PMM - Franklin Managed Municipal Income Trust
Printed from CEF Radar (cefradar.com). Source: public filings at the U.S. Securities and Exchange Commission. Last checked: Nov 2, 2026, 12:34 a.m. New York time.
A closed-end fund run by Franklin Templeton. Invests in tax-free municipal bonds. Listed on the New York Stock Exchange.
Is anyone targeting this fund?
No - none of the investors we follow has reported owning 5% or more of this fund.
Is the fund doing anything you need to act on?
Nothing right now.
What this means for you
None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.
Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.
What happened, and when
-
Oct 7, 2026
The fund said it may sell new shares.
Original document → -
Oct 2, 2026
The fund said it may sell new shares.
Original document → -
Oct 1, 2026
The fund said it will repay some borrowed money on Oct 29, 2026.
Original document → -
Aug 6, 2026
The fund said it may sell new shares.
Original document → -
Dec 20, 2024
Bank of America Corp. now owns 92% of the fund's preferred shares, not the common shares most holders own.
Original document →
About this fund
- Run by Franklin Advisers, Inc. Part of the Franklin Templeton Group of Funds fund family. As of Oct 31, 2025, from the fund's yearly report. Original document →
- Size: about $281 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
- Borrowing: the fund borrows about 7% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. About 100% of that is money the fund has borrowed by selling preferred shares. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
- Costs: 0.6% a year in management fees; 1.1% a year in total, including interest on borrowed money. Fiscal year ended Oct 31, 2025.
As of Oct 31, 2025, from the fund's yearly report. Original document →
Among the 76 funds we follow that invest in tax-free municipal bonds, 14 charge a lower management fee and 12 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts. - Payouts: last fiscal year the fund told the regulator that part of what it paid out was not income (it came from gains or from your own money back). Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Oct 31, 2025, from the fund's yearly report. Original document →
- Value of holdings per share at the last fiscal year end (Oct 31, 2025): $6.71. The shares traded at $6.10, about 9.1% below that. As of Oct 31, 2025, from the fund's yearly report. Original document →
- How the holdings did: down 0.9% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
- First reported to the regulator in 1994.
What a holder made
- The holdings over the last twelve months we have, to July 31, 2026: +9.3%. The quarterly reports carry no share price, so this is the holdings alone; the yearly report, once filed and read, adds what the shares returned. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
- A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.
Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.
What the fund holds
Almost all tax-free municipal bonds (99%). About 97% issued in the U.S.
0.5% of holdings are in default.
- South Carolina Public Service Authority, Series 2021 B - 3.1%
- Texas Transportation Finance Corp., Series 2025 A - 2.7%
- Dallas Area Rapid Transit, Series 2020 A - 2.6%
- District of Columbia, Series 2023 A - 2.5%
- Pontiac School District - 2.5%
- San Francisco City & County Airport Comm-San Francisco International Airport, Series 2019 A - 2.3%
- West Virginia Hospital Finance Authority, Series 2023 B - 2%
- City of Miami FL, City of Miami, Series 2024 A - 1.9%
- CSCDA Community Improvement Authority, Series 2021 A-2 - 1.8%
- Washington Metropolitan Area Transit Authority Dedicated Revenue, Washington Metropolitan Area Transit Authority, Series 2024 A - 1.8%
Show all 23
- Health & Educational Facilities Authority of the State of Missouri, Series 2017 A - 1.8%
- Alaska Industrial Development & Export Authority - 1.7%
- Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Puerto Rico Sales Tax Financing Corp., Series A-1 - 1.6%
- New York Transportation Development Corp. - 1.5%
- Coweta County Development Authority, Series 2019 A - 1.5%
- Wisconsin Health & Educational Facilities Authority, Series 2022 A - 1.3%
- City of Detroit MI, City of Detroit, Series B-1 - 1.3%
- Chicago O'Hare International Airport - 1.3%
- Harbor Point Infrastructure Improvement District - 1.3%
- Grays Harbor County Public Hospital District No. 1 - 1.2%
- Commonwealth of Puerto Rico, Series 2022 A-1 - 1.1%
- New York Liberty Development Corp., Series 2021 A - 1%
- Putnam Short Term Investment Fund class P shares - 1%
As of July 31, 2026, from the fund's quarterly holdings report. Original document →
Details: all notices, events and fund facts
| Date | Investor | Stake | Type of notice |
|---|---|---|---|
| Dec 20, 2024 | Bank of America Corp. | 92% of the preferred shares | About the preferred shares |
| Date | What | Deadline | Document |
|---|---|---|---|
| Oct 7, 2026 | May sell new shares | none | Original document → |
| Oct 2, 2026 | May sell new shares | none | Original document → |
| Oct 1, 2026 | Repaying borrowed money | Oct 29, 2026 | Original document → |
| Aug 6, 2026 | May sell new shares | none | Original document → |
- Run by
- Franklin Advisers, Inc.
- Fund family
- Franklin Templeton Group of Funds
- Exchange
- New York Stock Exchange
- Regulator's file number
- 811-05740
- Auditor
- PricewaterhouseCoopers LLP
- Fiscal year end
- Oct 31, 2025
- Number of holdings
- 425
- Preferred share classes
- 1
See this fund's page at the SEC →
Email me when something new is filed for PMM
Free. One email when a large investor files a notice, or when the fund announces a buy-back, a vote or a closing - usually within a day. No password. Most funds announce payout changes on their own website, where we do not look.