Performance

Review performance across multiple time frames and sources of return, including the distributions rate and capital appreciation.

Daily performance & data room

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. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

Different minimums may apply to clients of certain service agents. See the Fund's prospectus for additional information.

Class A: Estimated Annual Fund Expenses: Gross Expenses⁴ 6.19%; Net Expenses⁵ 5.91%; Maximum sales charge is 2.00% for Class A; Management Fee 1.25%; Incentive Fee⁶ 1.14%; Interest Payments on Borrowed Funds 2.04%; Remaining Other Expenses⁷ 1.78%. Expenses are annualized and calculated as a percentage of estimated average net assets.

Advisor Class: Estimated Annual Fund Expenses: Gross Expenses⁴ 5.69%; Net Expenses⁵ 5.41%; Management Fee 1.25%; Incentive Fee⁶ 1.14%; Interest Payments on Borrowed Funds 2.04%; Remaining Other Expenses⁷ 1.28%. Expenses are annualized and calculated as a percentage of estimated average net assets.

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  1. While the Fund is valued on a daily basis, redemptions are only offered quarterly and intends to make a repurchase offer between 5% - 25% of the outstanding shares at NAV. Under normal market conditions, the Fund currently expects to offer to repurchase 5% of outstanding shares per quarter, subject to approval by the Fund’s Board.
  2. The Fund is a closed-end interval fund.

Terms:

Core middle market: The core middle market refers to companies that typically have revenues between $25 and $100 million.

Sponsor/Non-Sponsor deals: Sponsor deals involve private equity firms or financial sponsors acquiring companies, often using significant debt financing, whereas non-sponsor deals are transactions where the buyer is not a private equity firm or financial sponsor, such as a strategic corporate acquirer or family office.

Investment Risks:

All investments involve risks, including possible loss of principal. An investment in an interval fund is not suitable for all investors. Unlike closed-end funds, an interval fund's shares are not typically listed on a stock exchange. There is also no secondary market for the fund's shares, and none is expected to develop. An investment in the fund should be considered illiquid. The fund may be able to invest in private securities that are illiquid and thinly traded, which may limit the manager's ability to sell such securities at their fair market value or when necessary to meet the portfolio's liquidity needs. There is no guarantee that an investor will be able to tender all or any of their requested fund shares in a periodic repurchase offer. Shareholders should not expect to be able to sell their shares regardless of how the fund performs. Distributions are not guaranteed and are subject to change. To the extent the fund invests in privately held companies they present certain challenges and involve incremental risks as opposed to investments in public companies, such as dealing with the lack of available information about these companies as well as their general lack of liquidity. 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. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. These and other risks are discussed in the fund’s prospectus.

Important Information

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

Important data provider notices and terms available at https://www.franklintempletondatasources.com/

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Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliates companies. Prior to July 7, 2021, Franklin Templeton Distributors, Inc., and Legg Mason Investor Services, LLC served as mutual fund distributors for Franklin Templeton. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE. Reports and other information about the fund are available on the EDGAR Database on the SEC's Internet site at https://www.sec.gov/