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 | Monthly | 2/24/04 |
Fund Inc. | Investments/ | securities of both US 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 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 | ||||||||
Putnam Managed Municipal | PMM | XPMMX NYSE | Putnam | Portfolio invests in a diversified collection of | Yes | Monthly | 2/24/89 | |
Income Trust | tax-exempt municipal securities | |||||||
Putnam Municipal | PMO | XPMOX | NYSE | Putnam | Portfolio invests primarily in a levered portfolio | Yes | Monthly | 5/28/93 |
Opportunities Trust | of municipal bonds | |||||||
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 | |||||||
Putnam Master Intermediate | PIM | XPIMX | NYSE | Putnam | Portfolio invests in fixed income securities | No | Monthly | 4/29/88 |
Income Trust | within the US investment grade, high yield and | |||||||
international sectors | ||||||||
US Mortgage Funds | ||||||||
Western Asset Mortgage | DMO | XDMOX NYSE | Western | Provides a leveraged portfolio, consisting | Yes | Monthly | 2/24/10 | |
Opportunity Fund Inc. | 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 US 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, US and non-US 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 | US 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 | ||||||||
Putnam Premier Income Trust | PPT | XPPTX | NYSE | Putnam | Portfolio seeks high current income by investing | No | Monthly | 2/29/88 |
in a wide variety of fixed income securities | ||||||||
globally such as US government, high yield and | ||||||||
international fixed income securities |
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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. | 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 US 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, Putnam Retail Management LP, Royce Fund Services, 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
US 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 US 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, www.putnam.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.
RISK: All investments involve risks, including possible loss of principal. 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. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. 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. 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. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. Liquidity risk exists when securities or other investments become more difficult to sell, or are unable to be sold, at the price at which they have been valued. Non-diversifiedportfolios may invest in a relatively small number of issuers, which may negatively impact the performance and result in greater fluctuation in value. Small-, mid- and micro-cap stocks involve greater risks and volatility than large-capstocks. Distributions are not guaranteed and are subject to change. Investments in energy- related master limited partnerships and midstream entities are subject to 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. An investor may be subject to the federal Alternative Minimum Tax, and state and local taxes may apply. Commodity-related investments are subject to additional risks such as commodity index volatility, investor speculation, interest rates, weather, tax and regulatory developments. Active management does not ensure gains or protect against market declines. For certain funds the manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated.
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
© 2024 Franklin Distributors, LLC, Putnam Retail Management LP and Royce Fund Services, LLC. Members FINRA/SIPC. All rights reserved.
Putnam Investments and all other entities mentioned are Franklin Templeton companies. | CE-MFG-0524 |
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BrandywineGLOBAL - Global Income Opportunities Fund Inc. published this content on 31 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2024 08:10:10 UTC.