NPORT-EX 2 PMMIT.htm PART F

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

38918-Q3PH

1

Schedule

of

Investments

(unaudited)

Putnam

Managed

Municipal

Income

Trust

2

Notes

to

Schedule

of

Investments

16

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited),

July

31,

2025

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

138.2%

Alabama

0.2%

a

,b

Baldwin

County

Industrial

Development

Authority

,

Novelis

Corp.

,

Revenue

,

144A,

2025

A

,

Mandatory

Put

,

5

%

,

6/01/32

........................................

$

500,000

$

499,349

Alaska

1.6%

Alaska

Industrial

Development

&

Export

Authority

,

Dena'

Nena'

Henash

,

Revenue

,

2019

A

,

4

%

,

10/01/44

...............................................

5,125,000

4,415,283

Arizona

5.6%

b

Arizona

Industrial

Development

Authority

,

BASIS

Schools,

Inc.

Obligated

Group

,

Revenue

,

144A,

2017

G

,

Refunding

,

5

%

,

7/01/37

........................................................

500,000

500,851

Somerset

Academy

of

Las

Vegas

,

Revenue

,

144A,

2021

A

,

4

%

,

12/15/41

........

500,000

414,006

Industrial

Development

Authority

of

the

City

of

Phoenix

Arizona

(The)

,

b

BASIS

Schools,

Inc.

Obligated

Group

,

Revenue

,

144A,

2015

A

,

Refunding

,

5

%

,

7/01/35

........................................................

900,000

900,200

b

BASIS

Schools,

Inc.

Obligated

Group

,

Revenue

,

144A,

2016

A

,

Refunding

,

5

%

,

7/01/35

........................................................

600,000

600,144

b

BASIS

Schools,

Inc.

Obligated

Group

,

Revenue

,

144A,

2016

A

,

Refunding

,

5

%

,

7/01/46

........................................................

250,000

230,495

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2014

A

,

5

%

,

7/01/44

..........

1,700,000

1,641,881

b

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

La

Posada

at

Park

Centre,

Inc.

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.875

%

,

11/15/52

........

1,500,000

1,543,250

b

Industrial

Development

Authority

of

the

County

of

Yavapai

(The)

,

Arizona

Agribusiness

and

Equine

Center,

Inc.

,

Revenue

,

144A,

2012

,

5

%

,

3/01/32

.

750,000

750,077

Arizona

Agribusiness

and

Equine

Center,

Inc.

,

Revenue

,

144A,

2015

A

,

Refunding

,

5

%

,

9/01/34

....................................................

500,000

497,698

La

Paz

County

Industrial

Development

Authority

,

Harmony

Public

Schools

,

Revenue

,

2018

A

,

5

%

,

2/15/38

....................

500,000

492,414

Harmony

Public

Schools

,

Revenue

,

2018

A

,

5

%

,

2/15/48

....................

2,330,000

2,071,053

Maricopa

County

Industrial

Development

Authority

,

b

Grand

Canyon

University

Obligated

Group

,

Revenue

,

144A,

2024

,

7.375

%

,

10/01/29

1,800,000

1,859,212

Horizon

Community

Learning

Center,

Inc.

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/35

750,000

751,127

Salt

Verde

Financial

Corp.

,

Revenue

,

2007-1

,

5.5

%

,

12/01/29

.....................................

2,000,000

2,149,432

Revenue

,

2007-1

,

5

%

,

12/01/32

.......................................

570,000

608,886

b

Sierra

Vista

Industrial

Development

Authority

,

American

Leadership

Academy,

Inc.

,

Revenue

,

144A,

2024

,

5

%

,

6/15/64

....................................

300,000

246,822

15,257,548

California

9.7%

b

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

4

%

,

2/01/56

..............................................

475,000

377,087

c

California

County

Tobacco

Securitization

Agency

,

Gold

Country

Settlement

Funding

Corp.

,

Revenue

,

2020

B-2

,

Refunding

,

5.81

%,

6/01/55

......................

5,150,000

954,638

b

California

Infrastructure

&

Economic

Development

Bank

,

a

Desertxpress

Enterprises

LLC

,

Revenue

,

144A,

2025

A

,

Refunding

,

Mandatory

Put

,

9.5

%

,

1/01/35

...................................................

900,000

802,954

c

WFCS

Holdings

II

LLC

,

Revenue

,

144A,

2021

B

,

7.83

%,

1/01/61

..............

4,245,000

293,905

California

Municipal

Finance

Authority

,

b,d

Revenue

,

144A,

FRN

,

2025-1

,

B

,

3.536

%

,

6/20/49

.........................

500,000

297,711

b

Catalyst

Impact

Fund

1

LLC

,

Revenue

,

144A,

2024

,

I

,

6

%

,

1/01/39

.............

800,000

805,872

CHF-Davis

II

LLC

,

Revenue

,

2021

,

BAM

Insured

,

3

%

,

5/15/54

................

2,410,000

1,669,396

b

Westside

Neighborhood

School

,

Revenue

,

144A,

2024

,

6.2

%

,

6/15/54

..........

800,000

821,420

b

California

Public

Finance

Authority

,

Kendal

at

Sonoma

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

5

%

,

11/15/56

.................................

750,000

618,846

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

b

California

School

Finance

Authority

,

Vista

Charter

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2021

A

,

4

%

,

6/01/61

...................................

$

500,000

$

353,707

b

City

&

County

of

San

Francisco

,

Special

Tax

District

No.

2020-1

Development

,

Special

Tax

,

144A,

2021

A

,

4

%

,

9/01/41

.......................................

500,000

440,635

City

of

Palm

Desert

,

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2021

,

Refunding

,

4

%

,

9/01/41

.............................................

450,000

404,824

City

of

Sunnyvale

,

Community

Facilities

District

No.

1

,

Special

Tax

,

2001

,

7.75

%

,

8/01/32

.........................................................

670,000

672,192

b

CMFA

Special

Finance

Agency

I

,

Mix

at

CTR

City

(The)

,

Revenue

,

144A,

2021

A-2

,

4

%

,

4/01/56

......................................................

2,500,000

1,807,016

b

CSCDA

Community

Improvement

Authority

,

1818

Platinum

Triangle-Anaheim

,

Revenue,

Senior

Lien

,

144A,

2021

A-2

,

3.25

%

,

4/01/57

........................................................

1,765,000

1,213,845

Cameo/Garrison

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A-2

,

3

%

,

3/01/57

.

1,225,000

775,925

Dublin

,

Revenue

,

144A,

2021

B

,

4

%

,

2/01/57

.............................

500,000

356,311

Jefferson

Platinum

Triangle

Apartments

,

Revenue

,

144A,

2021

A-1

,

2.875

%

,

8/01/41

835,000

734,746

Jefferson

Platinum

Triangle

Apartments

,

Revenue

,

144A,

2021

A-2

,

3.125

%

,

8/01/56

3,825,000

2,708,713

Parallel-Anaheim

,

Revenue

,

144A,

2021

A

,

4

%

,

8/01/56

.....................

2,675,000

2,269,349

Pasadena

Portfolio

,

Revenue,

Senior

Lien

,

144A,

2021

A-2

,

3

%

,

12/01/56

.......

2,500,000

1,667,361

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue

,

2019

A

,

4

%

,

5/01/49

........................................

7,420,000

6,176,494

Revenue

,

2019

A

,

Pre-Refunded

,

4

%

,

5/01/49

............................

80,000

81,428

26,304,375

Colorado

3.2%

Canyons

Metropolitan

District

No.

5

,

GO

,

2024

B

,

Refunding

,

6.5

%

,

12/15/54

......

300,000

296,525

Colorado

Educational

&

Cultural

Facilities

Authority

,

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

4

%

,

5/01/36

....................

150,000

141,769

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

4

%

,

5/01/41

....................

175,000

150,228

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

4

%

,

5/01/51

....................

350,000

270,688

Colorado

Health

Facilities

Authority

,

BSLC

II

Obligated

Group

,

Revenue,

Second

Tier

,

2025

,

5.625

%

,

9/15/59

........

350,000

329,878

Christian

Living

Neighborhoods

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

1/01/31

........................................................

500,000

501,478

Christian

Living

Neighborhoods

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

1/01/37

........................................................

1,250,000

1,249,945

b

Plaza

Metropolitan

District

No.

1

,

Tax

Allocation

,

144A,

2013

,

Refunding

,

5

%

,

12/01/40

1,650,000

1,613,838

Raindance

Metropolitan

District

No.

1

,

Non-Potable

Water

System

,

Revenue

,

2020

,

5.25

%

,

12/01/50

...................................................

875,000

799,816

Rampart

Range

Metropolitan

District

No.

5

,

Revenue

,

2021

,

4

%

,

12/01/41

.........

1,000,000

864,503

Sky

Dance

Metropolitan

District

No.

2

,

GO

,

2024

A

,

6

%

,

12/01/54

...............

375,000

368,569

Southlands

Metropolitan

District

No.

1

,

GO

,

2017

A-1

,

Refunding

,

5

%

,

12/01/37

.....

500,000

489,251

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

,

Revenue

,

2020

A

,

Refunding

,

4.25

%

,

12/01/50

.................................................

450,000

378,573

Sterling

Ranch

Metropolitan

District

No.

4

Subdistrict

A

,

Revenue,

Senior

Lien

,

2024

A

,

Refunding

,

6.5

%

,

12/01/54

.......................................

1,000,000

1,009,979

Trails

at

Crowfoot

Metropolitan

District

No.

3

,

GO

,

2024

B

,

Refunding

,

6.875

%

,

12/15/52

..................................................

300,000

295,928

8,760,968

Connecticut

1.4%

b

Harbor

Point

Infrastructure

Improvement

District

,

Tax

Allocation

,

144A,

2017

,

Refunding

,

5

%

,

4/01/39

.............................................

3,500,000

3,506,955

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Connecticut

(continued)

Stamford

Housing

Authority

,

TJH

Senior

Living

LLC

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

6.5

%

,

10/01/55

.......................................................

$

100,000

$

98,514

TJH

Senior

Living

LLC

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

6.25

%

,

10/01/60

.......................................................

150,000

141,605

3,747,074

Delaware

1.4%

Delaware

State

Economic

Development

Authority

,

ASPIRA

of

Delaware

Charter

Operations,

Inc.

,

Revenue

,

2016

A

,

5

%

,

6/01/36

....

705,000

703,559

ASPIRA

of

Delaware

Charter

Operations,

Inc.

,

Revenue

,

2016

A

,

5

%

,

6/01/51

....

1,035,000

894,531

b

Town

of

Bridgeville

,

Heritage

Shores

Special

Development

District

,

Special

Tax

,

144A,

2024

,

5.25

%

,

7/01/44

...............................................

875,000

845,669

b

Town

of

Millsboro

,

Plantation

Lakes

Special

Development

District

,

Special

Tax

,

144A,

2018

,

Refunding

,

5.125

%

,

7/01/38

.................................................

490,000

475,817

Plantation

Lakes

Special

Development

District

,

Special

Tax

,

144A,

2018

,

Refunding

,

5.25

%

,

7/01/48

..................................................

997,000

916,668

3,836,244

Florida

15.6%

b

Capital

Projects

Finance

Authority

,

c

PRG

-

UnionWest

Properties

LLC

,

Revenue

,

144A,

2024

B

,

5.922

%,

6/01/62

.....

7,950,000

1,083,651

PRG

-

UnionWest

Properties

LLC

,

Revenue,

Senior

Lien

,

144A,

2024

A-1

,

5

%

,

6/01/54

........................................................

750,000

680,949

Capital

Trust

Agency,

Inc.

,

b

WFCS

Holdings

II

LLC

,

Revenue

,

144A,

2021

A-1

,

5

%

,

1/01/56

...............

1,900,000

1,551,194

b

WFCS

Holdings

LLC

,

Revenue

,

144A,

2020

A-1

,

4.5

%

,

1/01/35

...............

740,000

707,295

c

WFCS

Holdings

LLC

,

Revenue

,

2020

B

,

7.93

%,

1/01/60

.....................

6,000,000

433,345

b

Capital

Trust

Authority

,

Madrone

Florida

Tech

Student

Housing

I

LLC

,

Revenue

,

144A,

2025

A

,

5.375

%

,

7/01/65

............................................

165,000

151,670

b

Cedar

Crossings

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

5.5

%

,

5/01/55

....................................................

160,000

146,255

Central

Parc

Community

Development

District

,

Special

Assessment

,

2024

,

6

%

,

5/01/54

750,000

717,407

b

Charlotte

County

Industrial

Development

Authority

,

MSKP

Town

&

Country

Utility

LLC

,

Revenue

,

144A,

2021

A

,

4

%

,

10/01/41

..................................

1,000,000

863,643

City

of

Miami

,

Revenue

,

2024

A

,

5.5

%

,

1/01/49

.............................

5,000,000

5,249,239

b

City

of

Venice

,

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

144A,

2024

A

,

5.625

%

,

1/01/60

.......................................

375,000

347,780

County

of

Lake

,

Waterman

Communities,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

5.75

%

,

8/15/55

.........................................................

750,000

673,081

b

County

of

Palm

Beach

,

Provident

Group

-

LU

Properties

LLC

,

Revenue

,

144A,

2021

A

,

5

%

,

6/01/57

......

625,000

518,058

Provident

Group-PBAU

Properties

LLC

,

Revenue

,

144A,

2019

A

,

5

%

,

4/01/39

....

1,600,000

1,555,112

Cypress

Bluff

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.55

%

,

5/01/55

....................................

660,000

617,176

Cypress

Creek

Reserve

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

6

%

,

5/01/56

.......................................

105,000

103,921

e

East

Nassau

Stewardship

District

,

Special

Assessment

,

2025

,

6.25

%

,

5/01/56

......

425,000

425,459

Florida

Development

Finance

Corp.

,

b

Revenue

,

144A,

2021

A

,

4

%

,

7/01/51

...................................

500,000

383,097

b

Glenridge

on

Palmer

Ranch

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

5

%

,

6/01/51

........................................................

700,000

609,105

Shands

Jacksonville

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

2/01/52

....................................................

1,500,000

1,353,827

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Florida

Higher

Educational

Facilities

Financing

Authority

,

Rollins

College

,

Revenue

,

2024

,

4.125

%

,

12/01/54

.........................

$

1,000,000

$

823,009

St.

Leo

University,

Inc.

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

3/01/44

..

1,370,000

1,017,001

Florida

Municipal

Loan

Council

,

Shingle

Creek

Transit

&

Utility

Community

Development

District

,

Special

Assessment

,

2024

,

5.15

%

,

5/01/44

.............................................

650,000

630,417

Shingle

Creek

Transit

&

Utility

Community

Development

District

,

Special

Assessment

,

2024

,

5.4

%

,

5/01/54

..............................................

825,000

786,861

Fox

Branch

Ranch

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.4

%

,

5/01/55

.....................................

210,000

194,218

b

Gas

Worx

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

5.75

%

,

5/01/45

.........................

100,000

97,884

Special

Assessment

,

144A,

2025

,

6

%

,

5/01/57

............................

105,000

102,040

GIR

East

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.3

%

,

5/01/45

................

300,000

279,722

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.5

%

,

5/01/55

................

575,000

525,606

Governors

Park

South

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.4

%

,

5/01/45

................

250,000

237,117

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.65

%

,

5/01/55

...............

375,000

351,409

Halifax

Hospital

Medical

Center

,

Halifax

Hospital

Medical

Center

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

6/01/36

.................................

1,300,000

1,303,044

Hobe-St.

Lucie

Conservancy

District

,

Unit

of

Development

No.

1A

,

Special

Assessment

,

2024

,

5.875

%

,

5/01/55

...................................

500,000

488,571

Kings

Creek

I

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

6

%

,

5/01/55

.......................................

125,000

121,434

Lakewood

Ranch

Stewardship

District

,

Assessment

Azario

,

Special

Assessment

,

2019

,

4

%

,

5/01/40

.................

1,000,000

899,313

b

Assessment

Northeast

Sector

Project

Phase

2B

,

Special

Assessment

,

144A,

2020

,

Refunding

,

4

%

,

5/01/50

............................................

250,000

195,980

Assessments

,

Special

Assessment

,

2023

,

6.3

%

,

5/01/54

....................

1,140,000

1,166,542

Assessments

,

Special

Assessment

,

2024

,

5.25

%

,

5/01/44

...................

585,000

566,847

Villages

Lakewood

Ranch

South

,

Special

Assessment

,

2016

,

5.125

%

,

5/01/46

....

740,000

704,965

Lee

County

Industrial

Development

Authority

,

Shell

Point

Obligated

Group

,

Revenue

,

2024

C

,

5

%

,

11/15/54

...............................................

500,000

454,652

Miami-Dade

County

Industrial

Development

Authority

,

Pinecrest

Academy

Obligated

Group

,

Revenue

,

2014

,

5

%

,

9/15/34

....................................

1,240,000

1,240,020

b

Northridge

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2025

,

5.75

%

,

5/01/45

..........

100,000

97,657

Assessment

Area

1

,

Special

Assessment

,

144A,

2025

,

6

%

,

5/01/55

............

100,000

97,279

Orange

County

Health

Facilities

Authority

,

Orlando

Health

Obligated

Group

,

Revenue

,

2022

,

4

%

,

10/01/52

................................................

2,570,000

2,117,705

Pinellas

County

Industrial

Development

Authority

,

Drs

Kiran

&

Pallavi

Patel

2017

Foundation

for

Global

Understanding,

Inc.

,

Revenue

,

2019

,

5

%

,

7/01/39

.........

1,690,000

1,622,275

Ranches

at

Lake

Mcleod

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2025

,

5.65

%

,

6/15/55

..............................

250,000

235,514

River

Landing

Community

Development

District

,

Assessments

,

Special

Assessment

,

2025

,

5.45

%

,

5/01/55

...............................................

240,000

223,313

Sarasota

County

Health

Facilities

Authority

,

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

1/01/37

..........................

1,000,000

996,509

Sarasota

County

Public

Hospital

District

,

Sarasota

County

Public

Hospital

District

Obligated

Group

,

Revenue

,

2018

,

4

%

,

7/01/48

............................

1,500,000

1,292,091

St.

Johns

County

Industrial

Development

Authority

,

Life

Care

Ponte

Vedra

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

12/15/36

355,000

312,775

Life

Care

Ponte

Vedra

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

12/15/41

500,000

402,458

Tolomato

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.125

%

,

5/01/54

..............................................

525,000

473,686

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

6

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Verandah

West

Community

Development

District

,

Assessments

,

Special

Assessment

,

2013

,

Refunding

,

5

%

,

5/01/33

........................................

$

410,000

$

410,201

Verano

No.

4

Community

Development

District

,

Astor

Creek

Phase

2

Assessment

Area

,

Special

Assessment

,

2025

,

6

%

,

5/01/55

.................................

150,000

148,942

Village

Community

Development

District

No.

12

,

Phase

II

,

Special

Assessment

,

2018

,

4

%

,

5/01/33

......................................................

670,000

664,311

b

Village

Community

Development

District

No.

13

,

Phase

II

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

5/01/40

...............................................

2,400,000

1,962,976

b

West

Port

East

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2025

,

5.8

%

,

5/01/45

................................

185,000

183,002

b,e

Westview

South

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

6.2

%

,

5/01/55

....................................................

275,000

275,294

b

Woodland

Preserve

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2025

,

5.5

%

,

5/01/55

................................

220,000

204,785

42,078,689

Georgia

6.2%

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

3

%

,

4/01/45

...............................

1,785,000

1,308,346

Coweta

County

Development

Authority

,

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/44

...............................

4,000,000

3,988,886

DeKalb

County

Development

Authority

,

GLOBE

Academy,

Inc.

(The)

,

Revenue

,

2024

A

,

5

%

,

6/01/63

......................................................

515,000

446,945

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

685,349

Kennesaw

State

University

Real

Estate

Obligated

Group

2015

ABC

,

Revenue,

Junior

Lien

,

C

,

5

%

,

7/15/38

..............................................

740,000

704,959

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2021

A

,

3

%

,

2/15/51

..........................

2,000,000

1,345,294

b

George

L

Smith

II

Congress

Center

Authority

,

Signia

Hotel

Management

LLC

,

Revenue,

Second

Tier

,

144A,

2021

B

,

5

%

,

1/01/54

.................................

2,980,000

2,632,730

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2019

A

,

5

%

,

5/15/34

........................................

3,345,000

3,426,771

a

Revenue

,

2023

E-1

,

Mandatory

Put

,

5

%

,

6/01/31

..........................

2,200,000

2,325,096

16,864,376

Illinois

8.3%

Chicago

Board

of

Education

,

GO

,

2015

C

,

5.25

%

,

12/01/39

........................................

1,500,000

1,473,666

GO

,

2017

H

,

5

%

,

12/01/36

...........................................

2,100,000

2,038,360

GO

,

2021

A

,

5

%

,

12/01/40

...........................................

500,000

468,449

Chicago

Midway

International

Airport

,

Revenue,

Senior

Lien

,

2023

C

,

Refunding

,

5

%

,

1/01/40

.........................................................

1,250,000

1,258,271

City

of

Chicago

,

GO

,

2019

A

,

5.5

%

,

1/01/49

...........................................

1,000,000

965,823

GO

,

2020

A

,

Refunding

,

5

%

,

1/01/30

...................................

1,800,000

1,893,207

GO

,

2021

B

,

Refunding

,

4

%

,

1/01/38

...................................

2,747,000

2,481,959

b

Lakeshore

East

Special

Assessment

Area

,

Special

Assessment

,

144A,

2022

,

Refunding

,

3.04

%

,

12/01/28

........................................

241,000

233,134

b

Lakeshore

East

Special

Assessment

Area

,

Special

Assessment

,

144A,

2022

,

Refunding

,

3.38

%

,

12/01/31

........................................

341,000

322,003

Du

Page

County

Special

Service

Area

No.

31

,

Monarch

Landing,

Inc.

,

Special

Tax

,

2006

,

5.625

%

,

3/01/36

..............................................

233,000

229,319

Illinois

Finance

Authority

,

CHF-Chicago

LLC

,

Revenue

,

2017

A

,

5

%

,

2/15/37

.........................

1,200,000

1,180,477

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Illinois

(continued)

Illinois

Finance

Authority,

(continued)

CHF-Chicago

LLC

,

Revenue

,

2017

A

,

5

%

,

2/15/47

.........................

$

1,500,000

$

1,365,787

Plymouth

Place

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

5/15/41

.....

400,000

365,180

Plymouth

Place

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

5/15/51

.....

1,000,000

827,142

Plymouth

Place

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

5/15/56

.....

815,000

657,340

Southern

Illinois

Healthcare

Obligated

Group

,

Revenue

,

2017

C

,

Refunding

,

5

%

,

3/01/33

........................................................

700,000

706,670

Metropolitan

Pier

&

Exposition

Authority

,

c

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2017

B

,

Refunding

,

4.849

%,

12/15/47

.......................................

1,500,000

1,012,615

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/52

............................................

2,100,000

1,658,323

State

of

Illinois

,

GO

,

2018

A

,

5

%

,

5/01/38

............................................

1,000,000

1,014,038

GO

,

2023

B

,

5.25

%

,

5/01/40

.........................................

2,100,000

2,171,540

22,323,303

Indiana

0.2%

Indiana

Finance

Authority

,

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

5.125

%

,

6/01/58

500,000

473,539

Iowa

0.7%

Iowa

Finance

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

7.5

%

,

5/15/53

........................................................

600,000

656,316

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.125

%

,

5/15/59

........................................................

1,500,000

1,366,335

2,022,651

Kansas

0.1%

Wyandotte

County-Kansas

City

Unified

Government

,

Revenue

,

2018

,

4.5

%

,

6/01/40

.

290,000

274,009

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

773,260

Owensboro

Health,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5.25

%

,

6/01/41

........................................................

125,000

124,729

897,989

Louisiana

1.0%

b

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

Christwood

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.25

%

,

11/15/53

........................................................

1,300,000

1,154,397

Louisiana

Public

Facilities

Authority

,

b

Acadiana

Renaissance

Charter

Academy

,

Revenue

,

144A,

2025

,

6

%

,

6/15/59

....

140,000

134,072

Calcasieu

Bridge

Partners

LLC

,

Revenue,

Senior

Lien

,

2024

,

5.75

%

,

9/01/64

.....

1,500,000

1,523,939

Tulane

University

,

Revenue

,

2017

A

,

Pre-Refunded

,

4

%

,

12/15/50

.............

20,000

20,636

2,833,044

Maine

0.2%

a

,b

Finance

Authority

of

Maine

,

Casella

Waste

Systems,

Inc.

,

Revenue

,

144A,

2015

,

Mandatory

Put

,

5.125

%

,

8/01/25

......................................

500,000

500,000

Maryland

1.8%

City

of

Brunswick

,

Brunswick

Crossing

Special

Taxing

District

,

Special

Tax

,

2019

,

Refunding

,

5

%

,

7/01/36

.............................................

548,000

550,257

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

8

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

City

of

Westminster

,

Lutheran

Village

at

Miller's

Grant,

Inc.

Obligated

Group

(The)

,

Revenue

,

2014

A

,

6

%

,

7/01/34

........................................

$

230,000

$

230,086

County

of

Frederick

,

b

Mount

St.

Mary's

University,

Inc.

,

Revenue

,

144A,

2017

A

,

Refunding

,

5

%

,

9/01/37

.

500,000

476,892

Oakdale-Lake

Linganore

Development

District

,

Special

Tax

,

2019

,

Refunding

,

3.75

%

,

7/01/39

........................................................

1,410,000

1,240,815

b

County

of

Prince

George's

,

Westphalia

Town

Center

Development

District

,

Tax

Allocation

,

144A,

2018

,

5.125

%

,

7/01/39

................................

1,000,000

993,262

Maryland

Economic

Development

Corp.

,

City

of

Baltimore

Port

Covington

Development

District

,

Tax

Allocation

,

2020

,

4

%

,

9/01/40

........................................................

755,000

670,196

City

of

Baltimore

Port

Covington

Development

District

,

Tax

Allocation

,

2020

,

4

%

,

9/01/50

........................................................

750,000

595,774

4,757,282

Massachusetts

1.0%

Collegiate

Charter

School

of

Lowell

,

Revenue

,

2019

,

5

%

,

6/15/39

...............

1,000,000

978,641

Massachusetts

Development

Finance

Agency

,

b,f

Adventcare

Obligated

Group

,

Revenue

,

144A,

2007

,

6.65

%

,

10/15/28

..........

995,000

10

b

CHF

Merrimack,

Inc.

,

Revenue

,

144A,

2024

A

,

5

%

,

7/01/60

..................

1,000,000

874,933

Lasell

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/40

...................

1,000,000

820,824

2,674,408

Michigan

4.4%

City

of

Detroit

,

GO

,

2018

,

5

%

,

4/01/37

.............................................

750,000

760,279

GO

,

B-1

,

4

%

,

4/01/44

...............................................

3,952,414

3,077,644

Michigan

Finance

Authority

,

Aquinas

College

,

Revenue

,

2021

,

Refunding

,

5

%

,

5/01/46

...................

500,000

362,396

Lawrence

Technological

University

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

2/01/47

........................................................

650,000

577,231

Michigan

State

Housing

Development

Authority

,

Revenue

,

2021

A

,

2.73

%

,

10/01/59

.

1,000,000

595,920

g

Pontiac

School

District

,

School

Building

and

Site

,

GO

,

2020

,

4

%

,

5/01/45

..........................

3,576,470

3,211,728

School

Building

and

Site

,

GO

,

2020

,

4

%

,

5/01/50

..........................

4,023,530

3,430,026

12,015,224

Minnesota

1.2%

b

City

of

Eagan

,

Great

Oaks

Academy

,

Revenue

,

144A,

2025

A

,

6.5

%

,

2/01/65

.......

300,000

280,235

City

of

Ham

Lake

,

DaVinci

Academy

of

Arts

and

Science

,

Revenue

,

2016

A

,

5

%

,

7/01/47

.........................................................

500,000

411,251

City

of

Ramsey

,

PACT

Charter

School

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

6/01/32

...

575,000

560,446

Minnesota

Higher

Education

Facilities

Authority

,

Augsburg

University

,

Revenue

,

2016

A

,

5

%

,

5/01/46

......................................................

1,250,000

828,414

St.

Paul

Port

Authority

,

HealthPartners

Obligated

Group

,

Revenue

,

2007-1

,

5

%

,

8/01/36

965,000

965,276

Township

of

Baytown

,

St.

Croix

Preparatory

Academy

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

8/01/41

......................................................

380,000

313,477

3,359,099

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

867,594

Children's

Mercy

Hospital

Obligated

Group

,

Revenue

,

2017

A

,

4

%

,

5/15/48

......

5,600,000

4,759,464

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

5/01/38

....................................................

900,000

733,884

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri,

(continued)

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

5/01/43

....................................................

$

2,270,000

$

1,689,198

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis

,

Revenue

,

2023

B

,

Refunding

,

4

%

,

5/01/45

....................................................

1,900,000

1,365,218

Industrial

Development

Authority

of

the

City

of

St.

Louis

Missouri

(The)

,

Revenue

,

2017

A

,

Refunding

,

4.75

%

,

11/15/47

........................................

875,000

739,545

St.

Louis

County

Industrial

Development

Authority

,

Friendship

Village

St.

Louis

Obligated

Group

,

Revenue

,

2018

A

,

5.25

%

,

9/01/53

........................

3,250,000

2,973,573

13,128,476

Nevada

1.6%

City

of

Las

Vegas

,

Special

Improvement

District

No.

812

,

Special

Assessment

,

2015

,

5

%

,

12/01/35

...

200,000

200,484

Special

Improvement

District

No.

814

,

Special

Assessment

,

2019

,

4

%

,

6/01/39

....

410,000

372,751

Special

Improvement

District

No.

814

,

Special

Assessment

,

2019

,

4

%

,

6/01/44

....

585,000

485,621

Special

Improvement

District

No.

815

,

Special

Assessment

,

2020

,

5

%

,

12/01/49

...

590,000

547,759

Special

Improvement

District

No.

816

,

Special

Assessment

,

2021

,

3

%

,

6/01/41

....

645,000

476,685

Special

Improvement

District

No.

817

,

Special

Assessment

,

2023

,

5.5

%

,

6/01/38

..

375,000

390,546

Special

Improvement

District

No.

817

,

Special

Assessment

,

2023

,

5.75

%

,

6/01/43

.

500,000

514,324

Special

Improvement

District

No.

817

,

Special

Assessment

,

2023

,

6

%

,

6/01/48

....

350,000

360,031

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

375,200

4,235,310

New

Hampshire

1.6%

New

Hampshire

Business

Finance

Authority

,

Revenue

,

2024-2

,

A

,

3.625

%

,

8/20/39

..................................

2,232,848

2,034,579

d

Revenue

,

FRN

,

2024-3

,

A

,

4.163

%

,

10/20/41

.............................

993,968

908,664

New

Hampshire

Health

and

Education

Facilities

Authority

Act

,

Elliot

Hospital

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

10/01/38

.......

250,000

249,999

Southern

New

Hampshire

Health

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

10/01/37

.......................................................

1,000,000

1,002,005

4,195,247

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

901,358

United

Airlines,

Inc.

,

Revenue

,

2000

B

,

5.625

%

,

11/15/30

....................

500,000

500,525

Passaic

County

Improvement

Authority

(The)

,

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

5.5

%

,

7/01/58

........................................

450,000

450,350

1,852,233

New

York

9.1%

Metropolitan

Transportation

Authority

,

Revenue

,

2017

C-1

,

Refunding

,

4

%

,

11/15/35

.

3,000,000

2,972,459

New

York

Counties

Tobacco

Trust

VI

,

Revenue

,

2016

A-2B

,

Refunding

,

5

%

,

6/01/45

............................

3,000,000

2,558,666

Revenue

,

2016

A-2B

,

Refunding

,

5

%

,

6/01/51

............................

700,000

580,468

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

2.875

%

,

11/15/46

...........................

1,860,000

1,240,682

Revenue

,

2021

A

,

Refunding

,

BAM

Insured

,

3

%

,

11/15/51

...................

3,000,000

2,046,094

Revenue

,

2021

A

,

Refunding

,

3

%

,

11/15/51

..............................

4,215,000

2,824,984

b

3

World

Trade

Center

LLC

,

Revenue

,

144A,

2014

,

2

,

Refunding

,

5.375

%

,

11/15/40

.

750,000

740,104

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

10

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

Liberty

Development

Corp.,

(continued)

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

1WTC

2021

,

Refunding

,

2.75

%

,

2/15/44

........................................................

$

1,835,000

$

1,265,346

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

5

%

,

10/01/40

.........................

1,250,000

1,229,941

Delta

Air

Lines,

Inc.

,

Revenue

,

2023

,

5.625

%

,

4/01/40

......................

1,000,000

1,026,129

JFK

NTO

LLC

,

Revenue

,

2025

,

6

%

,

6/30/55

..............................

2,000,000

2,056,354

b

Oneida

Indian

Nation

of

New

York

,

Revenue

,

144A,

2024

A

,

8

%

,

9/01/40

..........

1,000,000

1,022,460

g

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

218th

,

5

%

,

11/01/49

..........

2,460,000

2,391,006

Suffolk

Regional

Off-Track

Betting

Co.

,

Revenue

,

2024

,

6

%

,

12/01/53

............

2,000,000

2,035,043

Suffolk

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2021

A-2

,

Refunding

,

4

%

,

6/01/50

.........................................................

800,000

655,822

24,645,558

North

Carolina

1.0%

North

Carolina

Medical

Care

Commission

,

Lutheran

Services

for

the

Aging,

Inc.

Obligated

Group

,

Revenue

,

2021

C

,

Refunding

,

4

%

,

3/01/36

....................................................

2,320,000

2,186,392

Maryfield,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

10/01/45

..............

500,000

446,936

2,633,328

North

Dakota

1.2%

City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group

,

Revenue

,

2023

A

,

AG

Insured

,

5

%

,

12/01/48

350,000

345,825

Altru

Health

System

Obligated

Group

,

Revenue

,

2023

A

,

AG

Insured

,

5

%

,

12/01/53

2,000,000

1,949,456

City

of

Horace

,

GO

,

2024

C

,

Refunding

,

4.75

%

,

5/01/44

......................

1,100,000

1,023,571

3,318,852

Ohio

2.8%

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien

,

2020

A-2

,

1

,

Refunding

,

3

%

,

6/01/48

..................

1,300,000

869,935

Revenue,

Senior

Lien

,

2020

B-2

,

2

,

Refunding

,

5

%

,

6/01/55

..................

470,000

382,312

Cleveland-Cuyahoga

County

Port

Authority

,

Playhouse

Square

Foundation

,

Revenue

,

2018

,

Refunding

,

5.5

%

,

12/01/53

......................................

1,500,000

1,424,795

County

of

Washington

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

6.75

%

,

12/01/52

.....................................

500,000

514,514

Northeast

Ohio

Medical

University

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

12/01/40

..............................

1,575,000

1,204,519

Revenue

,

2021

A

,

Refunding

,

4

%

,

12/01/45

..............................

450,000

371,479

Ohio

Higher

Educational

Facility

Commission

,

Xavier

University

,

Revenue

,

2024

,

Refunding

,

5.25

%

,

5/01/49

...........................................

1,560,000

1,525,610

b

Port

of

Greater

Cincinnati

Development

Authority

,

City

of

Cincinnati

Assigned

City

Residual

Funds

,

Revenue

,

144A,

2021

,

4.25

%

,

12/01/50

....................

1,320,000

1,146,540

Southeastern

Ohio

Port

Authority

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

12/01/43

................................

150,000

122,157

7,561,861

Oklahoma

0.2%

Tulsa

Municipal

Airport

Trust

Trustees

,

American

Airlines,

Inc.

,

Revenue

,

2025

,

Refunding

,

6.25

%

,

12/01/40

..........................................

475,000

514,442

Oregon

0.1%

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Terwilliger

Plaza,

Inc.

Obligated

Group

,

Revenue

,

2012

,

Refunding

,

5

%

,

12/01/29

..................

260,000

260,097

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

4.3%

Chester

County

Industrial

Development

Authority

,

Collegium

Charter

School

,

Revenue

,

2017

A

,

5.125

%

,

10/15/37

...............

$

750,000

$

709,333

University

Student

Housing

LLC

,

Revenue

,

2013

A

,

5

%

,

8/01/45

...............

1,000,000

881,546

Cumberland

County

Municipal

Authority

,

Asbury

Pennsylvania

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

1/01/45

.................................

500,000

430,114

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2019

,

Refunding

,

5

%

,

5/01/48

......................................................

2,040,000

1,717,736

Lancaster

Municipal

Authority

,

Garden

Spot

Village

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

5

%

,

5/01/49

.............................................

900,000

849,147

Lehigh

County

Industrial

Development

Authority

,

Seven

Generations

Charter

School

,

Revenue

,

2021

A

,

4

%

,

5/01/51

........................................

1,000,000

731,727

Maxatawny

Township

Municipal

Authority

,

Lutheran

Senior

Services

East

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

1/01/41

...

1,400,000

1,343,249

Lutheran

Senior

Services

East

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

1/01/42

...

1,450,000

1,380,360

Pennsylvania

Economic

Development

Financing

Authority

,

Commonwealth

of

Pennsylvania

Motor

License

Fund

,

Revenue

,

2022

,

6

%

,

6/30/61

1,000,000

1,024,951

a

Talen

Energy

Supply

LLC

,

Revenue

,

2009

C

,

Refunding

,

Mandatory

Put

,

5.25

%

,

6/01/27

........................................................

500,000

503,539

b

Philadelphia

Authority

for

Industrial

Development

,

f

University

of

the

Arts

(The)

,

Revenue

,

144A,

2017

,

5

%

,

3/15/45

...............

1,059,438

529,719

University

of

the

Arts

(The)

,

Revenue

,

144A,

2017

,

Pre-Refunded

,

5

%

,

3/15/45

...

40,000

42,508

University

Plaza

Associates

,

Revenue

,

144A,

2017

,

III

,

Pre-Refunded

,

5.25

%

,

12/01/47

.......................................................

1,300,000

1,342,526

11,486,455

South

Carolina

5.4%

County

of

Berkeley

,

Nexton

Improvement

District

,

Special

Assessment

,

2019

,

4.375

%

,

11/01/49

........................................................

1,000,000

833,058

South

Carolina

Jobs-Economic

Development

Authority

,

Beaufort

Memorial

Hospital

Obligated

Group

,

Revenue

,

2024

,

5.75

%

,

11/15/54

...

1,000,000

1,000,465

b

Green

Charter

School

Spartanburg

LLC

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

4

%

,

6/01/56

............................................

1,020,000

656,773

b

High

Point

Academy,

Inc.

,

Revenue

,

144A,

2018

A

,

5.75

%

,

6/15/39

............

500,000

451,302

b

High

Point

Academy,

Inc.

,

Revenue

,

144A,

2018

A

,

5.75

%

,

6/15/49

............

1,000,000

845,880

g

South

Carolina

Public

Service

Authority

,

Santee

Cooper

,

Revenue

,

2021

B

,

4

%

,

12/01/41

..........................

4,000,000

3,648,956

Santee

Cooper

,

Revenue

,

2021

B

,

4

%

,

12/01/42

..........................

5,250,000

4,700,070

Santee

Cooper

,

Revenue

,

2021

B

,

4

%

,

12/01/51

..........................

3,000,000

2,476,906

14,613,410

Tennessee

0.8%

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

1,228,030

Metropolitan

Nashville

Airport

Authority

(The)

,

Revenue

,

2022

B

,

5.5

%

,

7/01/39

.....

1,000,000

1,059,812

2,287,842

Texas

9.6%

Arlington

Higher

Education

Finance

Corp.

,

b

BASIS

Texas

Charter

Schools,

Inc.

,

Revenue

,

144A,

2024

,

5

%

,

6/15/64

.........

1,200,000

1,065,160

b

Magellan

School

(The)

,

Revenue

,

144A,

2022

,

6.375

%

,

6/01/62

...............

1,100,000

1,075,702

Wayside

Schools

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

8/15/41

.................

610,000

496,044

b

Beaumont

Housing

Authority

,

Revenue,

Senior

Lien

,

144A,

2025

A

,

6.5

%

,

7/01/55

...

575,000

544,444

b

City

of

Aubrey

,

Duck

Point

Public

Improvement

District

,

Special

Assessment

,

144A,

2025

,

5.625

%

,

12/31/55

.............................................

110,000

101,337

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

12

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

City

of

Austin

,

Whisper

Valley

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2024

,

5

%

,

11/01/44

...............................

$

555,000

$

514,622

Whisper

Valley

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2024

,

5.25

%

,

11/01/53

.............................

750,000

689,704

b

City

of

Celina

,

Sutton

Fields

East

Public

Improvement

District

Phase

No.

2

,

Special

Assessment

,

144A,

2025

,

5.375

%

,

9/01/45

.......................................

150,000

141,944

Sutton

Fields

East

Public

Improvement

District

Phase

No.

2

,

Special

Assessment

,

144A,

2025

,

5.625

%

,

9/01/55

.......................................

270,000

252,992

City

of

Houston

Airport

System

,

United

Airlines,

Inc.

,

Revenue

,

2015

B-1

,

5

%

,

7/15/35

.......................

2,500,000

2,499,851

United

Airlines,

Inc.

,

Revenue

,

2021

A

,

4

%

,

7/01/41

........................

1,250,000

1,074,276

b

City

of

Hutto

,

Prairie

Winds

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2025

,

5.125

%

,

9/01/45

.........................

390,000

361,375

b

City

of

Manor

,

EntradenGlen

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2025

,

7

%

,

9/15/55

............................

150,000

149,546

Clifton

Higher

Education

Finance

Corp.

,

IDEA

Public

Schools

,

Revenue

,

2022

A

,

4

%

,

8/15/51

.......................

1,200,000

974,316

International

Leadership

of

Texas,

Inc.

,

Revenue

,

2018

D

,

Refunding

,

6.125

%

,

8/15/48

........................................................

2,500,000

2,503,314

b

County

of

Denton

,

Green

Meadows

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2025

,

5.875

%

,

12/31/45

............................

125,000

125,128

Green

Meadows

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2025

,

6.125

%

,

12/31/55

............................

250,000

250,395

Dallas

Area

Rapid

Transit

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

5

%

,

12/01/45

..

7,000,000

6,262,058

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Brazos

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

1/01/37

........................................................

250,000

249,127

YMCA

of

the

Greater

Houston

Area

,

Revenue

,

2013

A

,

Refunding

,

5

%

,

6/01/33

...

1,000,000

963,434

Matagorda

County

Navigation

District

No.

1

,

AEP

Texas,

Inc.

,

Revenue

,

2005

A

,

Refunding

,

AMBAC

Insured

,

4.4

%

,

5/01/30

...............................

1,250,000

1,306,512

New

Hope

Cultural

Education

Facilities

Finance

Corp.

,

CHF-Collegiate

Housing

Denton

LLC

,

Revenue

,

2018

A-1

,

AG

Insured

,

4.125

%

,

7/01/53

.....................

1,000,000

805,100

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

,

Cumberland

Rest,

Inc.

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

5

%

,

10/01/49

..................

1,000,000

931,616

b

Texas

Community

Housing

&

Economic

Development

Corp.

,

Agape

Helotes,

Inc.

,

Revenue,

Senior

Lien

,

144A,

2025

A-1

,

6.25

%

,

1/01/65

.....................

575,000

511,656

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

,

Revenue

,

2021

,

Refunding

,

5

%

,

12/15/30

........................................................

1,000,000

1,060,232

c

Texas

Transportation

Commission

State

Highway

249

System

,

Revenue,

First

Tier

,

2019

A

,

4.92

%,

8/01/39

.............................................

700,000

357,186

Uptown

Development

Authority

,

City

of

Houston

Reinvestment

Zone

No.

16

,

Tax

Allocation

,

2021

,

Refunding

,

3

%

,

9/01/37

................................

900,000

728,347

25,995,418

Utah

2.2%

b

Black

Desert

Public

Infrastructure

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2024

,

5.625

%

,

12/01/53

........................................

1,300,000

1,264,137

b,c

MIDA

Cormont

Public

Infrastructure

District

,

GO

,

144A,

2025

A-2

,

0.868

%,

6/01/55

..

500,000

407,091

b

MIDA

Mountain

Village

Public

Infrastructure

District

,

Special

Assessment

,

144A,

2020

A

,

5

%

,

8/01/50

..........................

1,045,000

965,215

Military

Recreation

Facility

Project

Area

,

Tax

Allocation

,

144A,

2024-2

,

6

%

,

6/15/54

500,000

498,552

Mountain

Village

Assessment

Area

2

,

Special

Assessment

,

144A,

2021

,

4

%

,

8/01/50

1,250,000

996,594

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

13

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Utah

(continued)

b

SkyRidge

Pegasus

Infrastructure

Financing

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.25

%

,

12/01/44

...............................

$

300,000

$

281,023

Utah

Infrastructure

Agency

,

Revenue

,

2023

,

6

%

,

10/15/47

.....................

1,350,000

1,419,055

5,831,667

Virginia

1.5%

b

Cherry

Hill

Community

Development

Authority

,

Special

Assessment

,

144A,

2015

,

5.4

%

,

3/01/45

.........................................................

995,000

995,292

b

Farms

New

Kent

Community

Development

Authority

,

Special

Assessment

,

144A,

2021

A

,

Refunding

,

3.75

%

,

3/01/36

.........................................

360,000

337,269

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

735,693

Williamsburg

Landing,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

12/01/50

.......................................................

1,235,000

902,845

b

Lower

Magnolia

Green

Community

Development

Authority

,

Special

Assessment

,

144A,

2015

,

5

%

,

3/01/35

.................................................

460,000

455,746

Suffolk

Economic

Development

Authority

,

EveryAge

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

9/01/31

.............................................

500,000

498,133

3,924,978

Washington

5.0%

Grays

Harbor

County

Public

Hospital

District

No.

1

,

Revenue

,

2023

,

Refunding

,

6.875

%

,

12/01/53

..................................................

3,000,000

3,224,687

b

Kalispel

Tribe

of

Indians

,

Revenue

,

144A,

2018

A

,

5.25

%

,

1/01/38

...............

750,000

759,100

Skagit

County

Public

Hospital

District

No.

1

,

Revenue

,

2024

,

5.5

%

,

12/01/54

.......

1,000,000

1,007,754

Washington

State

Housing

Finance

Commission

,

Revenue

,

2021-1

,

A

,

3.5

%

,

12/20/35

...................................

102,998

96,805

Revenue

,

2023-1

,

A

,

3.375

%

,

4/20/37

..................................

3,148,222

2,853,208

d

Revenue

,

FRN

,

2024-1

,

A

,

4.221

%

,

3/20/40

..............................

746,216

686,915

Eastside

Retirement

Association

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

5

%

,

7/01/48

........................................................

1,200,000

1,130,503

b

Presbyterian

Retirement

Communities

Northwest

Obligated

Group

,

Revenue

,

144A,

2016

A

,

Refunding

,

5

%

,

1/01/36

.....................................

1,175,000

1,176,041

b

Seattle

Academy

of

Arts

&

Sciences

,

Revenue

,

144A,

2023

,

Refunding

,

6.375

%

,

7/01/63

........................................................

560,000

593,529

b

Spokane

International

Academy

,

Revenue

,

144A,

2021

A

,

5

%

,

7/01/56

..........

1,130,000

952,015

b

Wesley

Homes

Lea

Hill

LLC

,

Revenue

,

144A,

2016

,

Refunding

,

5

%

,

7/01/36

.....

580,000

539,880

b

Wesley

Homes

Lea

Hill

LLC

,

Revenue

,

144A,

2016

,

Refunding

,

5

%

,

7/01/41

.....

500,000

434,848

13,455,285

West

Virginia

2.1%

West

Virginia

Hospital

Finance

Authority

,

Vandalia

Health,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

6

%

,

9/01/48

...............................

5,250,000

5,564,039

Wisconsin

9.0%

Public

Finance

Authority

,

Revenue

,

2023-1

,

A

,

5.75

%

,

7/01/62

...................................

2,132,025

2,121,087

b

AMCP

Franklin

LLC

,

Revenue

,

144A,

2025

A-T

,

10

%

,

12/01/60

...............

650,000

652,966

Celanese

US

Holdings

LLC

,

Revenue

,

2016

C

,

Refunding

,

4.3

%

,

11/01/30

.......

300,000

299,163

b

CFC-SA

LLC

,

Revenue,

Sub.

Lien

,

144A,

2022

B

,

6

%

,

2/01/62

................

1,000,000

1,013,756

b

CHF

-

Manoa

LLC

,

Revenue,

Senior

Lien

,

144A,

2023

A

,

5.75

%

,

7/01/63

........

1,000,000

932,685

b

Church

Home

of

Hartford

Obligated

Group

,

Revenue

,

144A,

2015

A

,

Refunding

,

5

%

,

9/01/30

........................................................

945,000

945,387

b

Dominium

Holdings

I

LLC

,

Revenue

,

144A,

2024-1

,

B-1

,

6.81

%

,

4/28/36

........

1,425,000

1,445,017

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

14

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

(continued)

Public

Finance

Authority,

(continued)

b

Foundation

Academy

Charter

School

A

NJ

Nonprofit

Corp.

,

Revenue

,

144A,

2024

,

5

%

,

7/01/55

....................................................

$

1,000,000

$

865,116

KSU

Bixby

Real

Estate

Foundation

LLC

,

Revenue

,

2025

B

,

5.5

%

,

6/15/55

.......

410,000

401,527

b

Mary's

Woods

at

Marylhurst

Obligated

Group

,

Revenue

,

144A,

2017

A

,

Refunding

,

5.25

%

,

5/15/37

..................................................

380,000

380,321

b

North

Carolina

Leadership

Charter

Academy,

Inc.

,

Revenue

,

144A,

2019

A

,

5

%

,

6/15/54

........................................................

910,000

781,287

Piedmont

Community

Charter

School,

Inc.

,

Revenue

,

2019

,

5

%

,

6/15/53

........

1,150,000

1,036,639

b

Roseman

University

of

Health

Sciences

,

Revenue

,

144A,

2020

,

5

%

,

4/01/40

.....

1,085,000

1,038,165

b

Southminster,

Inc.

Obligated

Group

,

Revenue

,

144A,

2018

,

5

%

,

10/01/43

........

1,000,000

939,907

b

Southminster,

Inc.

Obligated

Group

,

Revenue

,

144A,

2018

,

5

%

,

10/01/48

........

800,000

721,623

e

SR

400

Peach

Partners

LLC

,

Revenue,

Senior

Lien

,

2025

,

5.75

%

,

12/31/65

......

500,000

477,404

e

SR

400

Peach

Partners

LLC

,

Revenue,

Senior

Lien

,

2025

,

6.5

%

,

12/31/65

.......

600,000

626,666

b

UHF

Promenade

Apts

LLC

(The)

,

Revenue

,

144A,

2024

,

6.25

%

,

2/01/39

........

800,000

798,685

b

UHF

RISE

Student

Housing

LLC

,

Revenue

,

144A,

2021

A-1

,

4

%

,

7/01/61

........

600,000

423,674

b

UNC

Charlotte

Marriott

Hotel

&

Conference

Center

,

Revenue

,

144A,

2021

A

,

4

%

,

9/01/51

........................................................

2,000,000

1,415,117

b

WFCS

Holdings

LLC

,

Revenue

,

144A,

2020

A-1

,

5

%

,

1/01/55

.................

1,700,000

1,392,698

Wisconsin

Health

&

Educational

Facilities

Authority

,

Froedtert

ThedaCare

Health

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

4/01/41

........................................................

4,000,000

3,663,594

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/57

....................................................

650,000

461,940

PHW

Menomonee

Falls,

Inc.

,

Revenue

,

2024

,

6.125

%

,

10/01/59

..............

300,000

299,610

St.

John's

Communities,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

9/15/41

........................................................

270,000

231,550

St.

John's

Communities,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

9/15/45

........................................................

1,150,000

924,227

24,289,811

U.S.

Territories

11.0%

District

of

Columbia

6.2%

District

of

Columbia

,

GO

,

2023

A

,

5

%

,

1/01/45

............................................

6,675,000

6,779,358

Ingleside

Presbyterian

Retirement

Community

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

7/01/52

....................................................

1,000,000

863,947

International

School

Obligated

Group

,

Revenue

,

2019

,

5

%

,

7/01/39

............

400,000

402,045

KIPP

DC

Obligated

Group

,

Revenue

,

2019

,

4

%

,

7/01/44

....................

750,000

633,563

Latin

American

Montessori

Bilingual

Public

Charter

School

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

6/01/40

...............................

2,500,000

2,352,079

Plenary

Infrastructure

DC

LLC

,

Revenue

,

2022

A

,

5.5

%

,

8/31/35

..............

1,140,000

1,260,681

Plenary

Infrastructure

DC

LLC

,

Revenue

,

2022

A

,

5.5

%

,

8/31/36

..............

1,365,000

1,501,776

b

Rocketship

DC

Obligated

Group

,

Revenue

,

144A,

2021

A

,

5

%

,

6/01/61

.........

400,000

332,542

c

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2006

A

,

7.06

%,

6/15/46

.........

7,500,000

1,805,678

g

Metropolitan

Washington

Airports

Authority

,

Dulles

Metrorail

and

Capital

Improvement

Projects

,

Revenue,

Sub.

Lien

,

2019

B

,

Refunding

,

4

%

,

10/01/53

...............

1,065,000

862,182

16,793,851

Puerto

Rico

4.8%

Commonwealth

of

Puerto

Rico

,

GO

,

2022

A-1

,

4

%

,

7/01/33

..........................................

1,920,000

1,873,522

GO

,

2022

A-1

,

4

%

,

7/01/37

..........................................

3,000,000

2,827,346

GO

,

2022

A-1

,

4

%

,

7/01/41

..........................................

3,388,447

2,955,571

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

15

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

f

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

4,218,614

13,093,803

Total

U.S.

Territories

....................................................................

29,887,654

Total

Municipal

Bonds

(Cost

$

396,244,068

)

.....................................

373,576,417

a

a

a

a

Short

Term

Investments

2.2%

Shares

a

Management

Investment

Companies

2.0%

h,i

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.558

%

.......................

5,463,562

5,463,562

Total

Management

Investment

Companies

(Cost

$

5,463,562

)

.....................

5,463,562

Principal

Amount

U.S.

Government

and

Agency

Securities

0.2%

c

U.S.

Treasury

Bills

,

4

.21

%

,

10/02/25

.....................................

400,000

397,076

Total

U.S.

Government

and

Agency

Securities

(Cost

$

397,262

)

....................

397,076

Total

Short

Term

Investments

(Cost

$

5,860,824

)

.................................

5,860,638

a

Total

Investments

(Cost

$

402,104,892

)

140.4

%

..................................

$379,437,055

Remarketed

Preferred

Shares

(

36.7

)

%

.........................................

(99,350,000)

Floating

Rate

Notes

Issued

(

4.5

)

%

.............................................

(12,300,075)

Other

Assets,

less

Liabilities

0.9

%

.............................................

2,592,754

Net

Assets

100.0%

...........................................................

$270,379,734

See

Abbreviations

on

page

17

.

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

July

31,

2025,

the

aggregate

value

of

these

securities

was

$88,459,923,

representing

32.7%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

d

The

coupon

rate

shown

represents

the

rate

at

period

end.

e

Security

purchased

on

a

when-issued

basis.

f

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

g

Underlying

security

in

a

tender

option

bond

transaction.

This

security

has

been

segregated

as

collateral

for

financing

transactions.

h

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

i

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Managed

Municipal

Income

Trust

Notes

to

Schedule

of

Investments

(unaudited)

16

Quarterly

Schedule

of

Investments

1.

Organization

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.

2. 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 Trust'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

OTC market

rather

than

on

a

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

3.

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.

During

the

period

ended

July

31,

2025

,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

Putnam

Managed

Municipal

Income

Trust

Notes

to

Schedule

of

Investments

(unaudited)

17

Quarterly

Schedule

of

Investments

4. 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

July

31,

2025,

in

valuing

the Fund's

assets

carried

at

fair

value,

is

as

follows:  

Abbreviations

    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

,

4.558

%

......

$3,560,890

$51,630,968

$(49,728,296)

$—

$—

$5,463,562

5,463,562

$261,867

Total

Affiliated

Securities

...

$3,560,890

$51,630,968

$(49,728,296)

$—

$—

$5,463,562

$261,867

Level

1

Level

2

Level

3

Total

Putnam

Managed

Municipal

Income

Trust

Assets:

Investments

in

Securities:

a

Municipal

Bonds

.........................

$

—

$

373,576,417

$

—

$

373,576,417

Short

Term

Investments

...................

5,463,562

397,076

—

5,860,638

Total

Investments

in

Securities

...........

$5,463,562

$373,973,493

$—

$379,437,055

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

Selected

Portfolio

AMBAC

American

Municipal

Bond

Assurance

Corp.

BAM

Build

America

Mutual

Assurance

Co.

FRN

Floating

Rate

Note

GO

General

Obligation

3.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.