Annual
Report
Putnam
Managed
Municipal
Income
Trust
October
31,
2025
Not
FDIC
Insured
No
Bank
Guarantee
May
Lose
Value
.
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
April
30,
2025,
the
Fund
made
monthly
distributions
to
shareholders
at
the
rate
of
$0.0238
per
share.
Effective
May
1,
2025,
the
Fund
intends
to
make
monthly
distributions
to
shareholders
at
the
rate
of
$0.0265
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
Annual
Report
1
Contents
Fund
Overview
2
Performance
Summary
4
Financial
Highlights
and
Schedule
of
Investments
7
Financial
Statements
22
Notes
to
Financial
Statements
25
Report
of
Independent
Registered
Public
Accounting
Firm
34
Tax
Information
35
Important
Information
to
Shareholders
36
Annual
Meeting
of
Shareholders
44
Dividend
Reinvestment
and
Cash
Purchase
Plan
45
Board
Members
and
Officers
47
Shareholder
Information
51
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Annual
Report
Putnam
Managed
Municipal
Income
Trust
Dear
Shareholder,
This
annual
report
for
Putnam
Managed
Municipal
Income
Trust
covers
the
fiscal
year
ended
October
31,
2025
.
Fund
Overview
Q.
What
is
the
Fund's
investment
strategy?
A.
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.
Q.
What
were
the
overall
market
conditions
during
the
Fund's
reporting
period?
A.
Over
the
period,
U.S.
municipal
(muni)
bond
markets
delivered
solid
gains
despite
intermittent
volatility
and
policy
uncertainty.
As
President
Trump
began
his
second
term,
early
concerns
emerged
that
the
muni
bond
tax
exemption
would
be
repealed
or
significantly
curtailed
under
the
“One
Big
Beautiful
Bill
Act”
(OBBBA).
After
months
of
negotiations,
the
exemption
remained
intact
when
the
bill
was
passed
in
July
2025.
U.S.
Treasury
(UST)
yields
declined
across
the
curve
as
the
U.S.
Federal
Reserve
(Fed)
shifted
from
restrictive
policy
to
gradual
easing,
cutting
rates
by
a
cumulative
100
basis
points
(bps)
to
a
target
range
of
3.75-4.00%
at
the
end
of
the
period.
This
pivot
reflected
moderating
inflation,
with
core
CPI
declining
to
2.3%
in
April
2025
before
rising
back
to
3.0%
by
September,
alongside
signs
of
labor
market
cooling.
Economic
activity
remained
resilient
with
U.S.
gross
domestic
product
growth
rebounding
in
the
second
quarter
of
2025
after
a
weak
start
to
the
year.
Muni
issuance
over
the
last
12
months
totaled
approximately
US$551
billion,
higher
than
the
past
few
years
average,
peaking
in
June
with
a
one-month
record
issuance
of
US$58.7
billion,
according
to
Barclays.
Tariffs
remained
a
dominant
theme
following
the
“Liberation
Day”
announcement
of
sweeping
increases,
fueling
market
uncertainty
as
negotiations
with
major
trading
partners
took
several
unexpected
turns.
Early
fears
of
escalating
trade
wars
subsided
as
the
administration
secured
agreements
with
key
partners,
reducing
pressure
on
global
supply
chains.
While
the
resolution
eased
geopolitical
risk
premiums,
the
phased
implementations
of
higher
tariffs
on
select
imports
are
expected
to
contribute
to
upward
price
pressures
in
the
coming
quarters,
particularly
as
companies
deplete
their
inventories.
Q.
How
did
we
respond
to
these
changing
market
conditions?
A.
We
maintained
a
disciplined
approach
focused
on
bottom-
up
research
and
rigorous
security
selection
to
uncover
relative
value
opportunities.
In
positioning,
the
Fund
was
overweight
the
longer
end
of
the
curve
while
keeping
an
underweight
stance
in
high-quality
bonds
to
optimize
risk-
adjusted
returns.
Performance
Overview
For
the
12
months
under
review,
the
Fund
posted
cumulative
total
returns
of
+2.06%
in
market
price
terms
and
+3.16%
in
net
asset
value
terms.
In
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
+4.17%
total
return
for
the
same
period
1
.
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
on
page
4
.
The
Fund
has
implemented
a
managed
distribution
plan
whereby
the
Fund
will
distribute
a
level
distribution
amount
to
shareholders.
Until
April
30,
2025,
the
Fund
made
monthly
Portfolio
Composition
10/31/25
%
of
Total
Investments
Health
Care
20.04%
Education
15.65%
Special
Tax
15.07%
Housing
10.23%
Local
General
Obligation
7.66%
Industrial
Development
Revenue
and
Pollution
Control
7.64%
Transportation
5.37%
Lease
4.98%
State
General
Obligation
4.79%
Other
Revenue
Bonds
4.21%
Utilities
3.85%
Prerefunded
0.51%
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
8
.
Putnam
Managed
Municipal
Income
Trust
3
franklintempleton.com
Annual
Report
distributions
to
shareholders
at
the
rate
of
$0.0238
per
share.
Effective
May
1,
2025,
the
Fund
intends
to
make
monthly
distributions
to
shareholders
at
the
rate
of$0.0265
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.
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.
For
the
fiscal
year
ended
October
31,
2025,
the
Fund
made
distributions
to
shareholders
totaling
$0.3018
per
share
of
which
$0.0623
will
be
treated
as
a
return
of
capital
for
tax
purposes.
A
return
of
capital
distribution
does
not
necessarily
reflect
the
Fund's
investment
performance
and
should
not
be
confused
with
"yield"
or
"income".
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.
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.
Q.
What
were
the
leading
contributors
to
performance?
A.
The
Fund’s
performance
during
the
period
was
primarily
driven
by
strategic
yield
curve
positioning,
with
an
overweight
allocation
to
municipal
bonds
maturing
in
10
and
20
years
delivering
notable
gains.
Rating
allocation
also
contributed
modestly,
as
the
positive
impact
from
overweight
positions
in
bonds
with
no
external
credit
rating
and
in
bonds
rated
below
investment-grade
helped
offset
losses
in
other
rating
categories.
Additionally,
security
selection
within
AAA
rated
bonds
provided
further
support,
which
mitigated
some
of
the
overall
downside.
Q.
What
were
the
leading
detractors
from
performance?
A.
The
leading
detractors
from
performance
during
the
period
were
primarily
linked
to
the
Fund’s
overweight
exposure
to
bonds
maturing
in
30
years.
Overweight
allocation
to
BBB
and
BB
rated
bonds
partially
offset
gains.
Furthermore,
security
selection
detracted
from
results,
driven
by
selection
in
AA
and
A
rated
bonds.
Q.
Were
there
any
significant
changes
to
the
Fund
during
the
reporting
period?
A.
There
were
no
substantial
changes
to
the
Fund’s
overall
positioning
and
portfolio
management
process.
Effective
May
30,
2025,
Paul
M
Drury
retired
and
stepped
down
as
a
member
of
the
Fund’s
portfolio
management
team.
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
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
October
31,
2025,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Performance
Summary
as
of
October
31,
2025
Putnam
Managed
Municipal
Income
Trust
4
franklintempleton.com
Annual
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
and
graph
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
10/31/25
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
1-Year
+3.16%
+2.06%
+3.16%
+2.06%
5-Year
+7.80%
+2.60%
+1.51%
+0.51%
10-Year
+37.16%
+39.52%
+3.21%
+3.39%
Symbol:
PMM
10/31/25
10/31/24
Change
Net
Asset
Value
(NAV)
$6.71
$6.81
-$0.10
Market
Price
(NYSE)
$6.10
$6.28
-$0.18
Distributions
Per
Share
(11/1/24–10/31/25)
Net
Investment
Income
Tax
Return
of
Capital
Total
$0.2395
$0.0623
$0.3018
Distributions
Per
Remarketed
Preferred
Share
(11/1/24–10/31/25)
Income
Total
Series
A
(240
shares)
$4,894.86
$4,894.86
Series
C
(1,507
shares)
$2,439.20
$2,439.20
See
page
6
for
Performance
Summary
footnotes.
Putnam
Managed
Municipal
Income
Trust
Performance
Summary
5
franklintempleton.com
Annual
Report
See
page
6
for
Performance
Summary
footnotes.
Total
Return
Index
Comparison
for
a
Hypothetical
$10,000
Investment
Total
return
represents
the
change
in
value
of
an
investment
over
the
periods
shown.
It
includes
any
applicable
maximum
sales
charge,
Fund
expenses,
account
fees
and
reinvested
distributions.
The
unmanaged
index
includes
reinvestment
of
any
income
or
distributions.
It
differs
from
the
Fund
in
composition
and
does
not
pay
management
fees
or
expenses.
One
cannot
invest
directly
in
an
index.
10/31/15–10/31/25
Putnam
Managed
Municipal
Income
Trust
Performance
Summary
6
franklintempleton.com
Annual
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.
Performance
figures
may
reflect
compensating
balance
arrangements,
fee
waivers
and/or
expense
reimbursements.
In
the
absence
of
compensating
balance
arrangements,
fee
waivers
and/or
expense
reimbursements,
the
total
return
would
have
been
lower.
1.
Total
return
calculations
represent
the
cumulative
and
average
annual
changes
in
the
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.
4.
Source:
Morningstar.
Bloomberg
Municipal
Bond
Index
is
a
broad
measure
of
the
municipal
bond
market
with
maturities
of
at
least
one
year.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Putnam
Managed
Municipal
Income
Trust
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
7
a
Year
Ended
October
31,
2025
2024
2023
2022
2021
Per
common
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$6.81
$5.75
$5.94
$8.19
$7.91
Income
from
investment
operations:
Net
investment
income
a
.........................
0.39
0.35
0.32
0.30
0.31
Net
realized
and
unrealized
gains
(losses)
...........
(0.10)
1.10
(0.09)
(2.13)
0.35
Distributions
to
preferred
shareholders
from:
Net
investment
income
..........................
(0.11)
(0.13)
(0.11)
(0.03)
—
b
Net
realized
gains
.............................
—
—
—
—
b
—
Total
from
investment
operations
....................
0.18
1.32
0.12
(1.86)
0.66
Less
distributions
to
common
shareholders
from:
Net
investment
income
..........................
(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
...............................
(0.30)
(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
year
.......................
$6.71
$6.81
$5.75
$5.94
$8.19
Market
value,
end
of
year
c
.........................
$6.10
$6.28
$5.14
$5.75
$8.25
Total
return
(based
on
net
asset
value
per
share)
d
.......
3.16%
27.95%
(5.69)%
(26.35)%
13.11%
Total
return
(based
on
market
value
per
share)
d
.........
2.06%
23.58%
1.87%
(23.46)%
8.44%
Ratios
to
average
net
assets
applicable
to
common
shares
e,f
Expenses
before
waiver
and
payments
by
affiliates
......
1.26%
1.16%
1.39%
1.10%
0.93%
Expenses
net
of
waiver
and
payments
by
affiliates
g
......
1.06%
h
0.98%
h
1.21%
h
1.09%
h
0.93%
Net
investment
income
...........................
4.15%
3.36%
3.27%
3.75%
3.73%
Supplemental
data
Net
assets
applicable
to
common
shares,
end
of
year
(000’s)
$287,222
$304,155
$270,854
$289,259
$401,053
Portfolio
turnover
rate
............................
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.
e
Based
on
income
and
expenses
applicable
to
both
common
and
preferred
shares.
f
Ratios
reflect
net
assets
available
to
common
shares
only;
net
investment
income
ratio
also
reflects
reduction
for
dividend
payments
to
preferred
shareholders.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
h
Reflects
waivers
of
certain
fund
expenses
in
connection
with
the
Fund's
remarketed
preferred
shares
(Note
3).
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments,
October
31,
2025
franklintempleton.com
Annual
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
139.0%
Alabama
0.2%
a
,b
Baldwin
County
Industrial
Development
Authority
,
Novelis
Corp.
,
Revenue
,
144A,
2025
A
,
Mandatory
Put
,
5
%
,
6/01/32
........................................
$
500,000
$
515,077
Alaska
1.7%
c
Alaska
Industrial
Development
&
Export
Authority
,
Dena'
Nena'
Henash
,
Revenue
,
2019
A
,
4
%
,
10/01/44
...............................................
5,125,000
4,765,729
Arizona
5.1%
b
Arizona
Industrial
Development
Authority
,
Somerset
Academy
of
Las
Vegas
,
Revenue
,
144A,
2021
A
,
4
%
,
12/15/41
..........................................
500,000
435,053
Industrial
Development
Authority
of
the
City
of
Phoenix
Arizona
(The)
,
b
BASIS
Schools,
Inc.
Obligated
Group
,
Revenue
,
144A,
2015
A
,
Refunding
,
5
%
,
7/01/35
........................................................
900,000
900,160
b
BASIS
Schools,
Inc.
Obligated
Group
,
Revenue
,
144A,
2016
A
,
Refunding
,
5
%
,
7/01/46
........................................................
250,000
239,954
GreatHearts
Arizona
Obligated
Group
,
Revenue
,
2014
A
,
5
%
,
7/01/44
..........
1,700,000
1,700,126
b
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
1,610,263
b
Industrial
Development
Authority
of
the
County
of
Yavapai
(The)
,
Arizona
Agribusiness
and
Equine
Center,
Inc.
,
Revenue
,
144A,
2012
,
5
%
,
3/01/32
.
750,000
750,248
Arizona
Agribusiness
and
Equine
Center,
Inc.
,
Revenue
,
144A,
2015
A
,
Refunding
,
5
%
,
9/01/34
....................................................
460,000
460,101
La
Paz
County
Industrial
Development
Authority
,
Harmony
Public
Schools
,
Revenue
,
2018
A
,
5
%
,
2/15/38
....................
500,000
507,728
Harmony
Public
Schools
,
Revenue
,
2018
A
,
5
%
,
2/15/48
....................
2,330,000
2,265,123
Maricopa
County
Industrial
Development
Authority
,
b
Grand
Canyon
University
Obligated
Group
,
Revenue
,
144A,
2024
,
7.375
%
,
10/01/29
1,800,000
1,890,187
Horizon
Community
Learning
Center,
Inc.
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/35
750,000
752,790
Salt
Verde
Financial
Corp.
,
Revenue
,
2007-1
,
5.5
%
,
12/01/29
..................
2,000,000
2,145,530
b
Sierra
Vista
Industrial
Development
Authority
,
American
Leadership
Academy,
Inc.
,
Revenue
,
144A,
2024
,
5
%
,
6/15/64
....................................
300,000
268,135
Tempe
Industrial
Development
Authority
,
Tempe
Life
Care
Village
Obligated
Group
,
Revenue
,
2025
A
,
5.625
%
,
12/01/55
...................................
750,000
755,905
14,681,303
California
10.1%
b
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
..............................................
475,000
397,969
d
California
County
Tobacco
Securitization
Agency
,
Gold
Country
Settlement
Funding
Corp.
,
Revenue
,
2020
B-2
,
Refunding
,
5.53
%,
6/01/55
......................
5,150,000
1,046,761
b
California
Infrastructure
&
Economic
Development
Bank
,
a
Desertxpress
Enterprises
LLC
,
Revenue,
Sub.
Lien
,
144A,
2025
A
,
Refunding
,
Mandatory
Put
,
9.5
%
,
1/01/35
.......................................
900,000
720,000
d
WFCS
Holdings
II
LLC
,
Revenue,
Sub.
Lien
,
144A,
2021
B
,
7.16
%,
1/01/61
......
4,245,000
372,501
California
Municipal
Finance
Authority
,
e
Revenue
,
FRN
,
2025-1
,
A-2
,
3.537
%
,
2/20/41
............................
2,140,653
1,901,573
b,e
Revenue,
Sub.
Lien
,
144A,
FRN
,
2025-1
,
B
,
3.537
%
,
6/20/49
.................
500,000
317,233
b
Catalyst
Impact
Fund
1
LLC
,
Revenue
,
144A,
2024
,
I
,
6
%
,
1/01/39
.............
800,000
831,540
CHF-Davis
II
LLC
,
Revenue
,
2021
,
BAM
Insured
,
3
%
,
5/15/54
................
2,410,000
1,790,896
b
Westside
Neighborhood
School
,
Revenue
,
144A,
2024
,
6.2
%
,
6/15/54
..........
800,000
840,604
b
California
Public
Finance
Authority
,
Kendal
at
Sonoma
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
5
%
,
11/15/56
.................................
750,000
660,044
b
California
School
Finance
Authority
,
Vista
Charter
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
6/01/61
...................................
500,000
373,383
b
City
&
County
of
San
Francisco
,
Special
Tax
District
No.
2020-1
Development
,
Special
Tax
,
144A,
2021
A
,
4
%
,
9/01/41
.......................................
500,000
473,972
City
of
Palm
Desert
,
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/41
.............................................
450,000
432,510
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
City
of
Sunnyvale
,
Community
Facilities
District
No.
1
,
Special
Tax
,
2001
,
7.75
%
,
8/01/32
.........................................................
$
605,000
$
607,094
b
CMFA
Special
Finance
Agency
I
,
Mix
at
CTR
City
(The)
,
Revenue
,
144A,
2021
A-2
,
4
%
,
4/01/56
......................................................
2,500,000
1,915,378
b
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-1
,
3
%
,
8/01/56
..............................................
500,000
346,118
b
CSCDA
Community
Improvement
Authority
,
Cameo/Garrison
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
3/01/57
.
1,225,000
837,565
Dublin
,
Revenue
,
144A,
2021
B
,
4
%
,
2/01/57
.............................
500,000
374,178
Jefferson
Platinum
Triangle
Apartments
,
Revenue
,
144A,
2021
A-1
,
2.875
%
,
8/01/41
835,000
770,958
Jefferson
Platinum
Triangle
Apartments
,
Revenue
,
144A,
2021
A-2
,
3.125
%
,
8/01/56
7,150,000
5,393,165
Pasadena
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
12/01/56
.......
2,500,000
1,782,996
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue
,
2019
A
,
4
%
,
5/01/49
........................................
7,420,000
6,698,381
Revenue
,
2019
A
,
Pre-Refunded
,
4
%
,
5/01/49
............................
80,000
81,307
28,966,126
Colorado
3.3%
Canyons
Metropolitan
District
No.
5
,
GO
,
2024
B
,
Refunding
,
6.5
%
,
12/15/54
......
300,000
301,910
Colorado
Educational
&
Cultural
Facilities
Authority
,
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/36
....................
150,000
148,534
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/41
....................
175,000
160,509
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/51
....................
350,000
292,277
Colorado
Health
Facilities
Authority
,
BSLC
II
Obligated
Group
,
Revenue,
Second
Tier
,
2025
,
5.625
%
,
9/15/59
........
350,000
351,119
Christian
Living
Neighborhoods
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/31
........................................................
500,000
500,565
Christian
Living
Neighborhoods
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/37
........................................................
1,250,000
1,250,858
b
Plaza
Metropolitan
District
No.
1
,
Tax
Allocation
,
144A,
2013
,
Refunding
,
5
%
,
12/01/40
1,650,000
1,650,480
Raindance
Metropolitan
District
No.
1
,
Non-Potable
Water
System
,
Revenue
,
2020
,
5.25
%
,
12/01/50
...................................................
875,000
853,200
Rampart
Range
Metropolitan
District
No.
5
,
Revenue
,
2021
,
4
%
,
12/01/41
.........
1,000,000
907,492
Sky
Dance
Metropolitan
District
No.
2
,
GO
,
2024
A
,
6
%
,
12/01/54
...............
375,000
382,498
Southlands
Metropolitan
District
No.
1
,
GO
,
2017
A-1
,
Refunding
,
5
%
,
12/01/37
.....
500,000
502,645
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Colorado
Metropolitan
District
No.
2
,
Revenue
,
2020
A
,
Refunding
,
4.25
%
,
12/01/50
.................................................
450,000
459,446
Sterling
Ranch
Metropolitan
District
No.
4
Subdistrict
A
,
Revenue,
Senior
Lien
,
2024
A
,
Refunding
,
6.5
%
,
12/01/54
.......................................
1,000,000
1,039,852
Trails
at
Crowfoot
Metropolitan
District
No.
3
,
GO
,
2024
B
,
Refunding
,
6.875
%
,
12/15/52
..................................................
300,000
303,146
Village
Metropolitan
District
(The)
,
GO
,
2025
A
,
5.75
%
,
12/01/55
................
500,000
504,611
9,609,142
Connecticut
1.3%
b
Harbor
Point
Infrastructure
Improvement
District
,
Tax
Allocation
,
144A,
2017
,
Refunding
,
5
%
,
4/01/39
.............................................
3,500,000
3,550,962
Stamford
Housing
Authority
,
TJH
Senior
Living
LLC
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
6.5
%
,
10/01/55
.......................................................
100,000
102,087
TJH
Senior
Living
LLC
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
6.25
%
,
10/01/60
.......................................................
150,000
150,178
3,803,227
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
franklintempleton.com
Annual
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)
Delaware
1.4%
Delaware
State
Economic
Development
Authority
,
ASPIRA
of
Delaware
Charter
Operations,
Inc.
,
Revenue
,
2016
A
,
5
%
,
6/01/36
....
$
705,000
$
706,137
ASPIRA
of
Delaware
Charter
Operations,
Inc.
,
Revenue
,
2016
A
,
5
%
,
6/01/51
....
1,035,000
921,096
b
Town
of
Bridgeville
,
Heritage
Shores
Special
Development
District
,
Special
Tax
,
144A,
2024
,
5.25
%
,
7/01/44
...............................................
875,000
885,782
b
Town
of
Millsboro
,
Plantation
Lakes
Special
Development
District
,
Special
Tax
,
144A,
2018
,
Refunding
,
5.125
%
,
7/01/38
.................................................
490,000
492,742
Plantation
Lakes
Special
Development
District
,
Special
Tax
,
144A,
2018
,
Refunding
,
5.25
%
,
7/01/48
..................................................
997,000
977,050
3,982,807
Florida
15.4%
Angeline
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/56
...............................................
300,000
303,146
Bella
Tara
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
6.125
%
,
5/01/56
..............................................
100,000
103,810
Capital
Trust
Agency,
Inc.
,
b
WFCS
Holdings
II
LLC
,
Revenue
,
144A,
2021
A-1
,
5
%
,
1/01/56
...............
1,900,000
1,608,245
b
WFCS
Holdings
LLC
,
Revenue
,
144A,
2020
A-1
,
4.5
%
,
1/01/35
...............
740,000
725,394
d
WFCS
Holdings
LLC
,
Revenue
,
2020
B
,
7.32
%,
1/01/60
.....................
6,000,000
536,990
b
Capital
Trust
Authority
,
Academir
Charter
Schools,
Inc.
,
Revenue
,
144A,
2025
A
,
6.375
%
,
7/01/50
.......
825,000
834,486
Madrone
Florida
Tech
Student
Housing
I
LLC
,
Revenue
,
144A,
2025
A
,
5.375
%
,
7/01/65
........................................................
165,000
161,116
b
Cedar
Crossings
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
5/01/55
....................................................
160,000
158,010
Central
Parc
Community
Development
District
,
Special
Assessment
,
2024
,
6
%
,
5/01/54
750,000
760,616
b
Charlotte
County
Industrial
Development
Authority
,
MSKP
Town
&
Country
Utility
LLC
,
Revenue
,
144A,
2021
A
,
4
%
,
10/01/41
..................................
1,000,000
935,037
City
of
Miami
,
Revenue
,
2024
A
,
5.5
%
,
1/01/49
.............................
5,000,000
5,475,138
b
City
of
Venice
,
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
144A,
2024
A
,
5.625
%
,
1/01/60
.......................................
375,000
371,234
County
of
Lake
,
Waterman
Communities,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
5.75
%
,
8/15/55
.........................................................
750,000
717,105
b
County
of
Okaloosa
,
AIR
Force
Enlisted
Village,
Inc.
Obligated
Group
,
Revenue
,
144A,
2025
,
5.75
%
,
5/15/55
...............................................
385,000
391,290
b
County
of
Palm
Beach
,
Provident
Group
-
LU
Properties
LLC
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/57
......
625,000
543,118
Provident
Group-PBAU
Properties
LLC
,
Revenue
,
144A,
2019
A
,
5
%
,
4/01/39
....
1,600,000
1,608,561
Cypress
Bluff
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.55
%
,
5/01/55
....................................
660,000
663,552
Cypress
Creek
Reserve
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
6
%
,
5/01/56
.......................................
105,000
108,738
b
Cypress
Reserve
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2025
,
5.8
%
,
5/01/56
...........................................
200,000
201,941
b
Del
Webb
Oak
Creek
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
5/01/55
..............................................
250,000
252,827
East
Nassau
Stewardship
District
,
Special
Assessment
,
2025
,
6.25
%
,
5/01/56
......
425,000
442,227
Feed
Mill
Community
Development
District
,
Parcel
1
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.875
%
,
5/01/56
...................................
275,000
278,260
Florida
Development
Finance
Corp.
,
b
Revenue
,
144A,
2021
A
,
4
%
,
7/01/51
...................................
500,000
403,083
b
Glenridge
on
Palmer
Ranch
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
6/01/51
........................................................
700,000
651,937
Shands
Jacksonville
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
2/01/52
....................................................
1,500,000
1,456,835
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Florida
Higher
Educational
Facilities
Financing
Authority
,
Rollins
College
,
Revenue
,
2024
,
4.125
%
,
12/01/54
.........................
$
1,000,000
$
914,886
St.
Leo
University,
Inc.
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
3/01/44
..
1,370,000
1,066,618
Florida
Municipal
Loan
Council
,
Shingle
Creek
Transit
&
Utility
Community
Development
District
,
Special
Assessment
,
2024
,
5.15
%
,
5/01/44
.............................................
650,000
663,888
Shingle
Creek
Transit
&
Utility
Community
Development
District
,
Special
Assessment
,
2024
,
5.4
%
,
5/01/54
..............................................
825,000
836,966
Fox
Branch
Ranch
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.4
%
,
5/01/55
.....................................
210,000
210,053
b
Gas
Worx
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.75
%
,
5/01/45
.........................
100,000
102,868
Special
Assessment
,
144A,
2025
,
6
%
,
5/01/57
............................
105,000
107,685
GIR
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.3
%
,
5/01/45
................
300,000
299,087
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.5
%
,
5/01/55
................
575,000
567,847
Governors
Park
South
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.4
%
,
5/01/45
................
250,000
252,119
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.65
%
,
5/01/55
...............
375,000
377,284
Hobe-St.
Lucie
Conservancy
District
,
Unit
of
Development
No.
1A
,
Special
Assessment
,
2024
,
5.875
%
,
5/01/55
...................................
500,000
512,706
Kings
Creek
I
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
6
%
,
5/01/55
.......................................
125,000
128,148
Kissimmee
Park
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
6.125
%
,
5/01/56
...................................
370,000
384,098
b
Lakeside
at
Satilla
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
5/01/55
...............................
100,000
101,208
Lakewood
Ranch
Stewardship
District
,
Assessment
Azario
,
Special
Assessment
,
2019
,
4
%
,
5/01/40
.................
1,000,000
950,953
b
Assessment
Northeast
Sector
Project
Phase
2B
,
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/50
............................................
250,000
208,586
Assessments
,
Special
Assessment
,
2023
,
6.3
%
,
5/01/54
....................
1,140,000
1,204,226
Assessments
,
Special
Assessment
,
2024
,
5.25
%
,
5/01/44
...................
585,000
595,417
Villages
Lakewood
Ranch
South
,
Special
Assessment
,
2016
,
5.125
%
,
5/01/46
....
740,000
740,479
Lee
County
Industrial
Development
Authority
,
Shell
Point
Obligated
Group
,
Revenue
,
2024
C
,
5
%
,
11/15/54
...............................................
500,000
483,495
Miami-Dade
County
Industrial
Development
Authority
,
Pinecrest
Academy
Obligated
Group
,
Revenue
,
2014
,
5
%
,
9/15/34
....................................
1,225,000
1,225,487
b
Northridge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
5.75
%
,
5/01/45
..........
100,000
102,712
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
6
%
,
5/01/55
............
100,000
102,595
c
Orange
County
Health
Facilities
Authority
,
Orlando
Health
Obligated
Group
,
Revenue
,
2022
,
4
%
,
10/01/52
................................................
2,570,000
2,264,320
Pasadena
Ridge
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.7
%
,
5/01/55
.....................................
500,000
500,130
Pinellas
County
Industrial
Development
Authority
,
Drs
Kiran
&
Pallavi
Patel
2017
Foundation
for
Global
Understanding,
Inc.
,
Revenue
,
2019
,
5
%
,
7/01/39
.........
1,690,000
1,693,911
Ranches
at
Lake
Mcleod
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.65
%
,
6/15/55
..............................
250,000
252,239
River
Landing
Community
Development
District
,
Assessments
,
Special
Assessment
,
2025
,
5.45
%
,
5/01/55
...............................................
240,000
240,766
Sarasota
County
Health
Facilities
Authority
,
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
1/01/37
..........................
1,000,000
1,005,035
Sarasota
County
Public
Hospital
District
,
Sarasota
County
Public
Hospital
District
Obligated
Group
,
Revenue
,
2018
,
4
%
,
7/01/48
............................
1,500,000
1,355,084
St.
Johns
County
Industrial
Development
Authority
,
Life
Care
Ponte
Vedra
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/15/36
355,000
332,513
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
franklintempleton.com
Annual
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)
St.
Johns
County
Industrial
Development
Authority,
(continued)
Life
Care
Ponte
Vedra
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/15/41
$
500,000
$
436,046
b,f
Starling
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.6
%
,
5/01/56
.........................................................
500,000
495,558
b
Sunrise
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
5/01/55
.........................................................
500,000
494,368
Tolomato
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2024
,
5.125
%
,
5/01/54
..............................................
525,000
512,574
b,f
Tranquility
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
5/01/55
...................................................
300,000
299,927
Verandah
West
Community
Development
District
,
Assessments
,
Special
Assessment
,
2013
,
Refunding
,
5
%
,
5/01/33
........................................
410,000
410,337
Verano
No.
4
Community
Development
District
,
Astor
Creek
Phase
2
Assessment
Area
,
Special
Assessment
,
2025
,
6
%
,
5/01/55
.................................
150,000
155,631
Village
Community
Development
District
No.
12
,
Phase
II
,
Special
Assessment
,
2018
,
4
%
,
5/01/33
......................................................
670,000
674,271
b
Waterset
South
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
144A,
2025
,
5.7
%
,
5/01/56
................................
200,000
201,729
b
West
Port
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
5.8
%
,
5/01/45
................................
185,000
191,593
b,f
West
Villages
Improvement
District
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
5/01/55
400,000
398,071
b
Westview
South
Community
Development
District
,
Assessment
Area
1
2025
Project
Area
,
Special
Assessment
,
144A,
2025
,
6.2
%
,
5/01/55
......................
275,000
286,717
b
Woodland
Preserve
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
5/01/55
................................
220,000
220,701
44,253,628
Georgia
4.0%
b
Atlanta
Development
Authority
(The)
,
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
A
,
6
%
,
7/01/55
................................................
115,000
118,922
Cobb
County
Kennestone
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
3
%
,
4/01/45
...............................
1,785,000
1,413,877
Coweta
County
Development
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/44
...............................
4,000,000
4,098,978
DeKalb
County
Development
Authority
,
GLOBE
Academy,
Inc.
(The)
,
Revenue
,
2024
A
,
5
%
,
6/01/63
......................................................
515,000
485,806
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
685,408
Kennesaw
State
University
Real
Estate
Obligated
Group
2015
ABC
,
Revenue,
Junior
Lien
,
C
,
5
%
,
7/15/38
..............................................
740,000
739,990
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2021
A
,
3
%
,
2/15/51
..........................
2,000,000
1,451,487
a
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
6/01/31
.....
2,200,000
2,370,314
11,364,782
Illinois
8.0%
Chicago
Board
of
Education
,
GO
,
2015
C
,
5.25
%
,
12/01/39
........................................
1,500,000
1,479,298
GO
,
2021
A
,
5
%
,
12/01/40
...........................................
500,000
484,072
GO
,
2023
A
,
5.875
%
,
12/01/47
........................................
1,700,000
1,709,281
GO
,
2025
A
,
5.75
%
,
12/01/50
.........................................
850,000
845,179
Chicago
Midway
International
Airport
,
Revenue,
Senior
Lien
,
2023
C
,
Refunding
,
5
%
,
1/01/40
.........................................................
1,250,000
1,320,562
City
of
Chicago
,
GO
,
2019
A
,
5.5
%
,
1/01/49
...........................................
1,000,000
984,942
GO
,
2020
A
,
Refunding
,
5
%
,
1/01/30
...................................
1,800,000
1,877,906
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
City
of
Chicago,
(continued)
GO
,
2021
B
,
Refunding
,
BAM
Insured
,
4
%
,
1/01/38
........................
$
2,747,000
$
2,747,018
b
Lakeshore
East
Special
Assessment
Area
,
Special
Assessment
,
144A,
2022
,
Refunding
,
3.04
%
,
12/01/28
........................................
241,000
233,707
b
Lakeshore
East
Special
Assessment
Area
,
Special
Assessment
,
144A,
2022
,
Refunding
,
3.38
%
,
12/01/31
........................................
341,000
327,817
Du
Page
County
Special
Service
Area
No.
31
,
Monarch
Landing,
Inc.
,
Special
Tax
,
2006
,
5.625
%
,
3/01/36
..............................................
233,000
233,188
Illinois
Finance
Authority
,
CHF-Chicago
LLC
,
Revenue
,
2017
A
,
5
%
,
2/15/37
.........................
1,200,000
1,208,099
CHF-Chicago
LLC
,
Revenue
,
2017
A
,
5
%
,
2/15/47
.........................
1,500,000
1,458,460
Plymouth
Place
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/41
.....
400,000
385,738
Plymouth
Place
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/51
.....
1,000,000
872,239
Plymouth
Place
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/56
.....
815,000
697,314
Metropolitan
Pier
&
Exposition
Authority
,
d
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2017
B
,
Refunding
,
4.788
%,
12/15/47
.......................................
1,500,000
1,115,375
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/52
............................................
2,100,000
1,800,542
State
of
Illinois
,
GO
,
2018
A
,
5
%
,
5/01/38
............................................
1,000,000
1,029,745
GO
,
2023
B
,
5.25
%
,
5/01/40
.........................................
2,100,000
2,258,494
23,068,976
Indiana
0.2%
Indiana
Finance
Authority
,
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5.125
%
,
6/01/58
500,000
501,023
Iowa
0.8%
Iowa
Finance
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
7.5
%
,
5/15/53
........................................................
600,000
666,063
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.125
%
,
5/15/59
........................................................
1,500,000
1,407,438
Presbyterian
Homes
Mill
Pond
Apartment,
Inc.
,
Revenue
,
2025
,
5.75
%
,
10/01/55
..
300,000
304,986
2,378,487
Kentucky
0.3%
Kentucky
Economic
Development
Finance
Authority
,
Masonic
Homes
of
Kentucky,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
5/15/46
....................................................
1,000,000
824,177
Owensboro
Health,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5.25
%
,
6/01/41
........................................................
125,000
126,177
950,354
Louisiana
1.0%
b
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
Christwood
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.25
%
,
11/15/53
........................................................
1,300,000
1,221,652
Louisiana
Public
Facilities
Authority
,
b
Acadiana
Renaissance
Charter
Academy
,
Revenue
,
144A,
2025
,
6
%
,
6/15/59
....
140,000
140,723
Calcasieu
Bridge
Partners
LLC
,
Revenue,
Senior
Lien
,
2024
,
5.75
%
,
9/01/64
.....
1,500,000
1,556,459
Tulane
University
,
Revenue
,
2017
A
,
Pre-Refunded
,
4
%
,
12/15/50
.............
20,000
20,526
2,939,360
Maryland
1.7%
City
of
Brunswick
,
Brunswick
Crossing
Special
Taxing
District
,
Special
Tax
,
2019
,
Refunding
,
5
%
,
7/01/36
.............................................
548,000
558,247
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
franklintempleton.com
Annual
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)
City
of
Westminster
,
Lutheran
Village
at
Miller's
Grant,
Inc.
Obligated
Group
(The)
,
Revenue
,
2014
A
,
6
%
,
7/01/34
........................................
$
230,000
$
230,179
County
of
Frederick
,
b
Mount
St.
Mary's
University,
Inc.
,
Revenue
,
144A,
2017
A
,
Refunding
,
5
%
,
9/01/37
.
500,000
478,964
Oakdale-Lake
Linganore
Development
District
,
Special
Tax
,
2019
,
Refunding
,
3.75
%
,
7/01/39
........................................................
1,410,000
1,315,458
b
County
of
Prince
George's
,
Westphalia
Town
Center
Development
District
,
Tax
Allocation
,
144A,
2018
,
5.125
%
,
7/01/39
................................
1,000,000
1,005,776
Maryland
Economic
Development
Corp.
,
City
of
Baltimore
Port
Covington
Development
District
,
Tax
Allocation
,
2020
,
4
%
,
9/01/40
........................................................
755,000
712,469
City
of
Baltimore
Port
Covington
Development
District
,
Tax
Allocation
,
2020
,
4
%
,
9/01/50
........................................................
750,000
639,655
4,940,748
Massachusetts
1.1%
Collegiate
Charter
School
of
Lowell
,
Revenue
,
2019
,
5
%
,
6/15/39
...............
1,000,000
1,001,312
Massachusetts
Development
Finance
Agency
,
b,g
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
360,057
b
CHF
Merrimack,
Inc.
,
Revenue
,
144A,
2024
A
,
5
%
,
7/01/60
..................
1,000,000
943,287
Lasell
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/40
...................
1,000,000
886,940
3,191,606
Michigan
4.4%
City
of
Detroit
,
GO
,
2018
,
5
%
,
4/01/37
.............................................
750,000
771,299
GO
,
B-1
,
4
%
,
4/01/44
...............................................
3,952,414
3,154,175
Michigan
Finance
Authority
,
Aquinas
College
,
Revenue
,
2021
,
Refunding
,
5
%
,
5/01/46
...................
500,000
377,432
Lawrence
Technological
University
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
2/01/47
........................................................
650,000
613,685
Michigan
State
Housing
Development
Authority
,
Revenue
,
2021
A
,
2.73
%
,
10/01/59
.
1,000,000
647,830
Pontiac
School
District
,
GO
,
2020
,
4
%
,
5/01/45
.............................................
3,575,000
3,348,937
GO
,
2020
,
4
%
,
5/01/45
.............................................
1,470
1,377
GO
,
2020
,
4
%
,
5/01/50
.............................................
4,025,000
3,737,052
12,651,787
Minnesota
1.2%
b
City
of
Eagan
,
Great
Oaks
Academy
,
Revenue
,
144A,
2025
A
,
6.5
%
,
2/01/65
.......
300,000
293,654
City
of
Ham
Lake
,
DaVinci
Academy
of
Arts
and
Science
,
Revenue
,
2016
A
,
5
%
,
7/01/47
.........................................................
500,000
432,454
City
of
Ramsey
,
PACT
Charter
School
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/01/32
...
575,000
576,214
Minnesota
Health
&
Education
Facilities
Authority
,
Augsburg
University
,
Revenue
,
2016
A
,
5
%
,
5/01/46
....................................................
1,250,000
859,014
St.
Paul
Port
Authority
,
HealthPartners
Obligated
Group
,
Revenue
,
2007-1
,
5
%
,
8/01/36
905,000
905,639
Township
of
Baytown
,
St.
Croix
Preparatory
Academy
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
8/01/41
......................................................
380,000
329,396
3,396,371
Missouri
4.6%
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
5,213,878
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
5/01/38
....................................................
900,000
769,200
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri,
(continued)
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
5/01/43
....................................................
$
2,270,000
$
1,784,171
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
5/01/45
....................................................
1,900,000
1,436,986
Industrial
Development
Authority
of
the
City
of
St.
Louis
Missouri
(The)
,
Revenue
,
2017
A
,
Refunding
,
4.75
%
,
11/15/47
........................................
875,000
759,561
St.
Louis
County
Industrial
Development
Authority
,
Friendship
Village
St.
Louis
Obligated
Group
,
Revenue
,
2018
A
,
5.25
%
,
9/01/53
........................
3,250,000
3,212,212
13,176,008
Nevada
1.5%
City
of
Las
Vegas
,
Special
Improvement
District
No.
814
,
Special
Assessment
,
2019
,
4
%
,
6/01/39
....
410,000
394,672
Special
Improvement
District
No.
814
,
Special
Assessment
,
2019
,
4
%
,
6/01/44
....
585,000
516,734
Special
Improvement
District
No.
815
,
Special
Assessment
,
2020
,
5
%
,
12/01/49
...
590,000
594,442
Special
Improvement
District
No.
816
,
Special
Assessment
,
2021
,
3
%
,
6/01/41
....
645,000
499,588
Special
Improvement
District
No.
817
,
Special
Assessment
,
2023
,
5.5
%
,
6/01/38
..
375,000
403,432
Special
Improvement
District
No.
817
,
Special
Assessment
,
2023
,
5.75
%
,
6/01/43
.
500,000
530,438
Special
Improvement
District
No.
817
,
Special
Assessment
,
2023
,
6
%
,
6/01/48
....
350,000
370,672
Special
Improvement
District
No.
817
,
Special
Assessment
,
2023
,
6
%
,
6/01/53
....
500,000
526,441
County
of
Clark
,
Special
Improvement
District
No.
159
,
Special
Assessment
,
2015
,
5
%
,
8/01/32
.........................................................
370,000
370,250
4,206,669
New
Hampshire
1.4%
New
Hampshire
Business
Finance
Authority
,
Revenue
,
2024-2
,
A
,
3.625
%
,
8/20/39
..................................
2,228,108
2,133,368
e
Revenue
,
FRN
,
2024-3
,
A
,
4.163
%
,
10/20/41
.............................
992,463
978,050
Greater
Raleigh
Area
Christian
Education,
Inc.
,
Revenue
,
2025
,
6
%
,
8/01/65
.....
675,000
680,799
New
Hampshire
Health
and
Education
Facilities
Authority
Act
,
Elliot
Hospital
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
10/01/38
..........................
250,000
252,083
4,044,300
New
Jersey
0.6%
New
Jersey
Economic
Development
Authority
,
Friends
of
TEAM
Academy
Charter
School
Obligated
Group
,
Revenue
,
2013
,
6
%
,
10/01/33
.......................................................
850,000
851,512
United
Airlines,
Inc.
,
Revenue
,
2000
B
,
5.625
%
,
11/15/30
....................
500,000
500,007
Passaic
County
Improvement
Authority
(The)
,
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
5.5
%
,
7/01/58
........................................
450,000
460,910
1,812,429
New
York
8.7%
Metropolitan
Transportation
Authority
,
Revenue
,
2017
C-1
,
Refunding
,
4
%
,
11/15/35
.
3,000,000
3,030,055
New
York
Counties
Tobacco
Trust
VI
,
Revenue
,
2016
A-2B
,
Refunding
,
5
%
,
6/01/45
............................
3,000,000
2,628,902
Revenue
,
2016
A-2B
,
Refunding
,
5
%
,
6/01/51
............................
700,000
591,952
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
2.875
%
,
11/15/46
...........................
1,860,000
1,374,881
Revenue
,
2021
A
,
Refunding
,
BAM
Insured
,
3
%
,
11/15/51
...................
3,000,000
2,208,289
Revenue
,
2021
A
,
Refunding
,
3
%
,
11/15/51
..............................
4,215,000
3,052,418
b
3
World
Trade
Center
LLC
,
Revenue
,
144A,
2014
,
2
,
Refunding
,
5.375
%
,
11/15/40
.
750,000
750,144
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
1WTC
2021
,
Refunding
,
2.75
%
,
2/15/44
........................................................
1,835,000
1,383,648
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.
,
Revenue
,
2020
,
5
%
,
10/01/40
.........................
1,250,000
1,269,904
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
franklintempleton.com
Annual
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)
New
York
(continued)
New
York
Transportation
Development
Corp.,
(continued)
Delta
Air
Lines,
Inc.
,
Revenue
,
2023
,
5.625
%
,
4/01/40
......................
$
1,000,000
$
1,050,581
JFK
NTO
LLC
,
Revenue
,
2025
,
6
%
,
6/30/55
..............................
2,000,000
2,137,353
b
Oneida
Indian
Nation
of
New
York
,
Revenue
,
144A,
2024
A
,
8
%
,
9/01/40
..........
1,000,000
1,021,762
c
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
218th
,
5
%
,
11/01/49
..........
2,460,000
2,509,253
Suffolk
Regional
Off-Track
Betting
Co.
,
Revenue
,
2024
,
6
%
,
12/01/53
............
2,000,000
2,029,863
25,039,005
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
2,282,679
Maryfield,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/45
..............
500,000
473,303
2,755,982
North
Dakota
1.2%
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group
,
Revenue
,
2023
A
,
AG
Insured
,
5
%
,
12/01/48
350,000
360,484
Altru
Health
System
Obligated
Group
,
Revenue
,
2023
A
,
AG
Insured
,
5
%
,
12/01/53
2,000,000
2,046,383
City
of
Horace
,
GO
,
2024
C
,
Refunding
,
4.75
%
,
5/01/44
......................
1,100,000
1,095,949
3,502,816
Ohio
2.8%
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien
,
2020
A-2
,
1
,
Refunding
,
3
%
,
6/01/48
..................
1,300,000
922,536
Revenue,
Senior
Lien
,
2020
B-2
,
2
,
Refunding
,
5
%
,
6/01/55
..................
470,000
394,510
Cleveland-Cuyahoga
County
Port
Authority
,
Playhouse
Square
Foundation
,
Revenue
,
2018
,
Refunding
,
5.5
%
,
12/01/53
......................................
1,500,000
1,502,338
County
of
Washington
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
6.75
%
,
12/01/52
.....................................
500,000
518,375
Northeast
Ohio
Medical
University
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
12/01/40
..............................
1,575,000
1,308,284
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/01/45
..............................
450,000
403,533
Ohio
Higher
Educational
Facility
Commission
,
Xavier
University
,
Revenue
,
2024
,
Refunding
,
5.25
%
,
5/01/49
...........................................
1,560,000
1,601,408
b
Port
of
Greater
Cincinnati
Development
Authority
,
City
of
Cincinnati
Assigned
City
Residual
Funds
,
Revenue
,
144A,
2021
,
4.25
%
,
12/01/50
....................
1,320,000
1,247,355
Southeastern
Ohio
Port
Authority
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
12/01/43
................................
150,000
129,899
8,028,238
Oklahoma
0.2%
Tulsa
Municipal
Airport
Trust
Trustees
,
American
Airlines,
Inc.
,
Revenue
,
2025
,
Refunding
,
6.25
%
,
12/01/40
..........................................
475,000
533,136
Oregon
0.1%
Hospital
Facilities
Authority
of
Multnomah
County
Oregon
,
Terwilliger
Plaza,
Inc.
Obligated
Group
,
Revenue
,
2012
,
Refunding
,
5
%
,
12/01/29
..................
260,000
260,094
Pennsylvania
4.0%
Chester
County
Industrial
Development
Authority
,
Collegium
Charter
School
,
Revenue
,
2017
A
,
5.125
%
,
10/15/37
...............
750,000
735,042
University
Student
Housing
LLC
,
Revenue
,
2013
A
,
5
%
,
8/01/45
...............
1,000,000
925,249
Cumberland
County
Municipal
Authority
,
Asbury
Pennsylvania
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
1/01/45
.................................
500,000
468,678
Dallas
Area
Municipal
Authority
,
Misericordia
University
,
Revenue
,
2019
,
Refunding
,
5
%
,
5/01/48
......................................................
2,040,000
1,840,606
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
17
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Lancaster
Municipal
Authority
,
Garden
Spot
Village
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
5
%
,
5/01/49
.............................................
$
900,000
$
900,321
Lehigh
County
Industrial
Development
Authority
,
Seven
Generations
Charter
School
,
Revenue
,
2021
A
,
4
%
,
5/01/51
........................................
1,000,000
769,437
Maxatawny
Township
Municipal
Authority
,
Lutheran
Senior
Services
East
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
1/01/41
...
1,400,000
1,413,040
Lutheran
Senior
Services
East
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
1/01/42
...
1,450,000
1,453,265
Pennsylvania
Economic
Development
Financing
Authority
,
Commonwealth
of
Pennsylvania
Motor
License
Fund
,
Revenue
,
2022
,
6
%
,
6/30/61
1,000,000
1,058,156
a
Talen
Energy
Supply
LLC
,
Revenue
,
2009
C
,
Refunding
,
Mandatory
Put
,
5.25
%
,
6/01/27
........................................................
500,000
504,524
b
Philadelphia
Authority
for
Industrial
Development
,
g
University
of
the
Arts
(The)
,
Revenue
,
144A,
2017
,
5
%
,
3/15/45
...............
807,977
161,595
University
of
the
Arts
(The)
,
Revenue
,
144A,
2017
,
Pre-Refunded
,
5
%
,
3/15/45
...
40,000
42,185
University
Plaza
Associates
,
Revenue
,
144A,
2017
,
III
,
Pre-Refunded
,
5.25
%
,
12/01/47
.......................................................
1,300,000
1,331,495
11,603,593
Rhode
Island
0.5%
Rhode
Island
Health
and
Educational
Building
Corp.
,
PRG
-
RI
Properties
LLC
,
Revenue
,
2025
A
,
AG
Insured
,
5
%
,
7/01/60
..............................
1,500,000
1,514,623
South
Carolina
5.6%
b
City
of
Goose
Creek
,
Carnes
Crossroads
Improvement
District
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
10/01/55
..........................................
175,000
176,546
County
of
Berkeley
,
Nexton
Improvement
District
,
Special
Assessment
,
2019
,
4.375
%
,
11/01/49
........................................................
1,000,000
893,008
b
County
of
Lancaster
,
Roselyn
Residential
Improvement
District
,
Special
Assessment
,
144A,
2025
,
6.2
%
,
6/01/55
...........................................
120,000
123,920
South
Carolina
Jobs-Economic
Development
Authority
,
Beaufort
Memorial
Hospital
Obligated
Group
,
Revenue
,
2024
,
5.75
%
,
11/15/54
...
1,000,000
1,037,654
b
Green
Charter
School
Spartanburg
LLC
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
6/01/56
............................................
1,020,000
689,999
b
High
Point
Academy,
Inc.
,
Revenue
,
144A,
2018
A
,
5.75
%
,
6/15/39
............
500,000
470,589
b
High
Point
Academy,
Inc.
,
Revenue
,
144A,
2018
A
,
5.75
%
,
6/15/49
............
1,000,000
883,953
South
Carolina
Public
Service
Authority
,
Revenue
,
2021
B
,
4
%
,
12/01/41
.......................................
4,000,000
3,915,461
Revenue
,
2021
B
,
4
%
,
12/01/42
.......................................
5,250,000
5,051,706
Revenue
,
2021
B
,
4
%
,
12/01/51
.......................................
3,000,000
2,710,522
15,953,358
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
1,383,389
Metropolitan
Nashville
Airport
Authority
(The)
,
Revenue
,
2022
B
,
5.5
%
,
7/01/39
.....
1,000,000
1,103,403
2,486,792
Texas
12.0%
Arlington
Higher
Education
Finance
Corp.
,
b
BASIS
Texas
Charter
Schools,
Inc.
,
Revenue
,
144A,
2024
,
5
%
,
6/15/64
.........
1,200,000
1,081,132
b
Magellan
School
(The)
,
Revenue
,
144A,
2022
,
6.375
%
,
6/01/62
...............
1,100,000
1,112,479
Wayside
Schools
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
8/15/41
.................
610,000
521,216
b
Beaumont
Housing
Authority
,
Revenue,
Senior
Lien
,
144A,
2025
A
,
6.5
%
,
7/01/55
...
575,000
572,077
b
City
of
Aubrey
,
Duck
Point
Public
Improvement
District
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
12/31/55
.............................................
110,000
110,105
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
franklintempleton.com
Annual
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)
b
City
of
Austin
,
Whisper
Valley
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
5
%
,
11/01/44
...............................
$
555,000
$
544,785
Whisper
Valley
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
11/01/53
.............................
750,000
737,918
b
City
of
Celina
,
Sutton
Fields
East
Public
Improvement
District
Phase
No.
2
,
Special
Assessment
,
144A,
2025
,
5.375
%
,
9/01/45
.......................................
150,000
150,082
Sutton
Fields
East
Public
Improvement
District
Phase
No.
2
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
9/01/55
.......................................
270,000
270,283
f
City
of
Dripping
Springs
,
Special
Assessment
,
2025
,
5.625
%
,
9/01/55
............
300,000
299,334
b,f
City
of
Ennis
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
9/15/55
.................
325,000
322,138
City
of
Houston
Airport
System
,
United
Airlines,
Inc.
,
Revenue
,
2015
B-1
,
5
%
,
7/15/35
.......................
2,500,000
2,500,037
United
Airlines,
Inc.
,
Revenue
,
2021
A
,
4
%
,
7/01/41
........................
1,250,000
1,148,487
b
City
of
Hutto
,
Prairie
Winds
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.125
%
,
9/01/45
.........................
390,000
380,876
b,f
City
of
Justin
,
Timberbrook
Public
Improvement
District
No.
2
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/01/55
............................
500,000
504,014
b
City
of
Manor
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/15/55
............................
125,000
126,659
EntradenGlen
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
7
%
,
9/15/55
................................
150,000
154,830
b
City
of
Mansfield
,
Staybolt
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
6.25
%
,
9/15/55
.........................
350,000
361,937
Clifton
Higher
Education
Finance
Corp.
,
IDEA
Public
Schools
,
Revenue
,
2022
A
,
4
%
,
8/15/51
.........................................................
1,200,000
1,053,691
b
County
of
Denton
,
Green
Meadows
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
12/31/45
............................
125,000
129,110
Green
Meadows
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2025
,
6.125
%
,
12/31/55
............................
250,000
259,033
Dallas
Area
Rapid
Transit
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
5
%
,
12/01/45
..
7,000,000
7,262,431
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Brazos
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/37
........................................................
250,000
252,189
YMCA
of
the
Greater
Houston
Area
,
Revenue
,
2013
A
,
Refunding
,
5
%
,
6/01/33
...
1,000,000
981,011
Matagorda
County
Navigation
District
No.
1
,
AEP
Texas,
Inc.
,
Revenue
,
2005
A
,
Refunding
,
AMBAC
Insured
,
4.4
%
,
5/01/30
...............................
1,250,000
1,305,108
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
890,395
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
Cumberland
Rest,
Inc.
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
5
%
,
10/01/49
..................
1,000,000
990,973
b
Texas
Community
Housing
&
Economic
Development
Corp.
,
Agape
Helotes,
Inc.
,
Revenue,
Senior
Lien
,
144A,
2025
A-1
,
6.25
%
,
1/01/65
.....................
575,000
539,132
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/15/30
........................................................
1,000,000
1,072,260
d
Texas
Transportation
Commission
State
Highway
249
System
,
Revenue,
First
Tier
,
2019
A
,
4.65
%,
8/01/39
.............................................
700,000
374,784
c
Texas
Transportation
Finance
Corp.
,
Revenue
,
2025
A
,
Refunding
,
5.5
%
,
10/01/55
..
7,000,000
7,657,160
Uptown
Development
Authority
,
City
of
Houston
Reinvestment
Zone
No.
16
,
Tax
Allocation
,
2021
,
Refunding
,
3
%
,
9/01/37
................................
900,000
772,034
34,437,700
Utah
2.2%
b
Black
Desert
Public
Infrastructure
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
12/01/53
........................................
1,300,000
1,314,333
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
19
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Utah
(continued)
b,d
MIDA
Cormont
Public
Infrastructure
District
,
GO
,
144A,
2025
A-2
,
0.868
%,
6/01/55
..
$
500,000
$
423,120
b
MIDA
Mountain
Village
Public
Infrastructure
District
,
Special
Assessment
,
144A,
2020
A
,
5
%
,
8/01/50
..........................
1,045,000
1,031,307
Military
Recreation
Facility
Project
Area
,
Tax
Allocation
,
144A,
2024-2
,
6
%
,
6/15/54
500,000
515,121
Mountain
Village
Assessment
Area
2
,
Special
Assessment
,
144A,
2021
,
4
%
,
8/01/50
1,150,000
986,728
b
SkyRidge
Pegasus
Infrastructure
Financing
District
,
Assessment
Area
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
12/01/44
...............................
300,000
296,836
Utah
Infrastructure
Agency
,
Revenue
,
2023
,
6
%
,
10/15/47
........................................
1,350,000
1,467,604
Revenue
,
2025
,
5.25
%
,
10/15/49
......................................
350,000
352,294
6,387,343
Virginia
1.4%
b
Cherry
Hill
Community
Development
Authority
,
Special
Assessment
,
144A,
2015
,
5.4
%
,
3/01/45
.........................................................
995,000
995,651
b
Farms
New
Kent
Community
Development
Authority
,
Special
Assessment
,
144A,
2021
A
,
Refunding
,
3.75
%
,
3/01/36
.........................................
360,000
352,343
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
782,907
Williamsburg
Landing,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/01/50
.......................................................
1,235,000
964,477
b
Lower
Magnolia
Green
Community
Development
Authority
,
Special
Assessment
,
144A,
2015
,
5
%
,
3/01/35
.................................................
455,000
455,096
Suffolk
Economic
Development
Authority
,
EveryAge
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
9/01/31
.............................................
500,000
500,639
4,051,113
Washington
4.9%
Grays
Harbor
County
Public
Hospital
District
No.
1
,
Revenue
,
2023
,
Refunding
,
6.875
%
,
12/01/53
..................................................
3,000,000
3,325,400
b
Kalispel
Tribe
of
Indians
,
Revenue
,
144A,
2018
A
,
5.25
%
,
1/01/38
...............
750,000
764,861
King
County
Public
Hospital
District
No.
4
,
Revenue
,
2025
A
,
Refunding
,
7
%
,
12/01/60
350,000
357,542
Skagit
County
Public
Hospital
District
No.
1
,
Revenue
,
2024
,
5.5
%
,
12/01/54
.......
1,000,000
1,030,739
Washington
State
Housing
Finance
Commission
,
Revenue
,
2023-1
,
A
,
3.375
%
,
4/20/37
..................................
3,138,316
2,967,711
e
Revenue
,
FRN
,
2024-1
,
A
,
4.221
%
,
3/20/40
..............................
745,070
729,421
Eastside
Retirement
Association
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
5
%
,
7/01/48
........................................................
1,200,000
1,194,506
b
Presbyterian
Retirement
Communities
Northwest
Obligated
Group
,
Revenue
,
144A,
2016
A
,
Refunding
,
5
%
,
1/01/36
.....................................
1,175,000
1,182,161
b
Seattle
Academy
of
Arts
&
Sciences
,
Revenue
,
144A,
2023
,
Refunding
,
6.375
%
,
7/01/63
........................................................
560,000
607,130
b
Spokane
International
Academy
,
Revenue
,
144A,
2021
A
,
5
%
,
7/01/56
..........
1,130,000
951,396
b
Wesley
Homes
Lea
Hill
LLC
,
Revenue
,
144A,
2016
,
Refunding
,
5
%
,
7/01/36
.....
580,000
579,564
b
Wesley
Homes
Lea
Hill
LLC
,
Revenue
,
144A,
2016
,
Refunding
,
5
%
,
7/01/41
.....
500,000
468,941
14,159,372
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
5,745,476
Wisconsin
9.5%
Public
Finance
Authority
,
Revenue
,
2023-1
,
A
,
5.75
%
,
7/01/62
...................................
2,132,025
2,237,734
b
AMCP
Franklin
LLC
,
Revenue
,
144A,
2025
A-T
,
10
%
,
12/01/60
...............
650,000
663,655
Celanese
US
Holdings
LLC
,
Revenue
,
2016
C
,
Refunding
,
4.3
%
,
11/01/30
.......
300,000
300,151
b
CFC-SA
LLC
,
Revenue,
Sub.
Lien
,
144A,
2022
B
,
6
%
,
2/01/62
................
1,000,000
1,028,606
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
franklintempleton.com
Annual
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
(continued)
Public
Finance
Authority,
(continued)
b
CHF
-
Manoa
LLC
,
Revenue,
Senior
Lien
,
144A,
2023
A
,
5.75
%
,
7/01/63
........
$
1,000,000
$
1,002,893
b
Church
Home
of
Hartford
Obligated
Group
,
Revenue
,
144A,
2015
A
,
Refunding
,
5
%
,
9/01/30
........................................................
945,000
945,500
b
Dominium
Holdings
I
LLC
,
Revenue
,
144A,
2024-1
,
B-1
,
6.81
%
,
4/28/36
........
1,425,000
1,468,801
b
Foundation
Academy
Charter
School
A
NJ
Nonprofit
Corp.
,
Revenue
,
144A,
2024
,
5
%
,
7/01/55
....................................................
1,000,000
909,829
KSU
Bixby
Real
Estate
Foundation
LLC
,
Revenue,
Sub.
Lien
,
2025
B
,
5.5
%
,
6/15/55
410,000
421,646
b
Mary's
Woods
at
Marylhurst
Obligated
Group
,
Revenue
,
144A,
2017
A
,
Refunding
,
5.25
%
,
5/15/37
..................................................
380,000
383,605
b
North
Carolina
Leadership
Charter
Academy,
Inc.
,
Revenue
,
144A,
2019
A
,
5
%
,
6/15/54
........................................................
910,000
819,633
Piedmont
Community
Charter
School,
Inc.
,
Revenue
,
2019
,
5
%
,
6/15/53
........
1,150,000
1,117,776
b
Roseman
University
of
Health
Sciences
,
Revenue
,
144A,
2020
,
5
%
,
4/01/40
.....
1,085,000
1,086,964
b
Southminster,
Inc.
Obligated
Group
,
Revenue
,
144A,
2018
,
5
%
,
10/01/43
........
1,000,000
994,543
b
Southminster,
Inc.
Obligated
Group
,
Revenue
,
144A,
2018
,
5
%
,
10/01/48
........
800,000
766,289
SR
400
Peach
Partners
LLC
,
Revenue,
Senior
Lien
,
2025
,
5.75
%
,
12/31/65
......
500,000
518,273
SR
400
Peach
Partners
LLC
,
Revenue,
Senior
Lien
,
2025
,
6.5
%
,
12/31/65
.......
2,100,000
2,308,155
b
UHF
Promenade
Apts
LLC
(The)
,
Revenue
,
144A,
2024
,
6.25
%
,
2/01/39
........
800,000
815,797
b
UHF
RISE
Student
Housing
LLC
,
Revenue
,
144A,
2021
A-1
,
4
%
,
7/01/61
........
600,000
450,131
b
UNC
Charlotte
Marriott
Hotel
&
Conference
Center
,
Revenue
,
144A,
2021
A
,
4
%
,
9/01/51
........................................................
2,000,000
1,514,763
b
WFCS
Holdings
LLC
,
Revenue
,
144A,
2020
A-1
,
5
%
,
1/01/55
.................
1,700,000
1,443,768
Wisconsin
Health
&
Educational
Facilities
Authority
,
Froedtert
ThedaCare
Health
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
4/01/41
........................................................
4,000,000
3,928,950
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/57
....................................................
650,000
505,261
PHW
Menomonee
Falls,
Inc.
,
Revenue
,
2024
,
6.125
%
,
10/01/59
..............
300,000
311,096
St.
John's
Communities,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
9/15/41
........................................................
270,000
246,397
St.
John's
Communities,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
9/15/45
........................................................
1,150,000
982,893
27,173,109
U.S.
Territories
12.7%
District
of
Columbia
7.9%
District
of
Columbia
,
GO
,
2023
A
,
5
%
,
1/01/45
............................................
6,675,000
7,063,081
Ingleside
Presbyterian
Retirement
Community
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/52
....................................................
1,000,000
927,996
International
School
Obligated
Group
,
Revenue
,
2019
,
5
%
,
7/01/39
............
400,000
408,805
KIPP
DC
Obligated
Group
,
Revenue
,
2019
,
4
%
,
7/01/44
....................
750,000
670,320
Latin
American
Montessori
Bilingual
Public
Charter
School
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
6/01/40
...............................
2,500,000
2,460,853
Plenary
Infrastructure
DC
LLC
,
Revenue
,
2022
A
,
5.5
%
,
8/31/35
..............
1,140,000
1,307,964
Plenary
Infrastructure
DC
LLC
,
Revenue
,
2022
A
,
5.5
%
,
8/31/36
..............
1,365,000
1,566,117
b
Rocketship
DC
Obligated
Group
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/61
.........
400,000
349,792
d
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2006
A
,
7.34
%,
6/15/46
.........
7,500,000
1,741,289
c
Metropolitan
Washington
Airports
Authority
,
Dulles
Toll
Road
,
Revenue,
Sub.
Lien
,
2019
B
,
Refunding
,
4
%
,
10/01/53
..........................................
1,065,000
929,996
c
Washington
Metropolitan
Area
Transit
Authority
,
Dedicated
,
Revenue,
Second
Lien
,
2024
A
,
5
%
,
7/15/56
................................................
5,000,000
5,203,062
22,629,275
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
21
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
4.8%
Commonwealth
of
Puerto
Rico
,
GO
,
2022
A-1
,
4
%
,
7/01/33
..........................................
$
1,920,000
$
1,899,450
GO
,
2022
A-1
,
4
%
,
7/01/37
..........................................
3,000,000
2,873,684
GO
,
2022
A-1
,
4
%
,
7/01/41
..........................................
3,388,447
3,113,222
g
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
TT
,
5
%
,
7/01/37
................
2,335,000
1,546,938
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
...
4,700,000
4,451,638
13,884,932
Total
U.S.
Territories
....................................................................
36,514,207
Total
Municipal
Bonds
(Cost
$
398,884,450
)
.....................................
399,345,896
a
a
a
a
Short
Term
Investments
0.0%
†
Shares
a
Management
Investment
Companies
0.0%
†
h,i
Putnam
Short
Term
Investment
Fund
,
Class
P
,
4.371
%
.......................
110,154
110,154
Total
Management
Investment
Companies
(Cost
$
110,154
)
.......................
110,154
Total
Short
Term
Investments
(Cost
$
110,154
)
..................................
110,154
a
Total
Investments
(Cost
$
398,994,604
)
139.0
%
..................................
$399,456,050
Remarketed
Preferred
Shares
(
34.6
)
%
.........................................
(99,350,000)
Floating
Rate
Notes
Issued
(
5.6
)
%
.............................................
(16,077,030)
Other
Assets,
less
Liabilities
1.2
%
.............................................
3,192,568
Net
Assets
100.0%
...........................................................
$287,221,588
See
Abbreviations
on
page
33
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
The
maturity
date
shown
represents
the
mandatory
put
date.
b
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
October
31,
2025,
the
aggregate
value
of
these
securities
was
$87,784,197,
representing
30.6%
of
net
assets.
c
Underlying
security
in
a
tender
option
bond
transaction.
This
security
has
been
segregated
as
collateral
for
financing
transactions.
d
The
rate
shown
represents
the
yield
at
period
end.
e
The
coupon
rate
shown
represents
the
rate
at
period
end.
f
Security
purchased
on
a
when-issued
basis.
See
Note
1(b).
g
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
8.
h
See
Note
4(e)
regarding
investments
in
affiliated
management
investment
companies.
i
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
October
31,
2025
franklintempleton.com
Annual
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
...................................................................
$398,884,450
Cost
-
Non-controlled
affiliates
(Note
4e)
........................................................
110,154
Value
-
Unaffiliated
issuers
..................................................................
$399,345,896
Value
-
Non-controlled
affiliates
(Note
4e
)
.......................................................
110,154
Cash
....................................................................................
194,796
Receivables:
Dividends
and
interest
.....................................................................
6,155,476
Prepaid
expenses
..........................................................................
77,548
Total
assets
..........................................................................
405,883,870
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
2,315,374
Management
fees
.........................................................................
387,164
Transfer
agent
fees
........................................................................
22,296
Trustees'
fees
and
expenses
.................................................................
112,797
Floating
rate
notes
issued
...................................................................
16,077,030
Distributions
to
preferred
shareholders
(Note
1f)
..................................................
98,245
Preferred
share
remarketing
agent
fees
.........................................................
139,093
Accrued
interest
(Note
1d)
..................................................................
102,090
Accrued
expenses
and
other
liabilities
...........................................................
58,193
Total
liabilities
.........................................................................
19,312,282
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
..........................................
$287,221,588
Net
assets
applicable
to
common
shares
consist
of:
Paid-in
capital
.............................................................................
$316,208,908
Total
distributable
earnings
(losses)
.............................................................
(28,987,320)
Net
assets
applicable
to
common
shares,
at
value
..........................................
$287,221,588
Common
shares
outstanding
..................................................................
42,833,397
Net
asset
value
per
common
share
a
.............................................................
$6.71
a
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Putnam
Managed
Municipal
Income
Trust
Financial
Statements
Statement
of
Operations
for
the
year
ended
October
31,
2025
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
23
Putnam
Managed
Municipal
Income
Trust
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
4
e
)
.............................................................
$343,675
Interest:
Unaffiliated
issuers
........................................................................
19,391,992
Total
investment
income
...................................................................
19,735,667
Expenses:
Management
fees
(Note
4
a
)
...................................................................
2,119,530
Administrative
fees
(Note
4
b
)
..................................................................
3,681
Transfer
agent
fees
(Note
4c)
..................................................................
143,577
Custodian
fees
(Note
5)
......................................................................
8,476
Reports
to
shareholders
fees
..................................................................
126,897
Registration
and
filing
fees
....................................................................
26,561
Professional
fees
...........................................................................
182,974
Trustees'
fees
and
expenses
(Note
4d)
...........................................................
52,383
Preferred
share
remarketing
agent
fees
..........................................................
151,927
Interest
expense
(Note
1d
)
....................................................................
693,043
Other
....................................................................................
80,144
Total
expenses
.........................................................................
3,589,193
Expense
reductions
(Note
5)
...............................................................
(1,788)
Expenses
waived/paid
by
affiliates
(Note
4a
and
4
e
)
..............................................
(547,186)
Net
expenses
.........................................................................
3,040,219
Net
investment
income
................................................................
16,695,448
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(6,092,416)
Futures
contracts
.........................................................................
332,328
Net
realized
gain
(loss)
..................................................................
(5,760,088)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
1,266,693
Futures
contracts
.........................................................................
(110,883)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
1,155,810
Net
realized
and
unrealized
gain
(loss)
............................................................
(4,604,278)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$12,091,170
Distributions
to
remarketed
preferred
shareholders
(Note
1f)
............................................
(4,850,639)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
resulting
from
operations
...................
$7,240,531
Putnam
Managed
Municipal
Income
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
Putnam
Managed
Municipal
Income
Trust
Year
Ended
October
31,
2025
Year
Ended
October
31,
2024
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$16,695,448
$16,232,652
Net
realized
gain
(loss)
.................................................
(5,760,088)
(5,691,926)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
1,155,810
56,610,789
Distributions
to
remarketed
preferred
shareholders
............................
(4,850,639)
(5,878,858)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
resulting
from
operations
......................................................
7,240,531
61,272,657
Distributions
to
common
shareholders
.......................................
(10,286,525)
(9,772,548)
Distributions
to
common
shareholders
from
tax
return
of
capital
....................
(2,655,333)
(3,296,993)
Total
distributions
to
common
shareholders
...................................
(12,941,858)
(13,069,541)
Capital
share
transactions
from
-
repurchase
of
shares
(Note
2
)
....................
(11,232,031)
(14,902,031)
Net
increase
(decrease)
in
net
assets
...................................
(16,933,358)
33,301,085
Net
assets
applicable
to
common
shares:
Beginning
of
year
.......................................................
304,154,946
270,853,861
End
of
year
...........................................................
$287,221,588
$304,154,946
Putnam
Managed
Municipal
Income
Trust
25
franklintempleton.com
Annual
Report
Notes
to
Financial
Statements
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.
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.
Derivative
financial
instruments
listed
on
an
exchange
are
valued
at
the
official
closing
price
of
the
day.
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The
Fund's
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Fund's
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
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.
Putnam
Managed
Municipal
Income
Trust
Notes
to
Financial
Statements
26
franklintempleton.com
Annual
Report
c.
Derivative
Financial
Instruments
The
Fund invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements
which
expose
the
Fund
to
gains
or
losses
in
excess
of
the
amounts
shown
in
the
Statement
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Statement
of
Operations.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
or
initial
margin
requirements
are
set
by
the
broker
or
exchange
clearing
house
for
exchange
traded
and
centrally
cleared
derivatives.
Initial
margin
deposited
is
held
at
the
exchange
and
can
be
in
the
form
of
cash
and/or
securities.
The
Fund
entered
into
exchange
traded
futures
contracts
primarily
to
manage
and/or
gain
exposure
to
interest
rate
and
equity
price
risk.
A
futures
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
an
asset
at
a
specified
price
on
a
future
date.
Required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statement
of
Assets
and
Liabilities.
Futures
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
See
Note
9 regarding
other
derivative
information.
d.
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
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
$23,329,520
were
held
by
the
TOB
trust
and
served
as
collateral
for
$16,077,030 in
floating-rate
bonds
outstanding.
For
the
reporting
period
ended
October
31,
2025,
the
Fund
incurred
interest
expense
of
$619,180
for
these
investments
based
on
an
average
interest
rate
of
2.76%.
e.
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
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
October
31,
2025, 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).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the Fund
invests.
f.
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.
1.
Organization
and
Significant
Accounting
Policies
(continued)
Putnam
Managed
Municipal
Income
Trust
Notes
to
Financial
Statements
27
franklintempleton.com
Annual
Report
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 October
31,
2025
was
4.50%
on
Series
A,
and
4.41%
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.
g.
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.
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.
h.
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.
i.
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
October
31,
2025,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
During
the years
ended
October
31,
2025 and October
31,
2024,
there
were
no
shares
issued;
all
reinvested
distributions
were
satisfied
with
previously
issued
shares
purchased
in
the
open
market.
1.
Organization
and
Significant
Accounting
Policies
(continued)
f.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
(continued)
Putnam
Managed
Municipal
Income
Trust
Notes
to
Financial
Statements
28
franklintempleton.com
Annual
Report
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.
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
October
31,
2025,
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:
Year
Ended
October
31,
2025
Year
Ended
October
31,
2024
Shares
Amount
Shares
Amount
Shares
repurchased
.............................................
1,829,334
$11,232,031
2,435,269
$14,902,031
Weighted
average
discount
of
cost
of
repurchase
to
net
asset
value
of
shares
repurchased
.................................................
8.39%
8.93%
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
Putnam
Investor
Services,
Inc.
(PSERV)
Transfer
agent
2.
Shares
of
Beneficial
Interest
(continued)
Putnam
Managed
Municipal
Income
Trust
Notes
to
Financial
Statements
29
franklintempleton.com
Annual
Report
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
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
$547,186 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
$2,979,805.
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.
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.
4.
Transactions
with
Affiliates
(continued)
Putnam
Managed
Municipal
Income
Trust
Notes
to
Financial
Statements
30
franklintempleton.com
Annual
Report
c.
Transfer
Agent
Fees
PSERV,
an
affiliate
of Advisers,
provides
investor
servicing
agent
functions
to
the
Fund.
PSERV
was
paid
a
monthly
fee
for
investor
servicing
at
an
annual
rate
of
0.05%
of
the
Fund’s
average
daily
net
assets.
The
amounts
incurred
for
investor
servicing
agent
functions
during
the
reporting
period
are
included
in Transfer
agent fees
in
the
Statement
of
Operations.
On
May
8,
2025,
the
Board
approved
Computershare
Inc.
to
serve
as
transfer
agent
for
the
Fund.
Effective
October
13,
2025,
Computershare
Inc.
became
the
transfer
agent
for
the
Fund
and
PSERV
is
no
longer
an
affiliated
person
of
the
Fund,
under
the
1940
Act.
The
principal
business
office
of
Computershare
is
located
at
P.O.
Box
43006,
Providence,
Rhode
Island
02940-
3078.
d.
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.
e.
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
year
ended
October
31,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
    aa
Value
at
Beginning
of
Year
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Year
Number
of
Shares
Held
at
End
of
Year
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,
4.371%
......
$3,560,890
$81,917,162
$(85,367,898)
$—
$—
$110,154
110,154
$343,675
Total
Affiliated
Securities
...
$3,560,890
$81,917,162
$(85,367,898)
$—
$—
$110,154
$343,675
4.
Transactions
with
Affiliates
(continued)
Putnam
Managed
Municipal
Income
Trust
Notes
to
Financial
Statements
31
franklintempleton.com
Annual
Report
5.
Expense
Offset
Arrangement
The Fund has
entered
into
arrangements
with
PSERV
and
its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund’s
transfer
agent
and
custodian
fees,
respectively.
During
the
year
ended
October
31,
2025,
the
fees
were
reduced
as
noted
in
the
Statement
of
Operations.
Effective
March
10,
2025,
earned
credits
on
custodian
fees,
if
any,
are
recognized
as
income.
6.
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:
During
the
year
ended
October
31,
2025,
the
Fund
utilized
$179,193
of
capital
loss
carryforwards.
The
tax
character
of
distributions
paid
during
the
years
ended
October
31,
2025
and
2024,
was
as
follows:
At
October
31,
2025,
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.
7.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
year
ended
October
31,
2025,
aggregated
$105,157,307 and
$113,917,211,
respectively. 
8.
Credit
Risk
and
Defaulted
Securities
At
October
31,
2025,
the
Fund
had 34.5% of
its
portfolio
invested
in
high
yield
securities,
or
other
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.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$
8,133,562
Long
term
................................................................................
21,817,042
Total
capital
loss
carryforwards
...............................................................
$29,950,604
2025
2024
Distributions
paid
from:
Ordinary
income
..........................................................
$996,785
$565,080
Tax
exempt
income
........................................................
14,140,379
9,207,468
Return
of
capital
...........................................................
2,655,333
3,296,993
$17,792,497
$13,069,541
Cost
of
investments
..........................................................................
$398,394,522
Unrealized
appreciation
........................................................................
$12,809,211
Unrealized
depreciation
........................................................................
(11,747,683)
Net
unrealized
appreciation
(depreciation)
..........................................................
$1,061,528
Putnam
Managed
Municipal
Income
Trust
Notes
to
Financial
Statements
32
franklintempleton.com
Annual
Report
The
Fund
held
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
October
31,
2025,
the
aggregate
value
of
these
securities
was
$1,708,543,
representing
0.6%
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.
9.
Other
Derivative
Information
For
the
year
ended
October
31,
2025,
the
effect
of
derivative
contracts
in
the Statement
of
Operations
was
as
follows:
For
the
year
ended
October
31,
2025,
the
average
month
end
notional
amount
of
futures
contracts
represented
$2,785,325.
See
Note
1(c) regarding
derivative
financial
instruments. 
See
Abbreviations
on
page
33.
10.
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
October
31,
2025,
in
valuing
the
Fund's assets carried
at
fair
value,
is
as
follows:
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Operations
Location
Net
Realized
Gain
(Loss)
for
the
Year
Statement
of
Operations
Location
Net
Change
in
Unrealized
Appreciation
(Depreciation)
for
the
Year
Putnam
Managed
Municipal
Income
Trust
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
  appreciation
(depreciation)
on:
Interest
rate
contracts
..........
Futures
contracts
$332,328
Futures
contracts
$(110,883)
Total
.......................
$332,328
$(110,883)
Level
1
Level
2
Level
3
Total
Putnam
Managed
Municipal
Income
Trust
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
$
—
$
399,345,896
$
—
$
399,345,896
8.
Credit
Risk
and
Defaulted
Securities
(continued)
Putnam
Managed
Municipal
Income
Trust
Notes
to
Financial
Statements
33
franklintempleton.com
Annual
Report
11.
Distributions
subsequent
to
October
31,
2025
The
following
distributions
have
been
declared
by
the
Fund’s
Board
and
are
payable
subsequent
to
the
period
end
of
this
report.
12.
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. 
13.
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.
Abbreviations
Level
1
Level
2
Level
3
Total
Putnam
Managed
Municipal
Income
Trust
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Short
Term
Investments
...................
$
110,154
$
—
$
—
$
110,154
Total
Investments
in
Securities
...........
$110,154
$399,345,896
$—
$399,456,050
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
Record
Date 
Payable
Date
Amount
11/17/2025
11/28/2025 
$0.0265 
12/15/2025
12/31/2025
$0.0265 
1/23/2026
1/30/2026
$0.0265 
2/20/2026
2/27/2026 
$0.0265 
Selected
Portfolio
AG
Assured
Guaranty,
Inc.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
GO
General
Obligation
FRN
Floating
Rate
Note
10.
Fair
Value
Measurements
(continued)
Putnam
Managed
Municipal
Income
Trust
Report
of
Independent
Registered
Public
Accounting
Firm
34
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Annual
Report
To
the
Board
of
Trustees
and
Shareholders
of
Putnam
Managed
Municipal
Income
Trust
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
Putnam
Managed
Municipal
Income
Trust
(the
“Fund”)
as
of
October
31,
2025,
the
related
statement
of
operations
for
the
year
ended
October
31,
2025,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2025,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2025
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
October
31,
2025,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2025
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2025
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
October
31,
2025
by
correspondence
with
the
custodian,
transfer
agent,
administrative
agent
for
the
tender
option
bond
trust
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Boston,
Massachusetts
December
18,
2025
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Putnam
Funds
family
of
funds
since
at
least
1957.
We
have
not
been
able
to
determine
the
specific
year
we
began
serving
as
auditor.
Putnam
Managed
Municipal
Income
Trust
Tax
Information
(unaudited)
35
franklintempleton.com
Annual
Report
By
mid-February,
tax
information
related
to
a
shareholder's
proportionate
share
of
distributions
paid
during
the
preceding
calendar
year
will
be
received,
if
applicable.
Please
also
refer
to
www.franklintempleton.com
for
per
share
tax
information
related
to
any
distributions
paid
during
the
preceding
calendar
year.
Shareholders
are
advised
to
consult
with
their
tax
advisors
for
further
information
on
the
treatment
of
these
amounts
on
their
tax
returns.
The
following
tax
information
for
the
Fund
is
required
to
be
furnished
to
shareholders
with
respect
to
income
earned
and
distributions
paid
during
its
fiscal
year.
The
Fund
hereby
reports
the
following
amounts,
or
if
subsequently
determined
to
be
different,
the
maximum
allowable
amounts,
for
the
fiscal
year
ended
October
31,
2025:
Pursuant
to:
Amount
Reported
Exempt-Interest
Dividends
Distributed
§852(b)(5)(A)
$14,140,379
Section
163(j)
Interest
Earned
§163(j)
$996,784
PUTNAM
MANAGED
MUNICIPAL
INCOME
TRUST
Important
Information
to
Shareholders
(unaudited)
36
franklintempleton.com
Annual
Report
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
April
30,
2025,
the
Fund
made
monthly
distributions
to
shareholders
at
the
rate
of
$0.0238
per
share.
Effective
May
1,
2025,
the
Fund
intends
to
make
monthly
distributions
to
shareholders
at
the
rate
of
$0.0265
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.
Information
about
the
Fund’s
goal,
investment
strategies,
principal
risks,
and
fundamental
investment
policies
Goal
The
goal
of
the
Fund
is
to
seek
a
high
level
of
current
income
exempt
from
federal
income
tax.
The
Fund’s
main
investment
strategies
and
related
risks
This
section
contains
detail
regarding
the
Fund’s
main
investment
strategies
and
the
related
risks
you
face
as
a
Fund
shareholder.
It
is
important
to
keep
in
mind
that
risk
and
reward
generally
go
hand
in
hand;
the
higher
the
potential
reward,
the
greater
the
risk.
The
Fund
intends
to
achieve
its
goal
by
investing
in
a
diversified
portfolio
of
tax-exempt
municipal
securities
which
Putnam
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.
PUTNAM
MANAGED
MUNICIPAL
INCOME
TRUST
Important
Information
to
Shareholders
(unaudited)
37
franklintempleton.com
Annual
Report
•
Tax-exempt
investments.
These
investments
are
issued
by
or
for
states,
territories
or
possessions
of
the
United
States
or
by
their
political
subdivisions,
agencies,
authorities
or
other
government
entities,
and
the
income
from
these
investments
is
exempt
from
federal
income
tax.
These
investments
are
issued
to
raise
money
for
public
purposes,
such
as
loans
for
the
construction
of
housing,
schools
or
hospitals,
or
to
provide
temporary
financing
in
anticipation
of
the
receipt
of
taxes
and
other
revenue.
They
also
include
private
activity
obligations
of
public
authorities
to
finance
privately
owned
or
operated
facilities.
Changes
in
law
or
adverse
determinations
by
the
Internal
Revenue
Service
could
make
the
income
from
some
of
these
obligations
taxable.
Interest
income
from
private
activity
bonds
may
be
subject
to
federal
AMT
for
individuals.
Corporate
shareholders
will
be
required
to
include
all
exempt
interest
dividends
in
determining
their
federal
AMT.
For
more
information,
including
possible
state,
local
and
other
taxes,
contact
your
tax
advisor.
•
General
obligations.
These
are
backed
by
the
issuer’s
authority
to
levy
taxes
and
are
considered
an
obligation
of
the
issuer.
They
are
payable
from
the
issuer’s
general
unrestricted
revenues,
although
payment
may
depend
upon
government
appropriation
or
aid
from
other
governments.
These
investments
may
be
vulnerable
to
legal
limits
on
a
government’s
power
to
raise
revenue
or
increase
taxes,
as
well
as
economic
or
other
developments
that
can
reduce
revenues.
•
Revenue
obligations.
These
are
payable
from
revenue
earned
by
a
particular
project
or
other
revenue
source.
They
include
private
activity
bonds
such
as
industrial
development
bonds,
which
are
paid
only
from
the
revenues
of
the
private
owners
or
operators
of
the
facilities.
Investors
can
look
only
to
the
revenue
generated
by
the
project
or
the
private
company
operating
the
project
rather
than
the
credit
of
the
state
or
local
government
authority
issuing
the
bonds.
Revenue
obligations
are
typically
subject
to
greater
credit
risk
than
general
obligations
because
of
the
relatively
limited
source
of
revenue.
•
Tender
option
bonds.
The
Fund
may
leverage
its
assets
through
the
use
of
proceeds
received
through
tender
option
bond
transactions.
In
a
tender
option
bond
transaction,
the
Fund
transfers
a
fixed-rate
municipal
bond
to
a
TOB
trust
sponsored
by
a
broker.
The
TOB
trust
funds
the
purchase
of
the
fixed
rate
bonds
by
issuing
short-term
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
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
be
liquidated.
The
Fund
will
look
through
to
the
underlying
municipal
bond
held
by
a
TOB
trust
for
purposes
of
the
Fund’s
80%
policy.
•
Interest
rate
risk.
The
values
of
bonds
and
other
debt
instruments
usually
rise
and
fall
in
response
to
changes
in
interest
rates.
Interest
rates
can
change
in
response
to
the
supply
and
demand
for
credit,
government
and/or
central
bank
monetary
policy
and
action,
inflation
rates,
and
other
factors.
Declining
interest
rates
generally
result
in
an
increase
in
the
value
of
existing
debt
instruments,
and
rising
interest
rates
generally
result
in
a
decrease
in
the
value
of
existing
debt
instruments.
Changes
in
a
debt
instrument’s
value
usually
will
not
affect
the
amount
of
interest
income
paid
to
the
Fund,
but
will
affect
the
value
of
the
Fund’s
shares.
Interest
rate
risk
is
generally
greater
for
investments
with
longer
maturities.
Some
investments
give
the
issuer
the
option
to
call
or
redeem
an
investment
before
its
maturity
date.
If
an
issuer
calls
or
redeems
an
investment
during
a
time
of
declining
interest
rates,
we
might
have
to
reinvest
the
proceeds
in
an
investment
offering
a
lower
yield,
and,
therefore,
the
Fund
might
not
benefit
from
any
increase
in
value
as
a
result
of
declining
interest
rates.
•
Credit
risk.
Investors
normally
expect
to
be
compensated
in
proportion
to
the
risk
they
are
assuming.
Thus,
debt
of
issuers
with
poor
credit
prospects
usually
offers
higher
yields
than
debt
of
issuers
with
more
secure
credit.
Higher-rated
investments
generally
have
lower
credit
risk.
We
invest
in
a
combination
of
higher-rated
and
lower-rated
investments.
The
Fund’s
lower-rated
investments
consist
of
higher-yielding,
higher-risk
debt
securities
that
are
rated
below
BBB
or
its
equivalent
at
the
time
of
purchase
by
a
nationally
recognized
securities
rating
agency
rating
the
investment,
or
are
unrated
investments
that
we
think
are
of
comparable
quality.
We
may
invest
up
to
60%
of
the
Fund’s
total
assets
in
debt
investments
rated,
at
the
time
of
purchase,
BB
and
below
or
its
equivalent
by
each
agency
rating
such
investments,
including
investments
in
the
lowest
rating
category
of
the
rating
agency,
and
in
unrated
PUTNAM
MANAGED
MUNICIPAL
INCOME
TRUST
Important
Information
to
Shareholders
(unaudited)
38
franklintempleton.com
Annual
Report
investments
that
we
think
are
of
comparable
quality.
We
will
not
necessarily
sell
an
investment
if
its
rating
is
reduced
after
we
buy
it.
Investments
rated
below
BBB
or
its
equivalent
are
below-
investment-grade
(sometimes
referred
to
as
“junk
bonds”)
can
be
more
sensitive
to
changes
in
markets,
credit
conditions,
and
interest
rates
and
may
be
considered
speculative.
This
rating
reflects
a
greater
possibility
that
the
issuers
may
be
unable
to
make
timely
payments
of
interest
and
principal
and
thus
default.
If
default
occurs,
or
is
perceived
as
likely
to
occur,
the
value
of
the
investment
will
usually
be
more
volatile
and
is
likely
to
fall.
The
value
of
a
debt
instrument
may
also
be
affected
by
changes
in,
or
perceptions
of,
the
financial
condition
of
the
issuer,
borrower,
counterparty,
or
other
entity,
or
underlying
collateral
or
assets,
or
changes
in,
or
perceptions
of,
specific
or
general
market,
economic,
industry,
political,
regulatory,
geopolitical,
environmental,
public
health,
and
other
conditions.
A
default
or
expected
default
could
also
make
it
difficult
for
us
to
sell
the
investment
at
a
price
approximating
the
value
we
had
previously
placed
on
it.
Tax-exempt
debt,
particularly
lower-
rated
tax-exempt
debt,
usually
has
a
more
limited
market
than
taxable
debt,
which
may
at
times
make
it
difficult
for
us
to
buy
or
sell
certain
debt
instruments
or
to
establish
their
fair
value.
Credit
risk
is
generally
greater
for
investments
that
are
required
to
make
interest
payments
only
at
maturity
rather
than
at
intervals
during
the
life
of
the
investment.
Credit
ratings
are
based
largely
on
the
issuer’s
historical
financial
condition
and
a
rating
agency’s
investment
analysis
at
the
time
of
rating.
The
rating
assigned
to
any
particular
investment
does
not
necessarily
reflect
the
issuer’s
current
financial
condition,
and
does
not
reflect
an
assessment
of
the
investment’s
volatility
or
liquidity.
Although
we
consider
credit
ratings
in
making
investment
decisions,
we
perform
our
own
investment
analysis
and
do
not
rely
only
on
ratings
assigned
by
the
rating
agencies.
The
amount
of
information
about
the
financial
condition
of
issuers
of
tax-exempt
debt
may
not
be
as
extensive
as
that
which
is
made
available
by
companies
whose
stock
or
debt
is
publicly
traded.
Our
success
in
achieving
the
Fund’s
investment
objective
may
depend
more
on
our
own
credit
analysis
when
we
buy
lower-
quality
bonds
than
when
we
buy
higher
quality
bonds.
We
may
have
to
participate
in
legal
proceedings
or
take
possession
of
and
manage
assets
that
secure
the
issuer’s
obligations.
Our
ability
to
enforce
rights
in
bankruptcy
proceedings
may
be
more
limited
than
would
be
the
case
for
taxable
debt.
This
could
increase
the
Fund’s
operating
expenses
and
decrease
its
net
asset
value.
Any
income
that
arises
from
ownership
or
operation
of
assets
would
be
taxable.
Although
investment-grade
investments
generally
have
lower
credit
risk,
they
may
share
some
of
the
risks
of
lower-rated
investments.
Bond
investments
may
be
more
susceptible
to
downgrades
or
defaults
during
economic
downturns
or
other
periods
of
economic
stress,
which
in
turn
could
affect
the
market
values
and
marketability
of
many
or
all
bond
obligations
of
issuers
in
a
state,
U.S.
territory,
or
possession.
We
may
buy
investments
that
are
insured
as
to
the
payment
of
principal
and
interest
in
the
event
the
issuer
defaults.
Any
reduction
in
the
insurer’s
ability
to
pay
claims
may
adversely
affect
the
value
of
insured
investments
and,
consequently,
the
value
of
the
Fund’s
shares.
•
Focus
of
investments.
We
may
make
significant
investments
in
a
particular
segment
of
the
tax-exempt
debt
market,
such
as
tobacco
settlement
bonds
or
revenue
bonds
for
health
care
facilities,
housing
or
airports.
We
may
also
make
significant
investments
in
the
debt
of
issuers
located
in
the
same
state.
These
investments
may
cause
the
value
of
the
Fund’s
shares
to
fluctuate
more
than
the
values
of
shares
of
funds
that
invest
in
a
greater
variety
of
investments.
Certain
events
may
adversely
affect
all
investments
within
a
particular
market
segment.
Examples
include
legislation
or
court
decisions,
concerns
about
pending
legislation
or
court
decisions,
and
lower
demand
for
the
services
or
products
provided
by
a
particular
market
segment.
Investing
in
issuers
located
in
the
same
state
may
make
the
Fund
more
vulnerable
to
that
state’s
economy
and
to
factors
affecting
its
tax-exempt
issuers,
such
as
their
ability
to
collect
revenues
to
meet
payment
obligations.
At
times,
the
Fund
and
other
accounts
that
Putnam
Management
and
its
affiliates
manage
may
own
all
or
most
of
the
debt
of
a
particular
issuer.
This
concentration
of
ownership
may
make
it
more
difficult
to
sell,
or
to
determine
the
fair
value
of,
these
investments.
•
Derivatives.
We
may
engage
in
a
variety
of
transactions
involving
derivatives,
such
as
municipal
rate
locks,
tender
option
bond
transactions,
futures
and
swap
contracts,
although
they
do
not
represent
a
primary
focus
of
the
Fund.
Derivatives
are
financial
instruments
whose
value
depends
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upon,
or
is
derived
from,
the
value
of
something
else,
such
as
one
or
more
underlying
investments,
pools
of
investments
or
indexes.
We
may
make
use
of
“short”
derivative
positions,
the
values
of
which
typically
move
in
the
opposite
direction
from
the
price
of
the
underlying
investment,
pool
of
investments,
or
index.
We
may
use
derivatives
both
for
hedging
and
non-hedging
purposes,
such
as
to
modify
the
behavior
of
an
investment
so
that
it
responds
differently
than
it
would
otherwise
respond
to
changes
in
a
particular
interest
rate
or
to
modify
the
Fund’s
duration.
Derivatives
may
increase
or
decrease
an
investment’s
exposure
to
long-
or
short-term
interest
rates
or
cause
the
value
of
an
investment
to
move
in
the
opposite
direction
from
prevailing
short-term
or
long-term
interest
rates.
For
example,
we
may
use
interest
rate
swaps
to
hedge
or
gain
exposure
to
interest
rate
risk,
or
to
hedge
or
gain
exposure
to
inflation.
We
may
also
use
derivatives
to
adjust
the
Fund’s
positioning
on
the
yield
curve
(a
line
that
plots
interest
rates
of
bonds
having
equal
credit
quality
but
differing
maturity
dates)
or
to
take
tactical
positions
along
the
yield
curve.
However,
we
may
also
choose
not
to
use
derivatives,
based
on
our
evaluation
of
market
conditions
or
the
availability
of
suitable
derivatives.
Investments
in
derivatives
may
be
applied
toward
meeting
a
requirement
to
invest
in
a
particular
kind
of
investment
if
the
derivatives
have
economic
characteristics
similar
to
that
investment.
Derivatives
involve
special
risks
and
may
result
in
losses.
The
successful
use
of
derivatives
depends
on
our
ability
to
manage
these
sophisticated
instruments.
Some
derivatives
are
“leveraged,”
which
means
they
provide
the
Fund
with
investment
exposure
greater
than
the
value
of
the
Fund’s
investment
in
the
derivatives.
As
a
result,
these
derivatives
may
magnify
or
otherwise
increase
investment
losses
to
the
Fund.
The
risk
of
loss
from
certain
short
derivative
positions
is
theoretically
unlimited.
The
value
of
derivatives
may
move
in
unexpected
ways
due
to
unanticipated
market
movements,
the
use
of
leverage,
imperfect
correlation
between
the
derivative
instrument
and
the
reference
asset,
or
other
factors,
especially
in
unusual
market
conditions,
and
volatility
in
the
value
of
derivatives
could
adversely
impact
the
Fund’s
returns,
obligations
and
exposures.
Other
risks
arise
from
the
potential
inability
to
terminate
or
sell
derivative
positions.
Derivatives
may
be
subject
to
liquidity
risk
due
to
the
Fund’s
obligation
to
make
payments
of
margin,
collateral,
or
settlement
payments
to
counterparties.
A
liquid
secondary
market
may
not
always
exist
for
the
Fund’s
derivative
positions.
In
fact,
certain
over-the-counter
instruments
(investments
not
traded
on
an
exchange)
may
not
be
liquid.
Over-the-counter
instruments
also
involve
the
risk
that
the
other
party
to
the
derivative
transaction
may
not
be
willing
or
able
to
meet
its
obligations
with
respect
to
the
derivative
transaction.
The
risk
of
a
party
failing
to
meet
its
obligations
may
increase
if
the
Fund
has
significant
exposure
to
that
counterparty.
Derivative
transactions
may
also
be
subject
to
operational
risk,
including
due
to
documentation
and
settlement
issues,
system
failures,
inadequate
controls
and
human
error,
and
legal
risk
due
to
insufficient
documentation,
insufficient
capacity
or
authority
of
a
counterparty,
or
issues
with
respect
to
the
legality
or
enforceability
of
the
derivative
contract.
•
Preferred
share
leverage
risk.
Leverage
from
the
issuance
of
preferred
shares
creates
risks,
including
the
likelihood
of
greater
volatility
of
net
asset
value
and
market
price
of,
and
distributions
from,
the
Fund’s
common
shares
and
the
risk
that
fluctuations
in
dividend
rates
on
preferred
shares
may
affect
the
return
to
common
shareholders.
If
the
income
from
the
investments
purchased
with
proceeds
received
from
leverage
is
not
sufficient
to
cover
the
cost
of
leverage,
the
amount
of
income
available
for
distribution
to
common
shareholders
will
be
less
than
if
leverage
had
not
been
used.
While
the
Fund
has
preferred
shares
outstanding,
an
increase
in
short-term
interest
rates
could
result
in
an
increased
cost
of
leverage,
which
could
adversely
affect
the
Fund’s
income
available
for
distribution
to
common
shareholders.
In
connection
with
its
preferred
shares,
the
Fund
is
required
to
maintain
specified
asset
coverage
mandated
by
applicable
federal
securities
laws
and
by
the
Fund’s
Amended
and
Restated
Bylaws.
The
Fund
may
be
required
to
dispose
of
portfolio
investments
on
unfavorable
terms
if
market
fluctuations
or
other
factors
cause
the
required
asset
coverage
to
be
less
than
the
prescribed
amount.
There
can
be
no
assurance
that
a
leveraging
strategy
will
be
successful.
•
Liquidity
and
illiquid
investments.
We
may
invest
the
Fund’s
assets
in
illiquid
investments,
which
may
be
considered
speculative
and
which
may
be
difficult
to
sell.
The
sale
of
many
of
these
investments
is
prohibited
or
limited
by
law
or
contract.
Some
investments
may
be
difficult
to
value
for
purposes
of
determining
the
Fund’s
net
asset
value.
Certain
other
investments
may
not
have
an
active
trading
market
due
to
adverse
market,
economic,
industry,
political,
regulatory,
geopolitical,
environmental,
public
health,
and
other
conditions,
including
investors
trying
to
sell
large
quantities
of
a
particular
investment
or
type
of
investment,
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or
lack
of
market
makers
or
other
buyers
for
a
particular
investment
or
type
of
investment.
We
may
not
be
able
to
sell
the
fund’s
illiquid
investments
when
we
consider
it
desirable
to
do
so,
or
we
may
be
able
to
sell
them
only
at
less
than
their
value.
•
Market
Events
Risk.
The
market
values
of
securities
or
other
assets
will
fluctuate,
sometimes
sharply
and
unpredictably,
due
to
factors
such
as
economic
events,
governmental
actions
or
intervention,
actions
taken
by
the
U.S.
Federal
Reserve
or
foreign
central
banks,
market
disruptions
caused
by
trade
disputes,
labor
strikes
or
other
factors,
political
developments,
armed
conflicts,
economic
sanctions
and
countermeasures
in
response
to
sanctions,
major
cybersecurity
events,
the
global
and
domestic
effects
of
widespread
or
local
health,
weather
or
climate
events,
and
other
factors
that
may
or
may
not
be
related
to
the
issuer
of
the
security
or
other
asset.
Economies
and
financial
markets
throughout
the
world
are
increasingly
interconnected.
Economic,
financial
or
political
events,
trading
and
tariff
arrangements,
public
health
events,
terrorism,
wars,
natural
disasters
and
other
circumstances
in
one
country
or
region
could
have
profound
impacts
on
global
economies
or
markets.
As
a
result,
whether
or
not
the
Fund
invests
in
securities
of
issuers
located
in
or
with
significant
exposure
to
the
countries
or
markets
directly
affected,
the
value
and
liquidity
of
the
Fund’s
investments
may
be
negatively
affected.
The
U.S.
and
other
countries
are
periodically
involved
in
disputes
over
trade
and
other
matters,
which
may
result
in
tariffs,
investment
restrictions
and
adverse
impacts
on
affected
companies
and
securities.
For
example,
the
U.S.
has
recently
enacted
and
proposed
to
enact
significant
new
tariffs,
and
President
Trump
has
directed
various
federal
agencies
to
further
evaluate
key
aspects
of
U.S.
trade
policy,
which
could
potentially
lead
to
significant
changes
to
current
policies,
treaties
and
tariffs.
There
continues
to
exist
significant
uncertainty
about
the
future
relationship
between
the
U.S.
and
other
countries
with
respect
to
such
trade
policies,
treaties
and
tariffs.
These
developments,
or
the
perception
that
any
of
them
could
occur,
may
have
a
material
adverse
effect
on
global
economic
conditions
and
the
stability
of
global
financial
markets,
and
may
significantly
reduce
global
trade
and,
in
particular,
trade
between
the
impacted
nations
and
the
U.S.
Raising
the
ceiling
on
U.S.
government
debt
has
become
increasingly
politicized.
Any
failure
to
increase
the
total
amount
that
the
U.S.
government
is
authorized
to
borrow
could
lead
to
a
default
on
U.S.
government
obligations,
with
unpredictable
consequences
for
economies
and
markets
in
the
U.S.
and
elsewhere.
Recently,
inflation
and
interest
rates
have
increased
and
may
rise
further.
These
circumstances
could
adversely
affect
the
value
and
liquidity
of
the
Fund’s
investments,
impair
the
Fund’s
ability
to
satisfy
redemption
requests,
and
negatively
impact
the
Fund’s
performance.
The
U.S.
and
other
countries
are
periodically
involved
in
disputes
over
trade
and
other
matters,
which
may
result
in
tariffs,
investment
restrictions
and
adverse
impacts
on
affected
companies
and
securities.
For
example,
the
U.S.
has
imposed
tariffs
and
other
trade
barriers
on
Chinese
exports,
has
restricted
sales
of
certain
categories
of
goods
to
China,
and
has
established
barriers
to
investments
in
China.
Trade
disputes
may
adversely
affect
the
economies
of
the
U.S.
and
its
trading
partners,
as
well
as
companies
directly
or
indirectly
affected
and
financial
markets
generally.
The
U.S.
government
has
prohibited
U.S.
persons
from
investing
in
Chinese
companies
designated
as
related
to
the
Chinese
military.
These
and
possible
future
restrictions
could
limit
the
Fund’s
opportunities
for
investment
and
require
the
sale
of
securities
at
a
loss
or
make
them
illiquid.
Moreover,
the
Chinese
government
is
involved
in
a
longstanding
dispute
with
Taiwan
that
has
included
threats
of
invasion.
If
the
political
climate
between
the
U.S.
and
China
does
not
improve
or
continues
to
deteriorate,
if
China
were
to
attempt
unification
of
Taiwan
by
force,
or
if
other
geopolitical
conflicts
develop
or
get
worse,
economies,
markets
and
individual
securities
may
be
severely
affected
both
regionally
and
globally,
and
the
value
of
the
Fund’s
assets
may
go
down.
•
Management
and
operational
risk.
The
Fund
is
actively
managed
and
its
performance
will
reflect,
in
part,
our
ability
to
make
investment
decisions
that
seek
to
achieve
the
Fund’s
investment
objective.
There
is
no
guarantee
that
the
investment
techniques,
analyses,
or
judgments
that
we
apply
in
making
investment
decisions
for
the
Fund
will
produce
the
intended
outcome
or
that
the
investments
we
select
for
the
Fund
will
perform
as
well
as
other
securities
that
were
not
selected
for
the
Fund.
As
a
result,
the
Fund
may
underperform
its
benchmark
or
other
funds
with
a
similar
investment
goal
and
may
realize
losses.
In
addition,
we,
or
the
fund’s
other
service
providers,
may
experience
disruptions
or
operating
errors
that
could
negatively
impact
the
Fund.
Although
service
providers
may
have
operational
risk
management
policies
and
procedures
and
take
appropriate
precautions
to
avoid
and
mitigate
risks
that
could
lead
to
disruptions
and
operating
errors,
it
may
not
be
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possible
to
identify
all
of
the
operational
risks
that
may
affect
the
Fund
or
to
develop
processes
and
controls
to
completely
eliminate
or
mitigate
their
occurrence
or
effects.
•
Managed
Distribution
Risk.
Under
a
managed
distribution
policy,
the
Fund
would
intend
to
make
monthly
distributions
to
shareholders
at
a
fixed
rate
per
common
share
or
a
fixed
percentage
of
net
asset
value
that
may
include
periodic
distributions
of
long-term
capital
gains.
Under
a
managed
distribution
policy,
if,
for
any
monthly
distribution,
ordinary
income
(that
is,
net
investment
income
and
any
net
short-
term
capital
gain)
and
net
realized
capital
gains
were
less
than
the
amount
of
the
distribution,
the
difference
would
be
distributed
from
the
Fund’s
previously
accumulated
earnings
and
profits
or
cash
generated
from
the
sale
of
Fund
assets.
If,
for
any
fiscal
year,
the
total
distributions
exceeded
ordinary
income
and
net
realized
capital
gains
(the
“Excess”),
the
Excess
would
represent
a
return
of
capital
that
decreases
the
Fund’s
total
assets
and,
as
a
result,
would
have
the
likely
effect
of
increasing
the
Fund’s
expense
ratio.
The
Excess,
if
any,
as
a
return
of
capital
should
not
be
considered
income
or
a
return
on
investment.
There
is
a
risk
that
the
Fund
would
not
eventually
realize
capital
gains
in
an
amount
corresponding
to
a
distribution
of
the
Excess.
In
addition,
in
order
to
make
such
distributions,
the
Fund
may
have
to
sell
a
portion
of
its
investment
portfolio
at
a
time
when
independent
investment
judgment
might
not
dictate
such
action.
Although
the
Fund
does
not
intend
to
issue
senior
securities,
if
the
Fund
were
to
issue
senior
securities
and
not
be
in
compliance
with
the
asset
coverage
requirements
of
the
1940
Act,
the
Fund
would
be
required
to
suspend
the
managed
distribution
policy.
Pursuant
to
the
requirements
of
the
1940
Act
and
other
applicable
laws,
a
notice
will
accompany
each
monthly
distribution
disclosing
the
sources
of
the
distribution.
•
Other
investments.
In
addition
to
the
main
investment
strategies
described
above,
the
Fund
may
also
make
other
types
of
investments,
which
may
produce
taxable
income
and
be
subject
to
other
risks.
The
Fund
may
also
invest
in
cash
or
cash
equivalents,
including
money
market
instruments
or
short-term
instruments
such
as
commercial
paper,
bank
obligations
(e.g.,
certificates
of
deposit
and
bankers’
acceptances),
repurchase
agreements,
and
U.S.
Treasury
bills
or
other
government
obligations.
The
Fund
may
also
from
time
to
time
invest
all
or
a
portion
of
its
cash
balances
in
money
market
and/or
short-term
bond
funds
advised
by
Putnam
Management
or
its
affiliates.
The
percentage
of
the
fund
invested
in
cash
and
cash
equivalents
and
such
money
market
and
short-term
bond
funds
is
expected
to
vary
over
time
and
will
depend
on
various
factors,
including
market
conditions,
and
our
assessment
of
the
cash
level
that
is
appropriate
to
allow
the
Fund
to
pursue
investment
opportunities
as
they
arise.
Large
cash
positions
may
dampen
performance
and
may
prevent
the
Fund
from
achieving
its
goal.
The
Fund
may
also
invest
in
securities
of
other
investment
companies
to
the
extent
that
these
investments
are
consistent
with
the
Fund’s
investment
objective,
strategies
and
policies
and
permissible
under
the
1940
Act.
The
Fund
may
also
invest
in
securities
of
private
funds
that
rely
on
exceptions
from
the
definition
of
investment
company
under
Sections
3(c)
(1)
or
3(c)(7)
of
the
1940
Act,
structured
finance
vehicles
or
other
entities
not
traditionally
considered
pooled
investment
vehicles,
and
companies
that
rely
on
the
exceptions
from
the
definition
of
investment
company
under
Section
3(c)(5)
(A)
or
(B)
of
the
1940
Act.
The
Fund
may
invest
in
portfolio
affiliates
of
the
Fund
within
the
meaning
of,
and
in
reliance
on,
Rules
17a-6
and
17d-1(d)(5)
under
the
1940
Act.
The
Fund
may
invest
in
other
investment
companies
to
gain
broad
market
or
sector
exposure,
including
during
periods
when
it
has
large
amounts
of
uninvested
cash
or
when
the
investment
manager
believes
that
share
prices
of
other
investment
companies
offer
attractive
values.
In
general,
under
the
1940
Act,
an
investment
company
may
not
(i)
own
more
than
3%
of
the
outstanding
voting
securities
of
any
one
registered
investment
company,
(ii)
invest
more
than
5%
of
its
total
assets
in
the
securities
of
any
single
registered
investment
company
or
(iii)
invest
more
than
10%
of
its
total
assets
in
securities
of
other
registered
investment
companies
(the
“3-5-10%
Limitations”).
The
Fund
may
rely
on
certain
exemptions
to
exceed
the
3-5-10%
Limitations
when
investing
in
another
registered
investment
company
(including
money
market
funds)
or
business
development
company.
To
the
extent
that
the
Fund
invests
in
another
investment
company,
because
other
investment
companies
pay
advisory,
administrative
and
service
fees
that
are
borne
indirectly
by
investors,
such
as
the
Fund,
there
may
be
duplication
of
investment
management
and
other
fees.
•
Temporary
defensive
strategies.
In
response
to
adverse
market,
economic,
political
or
other
conditions,
we
may
take
temporary
defensive
positions,
such
as
investing
some
or
all
of
the
Fund’s
assets
in
cash
and
cash
equivalents,
that
differ
from
the
Fund’s
usual
investment
strategies.
However,
we
may
choose
not
to
use
these
temporary
defensive
strategies
for
a
variety
of
reasons,
even
in
very
volatile
market
conditions.
If
we
do
employ
these
strategies,
the
Fund
may
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miss
out
on
investment
opportunities
and
may
not
achieve
its
goal.
Additionally,
while
temporary
defensive
strategies
are
mainly
designed
to
limit
losses,
they
may
not
work
as
intended.
•
Cybersecurity
Risk.
Like
other
funds
and
business
enterprises,
the
Fund,
the
Manager,
the
Sub-Advisers,
the
relevant
listing
exchange
and
their
service
providers
are
subject
to
the
risk
of
cybersecurity
incidents
occurring
from
time
to
time.
Cybersecurity
incidents,
whether
intentionally
caused
by
third
parties
or
otherwise,
may
allow
an
unauthorized
party
to
gain
access
to
Fund
assets,
Fund
or
customer
data
(including
private
shareholder
information)
or
proprietary
information,
cause
the
Fund,
the
Manager,
the
Sub-Advisers,
the
relevant
listing
exchange
and/or
their
service
providers
(including,
but
not
limited
to,
Fund
accountants,
custodians,
sub-custodians,
transfer
agents
and
financial
intermediaries)
to
suffer
data
breaches,
data
corruption
or
loss
of
operational
functionality,
or
prevent
Fund
investors
from
purchasing,
redeeming
or
exchanging
shares,
receiving
distributions
or
receiving
timely
information
regarding
the
Fund
or
their
investment
in
the
Fund.
The
Fund,
the
Manager
and
the
Sub-Advisers
have
limited
ability
to
prevent
or
mitigate
cybersecurity
incidents
affecting
third
party
service
providers,
and
such
third-party
service
providers
may
have
limited
indemnification
obligations
to
the
Fund
or
the
Manager.
Cybersecurity
incidents
may
result
in
financial
losses
to
the
Fund
and
its
shareholders,
and
substantial
costs
may
be
incurred
in
order
to
prevent
any
future
cybersecurity
incidents.
Issuers
of
securities
in
which
the
Fund
invests
are
also
subject
to
cybersecurity
risks,
and
the
value
of
these
securities
could
decline
if
the
issuers
experience
cybersecurity
incidents.
•
Changes
in
policies.
The
Trustees
may
change
the
Fund’s
goal,
investment
strategies
and
other
policies
without
shareholder
approval,
except
in
circumstances
in
which
shareholder
approval
is
specifically
required
by
law
(such
as
changes
to
fundamental
investment
policies)
or
where
a
shareholder
approval
requirement
was
specifically
disclosed
in
the
Fund’s
prospectus,
statement
of
additional
information
or
shareholder
report
and
is
otherwise
still
in
effect.
The
Fund’s
fundamental
investment
policies
The
Fund
has
adopted
the
following
investment
restrictions
which
may
not
be
changed
without
the
affirmative
vote
of
a
“majority
of
the
outstanding
voting
securities”
of
the
Fund
(which
is
defined
in
the
1940
Act)
to
mean
the
affirmative
vote
of
the
lesser
of
(1)
more
than
50%
of
the
outstanding
common
shares
and
outstanding
preferred
shares
of
the
Fund,
each
voting
as
a
separate
class,
or
(2)
67%
or
more
of
the
outstanding
common
shares
and
of
the
outstanding
preferred
shares,
each
voting
as
a
separate
class,
present
at
a
meeting
if
more
than
50%
of
the
outstanding
shares
of
each
class
are
represented
at
the
meeting
in
person
or
by
proxy).
Under
normal
market
conditions,
the
Fund
invests
at
least
80%
of
its
assets
in
tax-exempt
municipal
securities.
Additionally,
the
Fund
may
not:
1.
Issue
senior
securities,
as
defined
in
the
1940
Act,
other
than
shares
of
beneficial
interest
with
preference
rights,
except
to
the
extent
such
issuance
might
be
involved
with
respect
to
borrowings
described
under
restriction
(regarding
borrowing)
below
or
with
respect
to
transactions
involving
futures
contracts
or
the
writing
of
options
within
the
limits
described
in
the
prospectus.
2.
Borrow
money,
except
that
the
Fund
may
borrow
amounts
not
exceeding
15%
of
the
value
(taken
at
the
lower
of
cost
or
current
value)
of
its
total
assets
(not
including
the
amount
borrowed)
at
the
time
the
borrowing
is
made
for
temporary
purposes
(including
repurchasing
its
shares
while
effecting
an
orderly
liquidation
of
portfolio
securities)
or
for
emergency
purposes.
3.
Underwrite
securities
issued
by
other
persons
except
to
the
extent
that,
in
connection
with
the
disposition
of
its
portfolio
investments,
it
may
be
deemed
to
be
an
underwriter
under
the
federal
securities
laws.
4.
Purchase
or
sell
real
estate,
although
it
may
purchase
securities
of
issuers
which
deal
in
real
estate,
securities
which
are
secured
by
interests
in
real
estate,
and
securities
which
represent
interests
in
real
estate,
and
it
may
acquire
and
dispose
of
real
estate
or
interests
in
real
estate
acquired
through
the
exercise
of
its
rights
as
a
holder
of
debt
obligations
secured
by
real
estate
or
interests
therein.
5.
Purchase
or
sell
commodities
or
commodity
contracts,
except
that
the
Fund
may
purchase
and
sell
financial
futures
contracts
and
options
and
may
enter
into
foreign
exchange
contracts
and
other
financial
transactions
not
involving
physical
commodities.
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6.
Make
loans,
except
by
purchase
of
debt
obligations
in
which
the
Fund
may
invest
consistent
with
its
investment
policies
(including
without
limitation
debt
obligations
issued
by
other
Putnam
funds),
by
entering
into
repurchase
agreements
or
by
lending
its
portfolio
securities.
7.
With
respect
to
75%
of
its
total
assets,
invest
in
the
securities
of
any
issuer
if,
immediately
after
such
investment,
more
than
5%
of
the
total
assets
of
the
Fund
(taken
at
current
value)
would
be
invested
in
the
securities
of
such
issuer;
provided
that
this
limitation
does
not
apply
to
obligations
issued
or
guaranteed
as
to
interest
or
principal
by
the
U.S.
Government
or
its
agencies
or
instrumentalities.
8.
With
respect
to
75%
of
its
total
assets,
acquire
more
than
10%
of
the
outstanding
voting
securities
of
any
issuer.
9.
Purchase
securities
(other
than
securities
of
the
U.S.
Government,
its
agencies
or
instrumentalities
or
tax-exempt
securities,
except
tax-exempt
securities
backed
only
by
the
assets
and
revenues
of
non-governmental
issuers)
if,
as
a
result
of
such
purchase,
more
than
25%
of
the
Fund’s
total
assets
would
be
invested
in
any
one
industry.
The
following
information
is
a
summary
of
certain
changes
since
the
last
fiscal
year.
This
information
may
not
reflect
all
of
the
changes
that
have
occurred
since
you
purchased
the
Fund.
There
have
not
been
any
material
changes
during
the
last
fiscal
year.
Putnam
Managed
Municipal
Income
Trust
Annual
Meeting
of
Shareholders:
April
25,
2025
(unaudited)
44
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Report
The
Annual
Meeting
of
Shareholders
of
the
Fund
was
held
at
the
Fund’s
offices,
100
Federal
Street,
Boston,
MA,
on
April
25,
2025.
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,
all
the
nominees
were
elected
by
the
shareholders
to
serve
as
Trustees
of
the
Fund.
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
have
been
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.
2.
Fixing
the
number
of
Trustees
at
eight:
Term
Expiring
2026
For
%
of
Outstanding
Shares
%
of
Shares
Present
Withheld
%
of
Outstanding
Shares
%
of
Shares
Present
Robert
D.
Agdern*
............
Carol
L.
Colman
.............
Anthony
Grillo
...............
Eileen
A.
Kamerick
...........
Nisha
Kumar
................
Peter
Mason*
...............
Hillary
A.
Sale
...............
Jane
E.
Trust
................
54
32,009,688
31,675,012
32,030,651
31,459,446
54
32,022,391
32,009,951
3.25%
95.55%
94.55%
95.62%
93.91%
3.25%
95.59%
95.55%
3.09%
73.58%
72.81%
73.63%
72.31%
3.09%
73.61%
73.58%
1,607
1,489,783
1,824,459
1,468,820
2,040,025
1,607
1,477,080
1,489,520
96.75%
4.45%
5.45%
4.38%
6.09%
96.75%
4.41%
4.45%
91.99%
3.42%
4.19%
3.38%
4.69%
91.99%
3.40%
3.42%
Shares
Voted
%
of
Outstanding
Shares
%
of
Shares
Present
For
.......................
Against
....................
Abstain
....................
31,279,320
1,634,586
587,217
93.37%
4.88%
1.75%
71.90%
3.76%
1.35%
Putnam
Managed
Municipal
Income
Trust
45
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Dividend
reinvestment
plans
(unaudited)
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
plans
(unaudited)
46
franklintempleton.com
Annual
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.
Putnam
Managed
Municipal
Income
Trust
Board
Members
and
Officers
(unaudited)
47
franklintempleton.com
Annual
Report
The
business
and
affairs
of
the
Fund
are
conducted
by
management
under
the
supervision
and
subject
to
the
direction
of
its
Board.
The
business
address
of
each
Trustee
is
c/o
Jane
Trust,
Franklin
Templeton,
One
Madison
Avenue,
17th
Floor,
New
York,
New
York
10010.
Information
pertaining
to
the
Trustees
and
officers
of
the
Fund
is
set
forth
below.
The
Fund’s
annual
proxy
statement
includes
additional
information
about
Trustees
and
is
available,
without
charge,
upon
request
by
calling
the
Fund
at
1-888-777-0102.
Generally,
each
board
member
serves
until
that
person’s
successor
is
elected
and
qualified.
Independent
Board
Members
#
:
Name
and
Year
of
Birth
Position(s)
with
Trust
Term
of
Office
and
Year
Service
Began*
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member**
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Robert
D.
Agdern
(Born
1950)
Trustee
Since
2025
21
None
Principal
Occupation(s)
During
the
Past
Five
Years:
Member
of
the
Advisory
Committee
of
the
Dispute
Resolution
Research
Center
at
the
Kellogg
Graduate
School
of
Business,
Northwestern
University
(2002
to
2016);
formerly
,
Deputy
General
Counsel
responsible
for
western
hemisphere
matters
for
BP
PLC
(1999
to
2001);
Associate
General
Counsel
at
Amoco
Corporation
responsible
for
corporate,
chemical,
and
refining
and
marketing
matters
and
special
assignments
(1993
to
1998)
(Amoco
merged
with
British
Petroleum
in
1998
forming
BP
PLC)
Carol
L.
Colman
(Born
1946)
Trustee
Since
2025
21
None
Principal
Occupation(s)
During
the
Past
Five
Years:
President,
Colman
Consulting
Co.
Anthony
Grillo
(Born
1955)
Trustee
Since
2025
21
Director
of
Littelfuse,
Inc.
(electronics
manufacturing)
(since
1991);
formerly
,
Director
of
Oaktree
Acquisition
Corp.
II
(2020
to
2022);
Director
of
Oaktree
Acquisition
Corp.
(2019
to
2021)
Principal
Occupation(s)
During
the
Past
Five
Years:
Retired;
Founder,
Managing
Director
and
Partner
of
American
Securities
Opportunity
Funds
(private
equity
and
credit
firm)
(2006
to
2018);
formerly
,
Senior
Managing
Director
of
Evercore
Partners
Inc.
(investment
banking)
(2001
to
2004);
Senior
Managing
Director
of
Joseph
Littlejohn
&
Levy,
Inc.
(private
equity
firm)
(1999
to
2001);
Senior
Managing
Director
of
The
Blackstone
Group
L.P.
(private
equity
and
credit
firm)
(1991
to
1999)
Eileen
A.
Kamerick
(Born
1958)
Trustee
and
Chair
Since
2025
21
Director,
VALIC
Company
I
(since
October
2022);
Director
of
ACV
Auctions
Inc.
(since
2021);
Director
of
Associated
Banc-Corp
(financial
services
company)
(since
2007);
formerly
,
Director
of
Hochschild
Mining
plc
(precious
metals
company)
(2016-2023);
formerly
,
Trustee
of
AIG
Funds
and
Anchor
Series
Trust
(2018
to
2021)
Principal
Occupation(s)
During
the
Past
Five
Years:
Chief
Executive
Officer,
The
Governance
Partners,
LLC
(consulting
firm)
(since
2015);
National
Association
of
Corporate
Directors
Board
Leadership
Fellow
(since
2016,
with
Directorship
Certification
since
2019)
and
NACD
2022
Directorship
100
honoree;
Adjunct
Professor,
Georgetown
University
Law
Center
(since
2021);
Adjunct
Professor,
The
University
of
Chicago
Law
School
(since
2018);
Adjunct
Professor,
University
of
Iowa
College
of
Law
(since
2007);
formerly
,
Chief
Financial
Officer,
Press
Ganey
Associates
(health
care
informatics
company)
(2012
to
2014);
Managing
Director
and
Chief
Financial
Officer,
Houlihan
Lokey
(international
investment
bank)
and
President,
Houlihan
Lokey
Foundation
(2010
to
2012)
Putnam
Managed
Municipal
Income
Trust
48
franklintempleton.com
Annual
Report
Name
and
Year
of
Birth
Position(s)
with
Trust
Term
of
Office
and
Year
Service
Began*
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member**
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Nisha
Kumar
(Born
1970)
Trustee
Since
2025
21
Director
of
Stonepeak-Plus
Infrastructure
Fund
LP
(since
2025);
Director
of
Birkenstock
Holding
plc
(since
2023);
Director
of
The
India
Fund,
Inc.
(since
2016);
formerly
,
Director
of
Aberdeen
Income
Credit
Strategies
Fund
(2017
to
2018);
and
Director
of
The
Asia
Tigers
Fund,
Inc.
(2016
to
2018)
Principal
Occupation(s)
During
the
Past
Five
Years:
Formerly,
Managing
Director
and
the
Chief
Financial
Officer
and
Chief
Compliance
Officer
of
Greenbriar
Equity
Group,
LP
(2011-2021);
formerly
,
Chief
Financial
Officer
and
Chief
Administrative
Officer
of
Rent
the
Runway,
Inc.
(2011);
Executive
Vice
President
and
Chief
Financial
Officer
of
AOL
LLC,
a
subsidiary
of
Time
Warner
Inc.
(2007
to
2009).
Member
of
the
Council
on
Foreign
Relations
Peter
Mason
(Born
1959)
Trustee
Since
2025
21
Chairman
of
University
of
Sydney
USA
Foundation
(since
2020);
Director
of
the
Radio
Workshop
US,
Inc.
(since
2023)
Principal
Occupation(s)
During
the
Past
Five
Years:
Arbitrator
and
Mediator
(self-employed)
(since
2021);
formerly
,
Global
General
Counsel
of
UNICEF
(intergovernmental
organization)
(1998-
2021)
Hillary
A.
Sale
(Born
1961)
Trustee
Since
2025
21
Director
of
CBOE
U.S.
Securities
Exchanges,
CBOE
Futures
Exchange,
and
CBOE
SEF,
Director
(since
2022);
Advisory
Board
Member
of
Foundation
Press
(academic
book
publisher)
(since
2019);
Chair
of
DirectWomen
Board
Institute
(since
2019);
formerly
,
Member
of
DirectWomen
(nonprofit)
(2007-
2022)
Principal
Occupation(s)
During
the
Past
Five
Years:
Agnes
Williams
Sesquicentennial
Professor
of
Leadership
and
Corporate
Governance,
Georgetown
Law
Center;
and
Professor
of
Management,
McDonough
School
of
Business
(since
2018);
formerly
,
Associate
Dean
for
Strategy,
Georgetown
Law
Center
(2020-2023);
National
Association
of
Corporate
Directors
Board
Faculty
Member
(since
2021);
formerly
,
a
Member
of
the
Board
of
Governors
of
FINRA
(2016-2022)
Independent
Board
Members
#
:
(continued)
Putnam
Managed
Municipal
Income
Trust
49
franklintempleton.com
Annual
Report
Interested
Board
Members
and
Officers:
The
Fund’s
executive
officers
are
elected
each
year
at
a
regular
meeting
of
the
Board
to
hold
office
until
their
respective
successors
are
duly
elected
and
qualified.
Officers
of
the
Fund
receive
no
compensation
from
the
Fund,
although
they
may
be
reimbursed
by
the
Fund
for
reasonable
out-of-pocket
travel
expenses
for
attending
Board
meetings.
In
addition
to
Ms.
Trust,
the
Fund’s
CEO
and
President,
the
executive
officers
of
the
Fund
currently
are:
Name
and
Year
of
Birth
Position(s)
with
Trust
Term
of
Office
and
Year
Service
Began*
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member**
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Jane
Trust,
CFA
†
(Born
1962)
Trustee,
President
and
Chief
Executive
Officer
Since
2024
Trustee/Director
of
Franklin
Templeton
funds
consisting
of
119
portfolios;
Trustee
of
Putnam
Family
of
Funds
consisting
of
105
portfolios
None
Principal
Occupation(s)
During
the
Past
Five
Years:
Senior
Vice
President,
Fund
Board
Management,
Franklin
Templeton
(since
2020);
Officer
and/or
Trustee/Director
of
119
funds
associated
with
FTFA
or
its
affiliates
(since
2015);
Trustee
of
Putnam
Family
of
Funds
consisting
of
105
Portfolios;
President
and
Chief
Executive
Officer
of
FTFA
(since
2015);
formerly
,
Senior
Managing
Director
(2018
to
2020)
and
Managing
Director
(2016
to
2018)
of
Legg
Mason
&
Co.,
LLC
(“Legg
Mason
&
Co.”);
and
Senior
Vice
President
of
FTFA
(2015)
Fred
Jensen
(Born
1963)
Chief
Compliance
Officer
Since
2025
Not
Applicable
None
Principal
Occupation(s)
During
the
Past
Five
Years:
Director
-
Global
Compliance
of
Franklin
Templeton
(since
2020);
Managing
Director
of
Legg
Mason
&
Co.
(2006
to
2020);
Director
of
Compliance,
Legg
Mason
Office
of
the
Chief
Compliance
Officer
(2006
to
2020);
formerly
,
Chief
Compliance
Officer
of
Legg
Mason
Global
Asset
Allocation
(prior
to
2014);
Chief
Compliance
Officer
of
Legg
Mason
Private
Portfolio
Group
(prior
to
2013);
formerly
,
Chief
Compliance
Officer
of
The
Reserve
Funds
(investment
adviser,
funds
and
broker-dealer)
(2004)
and
Ambac
Financial
Group
(investment
adviser,
funds
and
broker-dealer)
(2000
to
2003)
Marc
A.
De
Oliveira
(Born
1971)
Secretary
and
Chief
Legal
Officer
Since
2025
Not
Applicable
None
Principal
Occupation(s)
During
the
Past
Five
Years:
Associate
General
Counsel
of
Franklin
Templeton
(since
2020);
Secretary
and
Chief
Legal
Officer
of
certain
funds
associated
with
Legg
Mason
&
Co.
or
its
affiliates
(since
2020);
Assistant
Secretary
of
certain
funds
associated
with
Legg
Mason
&
Co.
or
its
affiliates
(since
2006);
formerly
,
Managing
Director
(2016
to
2020)
and
Associate
General
Counsel
of
Legg
Mason
&
Co.
(2005
to
2020)
Thomas
C.
Mandia
(Born
1962)
Senior
Vice
President
Since
2025
Not
Applicable
None
Principal
Occupation(s)
During
the
Past
Five
Years:
Senior
Associate
General
Counsel
of
Franklin
Templeton
(since
2020);
Secretary
of
FTFA
(since
2006);
Secretary
of
LM
Asset
Services,
LLC
(“LMAS”)
(since
2002)
and
Legg
Mason
Fund
Asset
Management,
Inc.
(“LMFAM”)
(since
2013)
(
formerly
registered
investment
advisers)
and
Assistant
Secretary
of
certain
funds
in
the
fund
complex
(since
2006);
formerly
,
Managing
Director
and
Deputy
General
Counsel
of
Legg
Mason
&
Co.
(2005
to
2020)
Jeanne
M.
Kelly
(Born
1951)
Senior
Vice
President
Since
2025
Not
Applicable
None
Principal
Occupation(s)
During
the
Past
Five
Years:
U.S.
Fund
Board
Team
Manager,
Franklin
Templeton
(since
2020);
Senior
Vice
President
of
certain
funds
associated
with
Legg
Mason
&
Co.
or
its
affiliates
(since
2007);
Senior
Vice
President
of
the
Investment
Manager
(since
2006);
President
and
Chief
Executive
Officer
of
LMAS
and
LMFAM
(since
2015);
formerly
,
Managing
Director
of
Legg
Mason
&
Co.
(since
2005
to
2020);
Senior
Vice
President
of
LMFAM
(2013
to
2015)
Putnam
Managed
Municipal
Income
Trust
50
franklintempleton.com
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Report
#
Trustees
who
are
not
“interested
persons”
of
the
Trust
within
the
meaning
of
Section
2(a)(19)
of
the
1940
Act.
†
Ms.
Trust
is
an
“interested
person”
of
the
Trust,
as
defined
in
the
1940
Act,
because
of
her
position
with
FTFA
and/or
certain
of
its
affiliates.
*
Each
Trustee
was
elected
to
their
position
on
April
25,
2025.
**
The
term
“Fund
Complex”
means
two
or
more
registered
investment
companies
that:
(a)
hold
themselves
out
to
investors
as
related
companies
for
purposes
of
investment
and
investor
services;
or
(b)
have
a
common
investment
adviser
or
that
have
an
investment
adviser
that
is
an
affiliated
person
of
the
investment
adviser
of
any
of
the
other
registered
investment
companies.
Name
and
Year
of
Birth
Position(s)
with
Trust
Term
of
Office
and
Year
Service
Began*
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member**
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Christopher
Berarducci
(Born
1974)
Treasurer
and
Principal
Financial
Officer
Since
2025
Not
Applicable
None
Principal
Occupation(s)
During
the
Past
Five
Years:
Vice
President,
Fund
Administration
and
Reporting,
Franklin
Templeton
(since
2020);
Treasurer
(since
2010)
and
Principal
Financial
Officer
(since
2019)
of
certain
funds
associated
with
Legg
Mason
&
Co.
or
its
affiliates;
formerly
,
Managing
Director
(2020),
Director
(2015
to
2020),
and
Vice
President
(2011
to
2015)
of
Legg
Mason
&
Co.
Interested
Board
Members
and
Officers:
(continued)
PUTNAM
MANAGED
MUNICIPAL
INCOME
TRUST
Shareholder
Information
(unaudited)
51
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Board
Approval
of
Management
and
Sub-
Advisory
Agreements
(unaudited)
Putnam
Managed
Municipal
Income
Trust
(PMM)
Background
The
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
requires
that
the
Board
of
Trustees
(the
“Board”)
of
Putnam
Managed
Municipal
Income
Trust
(the
“Fund”),
including
a
majority
of
its
members
who
are
not
considered
to
be
“interested
persons”
under
the
1940
Act
(the
“Independent
Trustees”)
voting
separately,
approve
on
an
annual
basis
the
continuation
of
the
investment
management
agreement
(the
“Management
Agreement”)
between
the
Fund
and
the
Fund’s
manager,
Franklin
Advisers,
Inc.
(the
“Manager”),
and
the
sub-advisory
agreements
(individually,
a
“Sub-Advisory
Agreement,”
and
collectively,
the
“Sub-
Advisory
Agreements”)
with
the
Manager’s
affiliates,
Franklin
Templeton
Investment
Management
Limited
(“FTIML”)
and
Putnam
Investment
Management,
LLC
(“PIM,”
and
together
with
FTIML,
the
“Sub-Advisers”),
with
respect
to
the
Fund.
At
an
in-person
meeting
(the
“Contract
Renewal
Meeting”)
held
on
May
8-9,
2025,
the
Board,
including
the
Independent
Trustees,
considered
and
approved
the
continuation
of
each
of
the
Management
Agreement
and
the
Sub-Advisory
Agreements
for
an
additional
one-year
period.
To
assist
in
its
consideration
of
the
renewal
of
each
of
the
Management
Agreement
and
the
Sub-Advisory
Agreements,
the
Board
received
and
considered
extensive
information
(together
with
the
information
provided
at
the
Contract
Renewal
Meeting,
the
“Contract
Renewal
Information”)
about
the
Manager
and
the
Sub-Advisers,
as
well
as
the
management
and
sub-
advisory
arrangements
for
the
Fund
and
the
other
closed-
end
funds
in
the
same
complex
under
the
Board’s
purview
(the
“Franklin
Templeton
Closed-end
Funds”),
certain
portions
of
which
are
discussed
below.
The
Board
noted
that
although
it
recently
assumed
oversight
responsibilities
for
the
Fund,
which
was
previously
overseen
by
another
board,
certain
information
the
Board
received
throughout
the
course
of
the
year
with
respect
to
the
Franklin
Templeton
Closed-
end
Funds
was
relevant
to
the
Board’s
consideration
of
the
Management
Agreement
and
Sub-Advisory
Agreements.
A
presentation
made
by
the
Manager
and
the
Sub-Advisers
to
the
Board
at
the
Contract
Renewal
Meeting
in
connection
with
the
Board’s
evaluation
of
each
of
the
Management
Agreement
and
the
Sub-Advisory
Agreements
encompassed
the
Fund
and
other
Franklin
Templeton
Closed-end
Funds.
In
addition
to
the
Contract
Renewal
Information,
the
Board
received
performance
and
other
information
related
to
the
respective
services
rendered
by
the
Manager
and
the
Sub-Advisers
to
the
Fund.
The
Board’s
evaluation
took
into
account
the
information
received
and
also
reflected
the
knowledge
and
experience
gained
as
members
of
the
Boards
of
the
other
Franklin
Templeton
Closed-end
Funds
with
respect
to
the
services
provided
to
the
Fund
by
the
Manager
and
the
Sub-Advisers.
The
information
received
and
considered
by
the
Board
(including
its
various
committees)
in
conjunction
with
both
the
Contract
Renewal
Meeting
and
throughout
the
year
was
both
written
and
oral.
The
contractual
arrangements
discussed
below
are
the
product
of
multiple
years
of
review
and
negotiation
and
information
with
respect
to
the
other
Franklin
Templeton
Closed-end
Funds
received
and
considered
by
the
Board
during
each
of
those
years.
At
a
meeting
held
on
April
25,
2025,
the
Independent
Trustees,
in
preparation
for
the
Contract
Renewal
Meeting,
met
in
a
private
session
with
their
independent
legal
counsel
to
review
the
Contract
Renewal
Information
regarding
the
Franklin
Templeton
Closed-end
Funds,
including
the
Fund,
received
to
date.
No
representatives
of
the
Manager
or
the
Sub-Advisers
participated
in
this
meeting.
Following
the
April
25,
2025
meeting,
the
Independent
Trustees
submitted
certain
questions
and
requests
for
additional
information
to
Fund
management.
The
Independent
Trustees
also
met
in
private
sessions
with
their
independent
legal
counsel
to
consider
the
Contract
Renewal
Information
and
Fund
management’s
responses
to
the
Independent
Trustees’
questions
and
requests
for
additional
information
in
advance
of
and
during
the
Contract
Renewal
Meeting.
The
discussion
below
reflects
all
of
these
reviews.
The
Manager
provides
the
Fund
with
investment
advisory
and
administrative
services
pursuant
to
the
Management
Agreement,
and
the
Sub-Advisers
together
provide
the
Fund
with
investment
sub-advisory
services
pursuant
to
the
Sub-
Advisory
Agreements.
The
discussion
below
covers
both
the
advisory
and
administrative
functions
being
rendered
by
the
Manager,
each
such
function
being
encompassed
by
the
Management
Agreement,
and
the
investment
sub-advisory
functions
being
rendered
by
the
Sub-Advisers
pursuant
to
the
Sub-Advisory
Agreements.
PUTNAM
MANAGED
MUNICIPAL
INCOME
TRUST
Shareholder
Information
(unaudited)
52
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Board
Approval
of
Management
Agreement
and
Sub-
Advisory
Agreements
The
Independent
Trustees
were
advised
by
separate
independent
legal
counsel
throughout
the
process.
Prior
to
voting,
the
Independent
Trustees
received
a
memorandum
discussing
the
legal
standards
for
their
consideration
of
the
proposed
continuation
of
the
Management
Agreement
and
the
Sub-Advisory
Agreements.
The
Independent
Trustees
considered
the
Management
Agreement
and
each
Sub-
Advisory
Agreement
separately
during
the
course
of
their
review.
In
doing
so,
they
noted
the
respective
roles
of
the
Manager
and
the
Sub-Advisers
in
providing
services
to
the
Fund.
In
approving
the
continuation
of
the
Management
Agreement
and
Sub-Advisory
Agreements,
the
Board,
including
the
Independent
Trustees,
considered
a
variety
of
factors,
including
those
factors
discussed
below.
No
single
factor
reviewed
by
the
Board
was
identified
by
the
Board
as
the
principal
factor
in
determining
whether
to
approve
the
continuation
of
the
Management
Agreement
and
the
Sub-
Advisory
Agreements.
Each
Board
member
may
have
attributed
different
weight
to
the
various
factors
in
evaluating
the
Management
Agreement
and
the
Sub-Advisory
Agreements.
After
considering
all
relevant
factors
and
information,
the
Board,
exercising
its
reasonable
business
judgment,
determined
that
the
continuation
of
the
Management
Agreement
and
Sub-Advisory
Agreements
were
in
the
best
interests
of
the
Fund’s
stockholders
and
approved
the
continuation
of
each
such
agreement
for
an
additional
one-
year
period.
Nature,
Extent
and
Quality
of
the
Services
under
the
Management
Agreement
and
Sub-Advisory
Agreements
The
Board
received
and
considered
Contract
Renewal
Information
regarding
the
nature,
extent,
and
quality
of
services
provided
to
the
Fund
by
the
Manager
and
the
Sub-Advisers
under
the
Management
Agreement
and
the
Sub-Advisory
Agreements,
respectively,
during
the
past
year.
The
Board
noted
information
received
at
regular
meetings
throughout
the
year
related
to
the
services
provided
by
the
Manager
in
its
management
of
the
Fund’s
affairs
and
the
Manager’s
role
in
coordinating
the
activities
of
the
Sub-Advisers
and
the
Fund’s
other
service
providers.
The
Board
observed
that
the
scope
of
services
provided
by
the
Manager
and
the
Sub-Advisers,
and
of
the
undertakings
required
of
the
Manager
and
Sub-Advisers
in
connection
with
those
services,
including
maintaining
and
monitoring
their
respective
compliance
programs
as
well
as
the
Fund’s
compliance
programs,
had
expanded
over
time
as
a
result
of
regulatory,
market
and
other
developments.
The
Board
also
noted
that
on
a
regular
basis
it
received
and
reviewed
information
from
the
Manager
and
the
Sub-Advisers
regarding
the
Fund’s
compliance
policies
and
procedures
established
pursuant
to
Rule
38a-1
under
the
1940
Act.
The
Board
also
considered
the
risks
borne
by
the
Manager,
the
Sub-Advisers
and
their
respective
affiliates
on
behalf
of
the
Fund,
including
entrepreneurial,
operational,
reputational,
litigation
and
regulatory
risks,
as
well
as
the
Manager’s
and
the
Sub-Advisers’
risk
management
processes.
The
Board
reviewed
the
qualifications,
backgrounds,
and
responsibilities
of
the
Manager’s
senior
personnel
and
the
Sub-Advisers’
portfolio
management
teams
primarily
responsible
for
the
day-to-day
portfolio
management
of
the
Fund.
The
Board
also
considered,
based
on
its
knowledge
of
the
Manager
and
its
affiliates,
the
financial
resources
of
Franklin
Resources,
Inc.,
the
parent
organization
of
the
Manager
and
the
Sub-Advisers.
The
Board
recognized
the
importance
of
having
a
fund
manager
with
significant
resources.
The
Board
considered
the
division
of
responsibilities
between
the
Manager
and
the
Sub-Advisers
under
the
Management
Agreement
and
the
Sub-Advisory
Agreements,
respectively,
including
the
Manager’s
coordination
and
oversight
of
the
services
provided
to
the
Fund
by
the
Sub-Advisers
and
the
Fund’s
other
service
providers.
The
Management
Agreement
permits
the
Manager
to
delegate
certain
of
its
responsibilities,
including
its
investment
advisory
duties
thereunder,
provided
that
the
Manager,
in
each
case,
will
supervise
the
activities
of
the
delegee.
In
reaching
its
determinations
regarding
continuation
of
the
Management
Agreement
and
the
Sub-Advisory
Agreements,
the
Board
took
into
account
that
Fund
stockholders,
in
pursuing
their
investment
goals
and
objectives,
may
have
purchased
their
shares
of
the
Fund
based
upon
the
reputation
and
the
investment
style,
philosophy
and
strategy
of
the
Manager
and
the
Sub-Advisers,
as
well
as
the
resources
available
to
the
Manager
and
the
Sub-Advisers.
The
Board
concluded
that,
overall,
the
nature,
extent,
and
quality
of
the
management
and
other
services
provided
(and
expected
to
be
provided)
to
the
Fund,
under
the
Management
Agreement
and
the
Sub-Advisory
Agreements
were
satisfactory.
Fund
Performance
The
Board
received
and
considered
information
regarding
Fund
performance,
including
information
and
analyses
(the
“Broadridge
Performance
Information”)
for
the
Fund,
as
well
as
for
a
group
of
comparable
funds
(the
“Performance
Universe”)
selected
by
Broadridge
Financial
Solutions,
PUTNAM
MANAGED
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INCOME
TRUST
Shareholder
Information
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53
franklintempleton.com
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Inc.
(“Broadridge”),
an
independent
third-party
provider
of
investment
company
data.
The
Board
was
provided
with
a
description
of
the
methodology
Broadridge
used
to
determine
the
similarity
of
the
Fund
with
the
funds
included
in
the
Performance
Universe.
It
was
noted
that
while
the
Board
found
the
Broadridge
Performance
Information
generally
useful,
they
recognized
its
limitations,
including
that
the
data
may
vary
depending
on
the
end
date
selected,
and
that
the
results
of
the
performance
comparisons
may
vary
depending
on
the
selection
of
the
peer
group
and
its
composition
over
time.
The
Board
also
noted
that
Board
members
had
received
and
discussed
with
the
Manager
and
the
Sub-Advisers
information
throughout
the
year
at
periodic
intervals
comparing
the
Fund’s
performance
against
its
benchmark
and
against
the
Fund’s
peers.
In
addition,
the
Board
considered
the
Fund’s
performance
in
view
of
overall
financial
market
conditions.
The
Broadridge
Performance
Information
comparing
the
Fund’s
performance
to
that
of
its
Performance
Universe,
consisting
of
the
Fund
and
all
leveraged
closed-end
high
yield
municipal
debt
bond
funds,
regardless
of
asset
size,
showed,
among
other
data,
that
based
on
net
asset
value
per
share,
the
Fund’s
performance
was
below
the
median
for
the
1-year
period
ended
December
31,
2024,
and
was
above
the
median
for
the
3-,
5-
and
10-year
periods
ended
December
31,
2024.
The
Board
noted
the
explanations
from
the
Manager
and
the
Sub-Advisers
regarding
the
Fund’s
relative
performance
versus
the
Performance
Universe
for
the
various
periods.
Based
on
the
reviews
and
discussions
of
Fund
performance
and
considering
other
relevant
factors,
including
those
noted
above,
the
Board
concluded,
under
the
circumstances,
that
continuation
of
the
Management
Agreement
and
the
Sub-Advisory
Agreements
for
an
additional
one-year
period
would
be
consistent
with
the
interests
of
the
Fund
and
its
stockholders.
Management
and
Sub-Advisory
Fees
and
Expense
Ratios
The
Board
reviewed
and
considered
the
contractual
management
fee
(the
“Contractual
Management
Fee”)
and
the
actual
management
fee
(the
“Actual
Management
Fee”)
payable
by
the
Fund
to
the
Manager
under
the
Management
Agreement
and
the
sub-advisory
fees
(the
“Sub-Advisory
Fees”)
payable
by
the
Manager
to
the
Sub-Advisers
under
the
Sub-Advisory
Agreements
in
view
of
the
nature,
extent
and
overall
quality
of
the
management,
investment
advisory
and
other
services
provided
by
the
Manager
and
the
Sub-Advisers,
respectively.
The
Board
noted
that
the
Sub-Advisory
Fee
payable
to
the
Sub-Advisers
under
their
Sub-Advisory
Agreements
with
the
Manager
is
paid
by
the
Manager,
not
the
Fund,
and,
accordingly,
that
the
retention
of
the
Sub-Advisers
does
not
increase
the
fees
or
expenses
otherwise
incurred
by
the
Fund’s
stockholders.
In
addition,
the
Board
received
and
considered
information
and
analyses
prepared
by
Broadridge
(the
“Broadridge
Expense
Information”)
comparing
the
Contractual
Management
Fee
and
the
Actual
Management
Fee
and
the
Fund’s
actual
total
expenses
with
those
of
funds
in
an
expense
universe
(the
“Expense
Universe”)
selected
and
provided
by
Broadridge.
The
comparison
was
based
upon
the
constituent
funds’
latest
fiscal
years.
It
was
noted
that
while
the
Board
found
the
Broadridge
Expense
Information
generally
useful,
they
recognized
its
limitations,
including
that
the
data
may
vary
depending
on
the
selection
of
the
peer
group.
The
Broadridge
Expense
Information
showed
that
the
Fund’s
Contractual
Management
Fee
was
equal
to
the
median.
The
Broadridge
Expense
Information
also
showed
that
the
Fund’s
Actual
Management
Fee
was
below
the
median
based
on
both
common
stock
assets
and
total
managed
assets,
which
includes
common
stock
assets
and
leveraged
assets.
The
Broadridge
Expense
Information
also
showed
that
the
Fund’s
actual
total
expenses
were
below
the
median
based
on
both
common
stock
assets
and
total
managed
assets.
The
Board
took
into
account
management’s
discussion
of
the
Fund’s
expenses.
The
Board
also
reviewed
Contract
Renewal
Information
regarding
fees
charged
by
the
Manager
and/or
the
Sub-
Advisers
to
other
U.S.
clients
investing
primarily
in
an
asset
class
similar
to
that
of
the
Fund,
including,
where
applicable,
institutional
and
separate
accounts.
The
Manager
reviewed
with
the
Board
the
differences
in
services
provided
to
these
different
types
of
accounts,
noting
that
the
Fund
is
provided
with
certain
administrative
services,
office
facilities,
and
Fund
officers,
and
that
the
Fund
is
subject
not
only
to
heightened
regulatory
requirements
relative
to
institutional
clients
but
also
to
requirements
for
listing
on
the
New
York
Stock
Exchange,
and
that
the
Manager
coordinates
and
oversees
the
provision
of
services
to
the
Fund
by
the
Fund’s
other
service
providers.
The
Board
considered
the
fee
comparisons
in
view
of
the
different
services
provided
in
managing
these
other
types
of
clients
and
funds.
The
Board
considered
the
overall
management
fee,
the
fees
of
the
Sub-Advisers
and
the
amount
of
the
management
fee
retained
by
the
Manager
after
payment
of
the
Sub-Advisory
Fees
in
each
case
in
view
of
the
services
rendered
for
those
PUTNAM
MANAGED
MUNICIPAL
INCOME
TRUST
Shareholder
Information
(unaudited)
54
franklintempleton.com
Annual
Report
amounts.
The
Board
also
received
an
analysis
of
complex-
wide
management
fees
provided
by
the
Manager,
which,
among
other
things,
set
out
a
framework
of
fees
based
on
asset
classes.
Taking
all
of
the
above
into
consideration,
as
well
as
the
factors
identified
below,
the
Board
determined
that
the
management
fee
and
the
Sub-Advisory
Fees
were
reasonable
in
view
of
the
nature,
extent
and
overall
quality
of
the
management,
investment
advisory
and
other
services
provided
by
the
Manager
and
the
Sub-Advisers
to
the
Fund
under
the
Management
Agreement
and
the
Sub-Advisory
Agreements,
respectively.
Manager
Profitability
The
Board,
as
part
of
the
Contract
Renewal
Information,
received
an
analysis
of
the
profitability
to
the
Manager
and
its
affiliates
in
providing
services
to
the
Fund
for
the
Manager’s
fiscal
years
ended
September
30,
2024
and
September
30,
2023.
The
Board
also
received
profitability
information
with
respect
to
the
Franklin
Templeton
fund
complex
as
a
whole.
In
addition,
the
Board
received
Contract
Renewal
Information
with
respect
to
the
Manager’s
revenue
and
cost
allocation
methodologies
used
in
preparing
such
profitability
data.
It
was
noted
that
the
allocation
methodologies
had
been
reviewed
by
an
outside
consultant.
The
profitability
to
each
of
the
Sub-Advisers
was
not
considered
to
be
a
material
factor
in
the
Board’s
considerations
since
the
Sub-Advisory
Fees
are
paid
by
the
Manager,
not
the
Fund,
although
the
Board
noted
the
affiliation
of
the
Manager
with
the
Sub-Advisers.
The
profitability
of
the
Manager
and
its
affiliates
was
considered
by
the
Board
to
be
reasonable
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
Economies
of
Scale
The
Board
received
and
discussed
Contract
Renewal
Information
concerning
whether
the
Manager
realizes
economies
of
scale
if
the
Fund’s
assets
grow.
The
Board
noted
that
because
the
Fund
is
a
closed-end
fund,
it
has
limited
ability
to
increase
its
assets.
The
Board
determined
that
the
management
fee
structure
was
appropriate
under
the
circumstances.
For
similar
reasons
as
stated
above
with
respect
to
the
Sub-Advisers’
profitability
and
the
costs
of
the
Sub-Advisers’
provision
of
services,
the
Board
did
not
consider
the
potential
for
economies
of
scale
in
the
Sub-
Advisers’
management
of
the
Fund
to
be
a
material
factor
in
the
Board’s
consideration
of
the
Sub-Advisory
Agreements.
Other
Benefits
to
the
Manager
and
the
Sub-Advisers
The
Board
considered
other
benefits
received
by
the
Manager,
the
Sub-Advisers
and
their
affiliates
as
a
result
of
their
relationship
with
the
Fund,
including
the
opportunity
to
offer
additional
products
and
services
to
the
Fund’s
stockholders.
In
view
of
the
costs
of
providing
investment
management
and
other
services
to
the
Fund
and
the
ongoing
commitment
of
the
Manager
and
the
Sub-Advisers
to
the
Fund,
the
Board
considered
that
the
ancillary
benefits
received
by
the
Manager
and
its
affiliates,
including
the
Sub-
Advisers,
were
reasonable.
38918-A
12/25
©
2025
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.
Annual
Report
Putnam
Managed
Municipal
Income
Trust
Investment
Manager
Transfer
Agent
Fund
Information
Franklin
Advisers,
Inc.
Computershare
Inc.
P.O.
Box
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Providence,
Rhode
Island:
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