Putnam Managed Municipal Trust is a closed-end fund that primarily focuses on investing in a diversified portfolio of municipal securities, which are bonds issued by states, cities, and other local government entities

The fund aims to provide high current income while seeking to preserve capital and mitigate interest rate risk, making it an appealing option for investors looking for tax-exempt income. By actively managing its holdings, the trust seeks to take advantage of opportunities in the municipal bond market and respond to changing market conditions, providing investors with both income and potential capital appreciation.