Semiannual
Report
Putnam
Managed
Municipal
Income
Trust
April
30,
2026
Not
FDIC
Insured
No
Bank
Guarantee
May
Lose
Value
.
If
you
need
assistance
accessing
this
content,
please
reach
out
to
your
sales
representative
or
send
an
email
to
.
Managed
Distribution
Policy
:
The
Fund
has
implemented
a
managed
distribution
plan
(the
"Distribution
Plan")
whereby
the
Fund
will
distribute
a
level
distribution
amount
to
shareholders.
Until
May
31,
2026,
the
Fund
made
monthly
distributions
to
shareholders
at
the
rate
of
$0.0265
per
share.
Effective
June
1,
2026,
the
Fund
intends
to
make
monthly
distributions
to
shareholders
at
the
rate
of
$0.0330
per
share.
Management
will
generally
distribute
amounts
necessary
to
satisfy
the
Distribution
Plan
and
the
requirements
prescribed
by
excise
tax
rules
and
Subchapter
M
of
the
Internal
Revenue
Code
of
1986,
as
amended
(the
"Code").
The
Distribution
Plan
is
intended
to
provide
shareholders
with
a
consistent
distribution
each
month
and
is
intended
to
narrow
the
discount
between
the
market
price
and
the
NAV
of
the
Fund's
common
shares,
but
there
is
no
assurance
that
the
Distribution
Plan
will
be
successful
in
doing
so.
Under
the
Distribution
Plan,
to
the
extent
that
sufficient
investment
income
is
not
available
on
a
monthly
basis,
the
Fund
will
distribute
long-term
capital
gains
and/or
return
of
capital
in
order
to
maintain
its
managed
distribution
rate.
No
conclusions
should
be
drawn
about
the
Fund's
investment
performance
from
the
amount
of
the
Fund's
distributions
or
from
the
terms
of
the
Distribution
Plan.
The
Board
may
amend
the
terms
of
the
Distribution
Plan
or
terminate
the
Distribution
Plan
at
any
time
without
prior
notice
to
the
Fund’s
shareholders,
however,
at
this
time
there
are
no
reasonably
foreseeable
circumstances
that
might
cause
the
termination
of
the
Distribution
Plan.
The
amendment
or
termination
of
the
Distribution
Plan
could
have
an
adverse
effect
on
the
market
price
of
the
Fund’s
common
shares.
The
Distribution
Plan
will
be
subject
to
the
periodic
review
by
the
Board,
including
a
yearly
review
of
the
annual
minimum
fixed
rate
to
determine
if
an
adjustment
should
be
made.
Shareholders
should
not
draw
any
conclusions
about
the
Fund’s
investment
performance
from
the
amount
of
the
current
distribution
or
from
the
terms
of
the
Fund’s
Plan.
The
Fund
will
send
a
Form
1099-DIV
to
shareholders
for
the
calendar
year
that
will
describe
how
to
report
the
Fund’s
distributions
for
federal
income
tax
purposes.
Please
see
the
"Important
Information
to
Shareholders"
section
for
additional
information.
franklintempleton.com
Semiannual
Report
1
Contents
Fund
Overview
2
Performance
Summary
4
Financial
Highlights
and
Schedule
of
Investments
6
Financial
Statements
22
Notes
to
Financial
Statements
25
Important
Information
to
Shareholders
33
Annual
Meeting
of
Shareholders
34
Dividend
Reinvestment
and
Cash
Purchase
Plan
35
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Semiannual
Report
Putnam
Managed
Municipal
Income
Trust
Dear
Shareholder,
This
semiannual
report
for
Putnam
Managed
Municipal
Income
Trust
covers
the
period
ended
April
30,
2026.
Fund
Overview
Your
Fund’s
Goal
and
Main
Investments
The
goal
of
the
Fund
is
to
seek
a
high
level
of
current
income
exempt
from
federal
income
tax.
The
Fund
intends
to
achieve
its
goal
by
investing
in
a
diversified
portfolio
of
tax-exempt
municipal
securities
which
management
believes
does
not
involve
undue
risk
to
income
or
principal.
Up
to
60%
of
the
Fund’s
assets
may
consist
of
high-yield
tax-
exempt
municipal
securities
that
are
below
investment-grade
and
involve
special
risk
considerations.
The
Fund
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
the
Fund’s
net
asset
value.
Performance
Overview
For
the
six
months
under
review,
the
Fund
posted
cumulative
total
returns
of
+2.26%
based
on
net
asset
value
terms
and
+3.59%
based
on
market
price
terms.
For
comparison,
the
Bloomberg
Municipal
Bond
Index,
which
is
a
broad
measure
of
the
municipal
bond
market
with
maturities
of
at
least
one
year,
posted
a
1.29%
cumulative
total
return
1
.
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
on
page
4
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
The
Fund
has
implemented
a
managed
distribution
plan
whereby
the
Fund
will
distribute
a
level
distribution
amount
to
shareholders.
Until
May
31,
2026,
the
Fund
made
monthly
distributions
to
shareholders
at
the
rate
of
$0.0265
per
share.
Effective
June
1,
2026,
the
Fund
intends
to
make
monthly
distributions
to
shareholders
at
the
rate
of
$0.0330
per
share.
Management
will
generally
distribute
amounts
necessary
to
satisfy
the
Fund’s
plan
and
the
requirements
prescribed
by
excise
tax
rules
and
Subchapter
M
of
the
Internal
Revenue
Code
of
1986,
as
amended
(the
“Code”).
The
plan
is
intended
to
provide
shareholders
with
a
consistent
distribution
each
month
and
is
intended
to
narrow
the
discount
between
the
market
price
and
the
NAV
of
the
Fund’s
common
shares,
but
there
is
no
assurance
that
the
plan
will
be
successful
in
doing
so.
During
this
six-
month
period,
the
Fund
made
distributions
to
shareholders
totaling
$0.1590
per
share.
As
of
April
30,
2026,
the
Fund
estimates
that
95.00%
of
the
distributions
were
sourced
from
net
investment
income
and
5.00%
constituted
a
return
of
capital.
The
Fund
sends
a
Form
1099-DIV
to
shareholders
each
calendar
year
describing
how
to
report
the
Fund's
distributions
for
federal
income
tax
purposes.
Please
see
“Important
Information
to
Shareholders”
section
for
additional
information.
Portfolio
Composition
4/30/26
%
of
Total
Investments
Health
Care
18.35%
Special
Tax
17.62%
Education
16.32%
Housing
9.99%
Industrial
Development
Revenue
and
Pollution
Control
7.82%
Local
7.60%
Transportation
5.56%
Lease
5.10%
Other
Revenue
Bonds
4.28%
Utilities
3.91%
State
General
Obligation
3.29%
Prerefunded
0.04%
Other
0.12%
1.
Source:
Morningstar.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
7
.
Putnam
Managed
Municipal
Income
Trust
3
franklintempleton.com
Semiannual
Report
Thank
you
for
your
continued
participation
in
Putnam
Managed
Municipal
Income
Trust.
We
look
forward
to
serving
your
future
investment
needs.
Sincerely,
Garrett
L
Hamilton,
CFA
James
Conn,
CFA
Francisco
Rivera
Daniel
Workman,
CFA
Benjamin
C.
Barber,
CFA
Portfolio
Management
Team
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Performance
Summary
as
of
April
30,
2026
Putnam
Managed
Municipal
Income
Trust
4
franklintempleton.com
Semiannual
Report
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Total
returns
do
not
reflect
any
sales
charges
paid
at
inception
or
brokerage
commissions
paid
on
secondary
market
purchases.
The
performance
tables
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
4/30/26
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
Share
Prices
Cumulative
Total
Return
1
Average
Annual
Total
Return
1
Based
on
NAV
2
Based
on
market
price
3
Based
on
NAV
2
Based
on
market
price
3
6-Month
+2.26%
+3.59%
+2.26%
+3.59%
1-Year
+8.52%
+9.24%
+8.52%
+9.24%
5-Year
+2.50%
-3.97%
+0.50%
-0.81%
10-Year
+33.34%
+31.94%
+2.92%
+2.81%
Symbol:
PMM
4/30/26
10/31/25
Change
Net
Asset
Value
(NAV)
$6.70
$6.71
-$0.01
Market
Price
(NYSE)
$6.16
$6.10
+$0.06
Distributions
Per
Share
(11/1/25–4/30/26)
Net
Investment
Income
$0.1590
Distributions
Per
Remarketed
Preferred
Share
(11/1/25–4/30/26)
Income
Total
Series
A
(240
shares)
$2,159.40
$2,159.40
Series
C
(1,507
shares)
$1,073.90
$1,073.90
See
page
5
for
Performance
Summary
footnotes.
Putnam
Managed
Municipal
Income
Trust
Performance
Summary
5
franklintempleton.com
Semiannual
Report
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund
is
actively
managed
but
there
is
no
guarantee
that
the
manager's
investment
decisions
will
produce
the
desired
results.
All
investments
involve
risks,
including
possible
loss
of
principal.
Fixed
income
securities
involve
interest
rate,
credit,
inflation
and
reinvestment
risks,
and
possible
loss
of
principal.
As
interest
rates
rise,
the
value
of
fixed
income
securities
falls
.
Low-rated,
high-yield
bonds
are
subject
to
greater
price
volatility,
illiquidity
and
possibility
of
default.
Active
management
does
not
ensure
gains
or
protect
against
market
declines.
An
investor
may
be
subject
to
the
federal
Alternative
Minimum
Tax
,
and
state
and
local
taxes
may
apply.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
All
figures
represent
past
performance
and
are
not
a
guarantee
of
future
results.
Returns
reflect
the
deduction
of
all
Fund
expenses,
including
management
fees,
operating
expenses,
and
other
Fund
expenses.
Returns
do
not
reflect
the
deduction
of
brokerage
commissions
or
taxes
that
investors
may
pay
on
distributions
or
sale
of
shares.
1.
Total
return
calculations
represent
the
cumulative
and
average
annual
changes
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
2.
Assumes
reinvestment
of
distributions
based
on
net
asset
value.
3.
Assumes
reinvestment
of
distributions
based
on
the
dividend
reinvestment
and
cash
purchase
plan.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Putnam
Managed
Municipal
Income
Trust
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Six
Months
Ended
April
30,
2026
(unaudited)
Year
Ended
October
31,
2025
2024
2023
2022
2021
Per
common
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$6.71
$6.81
$5.75
$5.94
$8.19
$7.91
Income
from
investment
operations:
Net
investment
income
a
.............
0.20
0.39
0.35
0.32
0.30
0.31
Net
realized
and
unrealized
gains
(losses)
—
b
(0.10)
1.10
(0.09)
(2.13)
0.35
Distributions
to
preferred
shareholders
from:
Net
investment
income
..............
(0.05)
(0.11)
(0.13)
(0.11)
(0.03)
—
b
Net
realized
gains
.................
—
—
—
—
—
b
—
Total
from
investment
operations
........
0.15
0.18
1.32
0.12
(1.86)
0.66
Less
distributions
to
common
shareholders
from:
Net
investment
income
..............
(0.16)
(0.24)
(0.22)
(0.20)
(0.29)
(0.32)
Net
realized
gains
.................
—
—
—
—
(0.03)
(0.06)
Tax
return
of
capital
................
—
(0.06)
(0.07)
(0.13)
(0.07)
—
Total
distributions
...................
(0.16)
(0.30)
(0.29)
(0.33)
(0.39)
(0.38)
Repurchase
of
shares
(Note
2
)
.........
—
0.02
0.03
0.02
—
b
—
Net
asset
value,
end
of
period
..........
$6.70
$6.71
$6.81
$5.75
$5.94
$8.19
Market
value,
end
of
period
c
...........
$6.16
$6.10
$6.28
$5.14
$5.75
$8.25
Total
return
(based
on
net
asset
value
per
share)
d
...........................
2.26%
3.16%
27.95%
(5.69)%
(26.35)%
13.11%
Total
return
(based
on
market
value
per
share)
d
...........................
3.59%
2.06%
23.58%
1.87%
(23.46)%
8.44%
Ratios
to
average
net
assets
applicable
to
common
shares
e,f,g
Expenses
before
waiver
and
payments
by
affiliates
h
..........................
1.20%
1.26%
1.16%
1.39%
1.10%
0.93%
Expenses
net
of
waiver
and
payments
by
affiliates
h
..........................
1.01%
i
1.06%
i,j
0.98%
i,j
1.21%
i,j
1.09%
i,j
0.93%
j
Net
investment
income
...............
4.53%
4.15%
3.36%
3.27%
3.75%
3.73%
Supplemental
data
Net
assets
applicable
to
common
shares,
end
of
period
(000’s)
...............
$287,007
$287,222
$304,155
$270,854
$289,259
$401,053
Portfolio
turnover
rate
................
8%
28%
20%
45%
24%
21%
a
Based
on
average
daily
common
shares
outstanding.
b
Amount
rounds
to
less
than
$0.01
per
share.
c
Based
on
the
last
sale
on
the
New
York
Stock
Exchange.
d
The
Market
Value
Total
Return
is
calculated
assuming
a
purchase
of
common
shares
on
the
opening
of
the
first
business
day
and
a
sale
on
the
closing
of
the
last
business
day
of
each
period.
Dividends
and
distributions
are
assumed
for
the
purposes
of
this
calculation
to
be
reinvested
at
prices
obtained
under
the
Fund's
Dividend
Reinvestment
and
Cash
Purchase
Plan.
Net
Asset
Value
Total
Return
is
calculated
on
the
same
basis,
except
that
the
Fund's
net
asset
value
is
used
on
the
purchase,
sale
and
dividend
reinvestment
dates
instead
of
market
value.
Total
return
does
not
reflect
brokerage
commissions
or
sales
charges
in
connection
with
the
purchase
or
sale
of
Fund
shares.
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Ratios
reflect
net
assets
available
to
common
shares
only;
net
investment
income
ratio
also
reflects
reduction
for
dividend
payments
to
preferred
shareholders.
g
Based
on
income
and
expenses
applicable
to
both
common
and
preferred
shares.
h
Includes
expenses
related
to
borrowings
of
0.23%,
0.30%,
0.20%,
0.35%,
0.18%
and
0.05%
for
the
period
ended
April
30,
2026,
and
years
ended
October
31,
2025,
2024,
2023,
2022
and
2021,
respectively.
i
Reflects
waivers
of
certain
fund
expenses
in
connection
with
the
Fund’s
remarketed
preferred
shares
(Note
3).
j
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited),
April
30,
2026
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Warrants
a
Value
a
a
a
a
a
Warrants
0.0%
Financial
Services
0.0%
a,b
Brightline
Train
Holdings
West
LLC
,
11/26/35
..............................
5,400
$
—
Total
Warrants
(Cost
$–)
......................................................
—
Principal
Amount
Municipal
Bonds
136.2%
Alabama
0.4%
c,d
Baldwin
County
Industrial
Development
Authority
,
Novelis
Corp.
,
Revenue
,
144A,
2025
A
,
Mandatory
Put
,
5
%
,
6/01/32
........................................
$
500,000
511,121
c
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2025
A
,
Mandatory
Put
,
5
%
,
6/01/35
......................................................
480,000
491,876
1,002,997
Alaska
1.7%
e
Alaska
Industrial
Development
&
Export
Authority
,
Dena'
Nena'
Henash
,
Revenue
,
2019
A
,
4
%
,
10/01/44
...............................................
5,125,000
4,814,735
Arizona
5.1%
d
Arizona
Industrial
Development
Authority
,
Somerset
Academy
of
Las
Vegas
,
Revenue
,
144A,
2021
A
,
4
%
,
12/15/41
..........................................
500,000
439,219
Industrial
Development
Authority
of
the
City
of
Phoenix
Arizona
(The)
,
d
BASIS
Schools,
Inc.
Obligated
Group,
Revenue,
144A,
2015
A,
Refunding,
5%,
7/01/35
........................................................
900,000
900,154
d
BASIS
Schools,
Inc.
Obligated
Group,
Revenue,
144A,
2016
A,
Refunding,
5%,
7/01/46
........................................................
250,000
238,750
GreatHearts
Arizona
Obligated
Group,
Revenue,
2014
A,
5%,
7/01/44
..........
1,700,000
1,701,350
d
Industrial
Development
Authority
of
the
County
of
Pima
(The)
,
La
Posada
at
Park
Centre,
Inc.
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.875
%
,
11/15/52
........
1,500,000
1,586,944
d
Industrial
Development
Authority
of
the
County
of
Yavapai
(The)
,
Arizona
Agribusiness
and
Equine
Center,
Inc.,
Revenue,
144A,
2012,
5%,
3/01/32
.
660,000
660,201
Arizona
Agribusiness
and
Equine
Center,
Inc.,
Revenue,
144A,
2015
A,
Refunding,
5%,
9/01/34
....................................................
460,000
460,096
La
Paz
County
Industrial
Development
Authority
,
Harmony
Public
Schools,
Revenue,
2018
A,
5%,
2/15/38
....................
500,000
505,826
Harmony
Public
Schools,
Revenue,
2018
A,
5%,
2/15/48
....................
2,330,000
2,255,015
Maricopa
County
Industrial
Development
Authority
,
d
Grand
Canyon
University
Obligated
Group,
Revenue,
144A,
2024,
7.375%,
10/01/29
1,800,000
1,892,608
Horizon
Community
Learning
Center,
Inc.,
Revenue,
2016,
Refunding,
5%,
7/01/35
750,000
750,644
Salt
Verde
Financial
Corp.
,
Revenue
,
2007-1
,
5.5
%
,
12/01/29
..................
2,000,000
2,134,195
d
Sierra
Vista
Industrial
Development
Authority
,
American
Leadership
Academy,
Inc.
,
Revenue
,
144A,
2024
,
5
%
,
6/15/64
....................................
300,000
250,889
Tempe
Industrial
Development
Authority
,
Tempe
Life
Care
Village
Obligated
Group
,
Revenue
,
2025
A
,
5.625
%
,
12/01/55
...................................
750,000
767,135
14,543,026
California
9.6%
d
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
..............................................
475,000
395,478
d,f
California
Infrastructure
&
Economic
Development
Bank
,
WFCS
Holdings
II
LLC
,
Revenue,
Sub.
Lien
,
144A,
2021
B
,
7.34
%,
1/01/61
........................
4,145,000
355,473
California
Municipal
Finance
Authority
,
g
Revenue,
FRN,
2025-1,
A-2,
3.242%,
2/20/41
............................
2,127,871
1,842,194
d,g
Revenue,
Sub.
Lien,
144A,
FRN,
2025-1,
B,
3.242%,
6/20/49
.................
500,000
313,736
d
Catalyst
Impact
Fund
1
LLC,
Revenue,
144A,
2024,
I,
6%,
1/01/39
.............
800,000
837,472
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
3%,
5/15/54
................
2,410,000
1,736,977
d
Westside
Neighborhood
School,
Revenue,
144A,
2024,
6.2%,
6/15/54
..........
800,000
835,950
d
California
Public
Finance
Authority
,
Kendal
at
Sonoma
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
5
%
,
11/15/56
.................................
750,000
660,488
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
d
California
School
Finance
Authority
,
Vista
Charter
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
6/01/61
...................................
$
500,000
$
372,688
d
City
&
County
of
San
Francisco
,
Special
Tax
District
No.
2020-1
Development
,
Special
Tax
,
144A,
2021
A
,
4
%
,
9/01/41
.......................................
500,000
472,973
City
of
Palm
Desert
,
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/41
.............................................
450,000
420,927
City
of
Sunnyvale
,
Community
Facilities
District
No.
1
,
Special
Tax
,
2001
,
7.75
%
,
8/01/32
.........................................................
605,000
607,071
d
CMFA
Special
Finance
Agency
I
,
Mix
at
CTR
City
(The)
,
Revenue
,
144A,
2021
A-2
,
4
%
,
4/01/56
......................................................
2,500,000
1,928,091
d
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-1
,
3
%
,
8/01/56
..............................................
500,000
345,342
d
CSCDA
Community
Improvement
Authority
,
Cameo/Garrison
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
3/01/57
.
1,225,000
841,503
Dublin,
Revenue,
144A,
2021
B,
4%,
2/01/57
.............................
500,000
378,369
Jefferson
Platinum
Triangle
Apartments,
Revenue,
144A,
2021
A-1,
2.875%,
8/01/41
835,000
775,651
Jefferson
Platinum
Triangle
Apartments,
Revenue,
144A,
2021
A-2,
3.125%,
8/01/56
7,150,000
5,292,768
Pasadena
Portfolio,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
12/01/56
.......
2,500,000
1,732,140
d
Golden
State
Connect
Authority
,
Revenue
,
144A,
2025
,
6.5
%
,
12/01/60
...........
525,000
516,290
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue,
2019
A,
4%,
5/01/49
........................................
7,420,000
6,692,047
Revenue,
2019
A,
Pre-Refunded,
4%,
5/01/49
............................
80,000
81,031
27,434,659
Colorado
3.3%
f
Aurora
Crossroads
Metropolitan
District
No.
2
,
GO
,
2025
A-1
,
Refunding
,
0.396
%,
12/01/55
........................................................
500,000
467,904
Canyons
Metropolitan
District
No.
5
,
GO
,
2024
B
,
Refunding
,
6.5
%
,
12/15/54
......
300,000
300,555
Colorado
Educational
&
Cultural
Facilities
Authority
,
Aspen
View
Academy,
Inc.,
Revenue,
2021,
4%,
5/01/36
....................
150,000
146,505
Aspen
View
Academy,
Inc.,
Revenue,
2021,
4%,
5/01/41
....................
175,000
159,607
Aspen
View
Academy,
Inc.,
Revenue,
2021,
4%,
5/01/51
....................
350,000
284,617
Colorado
Health
Facilities
Authority
,
BSLC
II
Obligated
Group,
Revenue,
Second
Tier,
2025,
5.625%,
9/15/59
........
350,000
352,070
Christian
Living
Neighborhoods
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
1/01/31
........................................................
500,000
500,791
Christian
Living
Neighborhoods
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
1/01/37
........................................................
1,250,000
1,251,977
d
Plaza
Metropolitan
District
No.
1
,
Tax
Allocation
,
144A,
2013
,
Refunding
,
5
%
,
12/01/40
1,650,000
1,650,724
Raindance
Metropolitan
District
No.
1
,
Non-Potable
Water
System
,
Revenue
,
2020
,
5.25
%
,
12/01/50
...................................................
875,000
856,078
Rampart
Range
Metropolitan
District
No.
5
,
Revenue
,
2021
,
4
%
,
12/01/41
.........
1,000,000
909,142
Sky
Dance
Metropolitan
District
No.
2
,
GO
,
2024
A
,
6
%
,
12/01/54
...............
375,000
378,529
Southlands
Metropolitan
District
No.
1
,
GO
,
2017
A-1
,
Refunding
,
5
%
,
12/01/37
.....
500,000
502,992
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Metropolitan
District
No.
4
Subdistrict
A
,
Revenue,
Senior
Lien
,
2024
A
,
Refunding
,
6.5
%
,
12/01/54
.........
1,000,000
1,037,216
Trails
at
Crowfoot
Metropolitan
District
No.
3
,
GO
,
2024
B
,
Refunding
,
6.875
%
,
12/15/52
..................................................
300,000
301,009
Village
Metropolitan
District
(The)
,
GO
,
2025
A
,
5.75
%
,
12/01/55
................
500,000
506,005
9,605,721
Connecticut
1.3%
d
Harbor
Point
Infrastructure
Improvement
District
,
Tax
Allocation
,
144A,
2017
,
Refunding
,
5
%
,
4/01/39
.............................................
3,500,000
3,529,475
Stamford
Housing
Authority
,
TJH
Senior
Living
LLC
Obligated
Group,
Revenue,
2025
A,
Refunding,
6.5%,
10/01/55
.......................................................
100,000
103,428
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Connecticut
(continued)
Stamford
Housing
Authority,
(continued)
TJH
Senior
Living
LLC
Obligated
Group,
Revenue,
2025
A,
Refunding,
6.25%,
10/01/60
.......................................................
$
150,000
$
151,727
3,784,630
Delaware
1.4%
Delaware
State
Economic
Development
Authority
,
ASPIRA
of
Delaware
Charter
Operations,
Inc.,
Revenue,
2016
A,
5%,
6/01/36
....
705,000
705,126
ASPIRA
of
Delaware
Charter
Operations,
Inc.,
Revenue,
2016
A,
5%,
6/01/51
....
1,035,000
925,114
d
Town
of
Bridgeville
,
Heritage
Shores
Special
Development
District
,
Special
Tax
,
144A,
2024
,
5.25
%
,
7/01/44
...............................................
875,000
880,198
d
Town
of
Millsboro
,
Plantation
Lakes
Special
Development
District,
Special
Tax,
144A,
2018,
Refunding,
5.125%,
7/01/38
.................................................
490,000
493,267
Plantation
Lakes
Special
Development
District,
Special
Tax,
144A,
2018,
Refunding,
5.25%,
7/01/48
..................................................
997,000
981,981
3,985,686
Florida
16.8%
Angeline
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/56
...............................................
300,000
300,387
Bella
Tara
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
6.125
%
,
5/01/56
..............................................
100,000
102,773
d
Capital
Trust
Agency,
Inc.
,
WFCS
Holdings
II
LLC,
Revenue,
144A,
2021
A-1,
5%,
1/01/56
...............
1,900,000
1,613,013
WFCS
Holdings
LLC,
Revenue,
144A,
2020
A-1,
4.5%,
1/01/35
...............
740,000
726,088
d
Capital
Trust
Authority
,
Academir
Charter
Schools,
Inc.,
Revenue,
144A,
2025
A,
6.375%,
7/01/50
.......
825,000
837,036
Classical
Academy
of
Sarasota,
Inc.
(The),
Revenue,
144A,
2025,
6.125%,
7/01/60
425,000
422,112
Madrone
Florida
Tech
Student
Housing
I
LLC,
Revenue,
144A,
2025
A,
5.375%,
7/01/65
........................................................
165,000
158,056
d
Cedar
Crossings
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
5/01/55
....................................................
160,000
155,496
d
Center
Lake
Ranch
West
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2025
,
5.6
%
,
5/01/55
..........................
300,000
299,166
Central
Parc
Community
Development
District
,
Special
Assessment
,
2024
,
6
%
,
5/01/54
750,000
754,822
d
Charlotte
County
Industrial
Development
Authority
,
MSKP
Town
&
Country
Utility
LLC
,
Revenue
,
144A,
2021
A
,
4
%
,
10/01/41
..................................
1,000,000
937,611
City
of
Miami
,
Revenue
,
2024
A
,
5.5
%
,
1/01/49
.............................
5,000,000
5,388,644
d
City
of
Venice
,
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
144A,
2024
A
,
5.625
%
,
1/01/60
.......................................
375,000
372,320
Connerton
East
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
2025
,
5.5
%
,
6/15/55
.....................................
160,000
159,732
d
County
of
Okaloosa
,
AIR
Force
Enlisted
Village,
Inc.
Obligated
Group
,
Revenue
,
144A,
2025
,
5.75
%
,
5/15/55
...............................................
385,000
389,857
d
County
of
Palm
Beach
,
Provident
Group
-
LU
Properties
LLC,
Revenue,
144A,
2021
A,
5%,
6/01/57
......
625,000
551,533
Provident
Group-PBAU
Properties
LLC,
Revenue,
144A,
2019
A,
5%,
4/01/39
....
1,600,000
1,611,968
d
Curiosity
Creek
Community
Development
District
,
Curiosity
Creek
Community
Development
District
Assessment
Area
2
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
5/01/56
.........................................................
160,000
159,168
Cypress
Bluff
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.55
%
,
5/01/55
....................................
660,000
656,275
Cypress
Creek
Reserve
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
6
%
,
5/01/56
.......................................
105,000
107,656
d
Cypress
Reserve
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2025
,
5.8
%
,
5/01/56
...........................................
200,000
200,113
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
d
Del
Webb
Oak
Creek
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
5/01/55
..............................................
$
250,000
$
250,647
EA
McKinnon
Groves
Community
Development
District
,
Capital
Improvement
,
Special
Assessment
,
2025
,
5.5
%
,
5/01/56
.....................................
370,000
362,955
East
Nassau
Stewardship
District
,
Special
Assessment
,
2025
,
6.25
%
,
5/01/56
......
425,000
437,897
d,h
East
Palm
Drive
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2026
,
5.7
%
,
6/15/56
................................
175,000
174,684
Esplanade
at
Wellen
Park
Community
Development
District
,
Special
Assessment
,
2026
,
5.7
%
,
5/01/56
................................................
115,000
114,799
Feed
Mill
Community
Development
District
,
Parcel
1
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.875
%
,
5/01/56
...................................
275,000
275,815
Firethorn
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.6
%
,
5/01/55
................................................
275,000
271,523
Florida
Development
Finance
Corp.
,
d
Revenue,
144A,
2021
A,
4%,
7/01/51
...................................
500,000
414,356
d
Glenridge
on
Palmer
Ranch
Obligated
Group,
Revenue,
144A,
2021,
Refunding,
5%,
6/01/51
........................................................
700,000
647,389
Shands
Jacksonville
Medical
Center
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
2/01/52
....................................................
1,500,000
1,415,096
Florida
Higher
Educational
Facilities
Financing
Authority
,
Rollins
College,
Revenue,
2024,
4.125%,
12/01/54
.........................
1,000,000
868,036
St.
Leo
University,
Inc.
Obligated
Group,
Revenue,
2019,
Refunding,
5%,
3/01/44
..
1,370,000
1,076,774
Florida
Municipal
Loan
Council
,
Shingle
Creek
Transit
&
Utility
Community
Development
District,
Special
Assessment,
2024,
5.15%,
5/01/44
.............................................
650,000
669,803
Shingle
Creek
Transit
&
Utility
Community
Development
District,
Special
Assessment,
2024,
5.4%,
5/01/54
..............................................
825,000
830,427
Fox
Branch
Ranch
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.4
%
,
5/01/55
.....................................
210,000
206,688
d
Gas
Worx
Community
Development
District
,
Special
Assessment,
144A,
2025,
5.75%,
5/01/45
.........................
100,000
103,486
Special
Assessment,
144A,
2025,
6%,
5/01/57
............................
105,000
106,961
GIR
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.3
%
,
5/01/45
................................................
300,000
301,948
Governors
Park
South
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.65
%
,
5/01/55
....................................
375,000
365,121
Harvest
Hills
South
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/56
....................................
125,000
123,204
Highland
Trails
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.85
%
,
5/01/56
....................................
100,000
99,270
Hills
of
Minneola
Community
Development
District
,
North
Parcel
Assessment
Area
2
,
Special
Assessment
,
2026
,
5.6
%
,
5/01/56
...............................
180,000
180,106
Hobe-St.
Lucie
Conservancy
District
,
Unit
of
Development
No.
1A
,
Special
Assessment
,
2024
,
5.875
%
,
5/01/55
...................................
500,000
510,075
Hunt
Club
Grove
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2026
,
5.6
%
,
12/15/55
....................................
175,000
175,827
Hyde
Park
Community
Development
District
No.
1
,
Assessments
,
Special
Assessment
,
2026
,
6
%
,
5/01/55
.................................................
260,000
264,308
Kings
Creek
I
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
6
%
,
5/01/55
.......................................
125,000
126,993
Kissimmee
Park
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
6.125
%
,
5/01/56
...................................
370,000
380,260
d
Lakeside
at
Satilla
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
5/01/55
...............................
100,000
100,332
Lakewood
Ranch
Stewardship
District
,
Assessments,
Special
Assessment,
2023,
6.3%,
5/01/54
....................
1,140,000
1,203,359
Assessments,
Special
Assessment,
2024,
5.25%,
5/01/44
...................
585,000
605,504
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Lakewood
Ranch
Stewardship
District,
(continued)
Azario,
Special
Assessment,
2019,
4%,
5/01/40
...........................
$
1,000,000
$
960,805
d
Northeast
Sector
Project
Phase
2B,
Special
Assessment,
144A,
2020,
Refunding,
4%,
5/01/50
....................................................
250,000
208,327
Villages
Lakewood
Ranch
South,
Special
Assessment,
2016,
5.125%,
5/01/46
....
740,000
740,036
Lee
County
Industrial
Development
Authority
,
Shell
Point
Obligated
Group
,
Revenue
,
2024
C
,
5
%
,
11/15/54
...............................................
500,000
484,171
LT
Ranch
South
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2026
,
5.9
%
,
5/01/56
.....................................
120,000
120,610
Metropica
Community
Development
District
,
Assessment
Area
1
Master
Infrastructure
,
Special
Assessment
,
2026
,
7
%
,
11/01/30
................................
220,000
219,984
Miami-Dade
County
Industrial
Development
Authority
,
Pinecrest
Academy
Obligated
Group
,
Revenue
,
2014
,
5
%
,
9/15/34
....................................
1,225,000
1,225,626
d
Northridge
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
144A,
2025,
5.75%,
5/01/45
..........
100,000
103,486
Assessment
Area
1,
Special
Assessment,
144A,
2025,
6%,
5/01/55
............
100,000
101,667
e
Orange
County
Health
Facilities
Authority
,
Orlando
Health
Obligated
Group
,
Revenue
,
2022
,
4
%
,
10/01/52
................................................
2,570,000
2,215,348
Parkside
Trails
Community
Development
District
,
2025
Project
Area
,
Special
Assessment
,
2025
,
5.55
%
,
5/01/55
....................................
375,000
368,656
Pasadena
Ridge
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.7
%
,
5/01/55
.....................................
500,000
492,364
Pinellas
County
Industrial
Development
Authority
,
Drs
Kiran
&
Pallavi
Patel
2017
Foundation
for
Global
Understanding,
Inc.
,
Revenue
,
2019
,
5
%
,
7/01/39
.........
1,690,000
1,708,039
Ranches
at
Lake
Mcleod
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.65
%
,
6/15/55
..............................
250,000
252,624
River
Landing
Community
Development
District
,
Assessments
,
Special
Assessment
,
2025
,
5.45
%
,
5/01/55
...............................................
240,000
236,916
d
Riverwalk
Community
Development
District
,
Special
Assessment
,
144A,
2025
A
,
5.625
%
,
5/01/55
...................................................
260,000
259,463
d
Saltleaf
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2026
,
6.05
%
,
5/01/57
...............................................
150,000
152,563
Sarasota
County
Health
Facilities
Authority
,
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
1/01/37
..........................
1,000,000
1,002,827
Sarasota
County
Public
Hospital
District
,
Sarasota
County
Public
Hospital
District
Obligated
Group
,
Revenue
,
2018
,
4
%
,
7/01/48
............................
1,500,000
1,349,973
Somerset
Bay
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2026
,
5.8
%
,
5/01/56
.....................................
310,000
310,181
Southpointe
of
Manatee
County
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2026
,
5.625
%
,
5/01/56
.............................
180,000
178,525
St.
Johns
County
Industrial
Development
Authority
,
Life
Care
Ponte
Vedra
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
12/15/36
355,000
338,084
Life
Care
Ponte
Vedra
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
12/15/41
500,000
450,186
d
Starling
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.6
%
,
5/01/56
.........................................................
500,000
487,093
d
Stuart
Crossing
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
5/01/54
................................
120,000
118,513
d
Sugarloaf
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2026
,
5.625
%
,
12/15/55
........................................
180,000
178,131
d
Sunrise
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
5/01/55
.........................................................
500,000
486,804
Terra
Lago
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/56
...............................................
400,000
394,808
Tolomato
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2024
,
5.125
%
,
5/01/54
..............................................
525,000
512,567
Tranquility
Community
Development
District
,
Special
Assessment
,
2025
,
5.625
%
,
5/01/55
.........................................................
300,000
295,173
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Twisted
Oaks
Pointe
Community
Development
District
,
Assessment
Area
4
,
Special
Assessment
,
2026
,
5.875
%
,
5/01/56
...................................
$
145,000
$
145,465
Verandah
West
Community
Development
District
,
Assessments
,
Special
Assessment
,
2013
,
Refunding
,
5
%
,
5/01/33
........................................
410,000
410,293
Verano
No.
4
Community
Development
District
,
Astor
Creek
Phase
2
Assessment
Area
,
Special
Assessment
,
2025
,
6
%
,
5/01/55
.................................
150,000
153,713
Village
Community
Development
District
No.
12
,
Phase
II
,
Special
Assessment
,
2018
,
4
%
,
5/01/33
......................................................
665,000
665,959
Vivid
Shores
Community
Development
District
,
Special
Assessment
,
2025
,
5.625
%
,
5/01/56
.........................................................
100,000
99,609
Waterset
South
Community
Development
District
,
Assessment
Area,
Special
Assessment,
2025,
5.7%,
5/01/56
.................
200,000
202,072
Assessment
Area,
Special
Assessment,
2026,
5.65%,
5/01/56
................
280,000
282,079
Wellness
Ridge
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
2026
,
5.625
%
,
6/15/56
...................................
450,000
452,132
d
West
Port
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
5.8
%
,
5/01/45
................................
185,000
192,975
d
West
Villages
Improvement
District
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
5/01/55
400,000
391,517
d
Westview
South
Community
Development
District
,
Assessment
Area
1
2025
Project
Area
,
Special
Assessment
,
144A,
2025
,
6.2
%
,
5/01/55
......................
275,000
283,971
d
Windsor
Cay
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
5/01/55
................................
300,000
294,477
d
Woodland
Preserve
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
5/01/55
................................
220,000
217,812
48,313,093
Georgia
3.9%
d
Atlanta
Development
Authority
(The)
,
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
A
,
6
%
,
7/01/55
................................................
115,000
117,742
Cobb
County
Kennestone
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
3
%
,
4/01/45
...............................
1,785,000
1,436,600
Coweta
County
Development
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/44
...............................
4,000,000
4,109,396
DeKalb
County
Development
Authority
,
GLOBE
Academy,
Inc.
(The)
,
Revenue
,
2024
A
,
5
%
,
6/01/63
......................................................
515,000
468,979
Development
Authority
of
Cobb
County
(The)
,
Kennesaw
State
University
Real
Estate
Obligated
Group
2015
ABC,
Revenue,
Junior
Lien,
C,
5%,
7/15/30
..............................................
685,000
685,726
Kennesaw
State
University
Real
Estate
Obligated
Group
2015
ABC,
Revenue,
Junior
Lien,
C,
5%,
7/15/38
..............................................
740,000
740,268
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2021
A
,
3
%
,
2/15/51
..........................
2,000,000
1,428,789
c
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
6/01/31
.....
2,200,000
2,347,709
11,335,209
Illinois
7.9%
Chicago
Board
of
Education
,
GO,
2015
C,
5.25%,
12/01/39
........................................
1,500,000
1,489,226
GO,
2023
A,
5.875%,
12/01/47
........................................
1,700,000
1,713,696
GO,
2025
A,
5.75%,
12/01/50
.........................................
850,000
844,451
GO,
2025
B,
Refunding,
5%,
12/01/40
..................................
500,000
494,766
Chicago
Midway
International
Airport
,
Revenue,
Senior
Lien
,
2023
C
,
Refunding
,
5
%
,
1/01/40
.........................................................
1,250,000
1,322,959
e
Chicago
O'Hare
International
Airport
,
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien
,
2025
E
,
BAM
Insured
,
5.5
%
,
1/01/55
..........................
3,500,000
3,646,718
City
of
Chicago
,
GO,
2019
A,
5.5%,
1/01/49
...........................................
305,000
305,512
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
City
of
Chicago,
(continued)
GO,
2020
A,
Refunding,
5%,
1/01/30
...................................
$
1,800,000
$
1,864,158
GO,
2021
B,
Refunding,
BAM
Insured,
4%,
1/01/38
........................
2,747,000
2,682,051
d
Lakeshore
East
Special
Assessment
Area,
Special
Assessment,
144A,
2022,
Refunding,
3.04%,
12/01/28
........................................
241,000
235,932
d
Lakeshore
East
Special
Assessment
Area,
Special
Assessment,
144A,
2022,
Refunding,
3.38%,
12/01/31
........................................
341,000
328,810
Du
Page
County
Special
Service
Area
No.
31
,
Monarch
Landing,
Inc.
,
Special
Tax
,
2006
,
5.625
%
,
3/01/36
..............................................
233,000
233,209
Illinois
Finance
Authority
,
CHF-Chicago
LLC,
Revenue,
2017
A,
5%,
2/15/37
.........................
1,200,000
1,203,776
CHF-Chicago
LLC,
Revenue,
2017
A,
5%,
2/15/47
.........................
1,500,000
1,414,294
Plymouth
Place
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
5/15/41
.....
400,000
392,292
Plymouth
Place
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
5/15/51
.....
1,000,000
877,405
Plymouth
Place
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
5/15/56
.....
815,000
699,915
Metropolitan
Pier
&
Exposition
Authority
,
f
State
of
Illinois
McCormick
Place
Expansion
Project
Fund,
Revenue,
2017
B,
Refunding,
4.792%,
12/15/47
.......................................
1,500,000
1,116,096
State
of
Illinois
McCormick
Place
Expansion
Project
Fund,
Revenue,
2022
A,
Refunding,
4%,
6/15/52
............................................
2,100,000
1,803,450
22,668,716
Indiana
0.2%
Indiana
Finance
Authority
,
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5.125
%
,
6/01/58
500,000
481,907
Iowa
0.8%
Iowa
Finance
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group,
Revenue,
2023
B,
Refunding,
7.5%,
5/15/53
........................................................
600,000
662,828
Lifespace
Communities,
Inc.
Obligated
Group,
Revenue,
2024
A,
Refunding,
5.125%,
5/15/59
........................................................
1,500,000
1,409,906
Presbyterian
Homes
Mill
Pond
Apartment,
Inc.,
Revenue,
2025,
5.75%,
10/01/55
..
300,000
305,289
2,378,023
Kentucky
1.0%
Kentucky
Economic
Development
Finance
Authority
,
Masonic
Homes
of
Kentucky,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
5/15/46
.................
1,000,000
845,823
Kentucky
Public
Energy
Authority
,
Revenue
,
2025
B
,
5
%
,
12/01/33
..............
2,100,000
2,142,611
2,988,434
Louisiana
1.0%
d
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
Christwood
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.25
%
,
11/15/53
........................................................
1,300,000
1,236,273
Louisiana
Public
Facilities
Authority
,
d
Acadiana
Renaissance
Charter
Academy,
Revenue,
144A,
2025,
6%,
6/15/59
....
140,000
141,041
Calcasieu
Bridge
Partners
LLC,
Revenue,
Senior
Lien,
2024,
5.75%,
9/01/64
.....
1,500,000
1,542,614
Tulane
University,
Revenue,
2017
A,
Pre-Refunded,
4%,
12/15/50
.............
20,000
20,405
2,940,333
Maryland
1.7%
City
of
Brunswick
,
Brunswick
Crossing
Special
Taxing
District
,
Special
Tax
,
2019
,
Refunding
,
5
%
,
7/01/36
.............................................
548,000
557,183
City
of
Westminster
,
Lutheran
Village
at
Miller's
Grant,
Inc.
Obligated
Group
(The)
,
Revenue
,
2014
A
,
6
%
,
7/01/34
........................................
230,000
230,171
County
of
Frederick
,
d
Mount
St.
Mary's
University,
Inc.,
Revenue,
144A,
2017
A,
Refunding,
5%,
9/01/37
.
500,000
481,599
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
(continued)
County
of
Frederick,
(continued)
Oakdale-Lake
Linganore
Development
District,
Special
Tax,
2019,
Refunding,
3.75%,
7/01/39
........................................................
$
1,410,000
$
1,336,464
d
County
of
Prince
George's
,
Westphalia
Town
Center
Development
District
,
Tax
Allocation
,
144A,
2018
,
5.125
%
,
7/01/39
................................
1,000,000
1,006,514
Maryland
Economic
Development
Corp.
,
City
of
Baltimore
Port
Covington
Development
District,
Tax
Allocation,
2020,
4%,
9/01/40
........................................................
755,000
694,452
City
of
Baltimore
Port
Covington
Development
District,
Tax
Allocation,
2020,
4%,
9/01/50
........................................................
750,000
624,698
4,931,081
Massachusetts
1.5%
Collegiate
Charter
School
of
Lowell
,
Revenue
,
2019
,
5
%
,
6/15/39
...............
1,000,000
1,000,321
Massachusetts
Development
Finance
Agency
,
d,i
Adventcare
Obligated
Group,
Revenue,
144A,
2007,
6.65%,
10/15/28
..........
995,000
10
Boston
Medical
Center
Corp.
Obligated
Group,
Revenue,
2015
D,
5%,
7/01/44
....
365,000
365,062
d
CHF
Merrimack,
Inc.,
Revenue,
144A,
2024
A,
5%,
7/01/60
..................
1,000,000
950,954
Lasell
University,
Revenue,
2021,
Refunding,
4%,
7/01/40
...................
1,000,000
917,134
Tufts
Medicine
Obligated
Group,
Revenue,
2026
A,
5.5%,
10/01/43
............
1,000,000
1,088,221
4,321,702
Michigan
4.3%
City
of
Detroit
,
GO
,
B-1
,
4
%
,
4/01/44
.....................................
3,931,271
3,145,532
Grand
Rapids
Economic
Development
Corp.
,
Michigan
Christian
Home
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
6.125
%
,
11/01/60
.....................
625,000
625,569
Michigan
Finance
Authority
,
Aquinas
College,
Revenue,
2021,
Refunding,
5%,
5/01/46
...................
500,000
395,111
Lawrence
Technological
University
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
2/01/47
........................................................
650,000
599,256
Michigan
State
Housing
Development
Authority
,
Revenue
,
2021
A
,
2.73
%
,
10/01/59
.
1,000,000
615,832
Pontiac
School
District
,
GO,
2020,
4%,
5/01/45
.............................................
3,575,000
3,437,330
GO,
2020,
4%,
5/01/50
.............................................
4,025,000
3,661,587
12,480,217
Minnesota
1.2%
d
City
of
Eagan
,
Great
Oaks
Academy
,
Revenue
,
144A,
2025
A
,
6.5
%
,
2/01/65
.......
300,000
299,024
City
of
Ham
Lake
,
DaVinci
Academy
of
Arts
and
Science
,
Revenue
,
2016
A
,
5
%
,
7/01/47
.........................................................
500,000
416,647
City
of
Ramsey
,
PACT
Charter
School
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/01/32
...
575,000
579,436
Minnesota
Health
&
Education
Facilities
Authority
,
Augsburg
University
,
Revenue
,
2016
A
,
5
%
,
5/01/46
....................................................
1,250,000
863,861
St.
Paul
Port
Authority
,
HealthPartners
Obligated
Group
,
Revenue
,
2007-1
,
5
%
,
8/01/36
905,000
905,539
Township
of
Baytown
,
St.
Croix
Preparatory
Academy
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
8/01/41
......................................................
380,000
338,295
3,402,802
Missouri
3.7%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
Children's
Mercy
Hospital
Obligated
Group,
Revenue,
2017
A,
4%,
5/15/48
......
5,600,000
5,094,099
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis,
Revenue,
2023
A,
Refunding,
4%,
5/01/38
....................................................
900,000
853,885
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis,
Revenue,
2023
A,
Refunding,
4%,
5/01/43
....................................................
2,270,000
2,111,823
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis,
Revenue,
2023
B,
Refunding,
4%,
5/01/45
....................................................
1,900,000
1,752,373
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
Industrial
Development
Authority
of
the
City
of
St.
Louis
Missouri
(The)
,
Revenue
,
2017
A
,
Refunding
,
4.75
%
,
11/15/47
........................................
$
875,000
$
783,595
10,595,775
Nevada
1.5%
City
of
Las
Vegas
,
Special
Improvement
District
No.
814,
Special
Assessment,
2019,
4%,
6/01/39
....
410,000
394,400
Special
Improvement
District
No.
814,
Special
Assessment,
2019,
4%,
6/01/44
....
585,000
534,204
Special
Improvement
District
No.
815,
Special
Assessment,
2020,
5%,
12/01/49
...
585,000
585,959
Special
Improvement
District
No.
816,
Special
Assessment,
2021,
3%,
6/01/41
....
640,000
514,908
Special
Improvement
District
No.
817,
Special
Assessment,
2023,
5.5%,
6/01/38
..
375,000
401,586
Special
Improvement
District
No.
817,
Special
Assessment,
2023,
5.75%,
6/01/43
.
495,000
528,610
Special
Improvement
District
No.
817,
Special
Assessment,
2023,
6%,
6/01/48
....
350,000
370,371
Special
Improvement
District
No.
817,
Special
Assessment,
2023,
6%,
6/01/53
....
500,000
525,410
County
of
Clark
,
Special
Improvement
District
No.
159
,
Special
Assessment
,
2015
,
5
%
,
8/01/32
.........................................................
360,000
360,270
4,215,718
New
Hampshire
1.5%
New
Hampshire
Business
Finance
Authority
,
d
Revenue,
144A,
2026-1,
B,
9.465%,
7/20/41
.............................
350,000
529,509
Greater
Raleigh
Area
Christian
Education,
Inc.,
Revenue,
2025,
6%,
8/01/65
.....
675,000
674,701
National
Finance
Authority,
Revenue,
2024-2,
A,
3.625%,
8/20/39
..............
2,215,767
2,106,565
g
National
Finance
Authority,
Revenue,
FRN,
2024-3,
A,
4.163%,
10/20/41
........
988,647
966,075
4,276,850
New
Jersey
0.3%
New
Jersey
Economic
Development
Authority
,
United
Airlines,
Inc.
,
Revenue
,
2000
B
,
5.625
%
,
11/15/30
..................................................
500,000
500,739
Passaic
County
Improvement
Authority
(The)
,
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
5.5
%
,
7/01/58
........................................
450,000
454,953
955,692
New
York
8.8%
New
York
Counties
Tobacco
Trust
VI
,
Revenue,
2016
A-2B,
Refunding,
5%,
6/01/45
............................
3,000,000
2,615,439
Revenue,
2016
A-2B,
Refunding,
5%,
6/01/51
............................
700,000
586,767
New
York
Liberty
Development
Corp.
,
Revenue,
2021
A,
Refunding,
2.875%,
11/15/46
...........................
1,860,000
1,401,692
Revenue,
2021
A,
Refunding,
BAM
Insured,
3%,
11/15/51
...................
3,000,000
2,189,369
Revenue,
2021
A,
Refunding,
3%,
11/15/51
..............................
4,215,000
3,087,644
d
3
World
Trade
Center
LLC,
Revenue,
144A,
2014,
2,
Refunding,
5.375%,
11/15/40
.
750,000
750,494
Port
Authority
of
New
York
&
New
Jersey,
Revenue,
1WTC
2021,
Refunding,
2.75%,
2/15/44
........................................................
1,835,000
1,415,138
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/40
.........................
1,250,000
1,283,295
Delta
Air
Lines,
Inc.,
Revenue,
2023,
5.625%,
4/01/40
......................
1,000,000
1,059,428
JFK
NTO
LLC,
Revenue,
2025,
6%,
6/30/55
..............................
4,000,000
4,235,021
JFK
NTO
LLC,
Revenue,
2025,
6%,
6/30/59
..............................
1,000,000
1,055,156
d
Oneida
Indian
Nation
of
New
York
,
Revenue
,
144A,
2024
A
,
8
%
,
9/01/40
..........
1,000,000
1,008,927
e
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
218th
,
5
%
,
11/01/49
..........
2,460,000
2,501,829
Suffolk
Regional
Off-Track
Betting
Co.
,
Revenue
,
2024
,
6
%
,
12/01/53
............
2,000,000
2,045,408
25,235,607
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
1.0%
North
Carolina
Medical
Care
Commission
,
Lutheran
Services
for
the
Aging,
Inc.
Obligated
Group,
Revenue,
2021
C,
Refunding,
4%,
3/01/36
....................................................
$
2,320,000
$
2,321,834
Maryfield,
Inc.
Obligated
Group,
Revenue,
2020
A,
5%,
10/01/45
..............
500,000
485,551
2,807,385
North
Dakota
0.4%
City
of
Horace
,
GO
,
2024
C
,
Refunding
,
4.75
%
,
5/01/44
......................
1,100,000
1,108,542
Ohio
2.1%
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien
,
2020
A-2
,
1
,
Refunding
,
3
%
,
6/01/48
.............................................
1,300,000
924,272
County
of
Washington
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
6.75
%
,
12/01/52
.....................................
500,000
514,122
Northeast
Ohio
Medical
University
,
Revenue,
2021
A,
Refunding,
3%,
12/01/40
..............................
1,575,000
1,308,425
Revenue,
2021
A,
Refunding,
4%,
12/01/45
..............................
450,000
402,059
Ohio
Higher
Educational
Facility
Commission
,
Xavier
University
,
Revenue
,
2024
,
Refunding
,
5.25
%
,
5/01/49
...........................................
1,560,000
1,551,202
d
Port
of
Greater
Cincinnati
Development
Authority
,
City
of
Cincinnati
Assigned
City
Residual
Funds
,
Revenue
,
144A,
2021
,
4.25
%
,
12/01/50
....................
1,320,000
1,280,791
Southeastern
Ohio
Port
Authority
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
12/01/43
................................
150,000
137,419
6,118,290
Oklahoma
0.2%
Tulsa
Municipal
Airport
Trust
Trustees
,
American
Airlines,
Inc.
,
Revenue
,
2025
,
Refunding
,
6.25
%
,
12/01/40
..........................................
475,000
524,941
Oregon
0.1%
Hospital
Facilities
Authority
of
Multnomah
County
Oregon
,
Terwilliger
Plaza,
Inc.
Obligated
Group
,
Revenue
,
2012
,
Refunding
,
5
%
,
12/01/29
..................
210,000
210,099
Pennsylvania
3.6%
Chester
County
Industrial
Development
Authority
,
Collegium
Charter
School,
Revenue,
2017
A,
5.125%,
10/15/37
...............
750,000
730,056
University
Student
Housing
LLC,
Revenue,
2013
A,
5%,
8/01/45
...............
1,000,000
959,495
Cumberland
County
Municipal
Authority
,
Asbury
Pennsylvania
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
1/01/45
.................................
500,000
488,181
Dallas
Area
Municipal
Authority
,
Misericordia
University
,
Revenue
,
2019
,
Refunding
,
5
%
,
5/01/48
......................................................
2,040,000
1,850,591
Lancaster
Municipal
Authority
,
Garden
Spot
Village
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
5
%
,
5/01/49
.............................................
900,000
888,772
Lehigh
County
Industrial
Development
Authority
,
Seven
Generations
Charter
School
,
Revenue
,
2021
A
,
4
%
,
5/01/51
........................................
1,000,000
777,594
Maxatawny
Township
Municipal
Authority
,
Lutheran
Senior
Services
East
Obligated
Group,
Revenue,
2022
A,
5%,
1/01/41
...
1,400,000
1,435,991
Lutheran
Senior
Services
East
Obligated
Group,
Revenue,
2022
A,
5%,
1/01/42
...
1,450,000
1,480,307
Pennsylvania
Economic
Development
Financing
Authority
,
Commonwealth
of
Pennsylvania
Motor
License
Fund,
Revenue,
2022,
6%,
6/30/61
1,000,000
1,054,717
c
Talen
Energy
Supply
LLC,
Revenue,
2009
C,
Refunding,
Mandatory
Put,
5.25%,
6/01/27
........................................................
500,000
500,542
d
Philadelphia
Authority
for
Industrial
Development
,
i
University
of
the
Arts
(The),
Revenue,
144A,
2017,
5%,
3/15/45
...............
807,977
161,596
University
of
the
Arts
(The),
Revenue,
144A,
2017,
Pre-Refunded,
5%,
3/15/45
...
40,000
41,705
10,369,547
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
South
Carolina
5.6%
d
City
of
Goose
Creek
,
Carnes
Crossroads
Improvement
District
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
10/01/55
..........................................
$
175,000
$
175,468
County
of
Berkeley
,
Nexton
Improvement
District
,
Special
Assessment
,
2019
,
4.375
%
,
11/01/49
........................................................
1,000,000
884,515
d
County
of
Lancaster
,
Roselyn
Residential
Improvement
District
,
Special
Assessment
,
144A,
2025
,
6.2
%
,
6/01/55
...........................................
120,000
123,834
South
Carolina
Jobs-Economic
Development
Authority
,
Beaufort
Memorial
Hospital
Obligated
Group,
Revenue,
2024,
5.75%,
11/15/54
...
1,000,000
1,010,178
d
Green
Charter
School
Spartanburg
LLC
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
6/01/56
............................................
1,020,000
690,681
d
High
Point
Academy,
Inc.,
Revenue,
144A,
2018
A,
5.75%,
6/15/39
............
500,000
485,705
d
High
Point
Academy,
Inc.,
Revenue,
144A,
2018
A,
5.75%,
6/15/49
............
1,000,000
935,930
South
Carolina
Public
Service
Authority
,
Revenue,
2021
B,
4%,
12/01/41
.......................................
4,000,000
3,981,025
Revenue,
2021
B,
4%,
12/01/42
.......................................
5,250,000
5,148,272
Revenue,
2021
B,
4%,
12/01/51
.......................................
3,000,000
2,674,505
16,110,113
Tennessee
0.9%
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
,
Blakeford
at
Green
Hills
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/55
.
1,750,000
1,378,443
Metropolitan
Nashville
Airport
Authority
(The)
,
Revenue
,
2022
B
,
5.5
%
,
7/01/39
.....
1,000,000
1,099,591
2,478,034
Texas
12.6%
Arlington
Higher
Education
Finance
Corp.
,
d
BASIS
Texas
Charter
Schools,
Inc.,
Revenue,
144A,
2024,
5%,
6/15/64
.........
1,200,000
1,077,993
d
Magellan
School
(The),
Revenue,
144A,
2022,
6.375%,
6/01/62
...............
1,100,000
1,088,090
Wayside
Schools,
Revenue,
2021
A,
Refunding,
4%,
8/15/41
.................
610,000
533,186
d
Beaumont
Housing
Authority
,
Revenue,
Senior
Lien
,
144A,
2025
A
,
6.5
%
,
7/01/55
...
575,000
570,352
City
of
Anna
,
d
Crystal
Park
Public
Improvement
District
No.
2
Improvement
Area
No.
1,
Special
Assessment,
144A,
2025,
5.875%,
9/15/55
.............................
225,000
230,695
Woods
at
Lindsey
Place
(The)
Public
Improvement
District
Improvement
Area
No.
2-3,
Special
Assessment,
2025,
5.5%,
9/15/55
..........................
100,000
101,053
d,h
City
of
Aransas
Pass
,
Aransas
Oaks
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2026
,
6
%
,
9/01/56
.......................
100,000
99,681
d
City
of
Austin
,
Whisper
Valley
Public
Improvement
District
Improvement
Area
No.
3,
Special
Assessment,
144A,
2024,
5%,
11/01/44
...............................
555,000
557,481
Whisper
Valley
Public
Improvement
District
Improvement
Area
No.
3,
Special
Assessment,
144A,
2024,
5.25%,
11/01/53
.............................
750,000
739,211
d
City
of
Celina
,
Sutton
Fields
East
Public
Improvement
District
Phase
No.
2
,
Special
Assessment
,
144A,
2025
,
5.375
%
,
9/01/45
...............................
150,000
150,058
d
City
of
Dayton
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
9/01/55
................
350,000
348,265
City
of
Dripping
Springs
,
Special
Assessment
,
2025
,
5.625
%
,
9/01/55
............
300,000
299,996
d
City
of
Ennis
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
9/15/55
.................
325,000
322,435
City
of
Houston
Airport
System
,
United
Airlines,
Inc.
,
Revenue
,
2021
A
,
4
%
,
7/01/41
.
1,250,000
1,159,643
d
City
of
Hutto
,
h
Cottonwood
Creek
Public
Improvement
District
Improvement
Area
No.
3,
Special
Assessment,
144A,
2026,
5.625%,
9/01/56
.............................
200,000
197,482
Prairie
Winds
Public
Improvement
District
Improvement
Area
No.
1,
Special
Assessment,
144A,
2025,
5.125%,
9/01/45
.............................
390,000
392,255
d
City
of
Justin
,
Timberbrook
Public
Improvement
District
No.
2
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/01/55
............................
500,000
504,080
City
of
Lavon
,
Elevon
Public
Improvement
District
Improvement
Area
No.
3-5
,
Special
Assessment
,
2025
,
5.75
%
,
9/15/55
....................................
110,000
110,511
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Lockhart
,
Seawillow
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2026
,
6.125
%
,
9/01/56
.............................
$
115,000
$
115,712
d
City
of
Manor
,
EntradenGlen
Public
Improvement
District
Improvement
Area
No.
1,
Special
Assessment,
144A,
2025,
7%,
9/15/55
................................
150,000
158,045
Newhaven
Public
Improvement
District,
Special
Assessment,
144A,
2025,
6%,
9/15/55
........................................................
125,000
128,742
d
City
of
Mansfield
,
Staybolt
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
6.25
%
,
9/15/55
.........................
350,000
361,636
City
of
Mesquite
,
Solterra
Public
Improvement
District
Improvement
Area
C-4
,
Special
Assessment
,
2025
,
5.625
%
,
9/01/55
...................................
100,000
101,136
City
of
Pilot
Point
,
Maverick
Farms
Public
Improvement
District
Major
Improvement
Area,
Special
Assessment,
2026,
7%,
9/15/56
.....................................
130,000
130,059
Maverick
Farms
Public
Improvement
District
Major
Improvement
Area
No.
1,
Special
Assessment,
2026,
6.25%,
9/15/56
...................................
145,000
145,072
City
of
Princeton
,
Special
Assessment,
2025,
5.625%,
9/01/55
.............................
270,000
271,446
d
Eastridge
Public
Improvement
District
Improvement
Area
No.
5,
Special
Assessment,
144A,
2025,
5.625%,
9/01/55
.......................................
250,000
251,338
Windmore
Public
Improvement
District
Improvement
Area
No.
3,
Special
Assessment,
2025,
5.625%,
9/01/55
..................................
250,000
251,338
Clifton
Higher
Education
Finance
Corp.
,
IDEA
Public
Schools
,
Revenue
,
2022
A
,
4
%
,
8/15/51
.........................................................
1,200,000
1,020,212
d
County
of
Denton
,
Green
Meadows
Public
Improvement
District
Major
Improvement
Area,
Special
Assessment,
144A,
2025,
5.875%,
12/31/45
............................
125,000
129,334
Green
Meadows
Public
Improvement
District
Major
Improvement
Area,
Special
Assessment,
144A,
2025,
6.125%,
12/31/55
............................
250,000
258,200
County
of
Medina
,
Viera
Public
Improvement
District
1
Improvement
Area
No.
1
Project
,
Special
Assessment
,
2026
,
5.45
%
,
9/01/46
........................
218,000
218,555
Dallas
Area
Rapid
Transit
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
5
%
,
12/01/45
..
7,000,000
7,289,493
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Brazos
Presbyterian
Homes
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
1/01/37
........................................................
60,000
60,201
YMCA
of
the
Greater
Houston
Area,
Revenue,
2013
A,
Refunding,
5%,
6/01/33
...
1,000,000
953,934
Matagorda
County
Navigation
District
No.
1
,
AEP
Texas,
Inc.
,
Revenue
,
2005
A
,
Refunding
,
AMBAC
Insured
,
4.4
%
,
5/01/30
...............................
1,250,000
1,299,690
New
Hope
Cultural
Education
Facilities
Finance
Corp.
,
CHF-Collegiate
Housing
Denton
LLC
,
Revenue
,
2018
A-1
,
AG
Insured
,
4.125
%
,
7/01/53
.....................
1,000,000
866,885
d
Port
Arthur
Housing
Authority
,
Foothill
Willow
Lakes
LLC
,
Revenue
,
144A,
2026
A-S-A
,
7.5
%
,
10/01/36
...................................................
300,000
293,001
San
Antonio
Education
Facilities
Corp.
,
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/51
.......................................
1,270,000
1,022,644
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
Cumberland
Rest,
Inc.
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
5
%
,
10/01/49
..................
1,000,000
997,066
d
Texas
Community
Housing
&
Economic
Development
Corp.
,
Agape
Helotes,
Inc.
,
Revenue,
Senior
Lien
,
144A,
2025
A-1
,
6.25
%
,
1/01/65
.....................
575,000
536,188
j
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
V
,
Revenue
,
2026
,
5
%
,
4/01/36
....
2,000,000
2,085,613
f
Texas
Transportation
Commission
State
Highway
249
System
,
Revenue,
First
Tier
,
2019
A
,
4.67
%,
8/01/39
.............................................
700,000
382,038
e
Texas
Transportation
Finance
Corp.
,
Revenue
,
2025
A
,
Refunding
,
5.5
%
,
10/01/55
..
7,000,000
7,531,023
Uptown
Development
Authority
,
City
of
Houston
Reinvestment
Zone
No.
16
,
Tax
Allocation
,
2021
,
Refunding
,
3
%
,
9/01/37
................................
900,000
766,362
36,107,430
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Utah
2.7%
d
Black
Desert
Public
Infrastructure
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
12/01/53
........................................
$
1,300,000
$
1,322,894
d
Downtown
Daybreak
Public
Infrastructure
District
No.
1
,
City
of
South
Jordan
South
Station
Housing
and
Transit
Reinvestment
Zone
,
Tax
Allocation
,
144A,
2026
,
5.625
%
,
3/01/46
.........................................................
650,000
661,134
d,f
MIDA
Cormont
Public
Infrastructure
District
,
GO
,
144A,
2025
A-2
,
0.868
%,
6/01/55
..
500,000
435,201
d
MIDA
Mountain
Village
Public
Infrastructure
District
,
Special
Assessment,
144A,
2020
A,
5%,
8/01/50
..........................
1,045,000
1,012,599
Military
Recreation
Facility
Project
Area,
Tax
Allocation,
144A,
2024-2,
6%,
6/15/54
500,000
514,751
Mountain
Village
Assessment
Area
2,
Special
Assessment,
144A,
2021,
4%,
8/01/50
1,150,000
976,453
Military
Installation
Development
Authority
,
Military
Recreation
Facility
Project
Area
,
Revenue
,
2021
A-2
,
4
%
,
6/01/52
......................................
1,000,000
833,374
d
SkyRidge
Pegasus
Infrastructure
Financing
District
,
Assessment
Area
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
12/01/44
...............................
300,000
302,329
Utah
Infrastructure
Agency
,
Revenue,
2023,
6%,
10/15/47
........................................
1,350,000
1,461,644
Revenue,
2025,
5.25%,
10/15/49
......................................
350,000
347,538
7,867,917
Vermont
0.2%
Vermont
Educational
&
Health
Buildings
Financing
Agency
,
Champlain
College,
Inc.
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/15/46
..............................
750,000
589,462
Virginia
1.3%
d
Cherry
Hill
Community
Development
Authority
,
Special
Assessment
,
144A,
2015
,
5.4
%
,
3/01/45
.........................................................
995,000
995,867
James
City
County
Economic
Development
Authority
,
Virginia
United
Methodist
Homes
of
Williamsburg,
Inc.
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
6/01/47
.....................................
1,000,000
810,002
Williamsburg
Landing,
Inc.
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
12/01/50
.......................................................
1,235,000
999,768
d
Lower
Magnolia
Green
Community
Development
Authority
,
Special
Assessment
,
144A,
2015
,
5
%
,
3/01/35
.................................................
430,000
430,104
Suffolk
Economic
Development
Authority
,
EveryAge
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
9/01/31
.............................................
500,000
500,113
3,735,854
Washington
4.2%
Grays
Harbor
County
Public
Hospital
District
No.
1
,
Revenue
,
2023
,
Refunding
,
6.875
%
,
12/01/53
..................................................
3,000,000
3,267,738
d
Kalispel
Tribe
of
Indians
,
Revenue
,
144A,
2018
A
,
5.25
%
,
1/01/38
...............
750,000
760,949
Skagit
County
Public
Hospital
District
No.
1
,
Revenue
,
2024
,
5.5
%
,
12/01/54
.......
1,000,000
1,016,174
Washington
State
Housing
Finance
Commission
,
Revenue,
2023-1,
A,
3.375%,
4/20/37
..................................
3,117,898
2,915,607
g
Revenue,
FRN,
2024-1,
A,
3.812%,
3/20/40
..............................
741,001
722,936
d
Presbyterian
Retirement
Communities
Northwest
Obligated
Group,
Revenue,
144A,
2016
A,
Refunding,
5%,
1/01/36
.....................................
1,175,000
1,179,952
d
Seattle
Academy
of
Arts
&
Sciences,
Revenue,
144A,
2023,
Refunding,
6.375%,
7/01/63
........................................................
560,000
596,069
d
Spokane
International
Academy,
Revenue,
144A,
2021
A,
5%,
7/01/56
..........
1,130,000
974,316
d
Wesley
Homes
Lea
Hill
LLC,
Revenue,
144A,
2016,
Refunding,
5%,
7/01/36
.....
580,000
580,256
12,013,997
West
Virginia
2.0%
West
Virginia
Hospital
Finance
Authority
,
Vandalia
Health,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
6
%
,
9/01/48
...............................
5,250,000
5,665,787
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
8.8%
Public
Finance
Authority
,
Revenue,
2023-1,
A,
5.75%,
7/01/62
...................................
$
2,082,473
$
2,157,665
d
AMCP
Franklin
LLC,
Revenue,
144A,
2025
A-T,
10%,
12/01/60
...............
650,000
654,270
Celanese
US
Holdings
LLC,
Revenue,
2016
C,
Refunding,
4.3%,
11/01/30
.......
300,000
299,986
d
CFC-SA
LLC,
Revenue,
Sub.
Lien,
144A,
2022
B,
6%,
2/01/62
................
1,000,000
1,024,153
d
CHF
-
Manoa
LLC,
Revenue,
Senior
Lien,
144A,
2023
A,
5.75%,
7/01/63
........
1,000,000
955,415
d
Church
Home
of
Hartford
Obligated
Group,
Revenue,
144A,
2015
A,
Refunding,
5%,
9/01/30
........................................................
945,000
945,847
d
Dominium
Holdings
I
LLC,
Revenue,
144A,
2024-1,
B-1,
6.81%,
4/28/36
........
1,425,000
1,477,939
d
Foundation
Academy
Charter
School
A
NJ
Nonprofit
Corp.,
Revenue,
144A,
2024,
5%,
7/01/55
....................................................
1,000,000
912,621
KSU
Bixby
Real
Estate
Foundation
LLC,
Revenue,
Sub.
Lien,
2025
B,
5.5%,
6/15/55
410,000
410,569
d
Mary's
Woods
at
Marylhurst
Obligated
Group,
Revenue,
144A,
2017
A,
Refunding,
5.25%,
5/15/37
..................................................
380,000
382,578
d
North
Carolina
Leadership
Charter
Academy,
Inc.,
Revenue,
144A,
2019
A,
5%,
6/15/54
........................................................
910,000
820,080
Piedmont
Community
Charter
School,
Inc.,
Revenue,
2019,
5%,
6/15/53
........
1,150,000
1,084,370
d
Roseman
University
of
Health
Sciences,
Revenue,
144A,
2020,
5%,
4/01/40
.....
1,085,000
1,092,975
d
Southminster,
Inc.
Obligated
Group,
Revenue,
144A,
2018,
5%,
10/01/48
........
800,000
760,916
SR
400
Peach
Partners
LLC,
Revenue,
Senior
Lien,
2025,
5.75%,
12/31/65
......
500,000
511,671
SR
400
Peach
Partners
LLC,
Revenue,
Senior
Lien,
2025,
6.5%,
12/31/65
.......
2,100,000
2,312,552
d
UHF
RISE
Student
Housing
LLC,
Revenue,
144A,
2021
A-1,
4%,
7/01/61
........
600,000
416,275
d
UNC
Charlotte
Marriott
Hotel
&
Conference
Center,
Revenue,
144A,
2021
A,
4%,
9/01/51
........................................................
2,000,000
1,530,006
d
WFCS
Holdings
LLC,
Revenue,
144A,
2020
A-1,
5%,
1/01/55
.................
1,700,000
1,459,136
Wisconsin
Health
&
Educational
Facilities
Authority
,
Froedtert
ThedaCare
Health
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
4/01/41
........................................................
4,000,000
3,913,990
Oakwood
Lutheran
Senior
Ministries
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/57
....................................................
650,000
507,684
PHW
Menomonee
Falls,
Inc.,
Revenue,
2024,
6.125%,
10/01/59
..............
300,000
310,801
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
9/15/41
........................................................
270,000
252,466
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
9/15/45
........................................................
1,150,000
1,013,054
25,207,019
U.S.
Territories
11.6%
District
of
Columbia
7.8%
District
of
Columbia
,
GO,
2023
A,
5%,
1/01/45
............................................
6,675,000
7,106,572
Ingleside
Presbyterian
Retirement
Community
Obligated
Group,
Revenue,
2017
A,
5%,
7/01/52
....................................................
1,000,000
917,831
International
School
Obligated
Group,
Revenue,
2019,
5%,
7/01/39
............
400,000
407,246
KIPP
DC
Obligated
Group,
Revenue,
2019,
4%,
7/01/44
....................
750,000
675,355
Latin
American
Montessori
Bilingual
Public
Charter
School
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
6/01/50
...............................
2,470,000
2,256,901
Plenary
Infrastructure
DC
LLC,
Revenue,
2022
A,
5.5%,
8/31/35
..............
1,140,000
1,300,341
Plenary
Infrastructure
DC
LLC,
Revenue,
2022
A,
5.5%,
8/31/36
..............
1,365,000
1,568,134
d
Rocketship
DC
Obligated
Group,
Revenue,
144A,
2021
A,
5%,
6/01/61
.........
400,000
327,178
f
Tobacco
Settlement
Financing
Corp.,
Revenue,
2006
A,
7.39%,
6/15/46
.........
7,500,000
1,785,896
e
Metropolitan
Washington
Airports
Authority
,
Dulles
Toll
Road
,
Revenue,
Sub.
Lien
,
2019
B
,
Refunding
,
4
%
,
10/01/53
..........................................
1,065,000
909,380
e
Washington
Metropolitan
Area
Transit
Authority
,
Dedicated
,
Revenue,
Second
Lien
,
2024
A
,
5
%
,
7/15/56
................................................
5,000,000
5,137,751
22,392,585
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
3.8%
Commonwealth
of
Puerto
Rico
,
GO,
2022
A-1,
4%,
7/01/33
..........................................
$
1,920,000
$
1,918,891
GO,
2022
A-1,
4%,
7/01/41
..........................................
3,388,447
3,175,093
i
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
TT
,
5
%
,
7/01/37
................
1,815,000
1,281,844
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
...
4,700,000
4,495,549
10,871,377
Total
U.S.
Territories
....................................................................
33,263,962
Total
Municipal
Bonds
(Cost
$390,519,504)
.....................................
390,870,992
Total
Long
Term
Investments
(Cost
$390,519,504)
...............................
390,870,992
a
a
a
a
a
Short
Term
Investments
3.9%
Shares
a
Management
Investment
Companies
3.9%
k,l
Putnam
Short
Term
Investment
Fund,
Class
P,
3.843%
.......................
11,296,546
11,296,546
Total
Management
Investment
Companies
(Cost
$11,296,546)
....................
11,296,546
Total
Short
Term
Investments
(Cost
$11,296,546)
................................
11,296,546
a
Total
Investments
(Cost
$401,816,050)
140.1%
..................................
$402,167,538
Remarketed
Preferred
Shares
(34.6)%
.........................................
(99,350,000)
Floating
Rate
Notes
Issued
(6.5)%
.............................................
(18,700,374)
Other
Assets,
less
Liabilities
1.0%
.............................................
2,890,015
Net
Assets
100.0%
...........................................................
$287,007,179
See
Abbreviations
on
page
32
.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
8
regarding
fair
value
measurements.
b
Non-income
producing.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
April
30,
2026,
the
aggregate
value
of
these
securities
was
$87,117,594,
representing
30.4%
of
net
assets.
e
Underlying
security
in
a
tender
option
bond
transaction.
This
security
has
been
segregated
as
collateral
for
financing
transactions.
f
The
rate
shown
represents
the
yield
at
period
end.
g
The
coupon
rate
shown
represents
the
rate
at
period
end.
h
Security
purchased
on
a
when-issued
basis.
See
Note
1(b).
i
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
7.
j
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(b).
k
See
Note
4(d)
regarding
investments
in
affiliated
management
investment
companies.
l
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Managed
Municipal
Income
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
April
30,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
Putnam
Managed
Municipal
Income
Trust
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$390,519,504
Cost
-
Non-controlled
affiliates
(Note
4
d
)
........................................................
11,296,546
Value
-
Unaffiliated
issuers
..................................................................
$390,870,992
Value
-
Non-controlled
affiliates
(Note
4
d
)
.......................................................
11,296,546
Receivables:
Dividends
and
interest
.....................................................................
6,299,309
Prepaid
expenses
..........................................................................
58,655
Total
assets
..........................................................................
408,525,502
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
2,554,477
Management
fees
.........................................................................
385,484
Trustees'
fees
and
expenses
.................................................................
89,758
Floating
rate
notes
issued
...................................................................
18,700,374
Distributions
to
preferred
shareholders
(Note
1e)
..................................................
41,478
Preferred
share
remarketing
agent
fees
.........................................................
213,815
Accrued
interest
(Note
1
c
)
...................................................................
109,777
Accrued
expenses
and
other
liabilities
...........................................................
73,160
Total
liabilities
.........................................................................
22,168,323
Series
A
remarketed
preferred
shares:
(240
shares
authorized
and
issued
at
$100,000
per
share)
(Note
3)
........
24,000,000
Series
C
remarketed
preferred
shares:
(1,507
shares
authorized
and
issued
at
$50,000
per
share)
(Note
3)
.......
75,350,000
Net
assets
applicable
to
common
shares,
at
value
..........................................
$287,007,179
Net
assets
applicable
to
common
shares
consist
of:
Paid-in
capital
.............................................................................
$316,208,908
Total
distributable
earnings
(losses)
.............................................................
(29,201,729)
Net
assets
applicable
to
common
shares,
at
value
..........................................
$287,007,179
Common
shares
outstanding
..................................................................
42,833,397
Net
asset
value
per
common
share
a
.............................................................
$6.70
a
Net
asset
value
per
common
share
may
not
recalculate
due
to
rounding.
Putnam
Managed
Municipal
Income
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
April
30,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
Putnam
Managed
Municipal
Income
Trust
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
4
d
)
.............................................................
$72,415
Interest:
Unaffiliated
issuers
........................................................................
9,941,761
Total
investment
income
...................................................................
10,014,176
Expenses:
Management
fees
(Note
4
a
)
...................................................................
1,051,952
Transfer
agent
fees
.........................................................................
76,143
Custodian
fees
............................................................................
970
Reports
to
shareholders
fees
..................................................................
48,529
Registration
and
filing
fees
....................................................................
21,952
Professional
fees
...........................................................................
94,808
Trustees'
fees
and
expenses
(Note
4
c
)
...........................................................
44,820
Preferred
share
remarketing
agent
fees
..........................................................
74,722
Interest
expense
(Note
1
c
)
....................................................................
252,360
Other
....................................................................................
38,518
Total
expenses
.........................................................................
1,704,774
Expenses
waived/paid
by
affiliates
(Note
4a
and
4
d
)
..............................................
(270,966)
Net
expenses
.........................................................................
1,433,808
Net
investment
income
................................................................
8,580,368
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
262,317
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(109,958)
Net
realized
and
unrealized
gain
(loss)
............................................................
152,359
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$8,732,727
Distributions
to
remarketed
preferred
shareholders
(Note
1e)
............................................
(2,136,626)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
resulting
from
operations
...................
$6,596,101
Putnam
Managed
Municipal
Income
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
Putnam
Managed
Municipal
Income
Trust
Six
Months
Ended
April
30,
2026
(unaudited)
Year
Ended
October
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$8,580,368
$16,695,448
Net
realized
gain
(loss)
.................................................
262,317
(5,760,088)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(109,958)
1,155,810
Distributions
to
remarketed
preferred
shareholders
............................
(2,136,626)
(4,850,639)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
resulting
from
operations
......................................................
6,596,101
7,240,531
Distributions
to
common
shareholders
.......................................
(6,810,510)
(10,286,525)
Distributions
to
common
shareholders
from
tax
return
of
capital
....................
—
(2,655,333)
Total
distributions
to
common
shareholders
...................................
(6,810,510)
(12,941,858)
Capital
share
transactions
from
-
repurchase
of
shares
(Note
2
)
....................
—
(11,232,031)
Net
increase
(decrease)
in
net
assets
...................................
(214,409)
(16,933,358)
Net
assets
applicable
to
common
shares:
Beginning
of
period
.....................................................
287,221,588
304,154,946
End
of
period
..........................................................
$287,007,179
$287,221,588
Putnam
Managed
Municipal
Income
Trust
25
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
1.
Organization
and
Significant
Accounting
Policies
Putnam
Managed
Municipal
Income
Trust (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
a
closed-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
On
May
15,
2026,
the
Fund's
Board
of
Trustees
approved
a
proposal
to
change
the
name
of
the
Fund
to
Franklin
Managed
Municipal
Income
Trust,
effective
July
15,
2026.
The
following
summarizes
the 
Fund
's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Debt
securities
generally
trade
in
the over-the-counter
(OTC)
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
b.
Securities
Purchased
on
a
When-Issued,
Forward
Commitment or
Delayed
Delivery
Basis
The
Fund
may
purchase
securities
on
a when-issued,
forward
commitment
or
delayed
delivery basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities, it
may
sell
the
securities
before
the
settlement
date.
c.
Tender
Option
Bonds
The
Fund
may
participate
in
transactions
whereby
a
fixed-
rate
bond
is
transferred
to
a
tender
option
bond
trust
(TOB
trust)
sponsored
by
a
broker.
The
TOB
trust
funds
the
purchase
of
the
fixed
rate
bonds
by
issuing
floating-rate
bonds
to
third
parties
and
allowing
the
Fund
to
retain
the
residual
interest
in
the
TOB
trust’s
assets
and
cash
flows,
which
are
in
the
form
of
inverse
floating
rate
bonds.
The
inverse
floating
rate
bonds
held
by
the
Fund
give
the
Fund
Putnam
Managed
Municipal
Income
Trust
Notes
to
Financial
Statements
(unaudited)
26
franklintempleton.com
Semiannual
Report
the
right
to
(1)
cause
the
holders
of
the
floating
rate
bonds
to
tender
their
notes
at
par,
and
(2)
to
have
the
fixed-rate
bond
held
by
the
TOB
trust
transferred
to
the
Fund,
causing
the
TOB
trust
to
collapse.
The
Fund
accounts
for
the
transfer
of
the
fixed-rate
bond
to
the
TOB
trust
as
a
secured
borrowing
by
including
the
fixed-rate
bond
in
the
Fund’s
portfolio
and
including
the
floating
rate
bond
as
a
liability
in
the
Statement
of
Assets
and
Liabilities.
At
the
close
of
the
reporting
period,
the
Fund’s
investments
with
a
value
of
$26,756,784
were
held
by
the
TOB
trust
and
served
as
collateral
for
$18,700,374 in
floating-rate
bonds
outstanding.
For
the
reporting
period
ended
April
30,
2026,
the
average
monthly
amount
of
floating
rate
notes
outstanding
was
$18,325,420,
and
the
Fund
incurred
interest
expense
of
$200,602
for
these
investments
based
on
an
average
interest
rate
of
2.53%.
d.
Income
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and
if
applicable,
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
April
30,
2026, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
The
Fund’s
federal
and
state
income
and
federal
excise
tax
returns
for
the
prior
three
fiscal
years
are
subject
to
examination
by
the
Internal
Revenue
Service
and
state
departments
of
revenue.
e.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Distributions
to
common
and
preferred
shareholders
from
net
investment
income,
if
any,
are
recorded
by
the
Fund
on
the
ex-dividend
date.
Distributions
from
capital
gains,
if
any,
are
recorded
on
the
ex-dividend
date
and
paid
at
least
annually.
The
Fund
pays
targeted
distribution
rates
to
its
common
shareholders.
Distributions
are
sourced
first
from
tax-exempt
and
ordinary
income.
The
balance
of
the
distributions,
if
any,
comes
next
from
capital
gain
and
then
will
constitute
a
return
of
capital.
A
return
of
capital
is
not
taxable;
rather
it
reduces
a
shareholder’s
tax
basis
in
their
shares
of
the
Fund.
The
Fund
may
make
return
of
capital
distributions
to
achieve
the
targeted
distribution
rates.
Dividends
on
remarketed
preferred
shares
become
payable
when,
as
and
if
declared
by
the
Trustees.
Each
dividend
period
for
the
remarketed
preferred
Series
A
shares
is
generally
a
28
day
period,
and
generally
a
7
day
period
for
Series
C.
The
applicable
dividend
rate
for
the
remarketed
preferred
shares
on April
30,
2026
was
4.18%
on
Series
A,
and
4.05%
for
Series
C.
The
amount
and
character
of
income
and
gains
to
be
distributed
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
generally
accepted
accounting
principles.
Dividend
sources
are
estimated
at
the
time
of
declaration.
Actual
results
may
vary.
Any
non-
taxable
return
of
capital
cannot
be
determined
until
final
tax
calculations
are
completed
after
the
end
of
the
Fund’s
fiscal
year.
Reclassifications
are
made
to
the
Fund’s
capital
accounts
to
reflect
income
and
gains
available
for
distribution
(or
available
capital
loss
carryovers)
under
income
tax
regulations.
During
the
reporting
period,
the
Fund
has
experienced
unsuccessful
remarketings
of
its
remarketed
preferred
shares.
As
a
result,
dividends
to
the
remarketed
preferred
shares
have
been
paid
at
the
“maximum
dividend
rate,”
pursuant
to
the
Fund’s
by-laws,
which,
based
on
the
current
credit
quality
of
the
remarketed
preferred
shares,
equals
110%
of
the
60-day
“AA”
composite
commercial
paper
rate.
f.
Insurance
The
scheduled
payments
of
interest
and
principal
for
each
insured
municipal
security
in
the
Fund
are
insured
by
either
a
new
issue
insurance
policy
or
a
secondary
insurance
policy.
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Tender
Option
Bonds
(continued)
Putnam
Managed
Municipal
Income
Trust
Notes
to
Financial
Statements
(unaudited)
27
franklintempleton.com
Semiannual
Report
Depending
on
the
type
of
coverage,
premiums
for
insurance
are
either
added
to
the
cost
basis
of
the
security
or
paid
by
a
third
party.
Insurance
companies
typically
insure
municipal
bonds
that
tend
to
be
of
very
high
quality,
with
the
majority
of
underlying
municipal
bonds
rated
A
or
better.
However,
an
event
involving
an
insurer
could
have
an
adverse
effect
on
the
value
of
the
securities
insured
by
that
insurance
company.
There
can
be
no
assurance
the
insurer
will
be
able
to
fulfill
its
obligations
under
the
terms
of
the
policy.
g.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
h.
Guarantees
and
Indemnifications
Under
the Fund's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the
Fund against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Fund
that
have
not
yet
occurred.
Currently,
the Fund
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
April
30,
2026,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
During
the periods
ended
April
30,
2026 and October
31,
2025,
there
were
no
shares
issued;
all
reinvested
distributions
were
satisfied
with
previously
issued
shares
purchased
in
the
open
market.
In
September
2025,
the
Board
authorized
management
to
renew
the
Fund’s
open-market
share
repurchase
program.
Under
the
program,
the
Fund
may
purchase,
from
time
to
time,
fund
shares
in
open-market
transactions,
at
the
discretion
of
management.
This
authorization
remains
in
effect.
Repurchases
are
made
when
the
Fund’s
shares
are
trading
at
less
than
net
asset
value
and
therefore
increase
the
net
asset
value
per
share
of
the
Fund’s
remaining
shares.
Transactions
in
the
Fund's
shares
were
as
follows:
3.
Preferred
Shares
The
Series
A
(240)
and
C
(1,507)
remarketed
Preferred
shares
are
redeemable
at
the
option
of
the
Fund
on
any
dividend
payment
date
at
a
redemption
price
of
$100,000
per
Series
A
remarketed
Preferred
share
and
$50,000
per
Series
C
remarketed
Preferred
share,
plus
an
amount
equal
to
any
dividends
accumulated
on
a
daily
basis
but
unpaid
through
the
redemption
date
(whether
or
not
such
dividends
have
been
declared)
and,
in
certain
circumstances,
a
call
premium.
Period
Ended
April
30,
2026
Year
Ended
October
31,
2025
Shares
Amount
Shares
Amount
Shares
repurchased
.............................................
–
$–
1,829,334
$11,232,031
Weighted
average
discount
of
cost
of
repurchase
to
net
asset
value
of
shares
repurchased
.................................................
–%
8.39%
1.
Organization
and
Significant
Accounting
Policies
(continued)
f.
Insurance
(continued)
Putnam
Managed
Municipal
Income
Trust
Notes
to
Financial
Statements
(unaudited)
28
franklintempleton.com
Semiannual
Report
It
is
anticipated
that
dividends
paid
to
holders
of
remarketed
preferred
shares
will
be
considered
tax-exempt
dividends
under
the
Internal
Revenue
Code
of
1986.
To
the
extent
that
the
Fund
earns
taxable
income
and
capital
gains
by
the
conclusion
of
a
fiscal
year,
it
may
be
required
to
apportion
to
the
holders
of
the
remarketed
preferred
shares
throughout
that
year
additional
dividends
as
necessary
to
result
in
an
after-tax
equivalent
to
the
applicable
dividend
rate
for
the
period.
Under
the
1940
Act,
the
Fund
is
required
to
maintain
asset
coverage
of
at
least
200%
with
respect
to
the
remarketed
preferred
shares.
Additionally,
the
Fund’s
bylaws
impose
more
stringent
asset
coverage
requirements
and
restrictions
relating
to
the
rating
of
the
remarketed
preferred
shares
by
the
shares’
rating
agencies.
Should
these
requirements
not
be
met,
or
should
dividends
accrued
on
the
remarketed
preferred
shares
not
be
paid,
the
Fund
may
be
restricted
in
its
ability
to
declare
dividends
to
common
shareholders
or
may
be
required
to
redeem
certain
of
the
remarketed
preferred
shares.
At
April
30,
2026,
no
such
restrictions
have
been
placed
on
the
Fund.
4.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the Fund are
also
officers
and/or
trustees of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays Advisers
for
management
and
investment
advisory
services
quarterly
based
on
the
average
net
assets
of
the
Fund,
including
assets
attributable
to
preferred
shares.
Such
fee
is
based
on
the
following
annual
rates
based
on
the
average
weekly
net
assets
attributable
to
common
and
preferred
shares.
The
lesser
of
(i)
0.550%
of
average net
assets
attributable
to
common
and
preferred
shares
outstanding,
or
(ii)
the
following
rates:
For
the
reporting
period,
the
management
fee
represented
an
effective
rate
(excluding
the
impact
from
any
expense
waivers
in
effect)
of 0.550%
of
the
Fund’s
average
net
assets
attributable
to
common
and
preferred
shares
outstanding.
If
dividends
payable
on
remarketed
preferred
shares
during
any
dividend
payment
period
plus
any
expenses
attributable
to
remarketed
preferred
shares
for
that
period
exceed
the
Fund’s
gross
income
attributable
to
the
proceeds
of
the
remarketed
preferred
shares
during
that
period,
then
the
fee
payable
to Advisers
for
that
period
will
be
reduced
by
the
amount
of
the
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Investment
Management
Limited
(FTIML)
Subadvisor
Putnam
Investment
Management,
LLC
(Putnam
Management)
Subadvisor
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Annualized
Fee
Rate
Net
Assets
0.650%
of
the
first
$500
million
of
average
weekly
net
assets,
0.550%
of
the
next
$500
million
of
average
weekly
net
assets,
0.500%
of
the
next
$500
million
of
average
weekly
net
assets,
0.450%
of
the
next
$5
billion
of
average
weekly
net
assets,
0.425%
of
the
next
$5
billion
of
average
weekly
net
assets,
0.405%
of
the
next
$5
billion
of
average
weekly
net
assets,
0.390%
of
the
next
$5
billion
of
average
weekly
net
assets
and
0.380%
of
any
excess
thereafter.
3.
Preferred
Shares
(continued)
Putnam
Managed
Municipal
Income
Trust
Notes
to
Financial
Statements
(unaudited)
29
franklintempleton.com
Semiannual
Report
excess
(but
not
more
than
the
effective
management
fees
rate
under
the
contract
multiplied
by
the
liquidation
preference
of
the
remarketed
preferred
shares
outstanding
during
the
period).
For
the
reporting
period, Advisers
reimbursed
$270,966 to
the
Fund.
Any
amount
in
excess
of
the
fee
payable
to Advisers
for
a
given
period
will
be
used
to
reduce
any
subsequent
fee
payable
to Advisers,
as
may
be
necessary.
As
of
the
reporting
period,
this
excess
amounted
to
$2,700,796.
Advisers
retained
Putnam
Management
as
subadvisor
for
the
Fund.
Pursuant
to
the
agreement,
Putnam
Management
provides
certain
advisory
and
related
services
to
the
Fund.
Advisers
pays
a
monthly
fee
to
Putnam
Management
based
on
the
costs
of
Putnam
Management
in
providing
these
services
to
the
Fund,
which
may
include
a
mark-up
not
to
exceed
15%
over
such
costs.
Under
a
subadvisory
agreement,
FTIML
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid
by
Advisers
based
on
the
average
net
assets
managed
by
FTIML,
and
is
not
an
additional
expense
of
the
Fund.
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Advisers
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
The
Fund
reimburses
Advisers
an
allocated
amount
for
the
compensation
and
related
expenses
of
certain
officers
of
the
Fund
and
their
staff
who
provide
administrative
services
to
the
Fund.
The
aggregate
amount
of
all
such
reimbursements
is
determined
annually
by
the
Trustees.
c.
Trustee
Fees
The
Fund
has
adopted
a
Trustee
Fee
Deferral
Plan
(the
Deferral
Plan)
which
allows
the
Trustees,
who
were
serving
prior
to
April
25,
2025, to
defer
the
receipt
of
all
or
a
portion
of
Trustees'
fees
payable
from
July
1,
1995
through
December
31,
2023.
The
deferred
fees
remain
invested
in
certain
Putnam
funds
until
distribution
in
accordance
with
the
Deferral
Plan.
The
Fund
has
adopted
an
unfunded
noncontributory
defined
benefit
pension
plan
(the
Pension
Plan)
covering
all
Trustees
of
the
Fund,
who
were
serving
prior
to
April
25,
2025
and
who
have
served
as
a
Trustee
for
at
least
five
years
and
were
first
elected
prior
to
2004.
Benefits
under
the
Pension
Plan
are
equal
to
50%
of
the
Trustee's
average
annual
attendance
and
retainer
fees
for
the
three
years
ended
December
31,
2005.
The
retirement
benefit
is
payable
during
a
Trustee's
lifetime,
beginning
the
year
following
retirement,
for
the
number
of
years
of
service
through
December
31,
2006.
Pension
expense
for
the
Fund
is
included
in
the
Trustees' fees
and
expenses
in
the
Statement
of
Operations.
Accrued
pension
liability
is
included
in
Payable
for
Trustees' fees
and
expenses
in
the
Statement
of
Assets
and
Liabilities.
The
Trustees
have
terminated
the
Pension
Plan
with
respect
to
any
Trustee
first
elected
after
2003.
d.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees,
if
applicable, paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
April
30,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4.
Transactions
with
Affiliates
(continued)
a.
Management
Fees
(continued)
Putnam
Managed
Municipal
Income
Trust
Notes
to
Financial
Statements
(unaudited)
30
franklintempleton.com
Semiannual
Report
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
October
31,
2025,
the
capital
loss
carryforwards
were
as
follows:
At
April
30,
2026,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
bond
discounts
and
premiums.
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
April
30,
2026,
aggregated
$31,967,002 and
$43,293,766,
respectively. 
7.
Credit
Risk
and
Defaulted
Securities
At
April
30,
2026,
the
Fund
had 32.4% of
its
portfolio
invested
in
high
yield
securities rated
below
investment
grade
and
unrated
securities.
These
securities
may
be
more
sensitive
to
economic
conditions
causing
greater
price
volatility
and
are
potentially
subject
to
a
greater
risk
of
loss
due
to
default
than
higher
rated
securities.
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Putnam
Managed
Municipal
Income
Trust
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
3.843%
......
$110,154
$38,044,360
$(26,857,968)
$—
$—
$11,296,546
11,296,546
$72,415
Total
Affiliated
Securities
...
$110,154
$38,044,360
$(26,857,968)
$—
$—
$11,296,546
$72,415
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$
8,133,562
Long
term
................................................................................
21,817,042
Total
capital
loss
carryforwards
...............................................................
$29,950,604
Cost
of
investments
..........................................................................
$401,215,968
Unrealized
appreciation
........................................................................
$11,615,833
Unrealized
depreciation
........................................................................
(10,664,263)
Net
unrealized
appreciation
(depreciation)
..........................................................
$951,570
4.
Transactions
with
Affiliates
(continued)
d.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Putnam
Managed
Municipal
Income
Trust
Notes
to
Financial
Statements
(unaudited)
31
franklintempleton.com
Semiannual
Report
The
Fund held
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
April
30,
2026,
the
aggregate
value
of
these
securities was
$1,443,449, representing 0.5%
of
the
Fund's
net
assets.
The
Fund
discontinues
accruing
income
on
securities
for
which
income
has
been
deemed
uncollectible
and
provides
an
estimate
for
losses
on
interest
receivable.
The
securities
have
been
identified
in
the
accompanying Schedule
of
Investments.
8.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
April
30,
2026,
in
valuing
the
Fund's assets carried
at
fair
value,
is
as
follows:
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period.
Level
1
Level
2
Level
3
Total
Putnam
Managed
Municipal
Income
Trust
Assets:
Investments
in
Securities:
a
Warrants
...............................
$
—
$
—
$
—
b
$
—
Municipal
Bonds
.........................
—
390,870,992
—
390,870,992
Short
Term
Investments
...................
11,296,546
—
—
11,296,546
Total
Investments
in
Securities
...........
$11,296,546
$390,870,992
$—
$402,167,538
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
financial
instruments
determined
to
have
no
value.
7.
Credit
Risk
and
Defaulted
Securities
(continued)
Putnam
Managed
Municipal
Income
Trust
Notes
to
Financial
Statements
(unaudited)
32
franklintempleton.com
Semiannual
Report
9.
Distributions
Subsequent
to
April
30,
2026
The
following
distributions
have
been
declared
by
the
Fund’s
Board
and
are
payable
subsequent
to
the
period
end
of
this
report.
10.
Operating
Segments
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
portfolio
managers
assigned
to
the
Fund
within
the
Fund’s
investment
manager serve
as
the
Chief
Operating
Decision
Maker
(“CODM”)
and
are
responsible
for
evaluating
the
Fund's
operating
results
and
allocating
resources
in
accordance
with
the
Fund’s
investment
strategy.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights. 
11.
Subsequent
Events
The Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure
other
than
those
already
disclosed
in
the
financial
statements.
Abbreviations
Record
Date 
Payable
Date
Amount
5/21/2026
5/29/2026
$0.0265 
6/23/2026
6/30/2026
$0.0330
7/24/2026
7/31/2026
$0.0330
8/24/2026
8/31/2026
$0.0330
Selected
Portfolio
AG
Assured
Guaranty,
Inc.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
FRN
Floating
Rate
Note
GO
General
Obligation
PUTNAM
MANAGED
MUNICIPAL
INCOME
TRUST
33
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Semiannual
Report
Important
Information
to
Shareholders
Share
Repurchase
Program
In
September
2025,
the
Trustees
of
the
Fund
authorized
a
share
repurchase
program
that
allows
the
Fund
to
repurchase,
beginning
October
1,
2025,
up
to
10%
of
the
Fund's
common
shares
outstanding
as
of
September
30,
2025.
Managed
Distribution
Plan
The
Fund
has
implemented
a
managed
distribution
plan
(the
“Distribution
Plan”)
whereby
the
Fund
will
distribute
a
level
distribution
amount
to
shareholders.
Until
May
31,
2026,
the
Fund
made
monthly
distributions
to
shareholders
at
the
rate
of
$0.0265
per
share.
Effective
June
1,
2026,
the
Fund
intends
to
make
monthly
distributions
to
shareholders
at
the
rate
of
$0.0330
per
share.
Management
will
generally
distribute
amounts
necessary
to
satisfy
the
Distribution
Plan
and
the
requirements
prescribed
by
excise
tax
rules
and
Subchapter
M
of
the
Internal
Revenue
Code.
The
Distribution
Plan
is
intended
to
provide
shareholders
with
a
consistent
distribution
each
month
and
is
intended
to
narrow
the
discount
between
the
market
price
and
the
NAV
of
the
Fund’s
common
shares,
but
there
is
no
assurance
that
the
Distribution
Plan
will
be
successful
in
doing
so.
Under
the
Distribution
Plan,
to
the
extent
that
sufficient
investment
income
is
not
available
on
a
monthly
basis,
the
Fund
will
distribute
long-term
capital
gains
and/or
return
of
capital
in
order
to
maintain
its
managed
distribution
rate.
No
conclusions
should
be
drawn
about
the
Fund’s
investment
performance
from
the
amount
of
the
Fund’s
distributions
or
from
the
terms
of
the
Distribution
Plan.
The
Board
may
amend
the
terms
of
the
Distribution
Plan
or
terminate
the
Distribution
Plan
at
any
time
without
prior
notice
to
the
Fund’s
shareholders,
however,
at
this
time
there
are
no
reasonably
foreseeable
circumstances
that
might
cause
the
termination
of
the
Distribution
Plan.
The
amendment
or
termination
of
the
Distribution
Plan
could
have
an
adverse
effect
on
the
market
price
of
the
Fund’s
common
shares.
The
Distribution
Plan
will
be
subject
to
the
periodic
review
by
the
Board,
including
a
yearly
review
of
the
annual
minimum
fixed
rate
to
determine
if
an
adjustment
should
be
made.
Shareholders
should
not
draw
any
conclusions
about
the
Fund’s
investment
performance
from
the
amount
of
the
current
distribution
of
from
the
terms
of
the
Distribution
Plan.
The
Fund
will
send
a
Form
1099-DIV
to
shareholders
for
the
calendar
year
that
will
describe
how
to
report
the
Fund’s
distributions
for
federal
income
tax
purposes.
In
compliance
with
Rule
19a-1
of
the
1940
Act,
shareholders
will
receive
a
notice
that
details
the
source
of
income
for
each
dividend
such
as
net
investment
income,
gain
from
the
sale
of
securities
and
return
of
principal.
However,
determination
of
the
actual
source
of
the
Fund’s
dividend
can
only
be
made
at
year-end.
The
actual
source
amounts
of
all
Fund
dividends
will
be
included
in
the
Fund’s
annual
or
semiannual
reports.
In
addition,
the
tax
treatment
may
differ
from
the
accounting
treatment
used
to
calculate
the
source
of
the
Fund’s
dividends
as
shown
on
shareholders’
statements.
Shareholders
should
refer
to
their
Form
1099-DIV
for
the
character
and
amount
of
distributions
for
income
tax
reporting
purposes.
Since
each
shareholder’s
tax
situation
is
unique,
it
may
be
advisable
to
consult
a
tax
advisor
as
to
the
appropriate
treatment
of
Fund
distributions.
Putnam
Managed
Municipal
Income
Trust
Annual
Meeting
of
Shareholders:
April
17,
2026
(unaudited)
34
franklintempleton.com
Semiannual
Report
The
Annual
Meeting
of
Shareholders
of
the
Fund
was
held
at
the
Fund’s
offices,
1
Madison
Ave,
New
York,
NY,
on
April
17,
2026.
The
purpose
of
the
meeting
was
to
elect
Trustees
of
the
Fund
and
to
fix
the
number
of
Trustees
for
the
Fund
at
eight.
At
the
meeting,
the
Common
Stock
Trustees
were
elected
by
a
majority
of
the
votes
entitled
to
be
cast
by
the
holders
of
shares
of
the
Fund’s
Common
Shares
and
Preferred
Shares
voting
together
as
a
single
class.
Due
to
a
lack
of
quorum
of
preferred
shareholders,
voting
as
a
separate
class,
the
election
of
the
2
Trustee
positions
by
the
preferred
shareholders
concluded
without
a
shareholder
vote.
Shareholders
also
fixed
the
number
of
Trustees
for
the
Fund
at
eight.
No
other
business
was
transacted
at
the
meeting
with
respect
to
the
Fund.
The
results
of
the
voting
at
the
Annual
Meeting
are
as
follows:
1.
Election
of
Trustees:
*
Mr.
Agdern
and
Mr.
Mason
were
previously
elected
as
Trustees
by
the
holders
of
the
preferred
shares,
voting
as
a
separate
class,
while
the
other
Trustees
have
been
elected
by
the
holders
of
the
preferred
shares
and
common
shares
voting
together
as
a
single
class.
Mr.
Agdern
and
Mr.
Mason
will
carry
over
and
continue
to
serve
as
Trustees
given
the
lack
of
quorum
of
preferred
shareholders
voting
as
a
separate
class.
2.
Fixing
the
number
of
Trustees
at
8:
Term
Expiring
2027
For
%
of
Shares
Present
%
of
Outstanding
Shares
Withheld
%
of
Shares
Present
%
of
Outstanding
Shares
Robert
D.
Agdern*
............
Carol
L.
Colman
.............
Anthony
Grillo
...............
Eileen
A.
Kamerick
...........
Nisha
Kumar
................
Peter
Mason*
...............
Hillary
A.
Sale
...............
Jane
E.
Trust
................
54
25,932,498
31,190,755
26,132,828
30,871,034
54
26,191,269
31,782,650
100.00%
77.05%
92.68%
77.65%
91.73%
100.0%
77.82%
94.44%
3.09%
60.54%
72.81%
61.00%
72.06%
3.09%
61.14%
74.19%
0
7,720,728
2,462,471
7,520,397
2,782,192
0
7,461,957
1,870,576
0.00%
22.94%
7.31%
22.34%
8.26%
0.00%
22.17%
5.55%
0.00%
18.02%
5.74%
17.55%
6.49%
0.00%
17.42%
4.36%
Shares
Voted
%
of
Outstanding
Shares
%
of
Shares
Present
For
.......................
Against
....................
Abstain
....................
30,901,427
2,075,648
676,153
91.82%
6.16%
2.00%
72.14%
4.84%
1.57%
Putnam
Managed
Municipal
Income
Trust
35
franklintempleton.com
Semiannual
Report
Dividend
Reinvestment
and
Cash
Purchase
Plan
Putnam
Managed
Municipal
Income
Trust,
Putnam
Master
Intermediate
Income
Trust,
Putnam
Municipal
Opportunities
Trust
and
Putnam
Premier
Income
Trust
(each,
a
“Fund”
and
collectively,
the
“Funds”)
each
offer
a
dividend
reinvestment
plan
(each,
a
“Plan”
and
collectively,
the
“Plans”).
If
you
participate
in
a
Plan,
all
income
dividends
and
capital
gain
distributions
are
automatically
reinvested
in
Fund
shares
by
the
Fund’s
agent,
Computershare
Trust
Company,
N.A.
(the
“Agent”).
If
you
are
not
participating
in
a
Plan,
every
month
you
will
receive
all
dividends
and
other
distributions
in
cash,
paid
by
check
and
mailed
directly
to
you
or
your
intermediary.
Upon
a
purchase
(or,
where
applicable,
upon
registration
of
transfer
on
the
shareholder
records
of
a
Fund)
of
shares
of
a
Fund
by
a
registered
shareholder,
each
such
shareholder
will
be
deemed
to
have
elected
to
participate
in
that
Fund’s
Plan.
Each
such
shareholder
will
have
all
distributions
by
a
Fund
automatically
reinvested
in
additional
shares,
unless
such
shareholder
elects
to
terminate
participation
in
a
Plan
by
instructing
the
Agent
to
pay
future
distributions
in
cash.
Shareholders
who
were
not
participants
in
a
Plan
as
of
January
31,
2010,
will
continue
to
receive
distributions
in
cash
but
may
enroll
in
a
Plan
at
any
time
by
contacting
the
Agent.
If
you
participate
in
a
Fund’s
Plan,
the
Agent
will
automatically
reinvest
subsequent
distributions,
and
the
Agent
will
send
you
a
confirmation
in
the
mail
telling
you
how
many
additional
shares
were
issued
to
your
account.
To
change
your
enrollment
status
or
to
request
additional
information
about
the
Plans,
you
may
contact
the
Agent
in
writing
at
P.O.
Box
43006
Providence,
RI
02940-3078
or
by
calling
the
Agent
at
1-888-888-0151.
How
you
acquire
additional
shares
through
a
Plan
If
the
market
price
per
share
for
your
Fund’s
shares
(plus
estimated
brokerage
commissions)
is
greater
than
or
equal
to
their
net
asset
value
per
share
on
the
payment
date
for
a
distribution,
you
will
be
issued
shares
of
the
Fund
at
a
value
equal
to
the
higher
of
the
net
asset
value
per
share
on
that
date
or
95%
of
the
market
price
per
share
on
that
date.
If
the
market
price
per
share
for
your
Fund’s
shares
(plus
estimated
brokerage
commissions)
is
less
than
their
net
asset
value
per
share
on
the
payment
date
for
a
distribution,
the
Agent
will
buy
Fund
shares
for
participating
accounts
in
the
open
market.
The
Agent
will
aggregate
open-market
purchases
on
behalf
of
all
participants,
and
the
average
price
(including
brokerage
commissions)
of
all
shares
purchased
by
the
Agent
will
be
the
price
per
share
allocable
to
each
participant.
The
Agent
will
generally
complete
these
open-market
purchases
within
five
business
days
following
the
payment
date.
If,
before
the
Agent
has
completed
open-market
purchases,
the
market
price
per
share
(plus
estimated
brokerage
commissions)
rises
to
exceed
the
net
asset
value
per
share
on
the
payment
date,
then
the
purchase
price
may
exceed
the
net
asset
value
per
share,
potentially
resulting
in
the
acquisition
of
fewer
shares
than
if
the
distribution
had
been
paid
in
newly
issued
shares.
How
to
withdraw
from
a
Plan
Participants
may
withdraw
from
a
Fund’s
Plan
at
any
time
by
notifying
the
Agent,
either
in
writing
or
by
telephone.
Such
withdrawal
will
be
effective
immediately
if
notice
is
received
by
the
Agent
with
sufficient
time
prior
to
any
distribution
record
date;
otherwise,
such
withdrawal
will
be
effective
with
respect
to
any
subsequent
distribution
following
notice
of
withdrawal.
There
is
no
penalty
for
withdrawing
from
or
not
participating
in
a
Plan.
Plan
administration
The
Agent
will
credit
all
shares
acquired
for
a
participant
under
a
Plan
to
the
account
in
which
the
participant’s
common
shares
are
held.
Each
participant
will
be
sent
reasonably
promptly
a
confirmation
by
the
Agent
of
each
acquisition
made
for
his
or
her
account.
About
brokerage
fees
Each
participant
pays
a
proportionate
share
of
any
brokerage
commissions
incurred
if
the
Agent
purchases
additional
shares
on
the
open
market,
in
accordance
with
the
Plans.
There
are
no
brokerage
charges
applied
to
shares
issued
directly
by
the
Funds
under
the
Plans.
Putnam
Managed
Municipal
Income
Trust
Dividend
Reinvestment
and
Cash
Purchase
Plan
36
franklintempleton.com
Semiannual
Report
About
taxes
and
Plan
amendments
Reinvesting
dividend
and
capital
gain
distributions
in
shares
of
the
Funds
does
not
relieve
you
of
tax
obligations,
which
are
the
same
as
if
you
had
received
cash
distributions.
The
Agent
supplies
tax
information
to
you
and
to
the
IRS
annually.
Each
Fund
reserves
the
right
to
amend
or
terminate
its
Plan
upon
30
days’
written
notice.
However,
the
Agent
may
assign
its
rights,
and
delegate
its
duties,
to
a
successor
agent
with
the
prior
consent
of
a
Fund
and
without
prior
notice
to
Plan
participants.
If
your
shares
are
held
in
a
broker
or
nominee
name
If
your
shares
are
held
in
the
name
of
a
broker
or
nominee
offering
a
dividend
reinvestment
service,
consult
your
broker
or
nominee
to
ensure
that
an
appropriate
election
is
made
on
your
behalf.
If
the
broker
or
nominee
holding
your
shares
does
not
provide
a
reinvestment
service,
you
may
need
to
register
your
shares
in
your
own
name
in
order
to
participate
in
a
Plan.
In
the
case
of
record
shareholders
such
as
banks,
brokers
or
nominees
that
hold
shares
for
others
who
are
the
beneficial
owners
of
such
shares,
the
Agent
will
administer
the
Plan
on
the
basis
of
the
number
of
shares
certified
by
the
record
shareholder
as
representing
the
total
amount
registered
in
such
shareholder’s
name
and
held
for
the
account
of
beneficial
owners
who
are
to
participate
in
the
Plan.
38918-S
06/26
©
2026
Franklin
Templeton
Investments.
All
rights
reserved.
Investors
should
be
aware
that
the
value
of
investments
made
for
the
Fund
may
go
down
as
well
as
up.
Like
any
investment
in
securities,
the
value
of
the
Fund’s
portfolio
will
be
subject
to
the
risk
of
loss
from
market,
currency,
economic,
political
and
other
factors.
The
Fund
and
its
investors
are
not
protected
from
such
losses
by
the
Manager.
Therefore,
investors
who
cannot
accept
this
risk
should
not
invest
in
shares
of
the
Fund.
Notice
is
hereby
given
in
accordance
with
Section
23(c)
of
the
Investment
Company
Act
of
1940,
as
amended,
that
from
time
to
time
the
Fund
may
purchase,
at
market
prices,
shares
of
its
common
stock
and
preferred
stock.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Semiannual
Report
Putnam
Managed
Municipal
Income
Trust
Investment
Manager
Transfer
Agent
Fund
Information
Franklin
Advisers,
Inc.
Computershare
Inc.
P.O.
Box
43006
Providence,
RI
02940-3078
Toll
Free
Number:
1-888-888-0151
(800)
DIAL
BEN
®
/
342-5236