# Franklin Managed Municipal Income Trust (PMM): Mutual Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/pmm for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: Franklin Templeton · Asset class: Bond - Strategy: Thematic · Inception: 1989-02-17 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... ## Key Facts | Metric | Value | |---|---| | Price | $5.72 | | Expense Ratio | 1.21% | | Assets Under Management | $245.0M | | NAV | — | | Holdings Count | — | | Distribution Yield (TTM) | 6.01% | | Annual Distribution (TTM) | $0.34 /share | | Distribution Frequency | Monthly | | 52-Week Range | $5.39 – $6.60 | | Beta | 0.74 | ## Latest Distribution - Amount: $0.0330 /share - Ex-date: 2026-11-20 - Pay date: 2026-11-30 ## Frequently Asked Questions ### 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? Franklin 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 6.01%, 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. ### Does PMM pay a dividend? Yes, Franklin Managed Municipal Income Trust (PMM) distributes dividends to shareholders. The trailing-twelve-month yield is 6.01%. Full dividend history is on this page. ### How often does PMM pay dividends? Franklin Managed Municipal Income Trust pays dividends Monthly. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### When is PMM's next ex-dividend date? The most recently announced ex-dividend date for PMM was 2026-11-20. The next ex-date typically follows Monthly; once announced it appears at the top of the dividend history table on this page. ### How much will PMM's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 1.21% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does PMM charge its expense ratio? The expense ratio is deducted in tiny daily slices from PMM's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does PMM cost more than a fund like VOO? PMM's strategy (current expense ratio 1.21%) is different from a broad-market index tracker like VOO, so its fee belongs to a different cohort. The Cost Verdict card above shows you where PMM sits within its own category, which is the comparison that actually matters. ### Are there cheaper alternatives to PMM? The Lower-Fee Alternatives card above lists mutual funds following the same investment strategy as PMM (1.21%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/pmm - Distribution history: https://www.dividenddata.com/funds/pmm/dividend - Holdings & diversification: https://www.dividenddata.com/funds/pmm/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/pmm/expenses - Peer comparison: https://www.dividenddata.com/funds/pmm/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.