Putnam Managed Municipal Income Trust

Frequently Asked Questions About PMM

What does PMM invest in?

Putnam Managed Municipal Income Trust is a close-ended fixed income mutual fund launched and managed by Putnam Investment Management LLC. It is co-managed by Putnam Investments Limited. The fund invests in the fixed income markets of the United States. It primarily invests in a diversified portfolio of tax-exempt municipal securities, including high-yield securities that are rated below investment grade. The fund benchmarks the performance of its portfolio against the Barclays Municipal Bond Index. Putnam Managed Municipal Income Trust was formed on February 24, 1989 and is domiciled in the United States.

What is the expense ratio of PMM?

Putnam Managed Municipal Income Trust (PMM) charges an expense ratio of 1.21%. This is the annual fee deducted from fund assets to cover management and operations.

What is PMM's dividend yield?

PMM's trailing-twelve-month yield is 5.28%, calculated from the sum of dividends over the past year divided by the current price.

What is the duration of PMM?

Effective duration measures PMM's sensitivity to interest-rate changes — a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. PMM's current duration is published on the fund's factsheet on the issuer's website.

What is the credit quality of PMM?

PMM's credit quality breakdown — the share of holdings rated AAA through CCC and below — is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds.

What is the yield to maturity of PMM?

Yield to maturity (YTM) is the total return you'd earn from PMM if every bond in the portfolio is held to maturity at the current price. PMM's YTM is published on the fund's factsheet on the issuer's website — it differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid.