Franklin Templeton Closed-End Funds Announce Share Repurchases for the Third Quarter of 2022

Rhea-AI Summary

In Q3 2022, three closed-end funds, DMO, EMF, and TEI, executed share repurchases to enhance shareholder value. DMO repurchased 2,974 shares, totaling 34,356 since program inception. EMF led with 112,047 shares in Q3 and 2,333,969 overall. TEI's activity included 114,888 shares this quarter, with 900,461 since inception. The funds aim to buy back shares when trading below net asset value (NAV), thereby increasing NAV for remaining shareholders. Buybacks will be detailed in future fiscal reports.

Positive

• DMO repurchased 2,974 shares, totaling 34,356 since inception.
• EMF repurchased 112,047 shares in Q3 and has 2,333,969 total.
• TEI bought back 114,888 shares in Q3, totaling 900,461 since inception.
• Share repurchases aim to enhance shareholder value by increasing NAV.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- The following Funds announced today their share repurchase activity during the third quarter of 2022.

Ticker		Fund Name		Share Repurchases (7/1/22 - 9/30/22)		Repurchases Since Inception of Each Fund’s Repurchase Program
DMO		Western Asset Mortgage Opportunity Fund Inc.		2,974		34,356
EMF		Templeton Emerging Markets Fund		112,047		2,333,969
TEI		Templeton Emerging Markets Income Fund		114,888		900,461

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
Media Contact: Fund Investor Services-1-888-777-0102

View source version on businesswire.com: https://www.businesswire.com/news/home/20221018005685/en/

Investors: Fund Investor Services 1-888-777-0102

Source: Franklin Resources, Inc. and Legg Mason Closed End Funds

FAQ

What were the share repurchase amounts for DMO, EMF, and TEI in Q3 2022?

In Q3 2022, DMO repurchased 2,974 shares, EMF repurchased 112,047 shares, and TEI repurchased 114,888 shares.

What is the purpose of the share repurchases for DMO, EMF, and TEI?

The share repurchases aim to enhance shareholder value by purchasing shares trading at a discount to the Fund’s net asset value.

How much has each fund repurchased since their repurchase programs started?

DMO has repurchased 34,356 shares, EMF has repurchased 2,333,969 shares, and TEI has repurchased 900,461 shares since their programs began.

When will the repurchase activity be disclosed for these funds?

The funds' repurchase activity will be disclosed in their respective shareholder reports for the relevant fiscal periods.