Item 8.01 Other Events.
On May 31, 2023, Franklin Resources, Inc. ("Franklin Resources") and Great-West
Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC ("Putnam
Holdings"), announced that they have entered into a definitive agreement for a
subsidiary of Franklin Resources to acquire Putnam Holdings in a stock and cash
transaction.
As part of this transaction, Putnam Investment Management, LLC ("Putnam
Management"), a wholly owned subsidiary of Putnam Holdings and investment
manager to the Putnam family of funds (the "Putnam Funds"), including Putnam
Managed Municipal Income Trust, would become an indirect wholly owned subsidiary
of Franklin Resources.
The transaction is subject to customary closing conditions, including receipt of
applicable regulatory approvals. Subject to such approvals and the satisfaction
of these conditions, the transaction is currently expected to be consummated in
the fourth quarter of 2023.
Under the Investment Company Act of 1940, as amended, consummation of the
transaction will result in the automatic termination of the investment
management contract between each Putnam Fund and Putnam Management and any
related sub-management and sub-advisory contracts, where applicable. Therefore,
the Board of Trustees of the Putnam Funds will be asked to approve a new
investment management contract between each Putnam Fund and Putnam Management
(and new sub-management and sub-advisory contracts, if applicable). If approved
by the Board of Trustees, the new investment management contract will be
presented to the shareholders of each Putnam Fund for their approval.
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