Templeton Global Income Fund to liquidate holdings before Saba adviser transition
Templeton Global Income Fund (NYSE: GIM) said Saba Capital Management will replace Franklin Advisers as its investment adviser on or about the close of business on December 31, 2023. Before the change, the Board authorized Franklin Advisers to sell the portfolio into cash and cash equivalents, and the fund will depart from its stated investment objective and policies during that liquidation. The filing was submitted by Templeton Global Income Fund (GIM), not SABA as the request stated.
- Adviser transition from Franklin Advisers, Inc. to Saba Capital Management, L.P. is scheduled on or about the close of business on December 31, 2023
- Board of Trustees authorized Franklin Advisers to liquidate the portfolio to cash and cash equivalents before the transition is completed
- Fund will depart from its stated investment objective and policies while holdings are liquidated
- Follows the October 25, 2023 Special Meeting, where shareholders approved a new Saba management agreement, a non-fundamental investment objective, and removal of the 65% country and debt-instrument policy