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NEW YORK - Franklin Templeton announced Wednesday that the Boards of Trustees have authorized the continuation of share repurchase programs for four of its closed-end funds, effective October 1, 2025.
The program will allow each fund to repurchase up to 10% of its outstanding common shares in open market transactions when trading at a discount to net asset value. The calculation will be based on common shares outstanding as of September 30, 2025.
The four funds included in the program are Putnam Managed Municipal Income Trust (NYSE:PMM), Putnam Master Intermediate Income Trust (NYSE:PIM), Putnam Municipal Opportunities Trust (NYSE:PMO), and Putnam Premier Income Trust (NYSE:PPT). All are managed by Franklin Advisers, Inc.
Originally instituted in 2005, the share repurchase program aims to enhance shareholder value, as repurchases made at a discount increase the net asset value per share of remaining shares.
Franklin Templeton noted in its press release that there is no assurance the funds will repurchase shares at any particular discount levels or in specific amounts. Regulatory requirements and other legal considerations may limit a fund’s ability to repurchase shares under certain conditions.
The company also cautioned that some of the funds use leverage, which involves risk and may increase volatility of the fund’s net asset value. There is no guarantee that market prices of fund shares will increase as a result of the repurchase activities.
Franklin Resources, Inc., operating as Franklin Templeton, reported $1.64 trillion in assets under management as of August 31, 2025.
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