PMM

Putnam Managed Municipal Income Trust (PMM) is a closed-end municipal bond fund managed by Putnam Investment Management, LLC. The Trust invests primarily in investment-grade tax-exempt municipal bonds issued by state and local governments and their agencies across the United States. PMM's portfolio consists of municipal obligations that provide income exempt from federal income tax, targeting investors seeking tax-advantaged income and capital preservation. The fund employs an actively managed strategy, allowing portfolio managers to adjust holdings based on market conditions, credit quality assessments, and interest rate outlook. As a closed-end fund, PMM trades on the New York Stock Exchange with a fixed number of shares, which can trade at premiums or discounts to net asset value (NAV). Putnam Investments, the fund's advisor, oversees approximately $140 billion in assets under management and has been operating in the investment management industry since 1937. The Trust utilizes leverage through borrowings and tender option bond transactions to enhance income potential, though this also increases portfolio risk and volatility. PMM's investment approach emphasizes sector diversification across essential service areas including education, healthcare, transportation, and utilities. The fund regularly distributes monthly dividends to shareholders, making it attractive to income-focused investors in higher tax brackets seeking municipal bond exposure with professional management oversight.