net assets | Yes | Monthly | 9/23/93 |
Income Fund | in income-producing securities of sovereign or | |||||||
sovereign-related entities and private sector | ||||||||
companies in emerging market countries | ||||||||
Inflation-linked bond | ||||||||
Western Asset Inflation-Linked | WIW | XWIWX | NYSE | Western | Portfolio investing at least 80% in inflation- | Yes | Monthly | 2/25/04 |
Opportunities & Income Fund | Asset | linked securities, with the ability to invest up to | ||||||
20% in other securities and instruments | ||||||||
Western Asset Inflation-Linked | WIA | XWIAX | NYSE | Western | Portfolio of at least 80% inflation-linked | Yes | Monthly | 9/26/03 |
Income Fund | Asset | securities, primarily U.S. Treasury Inflation | ||||||
Protected Securities "TIPS", with the ability | ||||||||
to invest up to 20% in other securities and | ||||||||
instruments | ||||||||
Limited duration | ||||||||
Franklin Limited Duration | FTF | XFTFX | NYSE | Franklin | Provides a portfolio consisting primarily of | Yes | Monthly | 8/27/03 |
Income Trust | high yield corporate bonds, floating rate | |||||||
corporate loans and mortgage- and other | ||||||||
asset-backed securities | ||||||||
Multi-sector income | ||||||||
Western Asset Diversified | WDI | XWDIX | NYSE | Western | Invests in a wide range of fixed income | Yes | Monthly | 6/24/21 |
Income Fund | Asset | securities including high yield, bank loans, | ||||||
mortgage- and other asset backed securities. |
• | Limited-term Structure that will 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.
The Closed-End Funds are not sold or distributed by Franklin Distributors, LLC (FD, LLC) or any Franklin Templeton affiliated companies. Unlike open-endfunds, shares are not continually offered. Like other public companies, closed-endfunds have a one-timeinitial public offering, and once their shares are first issued, are generally bought and sold through non-affiliatedbroker/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-endfunds may trade at a discount or premium to their original offering price, and often trade at a discount to their net asset value. Net Asset Value (NAV) is total assets less total liabilities divided by the number of shares outstanding. Market Price, which is determined by supply and demand, is the price at which an investor purchases or sells a fund. 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.
franklintempleton.com | Closed-end funds | 3 |
U.S. Treasury Inflation Protected Securities ("TIPS") are bonds that receive a fixed, stated rate of return, but they also increase their principal by the changes in the CPI-U (the non-seasonally adjusted U.S. city average of the all-item consumer price index for all urban consumers, published by the Bureau of Labor Statistics). TIPS, like other inflation-linked securities are negatively effected by periods of deflation.
- For more complete information on the Funds, including complete descriptions of investment strategies, objectives, and risks, please visit www.ftcef.com or www.roycefunds.com.
- Funds that do not use leverage may use certain management techniques or invest in securities that have the economic effects of leverage, which can increase the risk and volatility of the Fund.
- Effective January 2, 2020, the Fund converted to a perpetual fund by eliminating the Fund's term. Prior to January 2, 2020, the Fund was known as Western Asset Mortgage Defined Opportunity Fund Inc. At that time, the investment strategy also changed.
- Prior to December 16, 2016, this Fund's trading symbol was ESD. At this time, the investment objective also changed.
RISKS: All investments are subject to risks, including the possible loss of principal. Each Fund is subject to the specific risks of its underlying investments. These risks include:
Fixed income securities are subject to various risks, including but not limited to, credit, inflation, income, prepayment and interest rate risks. As interest rates rise, the value of fixed income securities falls.
Foreign/emerging market risks - Investments in foreign securities involve risks, including the possibility of losses due to changes in currency exchange rates and negative developments in the political, economic, or regulatory structure of specific countries or regions. These risks are greater in emerging markets.
High-yieldbond risk - Investments in high-yield bonds involve greater risk than investments in higher-rated bonds. High-yield securities have a greater risk of default and higher price volatility than investment-grade securities.
Mortgage risks - Mortgage-backed securities are subject to credit risk and prepayment risk, which can limit the potential gains in a declining- interest-rate environment.
Interest rate risk - As interest rates rise, bond prices fall, reducing the value of a fund's share price.
Derivatives - The Funds may make significant investments in derivative instruments. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance.
Municipal bonds/AMT risks - Certain investors may be subject to the federal Alternative Minimum Tax (AMT), and state and local taxes may apply. Capital gains, if any, are fully taxable.
MLP risk - Investments in energy-related MLPs are subject to additional risks, including the risks of declines in energy and commodity prices, decreases in energy demand, adverse weather conditions, natural or other disasters, changes in government regulation, and changes in tax laws. Concentrated investment risks - Certain funds, because of their narrow investment focus, tend to be more volatile than funds that invest across many sectors and securities.
Small-capequity risk - Investments in small-cap companies may involve a higher degree of risk and volatility than investments in larger, more established companies.
Leverage risk - Leverage may result in greater volatility of NAV and the market price of common shares, and it increases a shareholder's risk of loss. There is no assurance that a fund's leveraging strategy will be successful.
Micro-capequity risk - Investing in micro-cap companies may involve considerably more risk than investing in larger-cap companies. Distribution frequency - Distributions may consist of any or all of the following components: net investment income, short-term capital gains, long-term capital gains, and a return of capital. There is no guarantee that a fund will maintain its current level or frequency of distributions.
Royce & Associates, LP primarily conducts its business under the name Royce Investment Partners.
Any information, statement or opinion set forth herein is general in nature, is not directed to or based on the financial situation or needs of any particular investor, and does not constitute, and should not be construed as, investment advice, forecast of future events, a guarantee of future results, or a recommendation with respect to any particular security or investment strategy or type of retirement account. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies should consult their financial professional.
(800) 342-5236
franklintempleton.com
© 2022 Franklin Distributors, LLC. Member FINRA/SIPC. All rights reserved. Western Asset Management Company, LLC, Royce & Associates, LLC,
ClearBridge Investments, LLC, and Brandywine Global Investment Management, LLC are Franklin Templeton affiliated companies.
US_GM_774076_674076 CE MFG 02/22
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Western Asset Emerging Markets Debt Fund Inc. published this content on 01 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 March 2022 17:07:00 UTC.