Putnam Investments Announces Transfer of Closed-End Fund Management Contracts to Franklin Advisers
July 19 2024 - 8:00AM
Business Wire
Effective July 15, 2024, Putnam Investment Management, LLC
(“Putnam Management”) has transferred its management contracts with
the Putnam closed-end funds to Franklin Advisers, Inc. (“Franklin
Advisers”) (the “Transfer”). Both Putnam Management and Franklin
Advisers are wholly-owned subsidiaries of Franklin Resources, Inc.
(“Franklin Resources”).
As part of the Transfer, Franklin Advisers has replaced Putnam
Management as the investment adviser of each of these closed-end
funds (each, a “fund” and collectively, the “funds”):
- Putnam Master Intermediate Income Trust (NYSE:PIM) (CUSIP:
746909-10-0)
- Putnam Managed Municipal Income Trust (NYSE:PMM) (CUSIP:
746823-10-3)
- Putnam Municipal Opportunities Trust (NYSE:PMO) (CUSIP:
746922-10-3)
- Putnam Premier Income Trust (NYSE:PPT) (CUSIP:
746853-10-0)
Each fund’s portfolio managers have become employees of Franklin
Advisers, continuing their integration with the broader fixed
income investment team at Franklin Advisers that they have been
part of since the closing of Franklin Resources’ acquisition of
Putnam Management on January 1, 2024.
In connection with the Transfer, Putnam Management also
transferred to Franklin Advisers the sub-management contract
between Putnam Management and Putnam Investments Limited in respect
of each fund effective July 15, 2024. In addition, as of July 15,
2024, Franklin Advisers retained Putnam Management as sub-adviser
for each fund pursuant to a new subadvisory agreement so that
Putnam Management’s equity investment team and certain other staff
that remained as employees of Putnam Management after the Transfer
could continue to provide the same services (including certain
investment advisory and related services) to the funds, as
applicable by fund, that they had provided to the funds prior to
the Transfer.
The Transfer is not expected to change the funds’ respective
investment strategies or the way in which the funds’ assets are
managed in any material way, as each fund’s current portfolio
managers continue to manage the fund as part of Franklin Advisers.
The Transfer is also not expected to materially change the nature
or level of services provided to each fund, and will not result in
an increase in the fees payable by the fund to its investment
manager.
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