N-CSRS 1 pmmit-efp16103_ncsrs.htm PUTNAM MANAGED MUNICIPAL INCOME TRUST _N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811–05740

Putnam Managed Municipal Income Trust

(Exact name of registrant as specified in charter)

100 Federal Street, Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code)

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

Registrant’s telephone number, including area code: (617) 292-1000

Date of fiscal year end: October 31

Date of reporting period: April 30, 2025

ITEM 1. | REPORT TO STOCKHOLDERS.

(a) The Report to Shareholders is filed herewith

Semiannual
Report
Putnam
Managed
Municipal
Income
Trust
April
30,
2025
Not
FDIC
Insured
No
Bank
Guarantee
May
Lose
Value
.
Managed
Distribution
Policy
:
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
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.
Under
the
managed
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
Fund's
managed
distribution
plan.
The
Board
may
amend
the
terms
of
the
Plan
or
terminate
the
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
Plan.
The
amendment
or
termination
of
the
Plan
could
have
an
adverse
effect
on
the
market
price
of
the
Fund’s
common
shares.
The
Plan
will
be
subject
to
the
periodic
review
by
the
Board,
including
a
yearly
review
of
the
annual
minimum
fixed
rate
to
determine
if
an
adjustment
should
be
made.
Shareholders
should
not
draw
any
conclusions
about
the
Fund’s
investment
performance
from
the
amount
of
the
current
distribution
or
from
the
terms
of
the
Fund’s
Plan.
The
Fund
will
send
a
Form
1099-DIV
to
shareholders
for
the
calendar
year
that
will
describe
how
to
report
the
Fund’s
distributions
for
federal
income
tax
purposes.
Please
see
the
"Important
Information
to
Shareholders"
section
for
additional
information.
franklintempleton.com
Semiannual
Report
1
Contents
Fund
Overview
2
Performance
Summary
4
Financial
Highlights
and
Schedule
of
Investments
6
Financial
Statements
22
Notes
to
Financial
Statements
25
Important
Information
to
Shareholders
35
Annual
Meeting
of
Shareholders
36
Dividend
Reinvestment
and
Cash
Purchase
Plan
37
Shareholder
Information
39
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Semiannual
Report
Putnam
Managed
Municipal
Income
Trust
Dear
Shareholder,
This
semiannual
report
for
Putnam
Managed
Municipal
Income
Trust
covers
the
period
ended
April
30,
2025.
Fund
Overview
Your
Fund’s
Goal
and
Main
Investments
The
goal
of
the
Fund
is
to
seek
a
high
level
of
current
income
exempt
from
federal
income
tax.
The
Fund
intends
to
achieve
its
goal
by
investing
in
a
diversified
portfolio
of
tax-exempt
municipal
securities
which
management
believes
does
not
involve
undue
risk
to
income
or
principal.
Up
to
60%
of
the
Fund’s
assets
may
consist
of
high-yield
tax-
exempt
municipal
securities
that
are
below
investment-grade
and
involve
special
risk
considerations.
The
Fund
also
uses
leverage,
primarily
by
issuing
preferred
shares
in
an
effort
to
enhance
the
returns
for
the
common
shareholders.
The
Fund’s
shares
trade
on
a
stock
exchange
at
market
prices,
which
may
be
lower
than
the
Fund’s
net
asset
value.
Performance
Overview
For
the
six
months
under
review,
the
Fund
posted
cumulative
total
returns
of
-2.80%
based
on
net
asset
value
and
-3.22%
based
on
market
price.
For
comparison,
the
Bloomberg
Municipal
Bond
Index,
which
is
a
market
value-weighted
index
of
tax-exempt,
investment-grade
municipal
bonds
with
maturities
of
one
year
or
more,
posted
a
-0.78%
cumulative
total
return
1
.
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
on
page
4
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
The
Fund
has
implemented
a
managed
distribution
plan
whereby
the
Fund
will
distribute
a
level
distribution
amount
to
shareholders.
Until
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
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.
During
this
six-month
period,
the
Fund
made
distributions
to
shareholders
totaling
$0.1428
per
share.
As
of
April
30,
2025,
the
Fund
estimates
that
83.9%
of
the
distributions
were
sourced
from
net
investment
income
and
16.1%
constituted
a
return
of
capital.
Please
see
“Important
Information
to
Shareholders”
section
for
additional
information.
Effective
September
30,
2024,
James
Conn,
Francisco
Rivera,
Daniel
Workman
and
Benjamin
C.
Barber
were
added
as
portfolio
managers
of
the
Fund.
Effective
May
30,
2025,
Paul
M
Drury
is
anticipated
to
retire
and
step
down
as
a
member
of
the
Fund’s
portfolio
management
team.
Portfolio
Composition
4/30/25
%
of
Total
Investments
Health
Care
21.21%
Education
16.79%
Special
Tax
13.71%
Housing
9.65%
Industrial
Development
Revenue
and
Pollution
Control
9.62%
Other
Revenue
Bonds
8.20%
Local
5.47%
State
General
Obligation
4.74%
Transportation
4.02%
Lease
3.44%
Utilities
2.13%
Prerefunded
0.41%
Other
0.61%
1.
Source:
Morningstar.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
7
.
Putnam
Managed
Municipal
Income
Trust
3
franklintempleton.com
Semiannual
Report
Thank
you
for
your
continued
participation
in
Putnam
Managed
Municipal
Income
Trust.
We
look
forward
to
serving
your
future
investment
needs.
Sincerely,
Paul
M.
Drury,
CFA
Garrett
L
Hamilton,
CFA
James
Conn,
CFA
Francisco
Rivera
Daniel
Workman,
CFA
Benjamin
C.
Barber,
CFA
Portfolio
Management
Team
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Performance
Summary
as
of
April
30,
2025
Putnam
Managed
Municipal
Income
Trust
4
franklintempleton.com
Semiannual
Report
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Total
returns
do
not
reflect
any
sales
charges
paid
at
inception
or
brokerage
commissions
paid
on
secondary
market
purchases.
The
performance
tables
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
4/30/25
1
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
2
Average
Annual
Total
Return
2
Based
on
NAV
3
Based
on
market
price
4
Based
on
NAV
3
Based
on
market
price
4
6-Month
-2.80%
-3.22%
-2.80%
-3.22%
1-Year
2.56%
6.27%
2.56%
6.27%
5-Year
14.03%
14.08%
2.66%
2.67%
10-Year
31.84%
35.64%
2.80%
3.10%
Symbol:
PMM
4/30/25
10/31/24
Change
Net
Asset
Value
(NAV)
$6.48
$6.81
-$0.33
Market
Price
(NYSE)
$5.94
$6.28
-$0.34
Distributions
Per
Share
(11/1/24–4/30/25)
Net
Investment
Income
$0.1428
Distributions
Per
Remarketed
Preferred
Share
(11/1/24–4/30/25)
Income
Total
Series
A
(240
shares)
$2,518.33
$2,518.33
Series
C
(1,507
shares)
1,255.21
1,255.21
See
page
5
for
Performance
Summary
footnotes.
Putnam
Managed
Municipal
Income
Trust
Performance
Summary
5
franklintempleton.com
Semiannual
Report
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund
is
actively
managed
but
there
is
no
guarantee
that
the
manager's
investment
decisions
will
produce
the
desired
results.
All
investments
involve
risks,
including
possible
loss
of
principal.
Fixed
income
securities
involve
interest
rate,
credit,
inflation
and
reinvestment
risks,
and
possible
loss
of
principal.
As
interest
rates
rise,
the
value
of
fixed
income
securities
falls
.
Low-rated,
high-yield
bonds
are
subject
to
greater
price
volatility,
illiquidity
and
possibility
of
default.
Active
management
does
not
ensure
gains
or
protect
against
market
declines.
An
investor
may
be
subject
to
the
federal
Alternative
Minimum
Tax
,
and
state
and
local
taxes
may
apply.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
annual
report
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
12/31/25
without
Board
consent.
Additional
amounts
may
be
voluntarily
waived
and/or
reimbursed
and
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Total
return
calculations
represent
the
cumulative
and
average
annual
changes
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
3.
Assumes
reinvestment
of
distributions
based
on
net
asset
value.
4.
Assumes
reinvestment
of
distributions
based
on
the
dividend
reinvestment
and
cash
purchase
plan.
5.
Source:
Morningstar.
Bloomberg
Municipal
Bond
Index
is
a
market
value-weighted
index
of
tax-exempt,
investment-grade
municipal
bonds
with
maturities
of
one
year
or
more.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Putnam
Managed
Municipal
Income
Trust
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Six
Months
Ended
April
30,
2025
(unaudited)
Year
Ended
October
31,
2024
2023
2022
2021
2020
Per
common
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$6.81
$5.75
$5.94
$8.19
$7.91
$8.15
Income
from
investment
operations:
Net
investment
income
a
.............
0.18
0.35
0.32
0.30
0.31
0.33
Net
realized
and
unrealized
gains
(losses)
(0.34)
1.10
(0.09)
(2.13)
0.35
(0.17)
Distributions
to
preferred
shareholders
from:
Net
investment
income
..............
(0.06)
(0.13)
(0.11)
(0.03)
—
b
(0.02)
Net
realized
gains
.................
—
—
—
—
b
—
(0.01)
Total
from
investment
operations
........
(0.22)
1.32
0.12
(1.86)
0.66
0.13
Less
distributions
to
common
shareholders
from:
Net
investment
income
..............
(0.14)
(0.22)
(0.20)
(0.29)
(0.32)
(0.33)
Net
realized
gains
.................
—
—
—
(0.03)
(0.06)
(0.05)
Tax
return
of
capital
................
—
(0.07)
(0.13)
(0.07)
—
—
Total
distributions
...................
(0.14)
(0.29)
(0.33)
(0.39)
(0.38)
(0.38)
Repurchase
of
shares
(Note
2
)
.........
0.03
0.03
0.02
—
b
—
0.01
Net
asset
value,
end
of
period
..........
$6.48
$6.81
$5.75
$5.94
$8.19
$7.91
Market
value,
end
of
period
c
...........
$5.94
$6.28
$5.14
$5.75
$8.25
$7.64
Total
return
(based
on
net
asset
value
per
share)
d
...........................
(2.80)%
27.95%
(5.69)%
(26.35)%
13.11%
0.77%
Total
return
(based
on
market
value
per
share)
d
...........................
(3.22)%
23.58%
1.87%
(23.46)%
8.44%
1.93%
Ratios
to
average
net
assets
applicable
to
common
shares
e,f,g
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.19%
1.16%
1.39%
1.10%
0.93%
0.98%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.00%
h
0.98%
h
1.21%
h
1.09%
h
0.93%
0.98%
h
Net
investment
income
...............
3.68%
3.36%
3.27%
3.75%
3.73%
3.92%
Supplemental
data
Net
assets
applicable
to
common
shares,
end
of
period
(000’s)
...............
$278,353
$304,155
$270,854
$289,259
$401,053
$386,602
Portfolio
turnover
rate
7%
20%
45%
24%
21%
38%
a
Based
on
average
daily
common
shares
outstanding.
b
Amount
rounds
to
less
than
$0.01
per
share.
c
Based
on
the
last
sale
on
the
New
York
Stock
Exchange.
d
The
Market
Value
Total
Return
is
calculated
assuming
a
purchase
of
common
shares
on
the
opening
of
the
first
business
day
and
a
sale
on
the
closing
of
the
last
business
day
of
each
period.
Dividends
and
distributions
are
assumed
for
the
purposes
of
this
calculation
to
be
reinvested
at
prices
obtained
under
the
Fund's
Dividend
Reinvestment
and
Cash
Purchase
Plan.
Net
Asset
Value
Total
Return
is
calculated
on
the
same
basis,
except
that
the
Fund's
net
asset
value
is
used
on
the
purchase,
sale
and
dividend
reinvestment
dates
instead
of
market
value.
Total
return
does
not
reflect
brokerage
commissions
or
sales
charges
in
connection
with
the
purchase
or
sale
of
Fund
shares.
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Ratios
reflect
net
assets
available
to
common
shares
only;
net
investment
income
ratio
also
reflects
reduction
for
dividend
payments
to
preferred
shareholders.
g
Based
on
income
and
expenses
applicable
to
both
common
and
preferred
shares.
h
Reflects
waivers
of
certain
fund
expenses
in
connection
with
the
Fund's
remarketed
preferred
shares
(Note
4).
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited),
April
30,
2025
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
134.5%
Alaska
1.6%
Alaska
Industrial
Development
&
Export
Authority
,
Dena'
Nena'
Henash
,
Revenue
,
2019
A
,
4
%
,
10/01/44
...............................................
$
5,125,000
$
4,522,585
Arizona
5.5%
a
Arizona
Industrial
Development
Authority
,
BASIS
Schools,
Inc.
Obligated
Group,
Revenue,
144A,
2017
G,
Refunding,
5%,
7/01/37
........................................................
500,000
500,934
Somerset
Academy
of
Las
Vegas,
Revenue,
144A,
2021
A,
4%,
12/15/41
........
500,000
427,983
Industrial
Development
Authority
of
the
City
of
Phoenix
Arizona
(The)
,
a
BASIS
Schools,
Inc.
Obligated
Group,
Revenue,
144A,
2015
A,
Refunding,
5%,
7/01/35
........................................................
900,000
900,302
a
BASIS
Schools,
Inc.
Obligated
Group,
Revenue,
144A,
2016
A,
Refunding,
5%,
7/01/35
........................................................
600,000
600,222
a
BASIS
Schools,
Inc.
Obligated
Group,
Revenue,
144A,
2016
A,
Refunding,
5%,
7/01/46
........................................................
250,000
239,774
GreatHearts
Arizona
Obligated
Group,
Revenue,
2014
A,
5%,
7/01/44
..........
1,700,000
1,639,107
a
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
1,576,486
a
Industrial
Development
Authority
of
the
County
of
Yavapai
(The)
,
Arizona
Agribusiness
and
Equine
Center,
Inc.,
Revenue,
144A,
2012,
5%,
3/01/32
.
750,000
749,943
Arizona
Agribusiness
and
Equine
Center,
Inc.,
Revenue,
144A,
2015
A,
Refunding,
5%,
9/01/34
....................................................
500,000
495,391
La
Paz
County
Industrial
Development
Authority
,
Harmony
Public
Schools,
Revenue,
2018
A,
5%,
2/15/38
....................
500,000
494,656
Harmony
Public
Schools,
Revenue,
2018
A,
5%,
2/15/48
....................
2,330,000
2,146,941
Maricopa
County
Industrial
Development
Authority
,
a
Grand
Canyon
University
Obligated
Group,
Revenue,
144A,
2024,
7.375%,
10/01/29
1,800,000
1,870,488
Horizon
Community
Learning
Center,
Inc.,
Revenue,
2016,
Refunding,
5%,
7/01/35
750,000
751,396
Salt
Verde
Financial
Corp.
,
Revenue,
2007-1,
5.5%,
12/01/29
.....................................
2,000,000
2,124,511
Revenue,
2007-1,
5%,
12/01/32
.......................................
570,000
599,581
a
Sierra
Vista
Industrial
Development
Authority
,
American
Leadership
Academy,
Inc.
,
Revenue
,
144A,
2024
,
5
%
,
6/15/64
....................................
300,000
272,104
15,389,819
California
8.9%
a
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
..............................................
475,000
389,396
b
California
County
Tobacco
Securitization
Agency
,
Gold
Country
Settlement
Funding
Corp.
,
Revenue
,
2020
B-2
,
Refunding
,
5.45
%,
6/01/55
......................
5,410,000
1,095,435
a
California
Infrastructure
&
Economic
Development
Bank
,
c
Desertxpress
Enterprises
LLC,
Revenue,
144A,
2025
A,
Refunding,
Mandatory
Put,
9.5%,
1/01/35
...................................................
900,000
869,216
b
WFCS
Holdings
II
LLC,
Revenue,
144A,
2021
B,
7.71%,
1/01/61
..............
4,345,000
307,239
California
Municipal
Finance
Authority
,
a
Catalyst
Impact
Fund
1
LLC,
Revenue,
144A,
2024,
I,
6%,
1/01/39
.............
800,000
811,860
CHF-Davis
II
LLC,
Revenue,
2021,
BAM
Insured,
3%,
5/15/54
................
2,410,000
1,744,120
a
Westside
Neighborhood
School,
Revenue,
144A,
2024,
6.2%,
6/15/54
..........
800,000
840,061
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
a
California
Public
Finance
Authority
,
Kendal
at
Sonoma
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
5
%
,
11/15/56
.................................
$
750,000
$
657,990
a
City
&
County
of
San
Francisco
,
Special
Tax
District
No.
2020-1
Development
,
Special
Tax
,
144A,
2021
A
,
4
%
,
9/01/41
.......................................
500,000
450,287
City
of
Palm
Desert
,
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/41
.............................................
450,000
413,834
City
of
Sunnyvale
,
Community
Facilities
District
No.
1
,
Special
Tax
,
2001
,
7.75
%
,
8/01/32
.........................................................
670,000
672,125
a
CMFA
Special
Finance
Agency
I
,
Mix
at
CTR
City
(The)
,
Revenue
,
144A,
2021
A-2
,
4
%
,
4/01/56
......................................................
2,500,000
1,831,792
a
CSCDA
Community
Improvement
Authority
,
1818
Platinum
Triangle-Anaheim,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3.25%,
4/01/57
........................................................
1,765,000
1,245,018
Cameo/Garrison
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
3/01/57
.
550,000
345,762
Jefferson
Platinum
Triangle
Apartments,
Revenue,
144A,
2021
A-1,
2.875%,
8/01/41
835,000
730,223
Jefferson
Platinum
Triangle
Apartments,
Revenue,
144A,
2021
A-2,
3.125%,
8/01/56
3,125,000
2,275,118
Parallel-Anaheim,
Revenue,
144A,
2021
A,
4%,
8/01/56
.....................
2,675,000
2,289,016
Pasadena
Portfolio,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
12/01/56
.......
2,000,000
1,321,666
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue,
2019
A,
4%,
5/01/49
........................................
7,420,000
6,467,515
Revenue,
2019
A,
Pre-Refunded,
4%,
5/01/49
............................
80,000
79,956
24,837,629
Colorado
3.0%
Canyons
Metropolitan
District
No.
5
,
GO
,
2024
B
,
Refunding
,
6.5
%
,
12/15/54
......
300,000
296,631
Colorado
Educational
&
Cultural
Facilities
Authority
,
Aspen
View
Academy,
Inc.,
Revenue,
2021,
4%,
5/01/36
....................
150,000
141,231
Aspen
View
Academy,
Inc.,
Revenue,
2021,
4%,
5/01/41
....................
175,000
153,411
Aspen
View
Academy,
Inc.,
Revenue,
2021,
4%,
5/01/51
....................
350,000
280,873
Colorado
Health
Facilities
Authority
,
Christian
Living
Neighborhoods
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
1/01/31
........................................................
500,000
501,355
Christian
Living
Neighborhoods
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
1/01/37
........................................................
1,250,000
1,250,780
a
Plaza
Metropolitan
District
No.
1
,
Tax
Allocation
,
144A,
2013
,
Refunding
,
5
%
,
12/01/40
1,650,000
1,607,981
Raindance
Metropolitan
District
No.
1
,
Non-Potable
Water
System
,
Revenue
,
2020
,
5.25
%
,
12/01/50
...................................................
875,000
803,437
Rampart
Range
Metropolitan
District
No.
5
,
Revenue
,
2021
,
4
%
,
12/01/41
.........
1,000,000
862,573
Sky
Dance
Metropolitan
District
No.
2
,
GO
,
2024
A
,
6
%
,
12/01/54
...............
375,000
348,490
Southlands
Metropolitan
District
No.
1
,
GO
,
2017
A-1
,
Refunding
,
5
%
,
12/01/37
.....
500,000
485,910
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Colorado
Metropolitan
District
No.
2,
Revenue,
2020
A,
Refunding,
4.25%,
12/01/50
.................................................
450,000
381,915
Sterling
Ranch
Metropolitan
District
No.
4
Subdistrict
A,
Revenue,
Senior
Lien,
2024
A,
Refunding,
6.5%,
12/01/54
.......................................
1,000,000
1,012,757
Trails
at
Crowfoot
Metropolitan
District
No.
3
,
GO
,
2024
B
,
Refunding
,
6.875
%
,
12/15/52
..................................................
300,000
295,890
8,423,234
Connecticut
1.4%
a
Harbor
Point
Infrastructure
Improvement
District
,
Tax
Allocation
,
144A,
2017
,
Refunding
,
5
%
,
4/01/39
.............................................
3,500,000
3,504,328
Stamford
Housing
Authority
,
TJH
Senior
Living
LLC
Obligated
Group,
Revenue,
2025
A,
Refunding,
6.5%,
10/01/55
.......................................................
100,000
100,572
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Connecticut
(continued)
Stamford
Housing
Authority,
(continued)
TJH
Senior
Living
LLC
Obligated
Group,
Revenue,
2025
A,
Refunding,
6.25%,
10/01/60
.......................................................
$
150,000
$
146,499
3,751,399
Delaware
1.4%
Delaware
State
Economic
Development
Authority
,
ASPIRA
of
Delaware
Charter
Operations,
Inc.,
Revenue,
2016
A,
5%,
6/01/36
....
705,000
705,230
ASPIRA
of
Delaware
Charter
Operations,
Inc.,
Revenue,
2016
A,
5%,
6/01/51
....
1,035,000
938,852
a
Town
of
Bridgeville
,
Heritage
Shores
Special
Development
District
,
Special
Tax
,
144A,
2024
,
5.25
%
,
7/01/44
...............................................
875,000
877,282
a
Town
of
Millsboro
,
Plantation
Lakes
Special
Development
District,
Special
Tax,
144A,
2018,
Refunding,
5.125%,
7/01/38
.................................................
490,000
471,678
Plantation
Lakes
Special
Development
District,
Special
Tax,
144A,
2018,
Refunding,
5.25%,
7/01/48
..................................................
997,000
922,921
3,915,963
Florida
13.0%
a
Capital
Projects
Finance
Authority
,
b
PRG
-
UnionWest
Properties
LLC,
Revenue,
144A,
2024
B,
5.854%,
6/01/62
.....
7,950,000
1,203,193
PRG
-
UnionWest
Properties
LLC,
Revenue,
Senior
Lien,
144A,
2024
A-1,
5%,
6/01/54
........................................................
750,000
709,588
Capital
Trust
Agency,
Inc.
,
a
WFCS
Holdings
II
LLC,
Revenue,
144A,
2021
A-1,
5%,
1/01/56
...............
1,900,000
1,676,472
a
WFCS
Holdings
LLC,
Revenue,
144A,
2020
A-1,
4.5%,
1/01/35
...............
740,000
713,927
b
WFCS
Holdings
LLC,
Revenue,
2020
B,
7.86%,
1/01/60
.....................
6,000,000
434,653
a
Capital
Trust
Authority
,
Madrone
Florida
Tech
Student
Housing
I
LLC
,
Revenue
,
144A,
2025
A
,
5.375
%
,
7/01/65
............................................
165,000
152,739
a
Cedar
Crossings
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
5/01/55
....................................................
160,000
151,108
Central
Parc
Community
Development
District
,
Special
Assessment
,
2024
,
6
%
,
5/01/54
750,000
740,166
a
Charlotte
County
Industrial
Development
Authority
,
MSKP
Town
&
Country
Utility
LLC
,
Revenue
,
144A,
2021
A
,
4
%
,
10/01/41
..................................
1,000,000
879,261
a
City
of
Venice
,
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
144A,
2024
A
,
5.625
%
,
1/01/60
.......................................
375,000
362,649
County
of
Lake
,
Waterman
Communities,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
5.75
%
,
8/15/55
.........................................................
750,000
699,492
a
County
of
Palm
Beach
,
Provident
Group
-
LU
Properties
LLC,
Revenue,
144A,
2021
A,
5%,
6/01/57
......
625,000
543,812
Provident
Group-PBAU
Properties
LLC,
Revenue,
144A,
2019
A,
5%,
4/01/39
....
1,600,000
1,493,417
Cypress
Bluff
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.55
%
,
5/01/55
....................................
660,000
637,835
Florida
Development
Finance
Corp.
,
a
Revenue,
144A,
2021
A,
4%,
7/01/51
...................................
500,000
402,005
a
Glenridge
on
Palmer
Ranch
Obligated
Group,
Revenue,
144A,
2021,
Refunding,
5%,
6/01/51
........................................................
700,000
623,665
Shands
Jacksonville
Medical
Center
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
2/01/52
....................................................
1,500,000
1,401,927
Florida
Higher
Educational
Facilities
Financial
Authority
,
Rollins
College,
Revenue,
2024,
4.125%,
12/01/54
.........................
1,000,000
868,175
St.
Leo
University,
Inc.
Obligated
Group,
Revenue,
2019,
Refunding,
5%,
3/01/44
..
1,370,000
1,047,979
Florida
Municipal
Loan
Council
,
Shingle
Creek
Transit
&
Utility
Community
Development
District,
Special
Assessment,
2024,
5.15%,
5/01/44
.............................................
650,000
645,380
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Florida
Municipal
Loan
Council,
(continued)
Shingle
Creek
Transit
&
Utility
Community
Development
District,
Special
Assessment,
2024,
5.4%,
5/01/54
..............................................
$
825,000
$
813,471
Fox
Branch
Ranch
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.4
%
,
5/01/55
.....................................
210,000
200,786
GIR
East
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2025,
5.3%,
5/01/45
................
300,000
286,964
Assessment
Area
1,
Special
Assessment,
2025,
5.5%,
5/01/55
................
575,000
543,046
Governors
Park
South
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2025,
5.4%,
5/01/45
................
250,000
243,272
Assessment
Area
1,
Special
Assessment,
2025,
5.65%,
5/01/55
...............
375,000
363,054
Halifax
Hospital
Medical
Center
,
Halifax
Hospital
Medical
Center
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/36
.................................
1,300,000
1,303,970
Hobe-St.
Lucie
Conservancy
District
,
Unit
of
Development
No.
1A
,
Special
Assessment
,
2024
,
5.875
%
,
5/01/55
...................................
500,000
498,448
Lakewood
Ranch
Stewardship
District
,
Assessment
Azario,
Special
Assessment,
2019,
4%,
5/01/40
.................
1,000,000
909,088
a
Assessment
Northeast
Sector
Project
Phase
2B,
Special
Assessment,
144A,
2020,
Refunding,
4%,
5/01/50
............................................
250,000
203,767
Assessments,
Special
Assessment,
2023,
6.3%,
5/01/54
....................
1,140,000
1,183,683
Assessments,
Special
Assessment,
2024,
5.25%,
5/01/44
...................
585,000
569,953
Villages
Lakewood
Ranch
South,
Special
Assessment,
2016,
5.125%,
5/01/46
....
740,000
723,878
Lee
County
Industrial
Development
Authority
,
Shell
Point
Obligated
Group
,
Revenue
,
2024
C
,
5
%
,
11/15/54
...............................................
500,000
474,687
Miami-Dade
County
Industrial
Development
Authority
,
Pinecrest
Academy
Obligated
Group
,
Revenue
,
2014
,
5
%
,
9/15/34
....................................
1,240,000
1,239,189
Orange
County
Health
Facilities
Authority
,
Orlando
Health
Obligated
Group
,
Revenue
,
2022
,
4
%
,
10/01/52
................................................
2,570,000
2,213,533
Pinellas
County
Industrial
Development
Authority
,
Drs
Kiran
&
Pallavi
Patel
2017
Foundation
for
Global
Understanding,
Inc.
,
Revenue
,
2019
,
5
%
,
7/01/39
.........
1,690,000
1,650,453
Ranches
at
Lake
Mcleod
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.65
%
,
6/15/55
..............................
250,000
243,381
River
Landing
Community
Development
District
,
Assessments
,
Special
Assessment
,
2025
,
5.45
%
,
5/01/55
...............................................
240,000
230,851
Sarasota
County
Health
Facilities
Authority
,
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
1/01/37
..........................
1,000,000
1,000,829
Sarasota
County
Public
Hospital
District
,
Sarasota
County
Public
Hospital
District
Obligated
Group
,
Revenue
,
2018
,
4
%
,
7/01/48
............................
1,500,000
1,325,858
St.
Johns
County
Industrial
Development
Authority
,
Life
Care
Ponte
Vedra
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
12/15/36
355,000
313,084
Life
Care
Ponte
Vedra
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
12/15/41
500,000
410,601
Tolomato
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2024
,
5.125
%
,
5/01/54
..............................................
525,000
489,662
Verandah
West
Community
Development
District
,
Assessments
,
Special
Assessment
,
2013
,
Refunding
,
5
%
,
5/01/33
........................................
450,000
450,146
Village
Community
Development
District
No.
12
,
Phase
II
,
Special
Assessment
,
2018
,
4
%
,
5/01/33
......................................................
670,000
654,517
a
Village
Community
Development
District
No.
13
,
Phase
II
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
5/01/40
...............................................
2,410,000
1,993,175
a
Woodland
Preserve
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
5/01/55
................................
220,000
211,659
36,132,448
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
6.2%
Cobb
County
Kennestone
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
3
%
,
4/01/45
...............................
$
1,785,000
$
1,352,272
Coweta
County
Development
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/44
...............................
4,000,000
4,063,257
DeKalb
County
Development
Authority
,
GLOBE
Academy,
Inc.
(The)
,
Revenue
,
2024
A
,
5
%
,
6/01/63
......................................................
515,000
465,996
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
685,292
Kennesaw
State
University
Real
Estate
Obligated
Group
2015
ABC,
Revenue,
Junior
Lien,
C,
Pre-Refunded,
5%,
7/15/30
..................................
15,000
15,045
Kennesaw
State
University
Real
Estate
Obligated
Group
2015
ABC,
Revenue,
Junior
Lien,
C,
5%,
7/15/38
..............................................
740,000
709,625
Kennesaw
State
University
Real
Estate
Obligated
Group
2015
ABC,
Revenue,
Junior
Lien,
C,
Pre-Refunded,
5%,
7/15/38
..................................
25,000
25,076
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2021
A
,
3
%
,
2/15/51
..........................
2,000,000
1,421,270
a
George
L
Smith
II
Congress
Center
Authority
,
Signia
Hotel
Management
LLC
,
Revenue,
Second
Tier
,
144A,
2021
B
,
5
%
,
1/01/54
.................................
2,980,000
2,728,495
Main
Street
Natural
Gas,
Inc.
,
Revenue,
2019
A,
5%,
5/15/34
........................................
3,345,000
3,401,140
c
Revenue,
2023
E-1,
Mandatory
Put,
5%,
6/01/31
..........................
2,200,000
2,308,054
17,175,522
Illinois
8.1%
Chicago
Board
of
Education
,
GO,
2015
C,
5.25%,
12/01/39
........................................
1,500,000
1,446,194
GO,
2017
H,
5%,
12/01/36
...........................................
2,100,000
2,034,425
GO,
2021
A,
5%,
12/01/40
...........................................
500,000
497,265
Chicago
Midway
International
Airport
,
Revenue,
Senior
Lien
,
2023
C
,
Refunding
,
5
%
,
1/01/40
.........................................................
1,250,000
1,278,120
City
of
Chicago
,
GO,
2019
A,
5.5%,
1/01/49
...........................................
1,000,000
1,001,901
GO,
2020
A,
Refunding,
5%,
1/01/30
...................................
1,800,000
1,879,797
GO,
2021
B,
Refunding,
4%,
1/01/38
...................................
2,747,000
2,476,636
a
Lakeshore
East
Special
Assessment
Area,
Special
Assessment,
144A,
2022,
Refunding,
3.04%,
12/01/28
........................................
241,000
228,501
a
Lakeshore
East
Special
Assessment
Area,
Special
Assessment,
144A,
2022,
Refunding,
3.38%,
12/01/31
........................................
341,000
314,825
Du
Page
County
Special
Service
Area
No.
31
,
Monarch
Landing,
Inc.
,
Special
Tax
,
2006
,
5.625
%
,
3/01/36
..............................................
233,000
227,202
Illinois
Finance
Authority
,
CHF-Chicago
LLC,
Revenue,
2017
A,
5%,
2/15/37
.........................
1,200,000
1,181,423
CHF-Chicago
LLC,
Revenue,
2017
A,
5%,
2/15/47
.........................
1,500,000
1,417,080
Plymouth
Place
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
5/15/41
.....
400,000
374,207
Plymouth
Place
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
5/15/51
.....
1,000,000
865,911
Plymouth
Place
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
5/15/56
.....
815,000
691,054
Southern
Illinois
Healthcare
Obligated
Group,
Revenue,
2017
C,
Refunding,
5%,
3/01/33
........................................................
700,000
704,571
Metropolitan
Pier
&
Exposition
Authority
,
b
State
of
Illinois
McCormick
Place
Expansion
Project
Fund,
Revenue,
2017
B,
Refunding,
4.792%,
12/15/47
.......................................
1,500,000
1,036,737
State
of
Illinois
McCormick
Place
Expansion
Project
Fund,
Revenue,
2022
A,
Refunding,
4%,
6/15/52
............................................
2,100,000
1,692,082
State
of
Illinois
,
GO,
2018
A,
5%,
5/01/38
............................................
1,000,000
1,017,388
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
State
of
Illinois,
(continued)
GO,
2023
B,
5.25%,
5/01/40
.........................................
$
2,100,000
$
2,196,450
22,561,769
Indiana
0.2%
Indiana
Finance
Authority
,
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5.125
%
,
6/01/58
500,000
493,526
Iowa
0.8%
Iowa
Finance
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group,
Revenue,
2023
B,
Refunding,
7.5%,
5/15/53
........................................................
600,000
667,048
Lifespace
Communities,
Inc.
Obligated
Group,
Revenue,
2024
A,
Refunding,
5.125%,
5/15/59
........................................................
1,500,000
1,421,050
2,088,098
Kansas
0.1%
Wyandotte
County-Kansas
City
Unified
Government
,
Revenue
,
2018
,
4.5
%
,
6/01/40
.
315,000
296,194
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
782,398
Owensboro
Health,
Inc.
Obligated
Group,
Revenue,
2017
A,
Refunding,
5.25%,
6/01/41
........................................................
125,000
125,433
907,831
Louisiana
1.0%
a
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
Christwood
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.25
%
,
11/15/53
........................................................
1,300,000
1,214,057
Louisiana
Public
Facilities
Authority
,
Calcasieu
Bridge
Partners
LLC,
Revenue,
Senior
Lien,
2024,
5.5%,
9/01/59
......
1,500,000
1,534,253
Tulane
University,
Revenue,
2017
A,
Pre-Refunded,
4%,
12/15/50
.............
20,000
20,428
2,768,738
Maine
0.2%
a,c
Finance
Authority
of
Maine
,
Casella
Waste
Systems,
Inc.
,
Revenue
,
144A,
2015
,
Mandatory
Put
,
5.125
%
,
8/01/25
......................................
500,000
498,111
Maryland
1.7%
City
of
Brunswick
,
Brunswick
Crossing
Special
Taxing
District
,
Special
Tax
,
2019
,
Refunding
,
5
%
,
7/01/36
.............................................
548,000
548,272
City
of
Westminster
,
Lutheran
Village
at
Miller's
Grant,
Inc.
Obligated
Group
(The)
,
Revenue
,
2014
A
,
6
%
,
7/01/34
........................................
250,000
250,088
County
of
Frederick
,
a
Mount
St.
Mary's
University,
Inc.,
Revenue,
144A,
2017
A,
Refunding,
5%,
9/01/37
.
500,000
481,574
Oakdale-Lake
Linganore
Development
District,
Special
Tax,
2019,
Refunding,
3.75%,
7/01/39
........................................................
1,410,000
1,227,942
a
County
of
Prince
George's
,
Westphalia
Town
Center
Development
District
,
Tax
Allocation
,
144A,
2018
,
5.125
%
,
7/01/39
................................
1,000,000
987,025
Maryland
Economic
Development
Corp.
,
City
of
Baltimore
Port
Covington
Development
District,
Tax
Allocation,
2020,
4%,
9/01/40
........................................................
755,000
667,296
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
(continued)
Maryland
Economic
Development
Corp.,
(continued)
City
of
Baltimore
Port
Covington
Development
District,
Tax
Allocation,
2020,
4%,
9/01/50
........................................................
$
750,000
$
594,367
4,756,564
Massachusetts
1.0%
Collegiate
Charter
School
of
Lowell
,
Revenue
,
2019
,
5
%
,
6/15/39
...............
1,000,000
998,888
Massachusetts
Development
Finance
Agency
,
a,d
Adventcare
Obligated
Group,
Revenue,
144A,
2007,
6.65%,
10/15/28
..........
995,000
10
a
CHF
Merrimack,
Inc.,
Revenue,
144A,
2024
A,
5%,
7/01/60
..................
1,000,000
954,279
Lasell
University,
Revenue,
2021,
Refunding,
4%,
7/01/40
...................
1,000,000
825,233
2,778,410
Michigan
4.7%
City
of
Detroit
,
GO,
2018,
5%,
4/01/37
.............................................
750,000
761,991
GO,
B-1,
4%,
4/01/44
...............................................
3,952,414
3,113,030
Flint
Hospital
Building
Authority
,
Hurley
Medical
Center
,
Revenue
,
2013
A
,
5.25
%
,
7/01/39
.........................................................
750,000
723,655
Michigan
Finance
Authority
,
Aquinas
College,
Revenue,
2021,
Refunding,
5%,
5/01/46
...................
500,000
374,894
Lawrence
Technological
University
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
2/01/47
........................................................
650,000
609,615
Michigan
State
Housing
Development
Authority
,
Revenue
,
2021
A
,
2.73
%
,
10/01/59
.
1,000,000
626,647
e
Pontiac
School
District
,
GO,
2020,
4%,
5/01/45
.............................................
3,576,470
3,326,234
GO,
2020,
4%,
5/01/50
.............................................
4,023,530
3,611,833
13,147,899
Minnesota
1.2%
a
City
of
Eagan
,
Great
Oaks
Academy
,
Revenue
,
144A,
2025
A
,
6.5
%
,
2/01/65
.......
300,000
287,367
City
of
Ham
Lake
,
DaVinci
Academy
of
Arts
and
Science
,
Revenue
,
2016
A
,
5
%
,
7/01/47
.........................................................
500,000
429,471
City
of
Ramsey
,
PACT
Charter
School
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/01/32
...
575,000
548,355
Minnesota
Higher
Education
Facilities
Authority
,
Augsburg
University
,
Revenue
,
2016
A
,
5
%
,
5/01/46
......................................................
1,250,000
856,360
St.
Paul
Port
Authority
,
HealthPartners
Obligated
Group
,
Revenue
,
2007-1
,
5
%
,
8/01/36
965,000
965,269
Township
of
Baytown
,
St.
Croix
Preparatory
Academy
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
8/01/41
......................................................
380,000
326,732
3,413,554
Missouri
4.9%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
BJC
Healthcare
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
7/01/46
.....
1,000,000
890,621
Children's
Mercy
Hospital
Obligated
Group,
Revenue,
2017
A,
4%,
5/15/48
......
5,600,000
5,026,224
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis,
Revenue,
2023
A,
Refunding,
4%,
5/01/38
....................................................
900,000
740,251
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis,
Revenue,
2023
A,
Refunding,
4%,
5/01/43
....................................................
2,270,000
1,740,650
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis,
Revenue,
2023
B,
Refunding,
4%,
5/01/45
....................................................
1,900,000
1,416,482
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
Industrial
Development
Authority
of
the
City
of
St.
Louis
Missouri
(The)
,
Revenue
,
2017
A
,
Refunding
,
4.75
%
,
11/15/47
........................................
$
875,000
$
738,874
St.
Louis
County
Industrial
Development
Authority
,
Friendship
Village
St.
Louis
Obligated
Group
,
Revenue
,
2018
A
,
5.25
%
,
9/01/53
........................
3,250,000
3,128,965
13,682,067
Nevada
1.5%
City
of
Las
Vegas
,
Special
Improvement
District
No.
812,
Special
Assessment,
2015,
5%,
12/01/35
...
200,000
200,719
Special
Improvement
District
No.
814,
Special
Assessment,
2019,
4%,
6/01/39
....
415,000
374,335
Special
Improvement
District
No.
814,
Special
Assessment,
2019,
4%,
6/01/44
....
590,000
491,528
Special
Improvement
District
No.
815,
Special
Assessment,
2020,
5%,
12/01/49
...
595,000
561,213
Special
Improvement
District
No.
816,
Special
Assessment,
2021,
3%,
6/01/41
....
650,000
478,589
Special
Improvement
District
No.
817,
Special
Assessment,
2023,
5.5%,
6/01/38
..
375,000
390,848
Special
Improvement
District
No.
817,
Special
Assessment,
2023,
5.75%,
6/01/43
.
500,000
513,694
Special
Improvement
District
No.
817,
Special
Assessment,
2023,
6%,
6/01/48
....
350,000
361,586
Special
Improvement
District
No.
817,
Special
Assessment,
2023,
6%,
6/01/53
....
500,000
511,909
County
of
Clark
,
Special
Improvement
District
No.
159
,
Special
Assessment
,
2015
,
5
%
,
8/01/32
.........................................................
375,000
375,636
4,260,057
New
Hampshire
1.5%
New
Hampshire
Business
Finance
Authority
,
Revenue,
2024-2,
A,
3.625%,
8/20/39
..................................
2,237,421
2,049,336
f
Revenue,
FRN,
2024-3,
A,
4.163%,
10/20/41
.............................
995,516
920,606
New
Hampshire
Health
and
Education
Facilities
Authority
Act
,
Elliot
Hospital
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
10/01/38
.......
250,000
250,334
Southern
New
Hampshire
Health
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
10/01/37
.......................................................
1,000,000
1,004,277
4,224,553
New
Jersey
0.7%
New
Jersey
Economic
Development
Authority
,
Friends
of
TEAM
Academy
Charter
School
Obligated
Group,
Revenue,
2013,
6%,
10/01/33
.......................................................
900,000
901,256
United
Airlines,
Inc.,
Revenue,
2000
B,
5.625%,
11/15/30
....................
500,000
500,068
Passaic
County
Improvement
Authority
(The)
,
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
5.5
%
,
7/01/58
........................................
450,000
456,602
1,857,926
New
York
8.3%
Metropolitan
Transportation
Authority
,
Revenue
,
2017
C-1
,
Refunding
,
4
%
,
11/15/35
.
3,000,000
2,948,700
New
York
Counties
Tobacco
Trust
VI
,
Revenue,
2016
A-2B,
Refunding,
5%,
6/01/45
............................
3,000,000
2,639,640
Revenue,
2016
A-2B,
Refunding,
5%,
6/01/51
............................
700,000
603,389
New
York
Liberty
Development
Corp.
,
Revenue,
2021
A,
Refunding,
2.875%,
11/15/46
...........................
1,860,000
1,301,175
Revenue,
2021
A,
Refunding,
BAM
Insured,
3%,
11/15/51
...................
3,000,000
2,089,675
Revenue,
2021
A,
Refunding,
3%,
11/15/51
..............................
4,215,000
2,907,652
a
3
World
Trade
Center
LLC,
Revenue,
144A,
2014,
2,
Refunding,
5.375%,
11/15/40
.
750,000
750,027
Port
Authority
of
New
York
&
New
Jersey,
Revenue,
1WTC
2021,
Refunding,
2.75%,
2/15/44
........................................................
1,835,000
1,293,301
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/40
.........................
1,250,000
1,252,885
Delta
Air
Lines,
Inc.,
Revenue,
2023,
5.625%,
4/01/40
......................
1,000,000
1,035,765
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
a
Oneida
Indian
Nation
of
New
York
,
Revenue
,
144A,
2024
A
,
8
%
,
9/01/40
..........
$
1,000,000
$
1,012,294
e
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
218th
,
5
%
,
11/01/49
..........
2,460,000
2,450,174
Suffolk
Regional
Off-Track
Betting
Co.
,
Revenue
,
2024
,
6
%
,
12/01/53
............
2,000,000
2,043,854
Suffolk
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2021
A-2
,
Refunding
,
4
%
,
6/01/50
.........................................................
800,000
685,821
23,014,352
North
Carolina
1.3%
North
Carolina
Medical
Care
Commission
,
Lutheran
Services
for
the
Aging,
Inc.
Obligated
Group,
Revenue,
2021
C,
Refunding,
4%,
3/01/36
....................................................
2,320,000
2,177,863
Maryfield,
Inc.
Obligated
Group,
Revenue,
2020
A,
5%,
10/01/45
..............
500,000
471,425
Southminster,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
10/01/37
....
965,000
965,723
3,615,011
North
Dakota
1.2%
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group,
Revenue,
2023
A,
AGMC
Insured,
5%,
12/01/48
.......................................................
350,000
354,748
Altru
Health
System
Obligated
Group,
Revenue,
2023
A,
AGMC
Insured,
5%,
12/01/53
.......................................................
2,000,000
2,012,750
City
of
Horace
,
GO
,
2024
C
,
Refunding
,
4.75
%
,
5/01/44
......................
1,100,000
1,058,767
3,426,265
Ohio
2.8%
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien,
2020
A-2,
1,
Refunding,
3%,
6/01/48
..................
1,300,000
902,021
Revenue,
Senior
Lien,
2020
B-2,
2,
Refunding,
5%,
6/01/55
..................
470,000
410,750
Cleveland-Cuyahoga
County
Port
Authority
,
Playhouse
Square
Foundation
,
Revenue
,
2018
,
Refunding
,
5.5
%
,
12/01/53
......................................
1,500,000
1,467,571
County
of
Washington
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
6.75
%
,
12/01/52
.....................................
500,000
535,503
Northeast
Ohio
Medical
University
,
Revenue,
2021
A,
Refunding,
3%,
12/01/40
..............................
1,575,000
1,225,131
Revenue,
2021
A,
Refunding,
4%,
12/01/45
..............................
450,000
383,978
Ohio
Higher
Educational
Facility
Commission
,
Xavier
University
,
Revenue
,
2024
,
Refunding
,
5.25
%
,
5/01/54
...........................................
1,500,000
1,504,595
a
Port
of
Greater
Cincinnati
Development
Authority
,
City
of
Cincinnati
Assigned
City
Residual
Funds
,
Revenue
,
144A,
2021
,
4.25
%
,
12/01/50
....................
1,320,000
1,206,161
Southeastern
Ohio
Port
Authority
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
12/01/43
................................
150,000
128,932
7,764,642
Oregon
0.1%
Hospital
Facilities
Authority
of
Multnomah
County
Oregon
,
Terwilliger
Plaza,
Inc.
Obligated
Group
,
Revenue
,
2012
,
Refunding
,
5
%
,
12/01/29
..................
260,000
260,025
Pennsylvania
4.8%
Chester
County
Industrial
Development
Authority
,
Collegium
Charter
School,
Revenue,
2017
A,
5.125%,
10/15/37
...............
750,000
727,103
University
Student
Housing
LLC,
Revenue,
2013
A,
5%,
8/01/45
...............
1,000,000
910,976
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Cumberland
County
Municipal
Authority
,
Asbury
Pennsylvania
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
1/01/45
.................................
$
500,000
$
446,372
Dallas
Area
Municipal
Authority
,
Misericordia
University
,
Revenue
,
2019
,
Refunding
,
5
%
,
5/01/48
......................................................
2,040,000
1,779,337
Lancaster
Municipal
Authority
,
Garden
Spot
Village
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
5
%
,
5/01/49
.............................................
900,000
897,874
Lehigh
County
Industrial
Development
Authority
,
Seven
Generations
Charter
School
,
Revenue
,
2021
A
,
4
%
,
5/01/51
........................................
1,000,000
767,994
Maxatawny
Township
Municipal
Authority
,
Lutheran
Senior
Services
East
Obligated
Group,
Revenue,
2022
A,
5%,
1/01/41
...
1,400,000
1,381,842
Lutheran
Senior
Services
East
Obligated
Group,
Revenue,
2022
A,
5%,
1/01/42
...
1,450,000
1,424,215
Pennsylvania
Economic
Development
Financing
Authority
,
Commonwealth
of
Pennsylvania
Motor
License
Fund,
Revenue,
2022,
6%,
6/30/61
1,000,000
1,046,291
c
Talen
Energy
Supply
LLC,
Revenue,
2009
C,
Refunding,
Mandatory
Put,
5.25%,
6/01/27
........................................................
500,000
500,866
a
Philadelphia
Authority
for
Industrial
Development
,
d
University
of
the
Arts
(The),
Revenue,
144A,
2017,
5%,
3/15/45
...............
2,582,526
2,014,370
University
of
the
Arts
(The),
Revenue,
144A,
2017,
Pre-Refunded,
5%,
3/15/45
...
40,000
42,130
University
Plaza
Associates,
Revenue,
144A,
2017,
III,
Pre-Refunded,
5.25%,
12/01/47
.......................................................
1,300,000
1,340,292
13,279,662
South
Carolina
5.4%
County
of
Berkeley
,
Nexton
Improvement
District
,
Special
Assessment
,
2019
,
4.375
%
,
11/01/49
........................................................
1,000,000
836,783
South
Carolina
Jobs-Economic
Development
Authority
,
Beaufort
Memorial
Hospital
Obligated
Group,
Revenue,
2024,
5.75%,
11/15/54
...
1,000,000
1,018,567
a
Greenville
Renewable
Energy
Education
Charter
School
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
6/01/56
................................
1,020,000
687,662
a
High
Point
Academy,
Inc.,
Revenue,
144A,
2018
A,
5.75%,
6/15/39
............
500,000
459,559
a
High
Point
Academy,
Inc.,
Revenue,
144A,
2018
A,
5.75%,
6/15/49
............
1,000,000
883,801
e
South
Carolina
Public
Service
Authority
,
Revenue,
2021
B,
4%,
12/01/41
.......................................
4,000,000
3,754,345
Revenue,
2021
B,
4%,
12/01/42
.......................................
5,250,000
4,893,811
Revenue,
2021
B,
4%,
12/01/51
.......................................
3,000,000
2,602,540
15,137,068
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
1,290,504
Metropolitan
Nashville
Airport
Authority
(The)
,
Revenue
,
2022
B
,
5.5
%
,
7/01/39
.....
1,000,000
1,076,348
2,366,852
Texas
11.4%
Arlington
Higher
Education
Finance
Corp.
,
a
BASIS
Texas
Charter
Schools,
Inc.,
Revenue,
144A,
2024,
5%,
6/15/64
.........
1,200,000
1,099,029
a
Magellan
School
(The),
Revenue,
144A,
2022,
6.375%,
6/01/62
...............
1,100,000
1,111,630
Wayside
Schools,
Revenue,
2021
A,
Refunding,
4%,
8/15/41
.................
610,000
509,394
a
City
of
Aubrey
,
Duck
Point
Public
Improvement
District
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
12/31/55
.............................................
110,000
101,820
a
City
of
Austin
,
Whisper
Valley
Public
Improvement
District
Improvement
Area
No.
3,
Special
Assessment,
144A,
2024,
5%,
11/01/44
...............................
555,000
517,497
Whisper
Valley
Public
Improvement
District
Improvement
Area
No.
3,
Special
Assessment,
144A,
2024,
5.25%,
11/01/53
.............................
750,000
693,583
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
a
City
of
Celina
,
Sutton
Fields
East
Public
Improvement
District
Phase
No.
2,
Special
Assessment,
144A,
2025,
5.375%,
9/01/45
.......................................
$
150,000
$
142,204
Sutton
Fields
East
Public
Improvement
District
Phase
No.
2,
Special
Assessment,
144A,
2025,
5.625%,
9/01/55
.......................................
270,000
254,219
City
of
Houston
Airport
System
,
United
Airlines,
Inc.,
Revenue,
2015
B-1,
5%,
7/15/35
.......................
2,500,000
2,460,602
United
Airlines,
Inc.,
Revenue,
2021
A,
4%,
7/01/41
........................
1,250,000
1,124,237
a
City
of
Hutto
,
Prairie
Winds
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.125
%
,
9/01/45
.........................
390,000
362,138
City
of
San
Antonio
,
Electric
&
Gas
Systems
,
Revenue
,
2024
C
,
Refunding
,
5.5
%
,
2/01/49
.........................................................
5,000,000
5,391,432
Clifton
Higher
Education
Finance
Corp.
,
IDEA
Public
Schools,
Revenue,
2022
A,
4%,
8/15/51
.......................
1,200,000
1,012,082
International
Leadership
of
Texas,
Inc.,
Revenue,
2018
D,
6.125%,
8/15/48
......
2,500,000
2,500,447
a
County
of
Denton
,
Green
Meadows
Public
Improvement
District
Major
Improvement
Area,
Special
Assessment,
144A,
2025,
5.875%,
12/31/45
............................
125,000
118,332
Green
Meadows
Public
Improvement
District
Major
Improvement
Area,
Special
Assessment,
144A,
2025,
6.125%,
12/31/55
............................
250,000
235,147
Dallas
Area
Rapid
Transit
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
5
%
,
12/01/45
..
7,000,000
7,194,878
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Brazos
Presbyterian
Homes
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
1/01/37
........................................................
250,000
251,080
YMCA
of
the
Greater
Houston
Area,
Revenue,
2013
A,
Refunding,
5%,
6/01/33
...
1,000,000
961,882
Matagorda
County
Navigation
District
No.
1
,
AEP
Texas,
Inc.
,
Revenue
,
2005
A
,
Refunding
,
AMBAC
Insured
,
4.4
%
,
5/01/30
...............................
1,250,000
1,260,824
New
Hope
Cultural
Education
Facilities
Finance
Corp.
,
CHF-Collegiate
Housing
Denton
LLC
,
Revenue
,
2018
A-1
,
AGMC
Insured
,
4.125
%
,
7/01/53
...................
1,000,000
873,594
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
Cumberland
Rest,
Inc.
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
5
%
,
10/01/49
..................
1,000,000
986,546
a,g
Texas
Community
Housing
&
Economic
Development
Corp.
,
Agape
Helotes,
Inc.
,
Revenue,
Senior
Lien
,
144A,
2025
A-1
,
6.25
%
,
1/01/65
.....................
575,000
531,182
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/15/30
........................................................
1,000,000
1,041,074
b
Texas
Transportation
Commission
State
Highway
249
System
,
Revenue,
First
Tier
,
2019
A
,
4.77
%,
8/01/39
.............................................
700,000
360,081
Uptown
Development
Authority
,
City
of
Houston
Reinvestment
Zone
No.
16
,
Tax
Allocation
,
2021
,
Refunding
,
3
%
,
9/01/37
................................
900,000
727,844
31,822,778
Utah
2.0%
a
Black
Desert
Public
Infrastructure
District
,
Assessment
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
12/01/53
..............................
1,300,000
1,266,055
a
Mida
Mountain
Village
Public
Infrastructure
District
,
Mountain
Village
Assessment
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
4
%
,
8/01/50
.......................
1,250,000
992,874
a
MIDA
Mountain
Village
Public
Infrastructure
District
,
Special
Assessment,
144A,
2020
A,
5%,
8/01/50
..........................
1,045,000
967,767
Military
Recreation
Facility
Project
Area,
Tax
Allocation,
144A,
2024-2,
6%,
6/15/54
500,000
500,927
a
SkyRidge
Pegasus
Infrastructure
Financing
District
,
Assessment
Area
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
12/01/44
...............................
300,000
281,940
Utah
Infrastructure
Agency
,
Revenue
,
2023
,
6
%
,
10/15/47
.....................
1,350,000
1,446,686
5,456,249
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
1.4%
a
Cherry
Hill
Community
Development
Authority
,
Special
Assessment
,
144A,
2015
,
5.4
%
,
3/01/45
.........................................................
$
995,000
$
995,340
a
Farms
New
Kent
Community
Development
Authority
,
Special
Assessment
,
144A,
2021
A
,
Refunding
,
3.75
%
,
3/01/36
.........................................
360,000
332,114
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
768,717
Williamsburg
Landing,
Inc.
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
12/01/50
.......................................................
1,235,000
947,056
a
Lower
Magnolia
Green
Community
Development
Authority
,
Special
Assessment
,
144A,
2015
,
5
%
,
3/01/35
.................................................
460,000
449,618
Suffolk
Economic
Development
Authority
,
EveryAge
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
9/01/31
.............................................
500,000
491,875
3,984,720
Washington
5.1%
Grays
Harbor
County
Public
Hospital
District
No.
1
,
Revenue
,
2023
,
Refunding
,
6.875
%
,
12/01/53
..................................................
3,000,000
3,286,022
a
Kalispel
Tribe
of
Indians
,
Revenue
,
144A,
2018
A
,
5.25
%
,
1/01/38
...............
750,000
760,582
Skagit
County
Public
Hospital
District
No.
1
,
Revenue
,
2024
,
5.5
%
,
12/01/54
.......
1,000,000
1,026,296
Washington
State
Housing
Finance
Commission
,
Revenue,
2021-1,
A,
3.5%,
12/20/35
...................................
103,455
95,321
Revenue,
2023-1,
A,
3.375%,
4/20/37
..................................
3,158,127
2,846,664
f
Revenue,
FRN,
2024-1,
A,
3.812%,
3/20/40
..............................
747,401
688,069
Eastside
Retirement
Association
Obligated
Group,
Revenue,
2023
A,
Refunding,
5%,
7/01/48
........................................................
1,200,000
1,200,744
a
Presbyterian
Retirement
Communities
Northwest
Obligated
Group,
Revenue,
144A,
2016
A,
Refunding,
5%,
1/01/36
.....................................
1,175,000
1,160,497
a
Seattle
Academy
of
Arts
&
Sciences,
Revenue,
144A,
2023,
Refunding,
6.375%,
7/01/63
........................................................
660,000
710,898
a
Spokane
International
Academy,
Revenue,
144A,
2021
A,
5%,
7/01/50
..........
500,000
459,979
a
Spokane
International
Academy,
Revenue,
144A,
2021
A,
5%,
7/01/56
..........
1,130,000
1,017,153
a
Wesley
Homes
Lea
Hill
LLC,
Revenue,
144A,
2016,
Refunding,
5%,
7/01/36
.....
580,000
522,598
a
Wesley
Homes
Lea
Hill
LLC,
Revenue,
144A,
2016,
Refunding,
5%,
7/01/41
.....
500,000
424,795
14,199,618
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
5,676,373
Wisconsin
8.0%
Public
Finance
Authority
,
Revenue,
2023-1,
A,
5.75%,
7/01/62
...................................
2,141,407
2,169,315
Celanese
US
Holdings
LLC,
Revenue,
2016
C,
Refunding,
4.3%,
11/01/30
.......
300,000
294,331
a
CFC-SA
LLC,
Revenue,
Sub.
Lien,
144A,
2022
B,
6%,
2/01/62
................
1,000,000
1,026,803
a
CHF
-
Manoa
LLC,
Revenue,
Senior
Lien,
144A,
2023
A,
5.75%,
7/01/63
........
1,000,000
1,017,027
a
Church
Home
of
Hartford
Obligated
Group,
Revenue,
144A,
2015
A,
Refunding,
5%,
9/01/30
........................................................
945,000
928,274
a
Dominium
Holdings
I
LLC,
Revenue,
144A,
2024-1,
B-1,
6.81%,
4/28/36
........
1,425,000
1,445,019
a
Foundation
Academy
Charter
School
A
NJ
Nonprofit
Corp.,
Revenue,
144A,
2024,
5%,
7/01/55
....................................................
1,000,000
901,349
KSU
Bixby
Real
Estate
Foundation
LLC,
Revenue,
2025
B,
5.5%,
6/15/55
.......
410,000
413,864
a
Mary's
Woods
at
Marylhurst
Obligated
Group,
Revenue,
144A,
2017
A,
Refunding,
5.25%,
5/15/37
..................................................
380,000
380,200
a
North
Carolina
Leadership
Charter
Academy,
Inc.,
Revenue,
144A,
2019
A,
5%,
6/15/54
........................................................
910,000
820,147
Piedmont
Community
Charter
School,
Inc.,
Revenue,
2019,
5%,
6/15/53
........
1,150,000
1,076,299
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
Public
Finance
Authority,
(continued)
a
Roseman
University
of
Health
Sciences,
Revenue,
144A,
2020,
5%,
4/01/40
.....
$
1,085,000
$
1,058,108
a
Southminster,
Inc.
Obligated
Group,
Revenue,
144A,
2018,
5%,
10/01/48
........
800,000
733,470
a
UHF
Promenade
Apts
LLC
(The),
Revenue,
144A,
2024,
6.25%,
2/01/39
........
800,000
804,027
a
UHF
RISE
Student
Housing
LLC,
Revenue,
144A,
2021
A-1,
4%,
7/01/61
........
600,000
444,658
a
UNC
Charlotte
Marriott
Hotel
&
Conference
Center,
Revenue,
144A,
2021
A,
4%,
9/01/51
........................................................
2,000,000
1,381,012
a
WFCS
Holdings
LLC,
Revenue,
144A,
2020
A-1,
5%,
1/01/55
.................
1,700,000
1,503,192
Wisconsin
Health
&
Educational
Facilities
Authority
,
Froedtert
ThedaCare
Health
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
4/01/41
........................................................
4,000,000
3,742,293
Oakwood
Lutheran
Senior
Ministries
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/57
....................................................
650,000
487,486
PHW
Menomonee
Falls,
Inc.,
Revenue,
2024,
6.125%,
10/01/59
..............
300,000
300,147
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
9/15/41
........................................................
270,000
237,298
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
9/15/45
........................................................
1,150,000
960,558
22,124,877
U.S.
Territories
10.9%
District
of
Columbia
6.2%
District
of
Columbia
,
GO,
2023
A,
5%,
1/01/45
............................................
6,675,000
6,945,900
Ingleside
Presbyterian
Retirement
Community
Obligated
Group,
Revenue,
2017
A,
5%,
7/01/52
....................................................
1,000,000
883,828
International
School
Obligated
Group,
Revenue,
2019,
5%,
7/01/39
............
400,000
404,892
KIPP
DC
Obligated
Group,
Revenue,
2019,
4%,
7/01/44
....................
750,000
660,770
Latin
American
Montessori
Bilingual
Public
Charter
School
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
6/01/40
...............................
2,500,000
2,404,916
Plenary
Infrastructure
DC
LLC,
Revenue,
2022
A,
5.5%,
8/31/35
..............
1,140,000
1,256,860
Plenary
Infrastructure
DC
LLC,
Revenue,
2022
A,
5.5%,
8/31/36
..............
1,365,000
1,504,658
a
Rocketship
DC
Obligated
Group,
Revenue,
144A,
2021
A,
5%,
6/01/61
.........
400,000
350,345
b
Tobacco
Settlement
Financing
Corp.,
Revenue,
2006
A,
6.79%,
6/15/46
.........
7,500,000
1,871,324
e
Metropolitan
Washington
Airports
Authority
,
Dulles
Toll
Road
,
Revenue,
Sub.
Lien
,
2019
B
,
Refunding
,
4
%
,
10/01/53
..........................................
1,065,000
896,142
17,179,635
Puerto
Rico
4.7%
Commonwealth
of
Puerto
Rico
,
GO,
2022
A-1,
4%,
7/01/33
..........................................
1,920,000
1,834,812
GO,
2022
A-1,
4%,
7/01/37
..........................................
3,000,000
2,753,351
GO,
2022
A-1,
4%,
7/01/41
..........................................
3,388,447
2,888,187
d
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
TT
,
5
%
,
7/01/37
................
2,500,000
1,218,750
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
...
4,700,000
4,369,680
13,064,780
Total
U.S.
Territories
....................................................................
30,244,415
Total
Municipal
Bonds
(Cost
$389,159,424)
.....................................
374,256,803
a
a
a
a
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
Short
Term
Investments
3.8%
a
a
Principal
Amount
a
Value
U.S.
Government
and
Agency
Securities
0.2%
b,h
U.S.
Treasury
Bills,
4.13%,
10/02/25
.....................................
$
400,000
$
393,019
Total
U.S.
Government
and
Agency
Securities
(Cost
$393,200)
....................
393,019
Shares
a
Money
Market
Funds
3.6%
i,j
Putnam
Short
Term
Investment
Fund,
Class
P,
4.468%
.......................
10,089,309
10,089,309
Total
Money
Market
Funds
(Cost
$10,089,309)
..................................
10,089,309
Total
Short
Term
Investments
(Cost
$10,482,509)
................................
10,482,328
a
Total
Investments
(Cost
$399,641,933)
138.3%
..................................
$384,739,131
Remarketed
Preferred
Shares
(35.7)%
.........................................
(99,350,000)
Floating
Rate
Notes
Issued
(4.4)%
.............................................
(12,300,075)
Other
Assets,
less
Liabilities
1.8%
.............................................
5,263,886
Net
Assets
100.0%
...........................................................
$278,352,942
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
April
30,
2025,
the
aggregate
value
of
these
securities
was
$85,596,987,
representing
30.8%
of
net
assets.
b
The
rate
shown
represents
the
yield
at
period
end.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
8
.
e
Underlying
security
in
a
tender
option
bond
transaction.
This
security
has
been
segregated
as
collateral
for
financing
transactions.
f
The
coupon
rate
shown
represents
the
rate
at
period
end.
g
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1
(
b
).
h
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
April
30,
2025,
the
value
of
this
security
pledged
amounted
to
$312,450,
representing
0.1%
net
assets.
i
See
Note
4
(
e
)
regarding
investments
in
affiliated
management
investment
companies.
j
The
rate
shown
is
the
annualized
seven-day
yield
at
period
end.
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
At
April
30,
2025,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
1(c).
See
Note
9
regarding
other
derivative
information.
See
A
bbreviations
on
page
34
.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
U.S.
Treasury
Ultra
Bonds
......................
Short
59
$
7,140,844
6/18/25
$
12,315
Total
Futures
Contracts
......................................................................
$12,315
*
As
of
period
end.
Putnam
Managed
Municipal
Income
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
April
30,
2025
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
Putnam
Managed
Municipal
Income
Trust
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$389,552,624
Cost
-
Non-controlled
affiliates
(Note
4
e
)
........................................................
10,089,309
Value
-
Unaffiliated
issuers
..................................................................
$374,649,822
Value
-
Non-controlled
affiliates
(Note
4
e
)
.......................................................
10,089,309
Cash
....................................................................................
791,142
Receivables:
Dividends
and
interest
.....................................................................
6,048,625
Variation
margin
on
futures
contracts
...........................................................
42,455
Prepaid
expenses
..........................................................................
68,043
Total
assets
..........................................................................
391,689,396
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
526,240
Management
fees
.........................................................................
387,454
Administrative
fees
........................................................................
1,386
Transfer
agent
fees
........................................................................
37,537
Professional
fees
.........................................................................
124,193
Trustees'
fees
and
expenses
.................................................................
104,433
Floating
rate
notes
issued
...................................................................
12,300,075
Distributions
to
preferred
shareholders
(Note
1f)
..................................................
35,145
Preferred
share
remarketing
agent
fees
.........................................................
96,866
Accrued
interest
(Note
1d)
..................................................................
318,331
Accrued
expenses
and
other
liabilities
...........................................................
54,794
Total
liabilities
.........................................................................
13,986,454
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
..........................................
$278,352,942
Net
assets
applicable
to
common
shares
consist
of:
Paid-in
capital
.............................................................................
$319,759,368
Total
distributable
earnings
(losses)
.............................................................
(41,406,426)
Net
assets
applicable
to
common
shares,
at
value
..........................................
$278,352,942
Common
shares
outstanding
..................................................................
42,985,233
Net
asset
value
per
common
share
a
.............................................................
$6.48
a
Net
asset
value
per
common
share
may
not
recalculate
due
to
rounding.
Putnam
Managed
Municipal
Income
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
April
30,
2025
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
Putnam
Managed
Municipal
Income
Trust
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
4
e
)
.............................................................
$126,271
Interest:
Unaffiliated
issuers
........................................................................
9,217,284
Total
investment
income
...................................................................
9,343,555
Expenses:
Management
fees
(Note
4
a
)
...................................................................
1,077,043
Administrative
fees
(Note
4
b
)
..................................................................
3,346
Transfer
agent
fees
(Note
4
c
)
..................................................................
75,244
Custodian
fees
(Note
5)
.....................................................................
5,713
Reports
to
shareholders
fees
..................................................................
43,603
Registration
and
filing
fees
....................................................................
11,963
Professional
fees
...........................................................................
156,529
Trustees'
fees
and
expenses
..................................................................
5,159
Preferred
share
remarketing
agent
fees
..........................................................
74,927
Interest
expense
(Note
1d)
....................................................................
254,993
Other
....................................................................................
31,943
Total
expenses
.........................................................................
1,740,463
Expense
reductions
(Note
5)
...............................................................
(1,205)
Expenses
waived/paid
by
affiliates
(Note
4e)
...................................................
(271,729)
Net
expenses
.........................................................................
1,467,529
Net
investment
income
................................................................
7,876,026
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(539,765)
Futures
contracts
.........................................................................
132,689
Net
realized
gain
(loss)
..................................................................
(407,076)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(14,097,555)
Futures
contracts
.........................................................................
(98,568)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
(14,196,123)
Net
realized
and
unrealized
gain
(loss)
............................................................
(14,603,199)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$(6,727,173)
Distributions
to
remarketed
preferred
shareholder
s
(Note1f)
............................................
(2,496,000)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
resulting
from
operations
...................
$(9,223,173)
Putnam
Managed
Municipal
Income
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
Putnam
Managed
Municipal
Income
Trust
Six
Months
Ended
April
30,
2025
(unaudited)
Year
Ended
October
31,
2024
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$7,876,026
$16,232,652
Net
realized
gain
(loss)
.................................................
(407,076)
(5,691,926)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(14,196,123)
56,610,789
Distributions
to
remarketed
preferred
shareholders
............................
(2,496,000)
(5,878,858)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
resulting
from
operations
......................................................
(9,223,173)
61,272,657
Distributions
to
common
shareholders
.......................................
(6,241,927)
(9,772,548)
Distributions
to
common
shareholders
from
tax
return
of
capital
....................
—
(3,296,993)
Total
distributions
to
common
shareholders
...................................
(6,241,927)
(13,069,541)
Capital
share
transactions
from
-
repurchase
of
shares
(Note
2
)
....................
(10,336,904)
(14,902,031)
Net
increase
(decrease)
in
net
assets
...................................
(25,802,004)
33,301,085
Net
assets
applicable
to
common
shares:
Beginning
of
period
.....................................................
304,154,946
270,853,861
End
of
period
..........................................................
$278,352,942
$304,154,946
Putnam
Managed
Municipal
Income
Trust
25
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
1.
Organization
and
Significant
Accounting
Policies
Putnam
Managed
Municipal
Income
Trust (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
a
closed-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
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
(unaudited)
26
franklintempleton.com
Semiannual
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
$21,535,079
were
held
by
the
TOB
trust
and
served
as
collateral
for
$12,300,075
in
floating-rate
bonds
outstanding.
For
the
reporting
period
ended,
the
fund
incurred
interest
expense
of
$220,874
for
these
investments
based
on
an
average
interest
rate
of
3.01%.
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
if
applicable,
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
April
30,
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
(unaudited)
27
franklintempleton.com
Semiannual
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 April
30,
2025
was
4.80%
on
Series
A,
and
4.80%
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
April
30,
2025,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
During
the periods
ended
April
30,
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
(unaudited)
28
franklintempleton.com
Semiannual
Report
In
September
2024,
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
April
30,
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:
Period
Ended
April
30,
2025
Year
Ended
October
31,
2024
Shares
Amount
Shares
Amount
Shares
repurchased
.............................................
1,677,498
$10,336,904
2,435,269
$14,902,031
Weighted
average
discount
of
cost
of
repurchase
to
net
asset
value
of
shares
repurchased
.................................................
11.81%
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
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Putnam
Investor
Services,
Inc.
(PSERV)
Transfer
agent
2.
Shares
of
Beneficial
Interest
(continued)
Putnam
Managed
Municipal
Income
Trust
Notes
to
Financial
Statements
(unaudited)
29
franklintempleton.com
Semiannual
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
$271,729
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
period
end,
this
excess
amounted
to
$3,033,522.
Advisers
retained
Putnam
Management
as
sub-advisor
for
the
Fund
pursuant
to
a
new
sub-advisory
agreement.
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
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.
FT
Services
provides
certain
administrative
services
to
the
Fund.
The
fee
for
those
services
is
paid
by
the
Fund’s
investment
manager
based
on
the
Fund’s
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
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
(unaudited)
30
franklintempleton.com
Semiannual
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.
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
period
ended
April
30,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
5.
Expense
Offset
Arrangement
The Fund has
previously
entered
into
an
arrangement
with
its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
custodian
expenses.
During
the
period
ended
April
30,
2025,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations.
Effective
March
10,
2025,
earned
credits,
if
any,
will
be
recognized
as
income.
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
Putnam
Managed
Municipal
Income
Trust
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
4.468%
......
$3,560,890
$42,254,989
$(35,726,570)
$—
$—
$10,089,309
10,089,309
$126,271
Total
Affiliated
Securities
...
$3,560,890
$42,254,989
$(35,726,570)
$—
$—
$10,089,309
$126,271
4.
Transactions
with
Affiliates
(continued)
Putnam
Managed
Municipal
Income
Trust
Notes
to
Financial
Statements
(unaudited)
31
franklintempleton.com
Semiannual
Report
6.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
October
31,
2024,
the
capital
loss
carryforwards
were
as
follows:
At
April
30,
2025,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
7.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
April
30,
2025,
aggregated
$25,989,900 and
$45,814,331,
respectively.
8.
Credit
Risk
and
Defaulted
Securities
At
April
30,
2025,
the
Fund
had 35.1%
of
its
portfolio
invested
in
high
yield
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.
The
Fund held
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
April
30,
2025,
the
aggregate
value
of
these
securities was
$3,233,131,
representing
1.2% 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
At
April
30,
2025,
investments
in
derivative
contracts
are
reflected
in
the Statement of
Assets
and
Liabilities
as
follows:
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$8,312,755
Long
term
................................................................................
$16,017,531
Total
capital
loss
carryforwards
...............................................................
$24,330,286
Cost
of
investments
..........................................................................
$399,297,179
Unrealized
appreciation
........................................................................
$6,904,372
Unrealized
depreciation
........................................................................
(21,462,420)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(14,558,048)
Asset
Derivatives
Liability
Derivatives
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Putnam
Managed
Municipal
Income
Trust
Interest
rate
contracts
.......
Variation
margin
on
futures
contracts
$
12,315
a
Variation
margin
on
futures
contracts
$
—
Total
....................
$12,315
$—
Putnam
Managed
Municipal
Income
Trust
Notes
to
Financial
Statements
(unaudited)
32
franklintempleton.com
Semiannual
Report
For
the
period
ended
April
30,
2025,
the
effect
of
derivative
contracts
in
the Statement
of
Operations
was
as
follows:
For
the
period
ended
April
30,
2025,
the
average
month
end
notional
amount
of
futures
contracts
represented
$3,190,451.
See
Note
1(c) regarding
derivative
financial
instruments.
See
Abbreviations
on
page
34.
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
April
30,
2025,
in
valuing
the
Fund's assets carried
at
fair
value,
is
as
follows:
a
This
amount
reflects
the
cumulative
appreciation
(depreciation)
of
futures
contracts
as
reported
in
the
Schedule
of
Investments.
Only
the
variation
margin
receivable/payable
at
period
end
is
separately
reported
within
the
Statement
of
Assets
and
Liabilities.
Prior
variation
margin
movements
were
recorded
to
cash
upon
receipt
or
payment.
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Operations
Location
Net
Realized
Gain
(Loss)
for
the
Period
Statement
of
Operations
Location
Net
Change
in
Unrealized
Appreciation
(Depreciation)
for
the
Period
Putnam
Managed
Municipal
Income
Trust
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
appreciation
(depreciation)
on:
Interest
rate
contracts
..........
Futures
contracts
132,689
Interest
rate
contracts
(98,568)
Total
.......................
$132,689
$(98,568)
Level
1
Level
2
Level
3
Total
Putnam
Managed
Municipal
Income
Trust
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
$
—
$
374,256,803
$
—
$
374,256,803
Short
Term
Investments
...................
10,089,309
393,019
—
10,482,328
Total
Investments
in
Securities
...........
$10,089,309
$374,649,822
$—
$384,739,131
9.
Other
Derivative
Information
(continued)
Putnam
Managed
Municipal
Income
Trust
Notes
to
Financial
Statements
(unaudited)
33
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Report
11.
Operating
Segments
The Fund
has adopted
the
FASB
Accounting
Standards
Update
(ASU)
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures.
The
update
is
limited
to
disclosure
requirements
and
does
not
impact
the
Fund’s
financial
position
or
results
of
operations.
The
Fund
operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
Fund's
Investment
manager
serves
as
the
Chief
Operating
Decision
Maker
(CODM),
evaluating
fund-wide
results
and
performance
under
a
unified
investment
strategy.
The
CODM
uses
these
measures
to
assess
fund
performance
and
allocate
resources
effectively.
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.
12.
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.
Level
1
Level
2
Level
3
Total
Putnam
Managed
Municipal
Income
Trust
(continued)
Assets:
(continued)
Other
Financial
Instruments:
Futures
Contracts
.......................
$12,315
$—
$—
$12,315
Total
Other
Financial
Instruments
.........
$12,315
$—
$—
$12,315
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
10.
Fair
Value
Measurements
(continued)
Putnam
Managed
Municipal
Income
Trust
Notes
to
Financial
Statements
(unaudited)
34
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Report
Abbreviations
Selected
Portfolio
AGMC
Assured
Guaranty
Municipal
Corp.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
GO
General
Obligation
FRN
Floating
Rate
Note
PUTNAM
MANAGED
MUNICIPAL
INCOME
TRUST
35
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Important
Information
to
Shareholders
Managed
Distribution
Plan
The
Fund
has
implemented
a
managed
distribution
plan
where
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
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.
Under
the
managed
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
Fund’s
managed
distribution
plan.
The
Board
may
amend
the
terms
of
the
plan
or
terminate
the
plan
at
any
time.
The
amendment
or
termination
of
the
plan
could
have
an
adverse
effect
on
the
market
price
of
the
Fund’s
common
shares.
The
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.
In
compliance
with
Rule
19a-1
of
the
1940
Act,
shareholders
will
receive
a
notice
that
details
the
source
of
income
for
each
dividend
such
as
net
investment
income,
gain
from
the
sale
of
securities
and
return
of
principal.
However,
determination
of
the
actual
source
of
the
Fund’s
dividend
can
only
be
made
at
year-end.
The
actual
source
amounts
of
all
Fund
dividends
will
be
included
in
the
Fund’s
annual
or
semiannual
reports.
In
addition,
the
tax
treatment
may
differ
from
the
accounting
treatment
used
to
calculate
the
source
of
the
Fund’s
dividends
as
shown
on
shareholders’
statements.
Shareholders
should
refer
to
their
Form
1099-DIV
for
the
character
and
amount
of
distributions
for
income
tax
reporting
purposes.
Since
each
shareholder’s
tax
situation
is
unique,
it
may
be
advisable
to
consult
a
tax
advisor
as
to
the
appropriate
treatment
of
Fund
distributions.
Putnam
Managed
Municipal
Income
Trust
Annual
Meeting
of
Shareholders:
April
25,
2025
(unaudited)
36
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Semiannual
Report
The
Annual
Meeting
of
Shareholders
of
Putnam
Managed
Municipal
Income
Trust
(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
8.
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
8.
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
8:
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
37
franklintempleton.com
Semiannual
Report
Dividend
Reinvestment
and
Cash
Purchase
Plan
Putnam
Managed
Municipal
Income
Trust,
Putnam
Master
Intermediate
Income
Trust,
Putnam
Municipal
Opportunities
Trust
and
Putnam
Premier
Income
Trust
(each,
a
“Fund”
and
collectively,
the
“Funds”)
each
offer
a
dividend
reinvestment
plan
(each,
a
“Plan”
and
collectively,
the
“Plans”).
If
you
participate
in
a
Plan,
all
income
dividends
and
capital
gain
distributions
are
automatically
reinvested
in
Fund
shares
by
the
Fund’s
agent,
Putnam
Investor
Services,
Inc.
(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
either
in
writing,
at
P.O.
Box
8383,
Boston,
MA
02266-8383,
or
by
telephone
at
1-800-225-1581
during
normal
East
Coast
business
hours.
How
you
acquire
additional
shares
through
a
Plan
If
the
market
price
per
share
for
your
Fund’s
shares
(plus
estimated
brokerage
commissions)
is
greater
than
or
equal
to
their
net
asset
value
per
share
on
the
payment
date
for
a
distribution,
you
will
be
issued
shares
of
the
Fund
at
a
value
equal
to
the
higher
of
the
net
asset
value
per
share
on
that
date
or
95%
of
the
market
price
per
share
on
that
date.
If
the
market
price
per
share
for
your
Fund’s
shares
(plus
estimated
brokerage
commissions)
is
less
than
their
net
asset
value
per
share
on
the
payment
date
for
a
distribution,
the
Agent
will
buy
Fund
shares
for
participating
accounts
in
the
open
market.
The
Agent
will
aggregate
open-market
purchases
on
behalf
of
all
participants,
and
the
average
price
(including
brokerage
commissions)
of
all
shares
purchased
by
the
Agent
will
be
the
price
per
share
allocable
to
each
participant.
The
Agent
will
generally
complete
these
open-market
purchases
within
five
business
days
following
the
payment
date.
If,
before
the
Agent
has
completed
open-market
purchases,
the
market
price
per
share
(plus
estimated
brokerage
commissions)
rises
to
exceed
the
net
asset
value
per
share
on
the
payment
date,
then
the
purchase
price
may
exceed
the
net
asset
value
per
share,
potentially
resulting
in
the
acquisition
of
fewer
shares
than
if
the
distribution
had
been
paid
in
newly
issued
shares.
How
to
withdraw
from
a
Plan
Participants
may
withdraw
from
a
Fund’s
Plan
at
any
time
by
notifying
the
Agent,
either
in
writing
or
by
telephone.
Such
withdrawal
will
be
effective
immediately
if
notice
is
received
by
the
Agent
with
sufficient
time
prior
to
any
distribution
record
date;
otherwise,
such
withdrawal
will
be
effective
with
respect
to
any
subsequent
distribution
following
notice
of
withdrawal.
There
is
no
penalty
for
withdrawing
from
or
not
participating
in
a
Plan.
Plan
administration
The
Agent
will
credit
all
shares
acquired
for
a
participant
under
a
Plan
to
the
account
in
which
the
participant’s
common
shares
are
held.
Each
participant
will
be
sent
reasonably
promptly
a
confirmation
by
the
Agent
of
each
acquisition
made
for
his
or
her
account.
About
brokerage
fees
Each
participant
pays
a
proportionate
share
of
any
brokerage
commissions
incurred
if
the
Agent
purchases
additional
shares
on
the
open
market,
in
accordance
with
the
Plans.
There
are
no
brokerage
charges
applied
to
shares
issued
directly
by
the
Funds
under
the
Plans.
Putnam
Managed
Municipal
Income
Trust
Dividend
Reinvestment
and
Cash
Purchase
Plan
38
franklintempleton.com
Semiannual
Report
About
taxes
and
Plan
amendments
Reinvesting
dividend
and
capital
gain
distributions
in
shares
of
the
Funds
does
not
relieve
you
of
tax
obligations,
which
are
the
same
as
if
you
had
received
cash
distributions.
The
Agent
supplies
tax
information
to
you
and
to
the
IRS
annually.
Each
Fund
reserves
the
right
to
amend
or
terminate
its
Plan
upon
30
days’
written
notice.
However,
the
Agent
may
assign
its
rights,
and
delegate
its
duties,
to
a
successor
agent
with
the
prior
consent
of
a
Fund
and
without
prior
notice
to
Plan
participants.
If
your
shares
are
held
in
a
broker
or
nominee
name
If
your
shares
are
held
in
the
name
of
a
broker
or
nominee
offering
a
dividend
reinvestment
service,
consult
your
broker
or
nominee
to
ensure
that
an
appropriate
election
is
made
on
your
behalf.
If
the
broker
or
nominee
holding
your
shares
does
not
provide
a
reinvestment
service,
you
may
need
to
register
your
shares
in
your
own
name
in
order
to
participate
in
a
Plan.
In
the
case
of
record
shareholders
such
as
banks,
brokers
or
nominees
that
hold
shares
for
others
who
are
the
beneficial
owners
of
such
shares,
the
Agent
will
administer
the
Plan
on
the
basis
of
the
number
of
shares
certified
by
the
record
shareholder
as
representing
the
total
amount
registered
in
such
shareholder’s
name
and
held
for
the
account
of
beneficial
owners
who
are
to
participate
in
the
Plan.
PUTNAM
MANAGED
MUNICIPAL
INCOME
TRUST
Shareholder
Information
39
franklintempleton.com
Semiannual
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Important
notice
regarding
share
repurchase
program
In
September
2024,
the
Trustees
of
your
fund
approved
the
renewal
of
a
share
repurchase
program
that
had
been
in
effect
since
2005.
This
renewal
allows
your
fund
to
repurchase,
in
the
365
days
beginning
October
1,
2024,
up
to
10%
of
the
fund’s
common
shares
outstanding
as
of
September
30,
2024.
Important
notice
regarding
delivery
of
shareholder
documents
In
accordance
with
Securities
and
Exchange
Commission
(SEC)
regulations,
Putnam
sends
a
single
notice
of
internet
availability,
or
a
single
printed
copy,
of
annual
and
semiannual
shareholder
reports,
prospectuses,
and
proxy
statements
to
Putnam
shareholders
who
share
the
same
address,
unless
a
shareholder
requests
otherwise.
If
you
prefer
to
receive
your
own
copy
of
these
documents,
please
call
Putnam
at
1-800-225-1581,
and
Putnam
will
begin
sending
individual
copies
within
30
days.
Proxy
Voting
The
Investment
Manager
is
committed
to
managing
our
funds
in
the
best
interests
of
our
shareholders.
The
Putnam
Investments’
proxy
voting
guidelines
and
procedures,
as
well
as
information
regarding
how
your
fund
voted
proxies
relating
to
portfolio
securities
during
the
12-month
period
ended
June
30,
2024,
are
available
at
franklintempleton.
com/regulatory
fund-documents
and
on
the
SEC’s
website,
www.sec.gov.
If
you
have
questions
about
finding
forms
on
the
SEC’s
website,
you
may
call
the
SEC
at
1-800-SEC-
0330.
You
may
also
obtain
The
Putnam
Investments’
proxy
voting
guidelines
and
procedures
at
no
charge
by
calling
Putnam’s
Shareholder
Services
at
1-800-225-1581.
Fund
Portfolio
Holdings
The
Fund
files
a
complete
consolidated
statement
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Privacy
Policy
To
better
service
your
accounts
and
process
transactions
or
services
you
requested,
we
may
share
non-public
personal
information
with
other
Franklin
Templeton
companies.
From
time
to
time
we
may
also
send
you
information
about
products/services
offered
by
other
Franklin
Templeton
companies
although
we
will
not
share
your
non-public
personal
information
with
these
companies
without
first
offering
you
the
opportunity
to
prevent
that
sharing.
We
will
only
share
non-public
personal
information
with
outside
parties
in
the
limited
circumstances
permitted
by
law.
For
example,
this
includes
situations
where
we
need
to
share
information
with
companies
who
work
on
our
behalf
to
service
or
maintain
your
account
or
process
transactions
you
requested,
when
the
disclosure
is
to
companies
assisting
us
with
our
own
marketing
efforts,
when
the
disclosure
is
to
a
party
representing
you,
or
when
required
by
law
(for
example,
in
response
to
legal
process).
Additionally,
we
will
ensure
that
any
outside
companies
working
on
our
behalf,
or
with
whom
we
have
joint
marketing
agreements,
are
under
contractual
obligations
to
protect
the
confidentiality
of
your
information,
and
to
use
it
only
to
provide
the
services
we
asked
them
to
perform.
38918-S
06/25
©
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
investment
manager.
Therefore,
investors
who
cannot
accept
this
risk
should
not
invest
in
shares
of
the
Fund.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Semiannual
Report
Putnam
Managed
Municipal
Income
Trust
Investment
Manager
Transfer
Agent
Fund
Information
Franklin
Advisers,
Inc.
Putnam
Investor
Services
Inc.
100
Federal
Street,
Boston,
MA
02110
Toll
Free
Number:
1-800-225-1581
(800)
DIAL
BEN
®
/
342-5236

(b) Not applicable

ITEM 2. | CODE OF ETHICS.

Not applicable.

ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. | SCHEDULE OF INVESTMENTS.

| (a) | Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 1 of this Form N-CSR.

| (b) | Not applicable.

ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. | PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. | REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 11. | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 1 of this Form N-CSR, as applicable.

ITEM 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

| (a) | (b) | (c) | (d)
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Program* | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs**
Month #1 (11/1/24 - 11/30/24) | 244,781 | 6.27 | 244,781 | 4,114,263
Month #2 (12/1/24 - 12/31/24) | 398,504 | 6.20 | 398,504 | 3,715,759
Month #3 (1/1/25 - 1/31/25) | 475,394 | 6.16 | 475,394 | 3,240,365
Month #4 (2/1/25 - 2/28/25) | 177,748 | 6.27 | 177,748 | 3,062,617
Month #5 (3/1/25 - 3/31/25) | 184,829 | 6.19 | 184,829 | 2,877,788
Month #6 (4/1/25 - 4/30/25) | 196,242 | 5.84 | 196,242 | 2,681,546
Total | 1,677,498 |  | 1,677,498 |

*In October 2005, the Board of Trustees of the Putnam Funds initiated the closed-end fund share repurchase program, which, as subsequently amended, authorized the fund to repurchase of up to 10% of its fund’s outstanding common shares over the two-years ending October 5, 2007. The Trustees have subsequently renewed the program on an annual basis. The program renewed by the Board in September 2023, which was in effect between October 1, 2023 and September 30, 2024, allowed the fund to repurchase up to 4,715,013 of its shares. The program renewed by the Board in September 2024, which is in effect between October 1, 2024 and September 30, 2025, allows the fund to repurchase up to 4,478,188 of its shares.

**Information prior to October 1, 2024, is based on the total number of shares eligible for repurchase under the program, as amended through September 2023. Information from October 1, 2024 forward is based on the total number of shares eligible for repurchase under the program, as amended through September 2024.

ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 16. | CONTROLS AND PROCEDURES.

| (a) | The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

| (b) | During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton’s oversight.

ITEM 17. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

| (a) | Not applicable.

| (b) | Not applicable.

ITEM 19. | EXHIBITS.

(a) (1) Not applicable.

Exhibit 99.CODE ETH

(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT

(c) Pursuant to the Securities and Exchange Commission’s Order granting relief from Section 19(b) of the Investment Company Act of 1940, the 19(a) Notices to Beneficial Owners are attached hereto as Exhibit.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

Putnam Managed Municipal Income Trust

By: | /s/ Jane Trust |
| Jane Trust |
| Principal Executive Officer |
Date: | June 26, 2025 |

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: | /s/ Jane Trust |
| Jane Trust |
| Principal Executive Officer |
Date: | June 26, 2025 |

By: | /s/ Christopher Berarducci |
| Christopher Berarducci |
| Principal Financial Officer |
Date: | June 26, 2025 |