CEF Advisors

7204 Glen Forest Drive, Suite #105 Richmond, Virginia 23226 USA   ♦   Toll-Free: (800) 356-3508 / Local: (804) 288-2482    ♦   www.CEFadvisors.com   ♦   Contact@CEFadvisors.com

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Putnam Managed Municipal Income Trust (PMM)

National Muni Bond Funds - National Municipal (tax-free) Bond

Data as of Sept. 13, 2019
Market Price $7.68 (- $0.14)
NAV (Sept. 13, 2019) $8.15 (- $0.05)
Premium / Discount -5.77% (-1.13%)
Fund Info
Inception Feb. 24, 1989
Sponsor Putnam Investment Management
Website https://www.putnam.com...
Phone 1-800-225-1581
Objective: High current tax-free income by investing primarily in levered portfolio of municipal bonds.
Capital & Leverage
Outstanding Shares 49,204,185
Total Assets (Reported: April 30, 2019) $521M
Estimated Total Assets $493M
Net Assets $401M
Market Cap $378M
Purchases Turnover 30.34%
Sales Turnover 30.02%
Total Leverage 23.88%
Structural Leverage (out of total) 78.48%
Portfolio Leverage (out of total) 21.52%
Expense Ratio 1.75%
Non Lev Exp Ratio 0.83%
Rel Lev Cost 2.88%
Discount Data
Average Discount (3 Yr) -7.05%
Discount Low(3 Yr) -13.78%
Discount High(3 Yr) -1.98%
Discount Rel Range 67.88%
Comp Discount 0.14
Discount St Dev (1Yr) 3.20
Z-Stat (6mo) -0.75
Z-Stat (1Yr) 0.43
Z-Stat (3Yr) 0.50
Comp Z-Stat (6mo) 0.02
Comp Z-Stat (3Yr) 0.68
Distribution Data
Market Yield 5.00%
Income Yield 4.38%
Lev Adj NAV Yield 3.80%
Distribution Frequency M
Current Distribution $0.032
Current Income $0.025
Ex-Date 9/23/19
Payable Date 10/1/19
Div Growth (3yr) -11.85%
Dividend Change 10.7% on 11/16/18
Expected Div 10/18/19
RoC (1yr) 5.66%
RoC (3yr) 2.68%
Volume & Liquidity
Average Daily $ (M) $859
Avg Volume 30 day 107,079
Avg Volume 90 day 111,879
Volume Trend -4.29%
Comp Volume Trend -6.72%
Correlation & Volatility
Price Correlation (1yr)
vs. S&P 500 (TR)
Price Correlation (1yr)
vs. CEFA's 12 Major CEF Sectors Index
Price Correlation (1yr)
vs. CEFA's National Municipal Bond Index
Most Correlated Peer (Mk Pr): DSM 77.0%
NAV - Price Correlation (30 d) 90.9%
NAV - Price Correlation (90 d) 83.3%
NAV - Price Correlation (1 Yr) 95.6%
Price St Dev (1Yr) 10.4%
NAV St Dev (1Yr) 2.5%
Earnings / Share (4/30/19) $0.028
Earn Coverage 86.88%
Earnings Trend Down
UNII / Share (4/30/19) $-0.054
Rel UNII -17.99
UNII Trend Down
Bond Specific Data
Maturity 5.35
Duration 6.72
Credit Rating (rbo) BBB
Investment Grade 65.30%
Non Investment Grade 15.56%
Unrated Bonds 19.14%
Average Bond Price 108.47
Discount vs Price 2.70
Coupon 5.21%
Zero Coupon 1.76%
AMT 0.00%
AMT Yield 5.00%
Bond Calls Risk None%
NAV Beta (2yr)
vs. S&P 500 (TR)
NAV Beta (2yr)
vs. CEFA's 12 Major CEF Sectors Index
NAV Beta (2yr)
vs. CEFA's National Municipal Bond Index


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NOTES: Distribution type sourced from CEFdata.com. For specific information about a fund's distribution sources, visit the fund sponsor's website.

The following information applies to closed-end funds and business development companies in general: Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation (FDIC). Shares of closed-end funds (CEFs) and business development companies (BDCs) are subject to investment risks, including the possible loss of principal invested. There can be no assurance that fund objectives will be achieved. Closed-end funds and business development companies frequently trade at a discount to their net asset value. NAV returns are net of fund expenses, and assume reinvestment of distributions.

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