Western Asset Emerging Markets Debt Fund : Closed-End Funds Product Guide

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

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Closed-end funds

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	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.

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Closed-end funds

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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.

1. 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.
2. 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.
3. 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.
4. 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.

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© 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.

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