Putnam Managed Municipal Income Trust
PMM
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- Putnam Managed Municipal Income Trust (NYSE: PMM) is a close-ended fixed income mutual fund launched and managed by Putnam Investment Management, LLC, with co-management by Putnam Investments Limited. The fund seeks a high level of current income exempt from federal income tax through a diversified portfolio of tax-exempt municipal securities issued by states and territories across the United States, including up to 60% in high-yield bonds rated below investment grade; it benchmarks performance against the Bloomberg Municipal Bond Index. Formed on February 24, 1989, and domiciled in the United States with headquarters at 100 Federal Street, Boston, Massachusetts, the fund targets income-focused investors in the asset management sector. The trust invests primarily in the U.S. fixed income markets, focusing on municipal bonds with varying credit qualities to balance yield and risk, while employing active management strategies for tax efficiency and risk-adjusted returns. Portfolio managers, including Susan A. McCormack, Paul M. Drury, Kevin Michael Cronin, Joshua Brooks, and Thalia M. Meehan, oversee allocations among high-quality and lower-rated securities. It serves individual and institutional investors seeking tax-advantaged income, with shares trading on the New York Stock Exchange. In a major development, Putnam Investments, the fund's manager, was acquired by Franklin Templeton on January 1, 2024, from Great-West Lifeco, Inc., enhancing distribution capabilities, retirement sector assets, and insurance offerings while integrating complementary investment strategies. During the third quarter of 2025, the fund repurchased 67,645 of its shares as part of an ongoing program totaling over 18 million shares, aimed at supporting shareholder value amid market discounts. Recent 19(a) notices in 2025 detail distribution sources including estimated return of capital, reflecting ongoing portfolio management in evolving municipal bond yields.