Franklin Templeton Issues 19(a) Notices for Its Closed-End Municipal Funds

Written by Emily J. Thompson, Senior Investment Analyst

Source: Newsfilter

Updated: Oct 31 2025

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Should l Buy PMM?

Source: Newsfilter

Distribution Notices Available: Monthly distribution notices for Putnam Managed Municipal Income Trust (PMM) and Putnam Municipal Opportunities Trust (PMO) have been released, detailing the sources of their monthly distributions.
Estimated Distribution Sources: For October, PMM's per share distribution is $0.0265, with 95.1% from net investment income, while PMO's is $0.0393, with 95.4% from net investment income.
Performance Metrics: As of September 30, 2025, PMM has an annualized return of 1.07% and a fiscal year distribution rate of 4.83%, while PMO has a return of 0.77% and a distribution rate of 4.22%.
Return of Capital Warning: The funds have distributed more than their income and net realized capital gains, indicating that part of the distribution may be a return of capital, which does not reflect the fund's investment performance.

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About PMM

Putnam Managed Municipal Income Trust (the Fund) is a diversified closed-end management investment company. The Fund’s objective is to seek a high level of current income exempt from federal income tax. The Fund intends to achieve its objective by investing in a diversified portfolio of tax-exempt municipal securities, which it believes does not involve undue risk to income or principal. Up to 60% of its assets may consist of high-yield tax-exempt municipal securities that are below investment grade and involve special risk considerations. It also uses leverage, primarily by issuing preferred shares in an effort to enhance the returns for the common shareholders. The Fund’s shares trade on a stock exchange at market prices, which may be lower than its net asset value. It invests across various sectors, such as healthcare, education, special tax, transportation and land. The Fund’s investment manager is Putnam Investment Management, LLC (Putnam Management).

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.

Putnam Trusts Release December Distribution Details

Dec 31 2025Newsfilter

Distribution Overview: Putnam Managed Municipal Income Trust (PMM) reports a year-to-date distribution of $0.0530 per share for fiscal 2025, with 93.8% derived from net investment income, indicating a stable income source.
Capital Return Analysis: PMM's current monthly distribution stands at $0.0265, with a 5.3% return of capital, highlighting that the overall distribution primarily relies on investment earnings, reflecting the fund's income structure.
PMO Trust Performance: Putnam Municipal Opportunities Trust (PMO) has a year-to-date distribution of $0.3144 per share for fiscal 2025, with 88.7% coming from net investment income, demonstrating its stable earning capacity.
Investor Information Transparency: The fund's 19(a) notice emphasizes the estimated sources of distributions, ensuring investors understand the nature of distributions and their implications for tax reporting, thereby enhancing transparency.

Putnam Trusts Release December Distribution Details

Dec 31 2025Yahoo Finance

Distribution Overview: Putnam Managed Municipal Income Trust (PMM) announced a December per-share distribution of $0.0265, with 93.6% derived from net investment income, indicating stable income sources, although part of the distribution may be a return of capital.
Annual Performance Data: For the fiscal year 2025, PMM's cumulative per-share distribution reached $0.0530, with an annualized return rate of 1.06%, reflecting stable performance post-management fees and administrative expenses, though significant yield enhancement remains a concern.
PMO Trust Distribution Status: Putnam Municipal Opportunities Trust (PMO) reported a December per-share distribution of $0.0393, with 96.2% from net investment income, showcasing strong income generation, although overall returns warrant further scrutiny.
Investor Information Transparency: The funds regularly provide related information on their websites, ensuring investors can access monthly holdings and performance data promptly, thereby enhancing trust in fund management.

Putnam Trusts Release Monthly Distribution Notices with Key Metrics

Nov 28 2025Businesswire

Distribution Overview: The latest monthly distribution notices for Putnam Managed Municipal Income Trust and Putnam Municipal Opportunities Trust indicate a distribution of $0.0265 per share for PMM and $0.0249 for PMO, reflecting a stable distribution strategy for the funds this fiscal year-to-date.
Return of Capital Explanation: The funds estimate that they have distributed more than their income and net realized capital gains, meaning that a portion of the distribution may be a return of capital, which implies that investors might receive back some of their invested capital, necessitating careful interpretation of its impact on investment performance.
Tax Reporting Reminder: The reported amounts and sources of distributions are estimates, and the actual amounts for tax reporting will depend on the funds' investment experience during the remainder of the fiscal year, with investors receiving a Form 1099-Div at year-end for tax reporting purposes.
Information Access Channels: The funds periodically provide related information on their websites, including full holdings available monthly and top ten holdings, ensuring investors can access the latest portfolio statistics in a timely manner.

Putnam Trusts Release November Distribution Details

Nov 28 2025Newsfilter

Distribution Overview: Putnam Managed Municipal Income Trust (PMM) announced a per-share distribution of $0.0265 for November, with 94% derived from net investment income, indicating a stable income source.
Capital Return Analysis: Putnam Municipal Opportunities Trust (PMO) reported a per-share distribution of $0.0393, with 86.3% from net investment income and 13.7% as a return of capital, showcasing effective capital management.
Annual Performance Summary: As of the fiscal year, PMM's annualized return stands at 1.51%, while PMO's is at 1.30%, reflecting relative stability and earning capacity in the market.
Distribution Policy Clarification: The fund noted that distributions may exceed income and net realized capital gains, with a portion potentially being a return of capital, reminding investors of the distinction between distributions and investment performance.