Franklin Templeton Closed-End Funds Announce Share Repurchases for the First Quarter of 2023
18 April 2023 - 2:00PM
Business Wire
The following Funds announced today their share repurchase
activity during the first quarter of 2023.
Ticker
Fund Name
Share Repurchases (1/1/23 -
3/31/23)
Repurchases Since Inception of
Each Fund’s Repurchase Program
CEM
ClearBridge MLP and Midstream Fund
Inc.
26,000
938,736
CTR
ClearBridge MLP and Midstream Total Return
Fund Inc.
32,996
865,410
SCD
LMP Capital and Income Fund Inc.
66,987
755,574
EMF
Templeton Emerging Markets Fund
1,200
2,368,468
TEI
Templeton Emerging Markets Income Fund
40,213
1,070,404
Share Repurchases seek to enhance shareholder value by
purchasing the Fund’s shares when trading at a discount to the
Fund’s net asset value (“NAV”) per share. All repurchased shares
are canceled and the difference between the purchase price and NAV
results in incremental accretion to the Fund’s NAV for all
shareholders.
Each Fund’s Board of Directors/Trustees has authorized each Fund
to repurchase shares when they are trading at a discount to NAV and
management reasonably believes the share repurchases will enhance
shareholder value. The Funds are under no obligation to purchase
shares at any specific discount levels or in any specific amounts.
Each Fund's repurchase activity will also be disclosed in its
shareholder report for the relevant fiscal period.
About Franklin Templeton
Franklin Resources, Inc. is a global investment management
organization with subsidiaries operating as Franklin Templeton.
For more information about the Funds, please call 1-888-777-0102
or consult the Funds’ website at
www.franklintempleton.com/investments/options/closed-end-funds.
Hard copies of the Funds’ complete audited financial statements are
available free of charge upon request.
Data and commentary provided in this press release are for
informational purposes only. Franklin Resources and its affiliates
do not engage in selling shares of the Funds.
The Funds’ shares are traded on the New York Stock Exchange.
Similar to stocks, Fund share prices will fluctuate with market
conditions and, at the time of sale, may be worth more or less than
the original investment. Shares of closed-end funds often trade at
a discount to their net asset value, and can increase an investor’s
risk of loss. All investments are subject to risk, including the
risk of loss.
This press release contains "forward-looking statements" as
defined under the U.S. federal securities laws. Generally, the
words "believe," "expect," "intend," "estimate," "anticipate,"
"project," "will," and similar expressions identify forward looking
statements, which generally are not historical in nature.
Forward-looking statements are subject to certain risks and
uncertainties that could cause actual future results to differ
significantly from each Fund’s present expectations or projections
indicated in any forward-looking statements. These risks include,
but are not limited to, changes in economic and political
conditions; regulatory and legal changes; leverage risk; valuation
risk; interest rate risk; tax risk; the continuation of investment
advisory, administration and other service arrangements; and other
risks discussed in the fund’s filings with the Securities and
Exchange Commission. You should not place undue reliance on
forward-looking statements, which speak only as of the date they
are made. The Fund undertakes no obligation to publicly update or
revise any forward-looking statements made herein. There is no
assurance that the Fund’s investment objectives will be
attained.
INVESTMENT PRODUCTS: NOT FDIC INSURED | NO BANK GUARANTEE | MAY
LOSE VALUE
Category: Corporate Action
Source: Franklin Resources, Inc.
Source: Legg Mason Closed End Funds
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version on businesswire.com: https://www.businesswire.com/news/home/20230418005717/en/
Investor Contact: Fund Investor Services 1-888-777-0102 Media
Contact: Fund Investor Services-1-888-777-0102
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