Putnam Closed-End Funds Announce Renewal of Current Share Repurchase Program
30 9월 2024 - 9:30PM
Business Wire
The Putnam closed-end funds, managed by Franklin Advisers, Inc.,
announced today that the Trustees of the Putnam Funds have
authorized the Putnam closed-end funds to renew the current share
repurchase program, allowing each Putnam closed-end fund, during
the 365-day period beginning October 1, 2024 and ending September
30, 2025, to repurchase at a discount to net asset value up to 10%
of its outstanding common shares (based on common shares
outstanding as of September 30, 2024) in open market
transactions.
The Putnam closed-end funds instituted the share repurchase
program in 2005. The share repurchase program is intended to
enhance closed-end fund shareholder value, as repurchases made at a
discount will have the effect of increasing the net asset value per
share of the applicable fund's remaining shares. The Trustees
authorized both the share repurchase program and its current
renewal in the belief that repurchases of closed-end fund shares
may at times represent attractive investment opportunities for the
funds.
The renewal of the share repurchase program applies to each of
the Putnam closed-end funds:
- Putnam Managed Municipal Income Trust (PMM)
- Putnam Master Intermediate Income Trust (PIM)
- Putnam Municipal Opportunities Trust (PMO)
- Putnam Premier Income Trust (PPT)
Franklin Templeton and the Trustees of the Putnam Funds take
actions and make recommendations that they believe are in the
long-term best interests of fund shareholders.
There is no assurance that the Putnam closed-end funds will
repurchase shares at any particular discount levels or in any
particular amounts. Under certain conditions, regulatory
requirements and other legal considerations may limit a closed-end
fund's ability to repurchase shares. Each closed-end fund's
repurchase activity will be disclosed in its shareholder reports
for the relevant fiscal periods. There is also no assurance that
the market price of a closed-end fund's shares, either absolutely
or relative to net asset value, will increase as a result of any
share repurchases. Some of Putnam's closed-end funds use leverage,
which involves risk and may increase the volatility of the
applicable fund's net asset value.
This press release is not an offer to sell or a solicitation of
an offer to buy shares of any Putnam fund. There will be no offer
or sale of, or solicitation of an offer to buy, any securities in
any state or jurisdiction in which such an offer, sale, or
solicitation would be unlawful prior to registration or
qualification under the laws of such state or jurisdiction.
About Franklin Templeton
Franklin Resources, Inc. is a global investment management
organization with subsidiaries operating as Franklin Templeton and
serving clients in over 150 countries. Franklin Templeton’s mission
is to help clients achieve better outcomes through investment
management expertise, wealth management and technology solutions.
Through its specialist investment managers, the company offers
specialization on a global scale, bringing extensive capabilities
in fixed income, equity, alternatives and multi-asset solutions.
With more than 1,500 investment professionals, and offices in major
financial markets around the world, the California-based company
has over 75 years of investment experience and over $1.6 trillion
in assets under management as of July 31, 2024. For more
information, please visit franklintempleton.com and follow us on
LinkedIn, X and Facebook.
Category: Fund Announcement
Investor Contact: Fund Investor Services 1-888-777-0102
Source: Franklin Resources, Inc.
Source: Legg Mason Closed End Funds
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version on businesswire.com: https://www.businesswire.com/news/home/20240930376849/en/
Lisa Tibbitts +1 (904) 942-4451
Lisa.Tibbitts@franklintempleton.com
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