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Managed Fund Since 2024
Fixed Income
PMM Franklin Managed Municipal Income Trust
- Tax-advantaged income. The fund pursues above-average income free from federal income tax by investing in higher-yielding, lower-rated municipal bonds.
- Focus on performance. The portfolio managers select bonds that offer attractive return potential relative to risk and position the portfolio based on Putnam's fundamental research and risk management.
- Leading research. Members of Putnam's fixed income organization have a range of skills to analyze the credit risk of below-investment grade bonds and help build a well-diversified portfolio of tax-exempt bonds.
Popular Documents
Name change
Overview
Fund Facts
Fund description
The fund seeks a high level of current income exempt from federal tax. It invests in a diversified portfolio of tax-exempt municipal securities. The fund uses leverage by issuing preferred shares to enhance returns, which involves risk and may increase the volatility of the net asset value (NAV).
- Fund Inception Date
- 02/24/1989
- Total Net Assets
As of 09/30/2026 (Updated Monthly) - $354.96 Million
- Dividend Frequency, if any
- Monthly
- Morningstar Category
5 - High Yield Muni
- Asset Class
- Fixed Income
Expenses & Fees
As of 10/31/2025- Gross Expense Ratio
- 1.26%
- Net Expense Ratio
- 1.06%
Identifiers
- Ticker
- PMM
- NAV Symbol
- XPMMX
- CUSIP Code
- 746823103
Average Annual Total Returns As of 09/30/2026
- -4.78%1 Year
- 4.98%3 Years
- -3.30%5 Years
- 1.32%10 Years
- 5.04%Since Inception
02/24/1989
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Returns based on Market Price or NAV, and assume the reinvestment of all distributions at the Dividend Reinvestment Plan Price or NAV, respectively. Returns include the deduction of management fees, operating expenses and all other fund expenses, and do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares. Returns for periods of less than one year are not annualized.
Top Sectors
As of 09/30/2026 - Market Value % of Total (Updated Monthly)
Special Tax25.62% | |
Health Care24.57% | |
Education23.23% | |
Housing14.86% | |
Transportation13.92% |
Additional Fund Info
- Listing Exchange
- NYSE
- Fiscal Year End
- October 31
- Benchmark
- Bloomberg Municipal Bond Index
- Lipper Classification
- High Yield Municipal Debt Funds
- Investment Style
- Municipals
Trading Characteristics
- Shares Outstanding
- 42,833,397
- Initial Offering Price
- $10.00
Manager
About the Team
Putnam Investments has been serving clients and shareholders for over 85 years. We manage a range of equity portfolios with a focus on stock-specific opportunities. Our approach — stock-driven rather than style-driven — is designed to offer consistent outperformance, regardless of the market environment. Our portfolios are fueled by a variety of independent views and perspectives, enhanced by fundamental research and ongoing dialogue and debate. We combine this with portfolio construction that aims to reduce broader macro exposures and manage downside risk.
Franklin Templeton Fixed Income
![[James Conns avatar]](https://franklintempletonprod.widen.net/content/gpyg9r8syr/webp/Conn_James_500x500.png){kind=avatar}
Managed Fund Since 2024
![[Garrett L Hamiltons avatar]](https://franklintempletonprod.widen.net/content/nkn3k7b1qn/webp/Hamilton_Garrett_500x500.png){kind=avatar}
Managed Fund Since 2016
![[Francisco Riveras avatar]](https://franklintempletonprod.widen.net/content/riebjuo87h/webp/Rivera_Francisco_500x500.png){kind=avatar}
Managed Fund Since 2024
![[Daniel Workmans avatar]](https://franklintempletonprod.widen.net/content/al51xpmru1/webp/Workman_Daniel_500x500.png){kind=avatar}
Managed Fund Since 2024
Latest Insights
August 18, 2026
May 12, 2026
Performance
Risk Measures 10
As of 09/30/2026
Franklin Managed Municipal Income Trust - NAV
Measured against: Bloomberg Municipal Bond Index
Statistics
Alpha (%)
Beta
R-Squared
Historical Tracking Error
Information Ratio
Upside Capture Ratio
Downside Capture Ratio
Standard Deviation (%)
Franklin Managed Municipal Income Trust
Sharpe Ratio (%)
Franklin Managed Municipal Income Trust
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Returns based on Market Price or NAV, and assume the reinvestment of all distributions at the Dividend Reinvestment Plan Price or NAV, respectively. Returns include the deduction of management fees, operating expenses and all other fund expenses, and do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares. Returns for periods of less than one year are not annualized.
Portfolio
Assets
As of09/30/2026 (Updated Monthly)
- Total Net Assets
- $354.96 Million
Portfolio Statistics
As of 09/30/2026 (Updated Monthly)
Effective Duration
- Fund
- 12.94 Years
- Fund
- 30.34 Years
- Fund
- 27.99%
Sector Allocation
As of 09/30/2026 - Market Value % of Total (Updated Monthly)
| Sector | Fund |
|---|---|
Special Tax | 25.62% |
Health Care | 24.57% |
Education | 23.23% |
Housing | 14.86% |
Transportation | 13.92% |
Industrial Dev. Revenue and Pollution Control | 10.12% |
Local | 10.00% |
Lease | 8.61% |
Utilities | 5.28% |
State General Obligation | 3.80% |
Refunded | 0.06% |
Other Revenue Bonds | -2.20% |
Cash & Cash Equivalents | -37.87% |
Holdings
As of 09/30/2026 (Updated Monthly)
Dallas Area Rapid Transit
District Of Columbia
San Francisco City & County Airport Comm-San Francisco International Airport
West Virginia Hospital Finance Authority
City Of Miami FL
CSCDA Community Improvement Authority
South Carolina Public Service Authority
Health & Educational Facilities Authority Of The State Of Missouri
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue
New York Transportation Development Corp
Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.
Distributions & Tax
- Distribution Frequency
- MonthlyThis fund is an ex-Dividend fund
- Capital Gain Distributions
- December
Rates and Yields
Distribution Rate
At Net Asset Value (NAV) 6.37%
At Market Price 6.41%
Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.
Distributions Per Share
10/23/2026
09/23/2026
08/24/2026
07/24/2026
06/23/2026
05/21/2026
04/23/2026
03/24/2026
02/20/2026
01/23/2026
Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.
The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.
Refer to the fund’s annual report for specific information regarding distributions.
Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.
The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.
Refer to the fund’s annual report for specific information regarding distributions.
Pricing
Pricing History
As of 10/29/2026 (Updated Daily)
Daily Fund Prices
As of 10/29/2026
Share Prices
As of 10/29/2026
52-Week Range
- Highest NAV
As of 02/27/2026 - $6.85
- Lowest NAV
As of 09/29/2026 - $5.89
- Highest Market Price
As of 07/17/2026 - $6.60
- Lowest Market Price
As of 10/29/2025 - $0.00
Premium / Discount
As of 10/29/2026
- Avg. of Market Price vs. NAV at Close
- -0.64%
Press Releases
10/01/2026
09/30/2026
08/31/2026
08/05/2026
07/31/2026
06/30/2026
05/29/2026
05/15/2026
05/14/2026
04/30/2026
Documents
Fund Literature
Factsheet - Franklin Managed Municipal Income Trust
Brochure - Closed-End Funds Product Guide
Regulatory Documents
Annual Report - Franklin Managed Municipal Income Trust
Semi-Annual Report - Franklin Managed Municipal Income Trust
Policy and Procedures - Audit Committee Charter
Policy and Procedures - Compensation Committee Charter
Policy and Procedures - Nominating Committee Charter February 2024
Fiscal Q1 Holdings - Franklin Managed Municipal Income Trust
Fiscal Q3 Holdings - Franklin Managed Municipal Income Trust
Risks
All investments involve risks, including possible loss of principal.
Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Active management does not ensure gains or protect against market declines. An investor may be subject to the federal Alternative Minimum Tax, and state and local taxes may apply.
Important Information
The Closed-End Funds are not sold or distributed by Franklin Distributors, LLC. (FD, LLC) or any Franklin Templeton affiliated companies. Unlike open-end funds, shares are not continually offered. Like other public companies, closed-end funds have a one-time initial public offering, and once their shares are first issued, are generally bought and sold through non-affiliated broker/dealers and trade on nationally recognized stock exchanges. Share prices will fluctuate with market conditions and, at the time of sale, may be worth more or less than your original investment. Shares of exchange-traded closed-end funds may trade at a discount or premium to their original offering price, and often trade at a discount to their net asset value. Investment return, market price and net asset value will fluctuate with changes in market conditions. The Funds are subject to investment risks, including the possible loss of principal invested.
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Important data provider notices and terms available at www.franklintempletondatasources.com.
Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
Performance data quoted represents past performance, which does not guarantee future results.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
The Bloomberg Municipal Bond Index is a broad measure of the municipal bond market with maturities of at least one year.
Source: Bloomberg Indices.
All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.