Franklin Templeton announced today that with respect to the four closed-end funds listed below, each of which is managed by Franklin Advisers, Inc. (the “Funds”), the Boards of Trustees of the Funds have authorized the continuation of the Funds’ share repurchase program. The Funds’ share repurchase program allows each Fund, beginning October 1, 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, 2025) in open market transactions.

The Funds instituted their 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 the share repurchase program with 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 below-listed Funds:

• Putnam Managed Municipal Income Trust (NYSE: PMM)
• Putnam Master Intermediate Income Trust (NYSE: PIM)
• Putnam Municipal Opportunities Trust (NYSE: PMO)
• Putnam Premier Income Trust (NYSE: PPT)

Franklin Templeton and the Trustees of the 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 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 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 the 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 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 $1.64 trillion in assets under management as of August 31, 2025. For more information, please visit franklintempleton.com and follow us on LinkedIn, X and Facebook.

Category: Fund Announcement

Source: Franklin Resources, Inc.

Source: Legg Mason Closed End Funds

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