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Saba Capital Comments on Templeton Global Income Fund’s Desperate, Self-Serving Attempt to Invalidate the Shareholder Vote at its 2022 Annual Meeting

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NEW YORK, June 13, 2022--(BUSINESS WIRE)--Saba Capital Management, L.P. (collectively with its affiliates, "Saba" or "we"), a significant shareholder of the Templeton Global Income Fund (NYSE: GIM) ("GIM" or the "Fund"), today issued the below statement in response to the Fund’s meritless and self-serving legal action that seeks to prevent the certification of the results of the Annual Meeting of Shareholders held on June 6, 2022 (the "Annual Meeting"). As a reminder, preliminary voting results show that shareholders voted to elect all four of Saba’s nominees to the Fund’s Board of Trustees (the "Board"). Assuming these results are certified, Saba-nominated trustees will constitute a majority of the 11-member Board, building on the prior election of four Saba nominees to the Board in 2021.

"Franklin’s lawsuit is a last ditch effort to hold on to GIM’s assets at all costs. The Templeton Global Bond Fund – their flagship mutual fund – was downgraded by Morningstar in the past year for poor performance and heavy outflows. In 2020, GIM’s investment team suffered the largest outflows among all US fixed-income funds when they "lost money in a disastrous bond bet" according to The Financial Times1.

In a particularly egregious section of their complaint, Franklin critiques Saba’s management of its closed-end fund, BRW, despite the last 12 months’ NAV gain of 1.3% for BRW as compared with GIM’s NAV loss of 10.3%. Adding insult to investor injury, it has been nearly nine years since GIM traded at or above its NAV for even a single day – despite many other closed end funds doing so in the past year.

Saba always abides by proxy contests rules, and did so in the campaign at GIM."

About Saba Capital

Saba Capital Management, L.P. is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of institutional clients. The firm, which is a pioneer of credit relative value and capital structure trading, currently invests across four core strategies: Credit Relative Value, Tail Hedge, SPACs and Closed-End Funds. Founded in 2009 by Boaz Weinstein, Saba is privately held by its partnership and headquartered in New York City. Learn more at www.sabacapital.com.

1 Hasenstab suffers largest outflow among bond managers in 2020, Financial Times, https://www.ft.com/content/3b42a786-902a-48b7-9b09-48339710bf0b

View source version on businesswire.com: https://www.businesswire.com/news/home/20220613005805/en/

Contacts

Longacre Square Partners
Greg Marose / Kate Sylvester, 646-386-0091
gmarose@longacresquare.com / ksylvester@longacresquare.com