[N-CSR] PUTNAM MANAGED MUNICIPAL INCOME TRUST SEC Filing

Rhea-AI Filing Summary

Putnam Managed Municipal Income Trust (a closed-end municipal bond fund) reported results for the year ended October 31, 2025. The fund seeks high current income exempt from federal income tax by investing in a diversified portfolio of tax-exempt municipal bonds, including up to 60% in below-investment-grade securities, and it uses leverage through preferred shares and floating-rate notes.

For the 12‑month period, the fund delivered a total return of +3.16% based on net asset value and +2.06% based on market price, compared with +4.17% for the Bloomberg Municipal Bond Index. Net asset value per common share was $6.71 and the NYSE market price was $6.10 as of October 31, 2025.

The fund operates under a managed distribution plan. Until April 30, 2025 it paid monthly distributions of $0.0238 per share; effective May 1, 2025 this increased to $0.0265 per share. Over the fiscal year, total distributions to common shareholders were $0.3018 per share, of which $0.0623 is treated as return of capital for tax purposes. Management emphasizes that distribution levels and the plan terms should not be used to judge investment performance.

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: October 31, 2025

ITEM 1. REPORT TO STOCKHOLDERS.

(a) The Report to Shareholders is filed herewith

Annual

Report

Putnam

Managed

Municipal

Income

Trust

October

31,

2025

Not

FDIC

Insured

No

Bank

Guarantee

May

Lose

Value

.

Managed

Distribution

Policy

:

The

Fund

has

implemented

a

managed

distribution

plan

(the

"Distribution

Plan")

whereby

the

Fund

will

distribute

a

level

distribution

amount

to

shareholders.

Until

April

30,

2025,

the

Fund

made

monthly

distributions

to

shareholders

at

the

rate

of

$0.0238

per

share.

Effective

May

1,

2025,

the

Fund

intends

to

make

monthly

distributions

to

shareholders

at

the

rate

of

$0.0265

per

share.

Management

will

generally

distribute

amounts

necessary

to

satisfy

the

Distribution

Plan

and

the

requirements

prescribed

by

excise

tax

rules

and

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

"Code").

The

Distribution

Plan

is

intended

to

provide

shareholders

with

a

consistent

distribution

each

month

and

is

intended

to

narrow

the

discount

between

the

market

price

and

the

NAV

of

the

Fund's

common

shares,

but

there

is

no

assurance

that

the

Distribution

Plan

will

be

successful

in

doing

so.

Under

the

Distribution

Plan,

to

the

extent

that

sufficient

investment

income

is

not

available

on

a

monthly

basis,

the

Fund

will

distribute

long-term

capital

gains

and/or

return

of

capital

in

order

to

maintain

its

managed

distribution

rate.

No

conclusions

should

be

drawn

about

the

Fund's

investment

performance

from

the

amount

of

the

Fund's

distributions

or

from

the

terms

of

the

Distribution

Plan.

The

Board

may

amend

the

terms

of

the

Distribution

Plan

or

terminate

the

Distribution

Plan

at

any

time

without

prior

notice

to

the

Fund’s

shareholders,

however,

at

this

time

there

are

no

reasonably

foreseeable

circumstances

that

might

cause

the

termination

of

the

Distribution

Plan.

The

amendment

or

termination

of

the

Distribution

Plan

could

have

an

adverse

effect

on

the

market

price

of

the

Fund’s

common

shares.

The

Distribution

Plan

will

be

subject

to

the

periodic

review

by

the

Board,

including

a

yearly

review

of

the

annual

minimum

fixed

rate

to

determine

if

an

adjustment

should

be

made.

Shareholders

should

not

draw

any

conclusions

about

the

Fund’s

investment

performance

from

the

amount

of

the

current

distribution

or

from

the

terms

of

the

Fund’s

Plan.

The

Fund

will

send

a

Form

1099-DIV

to

shareholders

for

the

calendar

year

that

will

describe

how

to

report

the

Fund’s

distributions

for

federal

income

tax

purposes.

Please

see

the

"Important

Information

to

Shareholders"

section

for

additional

information.

franklintempleton.com

Annual

Report

1

Contents

Fund

Overview

2

Performance

Summary

4

Financial

Highlights

and

Schedule

of

Investments

7

Financial

Statements

22

Notes

to

Financial

Statements

25

Report

of

Independent

Registered

Public

Accounting

Firm

34

Tax

Information

35

Important

Information

to

Shareholders

36

Annual

Meeting

of

Shareholders

44

Dividend

Reinvestment

and

Cash

Purchase

Plan

45

Board

Members

and

Officers

47

Shareholder

Information

51

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

2

franklintempleton.com

Annual

Report

Putnam

Managed

Municipal

Income

Trust

Dear

Shareholder,

This

annual

report

for

Putnam

Managed

Municipal

Income

Trust

covers

the

fiscal

year

ended

October

31,

2025

.

Fund

Overview

Q.

What

is

the

Fund's

investment

strategy?

A.

The

goal

of

the

Fund

is

to

seek

a

high

level

of

current

income

exempt

from

federal

income

tax.

The

Fund

intends

to

achieve

its

goal

by

investing

in

a

diversified

portfolio

of

tax-exempt

municipal

securities

which

management

believes

does

not

involve

undue

risk

to

income

or

principal.

Up

to

60%

of

the

Fund’s

assets

may

consist

of

high-yield

tax-

exempt

municipal

securities

that

are

below

investment-grade

and

involve

special

risk

considerations.

The

Fund

also

uses

leverage,

primarily

by

issuing

preferred

shares

in

an

effort

to

enhance

the

returns

for

the

common

shareholders.

The

Fund’s

shares

trade

on

a

stock

exchange

at

market

prices,

which

may

be

lower

than

the

Fund’s

net

asset

value.

Q.

What

were

the

overall

market

conditions

during

the

Fund's

reporting

period?

A.

Over

the

period,

U.S.

municipal

(muni)

bond

markets

delivered

solid

gains

despite

intermittent

volatility

and

policy

uncertainty.

As

President

Trump

began

his

second

term,

early

concerns

emerged

that

the

muni

bond

tax

exemption

would

be

repealed

or

significantly

curtailed

under

the

“One

Big

Beautiful

Bill

Act”

(OBBBA).

After

months

of

negotiations,

the

exemption

remained

intact

when

the

bill

was

passed

in

July

2025.

U.S.

Treasury

(UST)

yields

declined

across

the

curve

as

the

U.S.

Federal

Reserve

(Fed)

shifted

from

restrictive

policy

to

gradual

easing,

cutting

rates

by

a

cumulative

100

basis

points

(bps)

to

a

target

range

of

3.75-4.00%

at

the

end

of

the

period.

This

pivot

reflected

moderating

inflation,

with

core

CPI

declining

to

2.3%

in

April

2025

before

rising

back

to

3.0%

by

September,

alongside

signs

of

labor

market

cooling.

Economic

activity

remained

resilient

with

U.S.

gross

domestic

product

growth

rebounding

in

the

second

quarter

of

2025

after

a

weak

start

to

the

year.

Muni

issuance

over

the

last

12

months

totaled

approximately

US$551

billion,

higher

than

the

past

few

years

average,

peaking

in

June

with

a

one-month

record

issuance

of

US$58.7

billion,

according

to

Barclays.

Tariffs

remained

a

dominant

theme

following

the

“Liberation

Day”

announcement

of

sweeping

increases,

fueling

market

uncertainty

as

negotiations

with

major

trading

partners

took

several

unexpected

turns.

Early

fears

of

escalating

trade

wars

subsided

as

the

administration

secured

agreements

with

key

partners,

reducing

pressure

on

global

supply

chains.

While

the

resolution

eased

geopolitical

risk

premiums,

the

phased

implementations

of

higher

tariffs

on

select

imports

are

expected

to

contribute

to

upward

price

pressures

in

the

coming

quarters,

particularly

as

companies

deplete

their

inventories.

Q.

How

did

we

respond

to

these

changing

market

conditions?

A.

We

maintained

a

disciplined

approach

focused

on

bottom-

up

research

and

rigorous

security

selection

to

uncover

relative

value

opportunities.

In

positioning,

the

Fund

was

overweight

the

longer

end

of

the

curve

while

keeping

an

underweight

stance

in

high-quality

bonds

to

optimize

risk-

adjusted

returns.

Performance

Overview

For

the

12

months

under

review,

the

Fund

posted

cumulative

total

returns

of

+2.06%

in

market

price

terms

and

+3.16%

in

net

asset

value

terms.

In

comparison,

the

Bloomberg

Municipal

Bond

Index,

which

is

a

broad

measure

of

the

municipal

bond

market

with

maturities

of

at

least

one

year,

posted

a

+4.17%

total

return

for

the

same

period

1

.

You

can

find

the

Fund’s

long-term

performance

data

in

the

Performance

Summary

on

page

4

.

The

Fund

has

implemented

a

managed

distribution

plan

whereby

the

Fund

will

distribute

a

level

distribution

amount

to

shareholders.

Until

April

30,

2025,

the

Fund

made

monthly

Portfolio

Composition

10/31/25

%

of

Total

Investments

Health

Care

20.04%

Education

15.65%

Special

Tax

15.07%

Housing

10.23%

Local

General

Obligation

7.66%

Industrial

Development

Revenue

and

Pollution

Control

7.64%

Transportation

5.37%

Lease

4.98%

State

General

Obligation

4.79%

Other

Revenue

Bonds

4.21%

Utilities

3.85%

Prerefunded

0.51%

1.

Source:

Morningstar.

The

index

is

unmanaged

and

includes

reinvestment

of

any

income

or

distributions.

It

does

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund's

portfolio.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

8

.

Putnam

Managed

Municipal

Income

Trust

3

franklintempleton.com

Annual

Report

distributions

to

shareholders

at

the

rate

of

$0.0238

per

share.

Effective

May

1,

2025,

the

Fund

intends

to

make

monthly

distributions

to

shareholders

at

the

rate

of$0.0265

per

share.

Management

will

generally

distribute

amounts

necessary

to

satisfy

the

Fund’s

plan

and

the

requirements

prescribed

by

excise

tax

rules

and

Subchapter

M

of

the

Internal

Revenue

Code.

The

plan

is

intended

to

provide

shareholders

with

a

consistent

distribution

each

month

and

is

intended

to

narrow

the

discount

between

the

market

price

and

the

NAV

of

the

Fund’s

common

shares,

but

there

is

no

assurance

that

the

plan

will

be

successful

in

doing

so.

For

the

fiscal

year

ended

October

31,

2025,

the

Fund

made

distributions

to

shareholders

totaling

$0.3018

per

share

of

which

$0.0623

will

be

treated

as

a

return

of

capital

for

tax

purposes.

A

return

of

capital

distribution

does

not

necessarily

reflect

the

Fund's

investment

performance

and

should

not

be

confused

with

"yield"

or

"income".

The

Fund

sends

a

Form

1099-DIV

to

shareholders

each

calendar

year

describing

how

to

report

the

Fund's

distributions

for

federal

income

tax

purposes.

Please

see

“Important

Information

to

Shareholders”

section

for

additional

information.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

Q.

What

were

the

leading

contributors

to

performance?

A.

The

Fund’s

performance

during

the

period

was

primarily

driven

by

strategic

yield

curve

positioning,

with

an

overweight

allocation

to

municipal

bonds

maturing

in

10

and

20

years

delivering

notable

gains.

Rating

allocation

also

contributed

modestly,

as

the

positive

impact

from

overweight

positions

in

bonds

with

no

external

credit

rating

and

in

bonds

rated

below

investment-grade

helped

offset

losses

in

other

rating

categories.

Additionally,

security

selection

within

AAA

rated

bonds

provided

further

support,

which

mitigated

some

of

the

overall

downside.

Q.

What

were

the

leading

detractors

from

performance?

A.

The

leading

detractors

from

performance

during

the

period

were

primarily

linked

to

the

Fund’s

overweight

exposure

to

bonds

maturing

in

30

years.

Overweight

allocation

to

BBB

and

BB

rated

bonds

partially

offset

gains.

Furthermore,

security

selection

detracted

from

results,

driven

by

selection

in

AA

and

A

rated

bonds.

Q.

Were

there

any

significant

changes

to

the

Fund

during

the

reporting

period?

A.

There

were

no

substantial

changes

to

the

Fund’s

overall

positioning

and

portfolio

management

process.

Effective

May

30,

2025,

Paul

M

Drury

retired

and

stepped

down

as

a

member

of

the

Fund’s

portfolio

management

team.

Thank

you

for

your

continued

participation

in

Putnam

Managed

Municipal

Income

Trust.

We

look

forward

to

serving

your

future

investment

needs.

Sincerely,

Garrett

L

Hamilton,

CFA

James

Conn,

CFA

Francisco

Rivera

Daniel

Workman,

CFA

Benjamin

C.

Barber,

CFA

Portfolio

Management

Team

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

October

31,

2025,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

CFA

®

is

a

trademark

owned

by

CFA

Institute.

Performance

Summary

as

of

October

31,

2025

Putnam

Managed

Municipal

Income

Trust

4

franklintempleton.com

Annual

Report

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Total

returns

do

not

reflect

any

sales

charges

paid

at

inception

or

brokerage

commissions

paid

on

secondary

market

purchases.

The

performance

tables

and

graph

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

10/31/25

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

Share

Prices

Cumulative

Total

Return

1

Average

Annual

Total

Return

1

Based

on

NAV

2

Based

on

market

price

3

Based

on

NAV

2

Based

on

market

price

3

1-Year

+3.16%

+2.06%

+3.16%

+2.06%

5-Year

+7.80%

+2.60%

+1.51%

+0.51%

10-Year

+37.16%

+39.52%

+3.21%

+3.39%

Symbol:

PMM

10/31/25

10/31/24

Change

Net

Asset

Value

(NAV)

$6.71

$6.81

-$0.10

Market

Price

(NYSE)

$6.10

$6.28

-$0.18

Distributions

Per

Share

(11/1/24–10/31/25)

Net

Investment

Income

Tax

Return

of

Capital

Total

$0.2395

$0.0623

$0.3018

Distributions

Per

Remarketed

Preferred

Share

(11/1/24–10/31/25)

Income

Total

Series

A

(240

shares)

$4,894.86

$4,894.86

Series

C

(1,507

shares)

$2,439.20

$2,439.20

See

page

6

for

Performance

Summary

footnotes.

Putnam

Managed

Municipal

Income

Trust

Performance

Summary

5

franklintempleton.com

Annual

Report

See

page

6

for

Performance

Summary

footnotes.

Total

Return

Index

Comparison

for

a

Hypothetical

$10,000

Investment

Total

return

represents

the

change

in

value

of

an

investment

over

the

periods

shown.

It

includes

any

applicable

maximum

sales

charge,

Fund

expenses,

account

fees

and

reinvested

distributions.

The

unmanaged

index

includes

reinvestment

of

any

income

or

distributions.

It

differs

from

the

Fund

in

composition

and

does

not

pay

management

fees

or

expenses.

One

cannot

invest

directly

in

an

index.

10/31/15–10/31/25

Putnam

Managed

Municipal

Income

Trust

Performance

Summary

6

franklintempleton.com

Annual

Report

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions

may

heighten

risks

and

adversely

affect

performance.

The

Fund

is

actively

managed

but

there

is

no

guarantee

that

the

manager's

investment

decisions

will

produce

the

desired

results.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

Low-rated,

high-yield

bonds

are

subject

to

greater

price

volatility,

illiquidity

and

possibility

of

default.

Active

management

does

not

ensure

gains

or

protect

against

market

declines.

An

investor

may

be

subject

to

the

federal

Alternative

Minimum

Tax

,

and

state

and

local

taxes

may

apply.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

All

figures

represent

past

performance

and

are

not

a

guarantee

of

future

results.

Returns

reflect

the

deduction

of

all

Fund

expenses,

including

management

fees,

operating

expenses,

and

other

Fund

expenses.

Returns

do

not

reflect

the

deduction

of

brokerage

commissions

or

taxes

that

investors

may

pay

on

distributions

or

sale

of

shares.

Performance

figures

may

reflect

compensating

balance

arrangements,

fee

waivers

and/or

expense

reimbursements.

In

the

absence

of

compensating

balance

arrangements,

fee

waivers

and/or

expense

reimbursements,

the

total

return

would

have

been

lower.

1.

Total

return

calculations

represent

the

cumulative

and

average

annual

changes

in

the

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

2.

Assumes

reinvestment

of

distributions

based

on

net

asset

value.

3.

Assumes

reinvestment

of

distributions

based

on

the

dividend

reinvestment

and

cash

purchase

plan.

4.

Source:

Morningstar.

Bloomberg

Municipal

Bond

Index

is

a

broad

measure

of

the

municipal

bond

market

with

maturities

of

at

least

one

year.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

Putnam

Managed

Municipal

Income

Trust

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

7

a

Year

Ended

October

31,

2025

2024

2023

2022

2021

Per

common

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$6.81

$5.75

$5.94

$8.19

$7.91

Income

from

investment

operations:

Net

investment

income

a

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

0.39

0.35

0.32

0.30

0.31

Net

realized

and

unrealized

gains

(losses)

...........

(0.10)

1.10

(0.09)

(2.13)

0.35

Distributions

to

preferred

shareholders

from:

Net

investment

income

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

(0.11)

(0.13)

(0.11)

(0.03)

—

b

Net

realized

gains

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

—

—

—

—

b

—

Total

from

investment

operations

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

0.18

1.32

0.12

(1.86)

0.66

Less

distributions

to

common

shareholders

from:

Net

investment

income

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

(0.24)

(0.22)

(0.20)

(0.29)

(0.32)

Net

realized

gains

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

—

—

—

(0.03)

(0.06)

Tax

return

of

capital

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

(0.06)

(0.07)

(0.13)

(0.07)

—

Total

distributions

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

(0.30)

(0.29)

(0.33)

(0.39)

(0.38)

Repurchase

of

shares

(Note

2

)

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

0.02

0.03

0.02

—

b

—

Net

asset

value,

end

of

year

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

$6.71

$6.81

$5.75

$5.94

$8.19

Market

value,

end

of

year

c

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

$6.10

$6.28

$5.14

$5.75

$8.25

Total

return

(based

on

net

asset

value

per

share)

d

.......

3.16%

27.95%

(5.69)%

(26.35)%

13.11%

Total

return

(based

on

market

value

per

share)

d

.........

2.06%

23.58%

1.87%

(23.46)%

8.44%

Ratios

to

average

net

assets

applicable

to

common

shares

e,f

Expenses

before

waiver

and

payments

by

affiliates

......

1.26%

1.16%

1.39%

1.10%

0.93%

Expenses

net

of

waiver

and

payments

by

affiliates

g

......

1.06%

h

0.98%

h

1.21%

h

1.09%

h

0.93%

Net

investment

income

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

4.15%

3.36%

3.27%

3.75%

3.73%

Supplemental

data

Net

assets

applicable

to

common

shares,

end

of

year

(000’s)

$287,222

$304,155

$270,854

$289,259

$401,053

Portfolio

turnover

rate

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

28%

20%

45%

24%

21%

a

Based

on

average

daily

common

shares

outstanding.

b

Amount

rounds

to

less

than

$0.01

per

share.

c

Based

on

the

last

sale

on

the

New

York

Stock

Exchange.

d

The

Market

Value

Total

Return

is

calculated

assuming

a

purchase

of

common

shares

on

the

opening

of

the

first

business

day

and

a

sale

on

the

closing

of

the

last

business

day

of

each

period.

Dividends

and

distributions

are

assumed

for

the

purposes

of

this

calculation

to

be

reinvested

at

prices

obtained

under

the

Fund's

Dividend

Reinvestment

and

Cash

Purchase

Plan.

Net

Asset

Value

Total

Return

is

calculated

on

the

same

basis,

except

that

the

Fund's

net

asset

value

is

used

on

the

purchase,

sale

and

dividend

reinvestment

dates

instead

of

market

value.

Total

return

does

not

reflect

brokerage

commissions

or

sales

charges

in

connection

with

the

purchase

or

sale

of

Fund

shares.

e

Based

on

income

and

expenses

applicable

to

both

common

and

preferred

shares.

f

Ratios

reflect

net

assets

available

to

common

shares

only;

net

investment

income

ratio

also

reflects

reduction

for

dividend

payments

to

preferred

shareholders.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Reflects

waivers

of

certain

fund

expenses

in

connection

with

the

Fund's

remarketed

preferred

shares

(Note

3).

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments,

October

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

8

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

139.0%

Alabama

0.2%

a

,b

Baldwin

County

Industrial

Development

Authority

,

Novelis

Corp.

,

Revenue

,

144A,

2025

A

,

Mandatory

Put

,

5

%

,

6/01/32

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

$

500,000

$

515,077

Alaska

1.7%

c

Alaska

Industrial

Development

&

Export

Authority

,

Dena'

Nena'

Henash

,

Revenue

,

2019

A

,

4

%

,

10/01/44

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

5,125,000

4,765,729

Arizona

5.1%

b

Arizona

Industrial

Development

Authority

,

Somerset

Academy

of

Las

Vegas

,

Revenue

,

144A,

2021

A

,

4

%

,

12/15/41

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

500,000

435,053

Industrial

Development

Authority

of

the

City

of

Phoenix

Arizona

(The)

,

b

BASIS

Schools,

Inc.

Obligated

Group

,

Revenue

,

144A,

2015

A

,

Refunding

,

5

%

,

7/01/35

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

900,000

900,160

b

BASIS

Schools,

Inc.

Obligated

Group

,

Revenue

,

144A,

2016

A

,

Refunding

,

5

%

,

7/01/46

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

250,000

239,954

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2014

A

,

5

%

,

7/01/44

..........

1,700,000

1,700,126

b

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

La

Posada

at

Park

Centre,

Inc.

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.875

%

,

11/15/52

........

1,500,000

1,610,263

b

Industrial

Development

Authority

of

the

County

of

Yavapai

(The)

,

Arizona

Agribusiness

and

Equine

Center,

Inc.

,

Revenue

,

144A,

2012

,

5

%

,

3/01/32

.

750,000

750,248

Arizona

Agribusiness

and

Equine

Center,

Inc.

,

Revenue

,

144A,

2015

A

,

Refunding

,

5

%

,

9/01/34

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

460,000

460,101

La

Paz

County

Industrial

Development

Authority

,

Harmony

Public

Schools

,

Revenue

,

2018

A

,

5

%

,

2/15/38

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

500,000

507,728

Harmony

Public

Schools

,

Revenue

,

2018

A

,

5

%

,

2/15/48

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

2,330,000

2,265,123

Maricopa

County

Industrial

Development

Authority

,

b

Grand

Canyon

University

Obligated

Group

,

Revenue

,

144A,

2024

,

7.375

%

,

10/01/29

1,800,000

1,890,187

Horizon

Community

Learning

Center,

Inc.

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/35

750,000

752,790

Salt

Verde

Financial

Corp.

,

Revenue

,

2007-1

,

5.5

%

,

12/01/29

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

2,000,000

2,145,530

b

Sierra

Vista

Industrial

Development

Authority

,

American

Leadership

Academy,

Inc.

,

Revenue

,

144A,

2024

,

5

%

,

6/15/64

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

300,000

268,135

Tempe

Industrial

Development

Authority

,

Tempe

Life

Care

Village

Obligated

Group

,

Revenue

,

2025

A

,

5.625

%

,

12/01/55

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

750,000

755,905

14,681,303

California

10.1%

b

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

4

%

,

2/01/56

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

475,000

397,969

d

California

County

Tobacco

Securitization

Agency

,

Gold

Country

Settlement

Funding

Corp.

,

Revenue

,

2020

B-2

,

Refunding

,

5.53

%,

6/01/55

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

5,150,000

1,046,761

b

California

Infrastructure

&

Economic

Development

Bank

,

a

Desertxpress

Enterprises

LLC

,

Revenue,

Sub.

Lien

,

144A,

2025

A

,

Refunding

,

Mandatory

Put

,

9.5

%

,

1/01/35

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

900,000

720,000

d

WFCS

Holdings

II

LLC

,

Revenue,

Sub.

Lien

,

144A,

2021

B

,

7.16

%,

1/01/61

......

4,245,000

372,501

California

Municipal

Finance

Authority

,

e

Revenue

,

FRN

,

2025-1

,

A-2

,

3.537

%

,

2/20/41

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

2,140,653

1,901,573

b,e

Revenue,

Sub.

Lien

,

144A,

FRN

,

2025-1

,

B

,

3.537

%

,

6/20/49

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

500,000

317,233

b

Catalyst

Impact

Fund

1

LLC

,

Revenue

,

144A,

2024

,

I

,

6

%

,

1/01/39

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

800,000

831,540

CHF-Davis

II

LLC

,

Revenue

,

2021

,

BAM

Insured

,

3

%

,

5/15/54

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

2,410,000

1,790,896

b

Westside

Neighborhood

School

,

Revenue

,

144A,

2024

,

6.2

%

,

6/15/54

..........

800,000

840,604

b

California

Public

Finance

Authority

,

Kendal

at

Sonoma

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

5

%

,

11/15/56

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

750,000

660,044

b

California

School

Finance

Authority

,

Vista

Charter

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2021

A

,

4

%

,

6/01/61

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

500,000

373,383

b

City

&

County

of

San

Francisco

,

Special

Tax

District

No.

2020-1

Development

,

Special

Tax

,

144A,

2021

A

,

4

%

,

9/01/41

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

500,000

473,972

City

of

Palm

Desert

,

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2021

,

Refunding

,

4

%

,

9/01/41

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

450,000

432,510

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

9

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

City

of

Sunnyvale

,

Community

Facilities

District

No.

1

,

Special

Tax

,

2001

,

7.75

%

,

8/01/32

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

$

605,000

$

607,094

b

CMFA

Special

Finance

Agency

I

,

Mix

at

CTR

City

(The)

,

Revenue

,

144A,

2021

A-2

,

4

%

,

4/01/56

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

2,500,000

1,915,378

b

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

A-1

,

3

%

,

8/01/56

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

500,000

346,118

b

CSCDA

Community

Improvement

Authority

,

Cameo/Garrison

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A-2

,

3

%

,

3/01/57

.

1,225,000

837,565

Dublin

,

Revenue

,

144A,

2021

B

,

4

%

,

2/01/57

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

500,000

374,178

Jefferson

Platinum

Triangle

Apartments

,

Revenue

,

144A,

2021

A-1

,

2.875

%

,

8/01/41

835,000

770,958

Jefferson

Platinum

Triangle

Apartments

,

Revenue

,

144A,

2021

A-2

,

3.125

%

,

8/01/56

7,150,000

5,393,165

Pasadena

Portfolio

,

Revenue,

Senior

Lien

,

144A,

2021

A-2

,

3

%

,

12/01/56

.......

2,500,000

1,782,996

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue

,

2019

A

,

4

%

,

5/01/49

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

7,420,000

6,698,381

Revenue

,

2019

A

,

Pre-Refunded

,

4

%

,

5/01/49

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

80,000

81,307

28,966,126

Colorado

3.3%

Canyons

Metropolitan

District

No.

5

,

GO

,

2024

B

,

Refunding

,

6.5

%

,

12/15/54

......

300,000

301,910

Colorado

Educational

&

Cultural

Facilities

Authority

,

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

4

%

,

5/01/36

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

150,000

148,534

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

4

%

,

5/01/41

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

175,000

160,509

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

4

%

,

5/01/51

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

350,000

292,277

Colorado

Health

Facilities

Authority

,

BSLC

II

Obligated

Group

,

Revenue,

Second

Tier

,

2025

,

5.625

%

,

9/15/59

........

350,000

351,119

Christian

Living

Neighborhoods

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

1/01/31

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

500,000

500,565

Christian

Living

Neighborhoods

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

1/01/37

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

1,250,000

1,250,858

b

Plaza

Metropolitan

District

No.

1

,

Tax

Allocation

,

144A,

2013

,

Refunding

,

5

%

,

12/01/40

1,650,000

1,650,480

Raindance

Metropolitan

District

No.

1

,

Non-Potable

Water

System

,

Revenue

,

2020

,

5.25

%

,

12/01/50

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

875,000

853,200

Rampart

Range

Metropolitan

District

No.

5

,

Revenue

,

2021

,

4

%

,

12/01/41

.........

1,000,000

907,492

Sky

Dance

Metropolitan

District

No.

2

,

GO

,

2024

A

,

6

%

,

12/01/54

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

375,000

382,498

Southlands

Metropolitan

District

No.

1

,

GO

,

2017

A-1

,

Refunding

,

5

%

,

12/01/37

.....

500,000

502,645

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

,

Revenue

,

2020

A

,

Refunding

,

4.25

%

,

12/01/50

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

450,000

459,446

Sterling

Ranch

Metropolitan

District

No.

4

Subdistrict

A

,

Revenue,

Senior

Lien

,

2024

A

,

Refunding

,

6.5

%

,

12/01/54

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

1,000,000

1,039,852

Trails

at

Crowfoot

Metropolitan

District

No.

3

,

GO

,

2024

B

,

Refunding

,

6.875

%

,

12/15/52

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

300,000

303,146

Village

Metropolitan

District

(The)

,

GO

,

2025

A

,

5.75

%

,

12/01/55

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

500,000

504,611

9,609,142

Connecticut

1.3%

b

Harbor

Point

Infrastructure

Improvement

District

,

Tax

Allocation

,

144A,

2017

,

Refunding

,

5

%

,

4/01/39

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

3,500,000

3,550,962

Stamford

Housing

Authority

,

TJH

Senior

Living

LLC

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

6.5

%

,

10/01/55

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

100,000

102,087

TJH

Senior

Living

LLC

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

6.25

%

,

10/01/60

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

150,000

150,178

3,803,227

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Delaware

1.4%

Delaware

State

Economic

Development

Authority

,

ASPIRA

of

Delaware

Charter

Operations,

Inc.

,

Revenue

,

2016

A

,

5

%

,

6/01/36

....

$

705,000

$

706,137

ASPIRA

of

Delaware

Charter

Operations,

Inc.

,

Revenue

,

2016

A

,

5

%

,

6/01/51

....

1,035,000

921,096

b

Town

of

Bridgeville

,

Heritage

Shores

Special

Development

District

,

Special

Tax

,

144A,

2024

,

5.25

%

,

7/01/44

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

875,000

885,782

b

Town

of

Millsboro

,

Plantation

Lakes

Special

Development

District

,

Special

Tax

,

144A,

2018

,

Refunding

,

5.125

%

,

7/01/38

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

490,000

492,742

Plantation

Lakes

Special

Development

District

,

Special

Tax

,

144A,

2018

,

Refunding

,

5.25

%

,

7/01/48

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

997,000

977,050

3,982,807

Florida

15.4%

Angeline

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.75

%

,

5/01/56

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

300,000

303,146

Bella

Tara

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

6.125

%

,

5/01/56

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

100,000

103,810

Capital

Trust

Agency,

Inc.

,

b

WFCS

Holdings

II

LLC

,

Revenue

,

144A,

2021

A-1

,

5

%

,

1/01/56

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

1,900,000

1,608,245

b

WFCS

Holdings

LLC

,

Revenue

,

144A,

2020

A-1

,

4.5

%

,

1/01/35

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

740,000

725,394

d

WFCS

Holdings

LLC

,

Revenue

,

2020

B

,

7.32

%,

1/01/60

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

6,000,000

536,990

b

Capital

Trust

Authority

,

Academir

Charter

Schools,

Inc.

,

Revenue

,

144A,

2025

A

,

6.375

%

,

7/01/50

.......

825,000

834,486

Madrone

Florida

Tech

Student

Housing

I

LLC

,

Revenue

,

144A,

2025

A

,

5.375

%

,

7/01/65

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

165,000

161,116

b

Cedar

Crossings

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

5.5

%

,

5/01/55

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

160,000

158,010

Central

Parc

Community

Development

District

,

Special

Assessment

,

2024

,

6

%

,

5/01/54

750,000

760,616

b

Charlotte

County

Industrial

Development

Authority

,

MSKP

Town

&

Country

Utility

LLC

,

Revenue

,

144A,

2021

A

,

4

%

,

10/01/41

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

1,000,000

935,037

City

of

Miami

,

Revenue

,

2024

A

,

5.5

%

,

1/01/49

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

5,000,000

5,475,138

b

City

of

Venice

,

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

144A,

2024

A

,

5.625

%

,

1/01/60

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

375,000

371,234

County

of

Lake

,

Waterman

Communities,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

5.75

%

,

8/15/55

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

750,000

717,105

b

County

of

Okaloosa

,

AIR

Force

Enlisted

Village,

Inc.

Obligated

Group

,

Revenue

,

144A,

2025

,

5.75

%

,

5/15/55

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

385,000

391,290

b

County

of

Palm

Beach

,

Provident

Group

-

LU

Properties

LLC

,

Revenue

,

144A,

2021

A

,

5

%

,

6/01/57

......

625,000

543,118

Provident

Group-PBAU

Properties

LLC

,

Revenue

,

144A,

2019

A

,

5

%

,

4/01/39

....

1,600,000

1,608,561

Cypress

Bluff

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.55

%

,

5/01/55

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

660,000

663,552

Cypress

Creek

Reserve

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

6

%

,

5/01/56

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

105,000

108,738

b

Cypress

Reserve

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2025

,

5.8

%

,

5/01/56

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

200,000

201,941

b

Del

Webb

Oak

Creek

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

5.625

%

,

5/01/55

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

250,000

252,827

East

Nassau

Stewardship

District

,

Special

Assessment

,

2025

,

6.25

%

,

5/01/56

......

425,000

442,227

Feed

Mill

Community

Development

District

,

Parcel

1

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.875

%

,

5/01/56

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

275,000

278,260

Florida

Development

Finance

Corp.

,

b

Revenue

,

144A,

2021

A

,

4

%

,

7/01/51

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

500,000

403,083

b

Glenridge

on

Palmer

Ranch

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

5

%

,

6/01/51

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

700,000

651,937

Shands

Jacksonville

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

2/01/52

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

1,500,000

1,456,835

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

11

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Florida

Higher

Educational

Facilities

Financing

Authority

,

Rollins

College

,

Revenue

,

2024

,

4.125

%

,

12/01/54

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

$

1,000,000

$

914,886

St.

Leo

University,

Inc.

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

3/01/44

..

1,370,000

1,066,618

Florida

Municipal

Loan

Council

,

Shingle

Creek

Transit

&

Utility

Community

Development

District

,

Special

Assessment

,

2024

,

5.15

%

,

5/01/44

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

650,000

663,888

Shingle

Creek

Transit

&

Utility

Community

Development

District

,

Special

Assessment

,

2024

,

5.4

%

,

5/01/54

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

825,000

836,966

Fox

Branch

Ranch

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.4

%

,

5/01/55

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

210,000

210,053

b

Gas

Worx

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

5.75

%

,

5/01/45

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

100,000

102,868

Special

Assessment

,

144A,

2025

,

6

%

,

5/01/57

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

105,000

107,685

GIR

East

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.3

%

,

5/01/45

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

300,000

299,087

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.5

%

,

5/01/55

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

575,000

567,847

Governors

Park

South

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.4

%

,

5/01/45

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

250,000

252,119

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.65

%

,

5/01/55

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

375,000

377,284

Hobe-St.

Lucie

Conservancy

District

,

Unit

of

Development

No.

1A

,

Special

Assessment

,

2024

,

5.875

%

,

5/01/55

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

500,000

512,706

Kings

Creek

I

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

6

%

,

5/01/55

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

125,000

128,148

Kissimmee

Park

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

6.125

%

,

5/01/56

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

370,000

384,098

b

Lakeside

at

Satilla

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2025

,

5.625

%

,

5/01/55

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

100,000

101,208

Lakewood

Ranch

Stewardship

District

,

Assessment

Azario

,

Special

Assessment

,

2019

,

4

%

,

5/01/40

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

1,000,000

950,953

b

Assessment

Northeast

Sector

Project

Phase

2B

,

Special

Assessment

,

144A,

2020

,

Refunding

,

4

%

,

5/01/50

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

250,000

208,586

Assessments

,

Special

Assessment

,

2023

,

6.3

%

,

5/01/54

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

1,140,000

1,204,226

Assessments

,

Special

Assessment

,

2024

,

5.25

%

,

5/01/44

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

585,000

595,417

Villages

Lakewood

Ranch

South

,

Special

Assessment

,

2016

,

5.125

%

,

5/01/46

....

740,000

740,479

Lee

County

Industrial

Development

Authority

,

Shell

Point

Obligated

Group

,

Revenue

,

2024

C

,

5

%

,

11/15/54

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

500,000

483,495

Miami-Dade

County

Industrial

Development

Authority

,

Pinecrest

Academy

Obligated

Group

,

Revenue

,

2014

,

5

%

,

9/15/34

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

1,225,000

1,225,487

b

Northridge

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2025

,

5.75

%

,

5/01/45

..........

100,000

102,712

Assessment

Area

1

,

Special

Assessment

,

144A,

2025

,

6

%

,

5/01/55

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

100,000

102,595

c

Orange

County

Health

Facilities

Authority

,

Orlando

Health

Obligated

Group

,

Revenue

,

2022

,

4

%

,

10/01/52

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

2,570,000

2,264,320

Pasadena

Ridge

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2025

,

5.7

%

,

5/01/55

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

500,000

500,130

Pinellas

County

Industrial

Development

Authority

,

Drs

Kiran

&

Pallavi

Patel

2017

Foundation

for

Global

Understanding,

Inc.

,

Revenue

,

2019

,

5

%

,

7/01/39

.........

1,690,000

1,693,911

Ranches

at

Lake

Mcleod

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2025

,

5.65

%

,

6/15/55

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

250,000

252,239

River

Landing

Community

Development

District

,

Assessments

,

Special

Assessment

,

2025

,

5.45

%

,

5/01/55

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

240,000

240,766

Sarasota

County

Health

Facilities

Authority

,

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

1/01/37

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

1,000,000

1,005,035

Sarasota

County

Public

Hospital

District

,

Sarasota

County

Public

Hospital

District

Obligated

Group

,

Revenue

,

2018

,

4

%

,

7/01/48

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

1,500,000

1,355,084

St.

Johns

County

Industrial

Development

Authority

,

Life

Care

Ponte

Vedra

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

12/15/36

355,000

332,513

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

St.

Johns

County

Industrial

Development

Authority,

(continued)

Life

Care

Ponte

Vedra

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

12/15/41

$

500,000

$

436,046

b,f

Starling

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

5.6

%

,

5/01/56

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

500,000

495,558

b

Sunrise

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

5.875

%

,

5/01/55

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

500,000

494,368

Tolomato

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.125

%

,

5/01/54

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

525,000

512,574

b,f

Tranquility

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

5.625

%

,

5/01/55

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

300,000

299,927

Verandah

West

Community

Development

District

,

Assessments

,

Special

Assessment

,

2013

,

Refunding

,

5

%

,

5/01/33

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

410,000

410,337

Verano

No.

4

Community

Development

District

,

Astor

Creek

Phase

2

Assessment

Area

,

Special

Assessment

,

2025

,

6

%

,

5/01/55

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

150,000

155,631

Village

Community

Development

District

No.

12

,

Phase

II

,

Special

Assessment

,

2018

,

4

%

,

5/01/33

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

670,000

674,271

b

Waterset

South

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

5.7

%

,

5/01/56

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

200,000

201,729

b

West

Port

East

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2025

,

5.8

%

,

5/01/45

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

185,000

191,593

b,f

West

Villages

Improvement

District

,

Special

Assessment

,

144A,

2025

,

5.5

%

,

5/01/55

400,000

398,071

b

Westview

South

Community

Development

District

,

Assessment

Area

1

2025

Project

Area

,

Special

Assessment

,

144A,

2025

,

6.2

%

,

5/01/55

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

275,000

286,717

b

Woodland

Preserve

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2025

,

5.5

%

,

5/01/55

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

220,000

220,701

44,253,628

Georgia

4.0%

b

Atlanta

Development

Authority

(The)

,

PRG

-

CAU

Properties

LLC

,

Revenue

,

144A,

2025

A

,

6

%

,

7/01/55

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

115,000

118,922

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

3

%

,

4/01/45

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

1,785,000

1,413,877

Coweta

County

Development

Authority

,

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/44

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

4,000,000

4,098,978

DeKalb

County

Development

Authority

,

GLOBE

Academy,

Inc.

(The)

,

Revenue

,

2024

A

,

5

%

,

6/01/63

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

515,000

485,806

Development

Authority

of

Cobb

County

(The)

,

Kennesaw

State

University

Real

Estate

Obligated

Group

2015

ABC

,

Revenue,

Junior

Lien

,

C

,

5

%

,

7/15/30

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

685,000

685,408

Kennesaw

State

University

Real

Estate

Obligated

Group

2015

ABC

,

Revenue,

Junior

Lien

,

C

,

5

%

,

7/15/38

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

740,000

739,990

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2021

A

,

3

%

,

2/15/51

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

2,000,000

1,451,487

a

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2023

E-1

,

Mandatory

Put

,

5

%

,

6/01/31

.....

2,200,000

2,370,314

11,364,782

Illinois

8.0%

Chicago

Board

of

Education

,

GO

,

2015

C

,

5.25

%

,

12/01/39

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

1,500,000

1,479,298

GO

,

2021

A

,

5

%

,

12/01/40

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

500,000

484,072

GO

,

2023

A

,

5.875

%

,

12/01/47

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

1,700,000

1,709,281

GO

,

2025

A

,

5.75

%

,

12/01/50

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

850,000

845,179

Chicago

Midway

International

Airport

,

Revenue,

Senior

Lien

,

2023

C

,

Refunding

,

5

%

,

1/01/40

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

1,250,000

1,320,562

City

of

Chicago

,

GO

,

2019

A

,

5.5

%

,

1/01/49

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

1,000,000

984,942

GO

,

2020

A

,

Refunding

,

5

%

,

1/01/30

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

1,800,000

1,877,906

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

13

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Illinois

(continued)

City

of

Chicago,

(continued)

GO

,

2021

B

,

Refunding

,

BAM

Insured

,

4

%

,

1/01/38

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

$

2,747,000

$

2,747,018

b

Lakeshore

East

Special

Assessment

Area

,

Special

Assessment

,

144A,

2022

,

Refunding

,

3.04

%

,

12/01/28

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

241,000

233,707

b

Lakeshore

East

Special

Assessment

Area

,

Special

Assessment

,

144A,

2022

,

Refunding

,

3.38

%

,

12/01/31

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

341,000

327,817

Du

Page

County

Special

Service

Area

No.

31

,

Monarch

Landing,

Inc.

,

Special

Tax

,

2006

,

5.625

%

,

3/01/36

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

233,000

233,188

Illinois

Finance

Authority

,

CHF-Chicago

LLC

,

Revenue

,

2017

A

,

5

%

,

2/15/37

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

1,200,000

1,208,099

CHF-Chicago

LLC

,

Revenue

,

2017

A

,

5

%

,

2/15/47

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

1,500,000

1,458,460

Plymouth

Place

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

5/15/41

.....

400,000

385,738

Plymouth

Place

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

5/15/51

.....

1,000,000

872,239

Plymouth

Place

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

5/15/56

.....

815,000

697,314

Metropolitan

Pier

&

Exposition

Authority

,

d

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2017

B

,

Refunding

,

4.788

%,

12/15/47

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

1,500,000

1,115,375

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/52

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

2,100,000

1,800,542

State

of

Illinois

,

GO

,

2018

A

,

5

%

,

5/01/38

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

1,000,000

1,029,745

GO

,

2023

B

,

5.25

%

,

5/01/40

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

2,100,000

2,258,494

23,068,976

Indiana

0.2%

Indiana

Finance

Authority

,

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

5.125

%

,

6/01/58

500,000

501,023

Iowa

0.8%

Iowa

Finance

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

7.5

%

,

5/15/53

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

600,000

666,063

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.125

%

,

5/15/59

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

1,500,000

1,407,438

Presbyterian

Homes

Mill

Pond

Apartment,

Inc.

,

Revenue

,

2025

,

5.75

%

,

10/01/55

..

300,000

304,986

2,378,487

Kentucky

0.3%

Kentucky

Economic

Development

Finance

Authority

,

Masonic

Homes

of

Kentucky,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

5/15/46

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

1,000,000

824,177

Owensboro

Health,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5.25

%

,

6/01/41

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

125,000

126,177

950,354

Louisiana

1.0%

b

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

Christwood

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.25

%

,

11/15/53

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

1,300,000

1,221,652

Louisiana

Public

Facilities

Authority

,

b

Acadiana

Renaissance

Charter

Academy

,

Revenue

,

144A,

2025

,

6

%

,

6/15/59

....

140,000

140,723

Calcasieu

Bridge

Partners

LLC

,

Revenue,

Senior

Lien

,

2024

,

5.75

%

,

9/01/64

.....

1,500,000

1,556,459

Tulane

University

,

Revenue

,

2017

A

,

Pre-Refunded

,

4

%

,

12/15/50

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

20,000

20,526

2,939,360

Maryland

1.7%

City

of

Brunswick

,

Brunswick

Crossing

Special

Taxing

District

,

Special

Tax

,

2019

,

Refunding

,

5

%

,

7/01/36

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

548,000

558,247

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

City

of

Westminster

,

Lutheran

Village

at

Miller's

Grant,

Inc.

Obligated

Group

(The)

,

Revenue

,

2014

A

,

6

%

,

7/01/34

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

$

230,000

$

230,179

County

of

Frederick

,

b

Mount

St.

Mary's

University,

Inc.

,

Revenue

,

144A,

2017

A

,

Refunding

,

5

%

,

9/01/37

.

500,000

478,964

Oakdale-Lake

Linganore

Development

District

,

Special

Tax

,

2019

,

Refunding

,

3.75

%

,

7/01/39

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

1,410,000

1,315,458

b

County

of

Prince

George's

,

Westphalia

Town

Center

Development

District

,

Tax

Allocation

,

144A,

2018

,

5.125

%

,

7/01/39

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

1,000,000

1,005,776

Maryland

Economic

Development

Corp.

,

City

of

Baltimore

Port

Covington

Development

District

,

Tax

Allocation

,

2020

,

4

%

,

9/01/40

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

755,000

712,469

City

of

Baltimore

Port

Covington

Development

District

,

Tax

Allocation

,

2020

,

4

%

,

9/01/50

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

750,000

639,655

4,940,748

Massachusetts

1.1%

Collegiate

Charter

School

of

Lowell

,

Revenue

,

2019

,

5

%

,

6/15/39

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

1,000,000

1,001,312

Massachusetts

Development

Finance

Agency

,

b,g

Adventcare

Obligated

Group

,

Revenue

,

144A,

2007

,

6.65

%

,

10/15/28

..........

995,000

10

Boston

Medical

Center

Corp.

Obligated

Group

,

Revenue

,

2015

D

,

5

%

,

7/01/44

....

365,000

360,057

b

CHF

Merrimack,

Inc.

,

Revenue

,

144A,

2024

A

,

5

%

,

7/01/60

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

1,000,000

943,287

Lasell

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/40

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

1,000,000

886,940

3,191,606

Michigan

4.4%

City

of

Detroit

,

GO

,

2018

,

5

%

,

4/01/37

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

750,000

771,299

GO

,

B-1

,

4

%

,

4/01/44

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

3,952,414

3,154,175

Michigan

Finance

Authority

,

Aquinas

College

,

Revenue

,

2021

,

Refunding

,

5

%

,

5/01/46

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

500,000

377,432

Lawrence

Technological

University

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

2/01/47

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

650,000

613,685

Michigan

State

Housing

Development

Authority

,

Revenue

,

2021

A

,

2.73

%

,

10/01/59

.

1,000,000

647,830

Pontiac

School

District

,

GO

,

2020

,

4

%

,

5/01/45

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

3,575,000

3,348,937

GO

,

2020

,

4

%

,

5/01/45

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

1,470

1,377

GO

,

2020

,

4

%

,

5/01/50

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

4,025,000

3,737,052

12,651,787

Minnesota

1.2%

b

City

of

Eagan

,

Great

Oaks

Academy

,

Revenue

,

144A,

2025

A

,

6.5

%

,

2/01/65

.......

300,000

293,654

City

of

Ham

Lake

,

DaVinci

Academy

of

Arts

and

Science

,

Revenue

,

2016

A

,

5

%

,

7/01/47

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

500,000

432,454

City

of

Ramsey

,

PACT

Charter

School

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

6/01/32

...

575,000

576,214

Minnesota

Health

&

Education

Facilities

Authority

,

Augsburg

University

,

Revenue

,

2016

A

,

5

%

,

5/01/46

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

1,250,000

859,014

St.

Paul

Port

Authority

,

HealthPartners

Obligated

Group

,

Revenue

,

2007-1

,

5

%

,

8/01/36

905,000

905,639

Township

of

Baytown

,

St.

Croix

Preparatory

Academy

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

8/01/41

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

380,000

329,396

3,396,371

Missouri

4.6%

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Children's

Mercy

Hospital

Obligated

Group

,

Revenue

,

2017

A

,

4

%

,

5/15/48

......

5,600,000

5,213,878

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

5/01/38

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

900,000

769,200

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

15

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri,

(continued)

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

5/01/43

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

$

2,270,000

$

1,784,171

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis

,

Revenue

,

2023

B

,

Refunding

,

4

%

,

5/01/45

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

1,900,000

1,436,986

Industrial

Development

Authority

of

the

City

of

St.

Louis

Missouri

(The)

,

Revenue

,

2017

A

,

Refunding

,

4.75

%

,

11/15/47

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

875,000

759,561

St.

Louis

County

Industrial

Development

Authority

,

Friendship

Village

St.

Louis

Obligated

Group

,

Revenue

,

2018

A

,

5.25

%

,

9/01/53

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

3,250,000

3,212,212

13,176,008

Nevada

1.5%

City

of

Las

Vegas

,

Special

Improvement

District

No.

814

,

Special

Assessment

,

2019

,

4

%

,

6/01/39

....

410,000

394,672

Special

Improvement

District

No.

814

,

Special

Assessment

,

2019

,

4

%

,

6/01/44

....

585,000

516,734

Special

Improvement

District

No.

815

,

Special

Assessment

,

2020

,

5

%

,

12/01/49

...

590,000

594,442

Special

Improvement

District

No.

816

,

Special

Assessment

,

2021

,

3

%

,

6/01/41

....

645,000

499,588

Special

Improvement

District

No.

817

,

Special

Assessment

,

2023

,

5.5

%

,

6/01/38

..

375,000

403,432

Special

Improvement

District

No.

817

,

Special

Assessment

,

2023

,

5.75

%

,

6/01/43

.

500,000

530,438

Special

Improvement

District

No.

817

,

Special

Assessment

,

2023

,

6

%

,

6/01/48

....

350,000

370,672

Special

Improvement

District

No.

817

,

Special

Assessment

,

2023

,

6

%

,

6/01/53

....

500,000

526,441

County

of

Clark

,

Special

Improvement

District

No.

159

,

Special

Assessment

,

2015

,

5

%

,

8/01/32

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

370,000

370,250

4,206,669

New

Hampshire

1.4%

New

Hampshire

Business

Finance

Authority

,

Revenue

,

2024-2

,

A

,

3.625

%

,

8/20/39

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

2,228,108

2,133,368

e

Revenue

,

FRN

,

2024-3

,

A

,

4.163

%

,

10/20/41

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

992,463

978,050

Greater

Raleigh

Area

Christian

Education,

Inc.

,

Revenue

,

2025

,

6

%

,

8/01/65

.....

675,000

680,799

New

Hampshire

Health

and

Education

Facilities

Authority

Act

,

Elliot

Hospital

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

10/01/38

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

250,000

252,083

4,044,300

New

Jersey

0.6%

New

Jersey

Economic

Development

Authority

,

Friends

of

TEAM

Academy

Charter

School

Obligated

Group

,

Revenue

,

2013

,

6

%

,

10/01/33

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

850,000

851,512

United

Airlines,

Inc.

,

Revenue

,

2000

B

,

5.625

%

,

11/15/30

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

500,000

500,007

Passaic

County

Improvement

Authority

(The)

,

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

5.5

%

,

7/01/58

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

450,000

460,910

1,812,429

New

York

8.7%

Metropolitan

Transportation

Authority

,

Revenue

,

2017

C-1

,

Refunding

,

4

%

,

11/15/35

.

3,000,000

3,030,055

New

York

Counties

Tobacco

Trust

VI

,

Revenue

,

2016

A-2B

,

Refunding

,

5

%

,

6/01/45

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

3,000,000

2,628,902

Revenue

,

2016

A-2B

,

Refunding

,

5

%

,

6/01/51

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

700,000

591,952

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

2.875

%

,

11/15/46

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

1,860,000

1,374,881

Revenue

,

2021

A

,

Refunding

,

BAM

Insured

,

3

%

,

11/15/51

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

3,000,000

2,208,289

Revenue

,

2021

A

,

Refunding

,

3

%

,

11/15/51

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

4,215,000

3,052,418

b

3

World

Trade

Center

LLC

,

Revenue

,

144A,

2014

,

2

,

Refunding

,

5.375

%

,

11/15/40

.

750,000

750,144

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

1WTC

2021

,

Refunding

,

2.75

%

,

2/15/44

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

1,835,000

1,383,648

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

5

%

,

10/01/40

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

1,250,000

1,269,904

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

Transportation

Development

Corp.,

(continued)

Delta

Air

Lines,

Inc.

,

Revenue

,

2023

,

5.625

%

,

4/01/40

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

$

1,000,000

$

1,050,581

JFK

NTO

LLC

,

Revenue

,

2025

,

6

%

,

6/30/55

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

2,000,000

2,137,353

b

Oneida

Indian

Nation

of

New

York

,

Revenue

,

144A,

2024

A

,

8

%

,

9/01/40

..........

1,000,000

1,021,762

c

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

218th

,

5

%

,

11/01/49

..........

2,460,000

2,509,253

Suffolk

Regional

Off-Track

Betting

Co.

,

Revenue

,

2024

,

6

%

,

12/01/53

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

2,000,000

2,029,863

25,039,005

North

Carolina

1.0%

North

Carolina

Medical

Care

Commission

,

Lutheran

Services

for

the

Aging,

Inc.

Obligated

Group

,

Revenue

,

2021

C

,

Refunding

,

4

%

,

3/01/36

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

2,320,000

2,282,679

Maryfield,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

10/01/45

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

500,000

473,303

2,755,982

North

Dakota

1.2%

City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group

,

Revenue

,

2023

A

,

AG

Insured

,

5

%

,

12/01/48

350,000

360,484

Altru

Health

System

Obligated

Group

,

Revenue

,

2023

A

,

AG

Insured

,

5

%

,

12/01/53

2,000,000

2,046,383

City

of

Horace

,

GO

,

2024

C

,

Refunding

,

4.75

%

,

5/01/44

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

1,100,000

1,095,949

3,502,816

Ohio

2.8%

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien

,

2020

A-2

,

1

,

Refunding

,

3

%

,

6/01/48

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

1,300,000

922,536

Revenue,

Senior

Lien

,

2020

B-2

,

2

,

Refunding

,

5

%

,

6/01/55

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

470,000

394,510

Cleveland-Cuyahoga

County

Port

Authority

,

Playhouse

Square

Foundation

,

Revenue

,

2018

,

Refunding

,

5.5

%

,

12/01/53

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

1,500,000

1,502,338

County

of

Washington

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

6.75

%

,

12/01/52

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

500,000

518,375

Northeast

Ohio

Medical

University

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

12/01/40

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

1,575,000

1,308,284

Revenue

,

2021

A

,

Refunding

,

4

%

,

12/01/45

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

450,000

403,533

Ohio

Higher

Educational

Facility

Commission

,

Xavier

University

,

Revenue

,

2024

,

Refunding

,

5.25

%

,

5/01/49

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

1,560,000

1,601,408

b

Port

of

Greater

Cincinnati

Development

Authority

,

City

of

Cincinnati

Assigned

City

Residual

Funds

,

Revenue

,

144A,

2021

,

4.25

%

,

12/01/50

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

1,320,000

1,247,355

Southeastern

Ohio

Port

Authority

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

12/01/43

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

150,000

129,899

8,028,238

Oklahoma

0.2%

Tulsa

Municipal

Airport

Trust

Trustees

,

American

Airlines,

Inc.

,

Revenue

,

2025

,

Refunding

,

6.25

%

,

12/01/40

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

475,000

533,136

Oregon

0.1%

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Terwilliger

Plaza,

Inc.

Obligated

Group

,

Revenue

,

2012

,

Refunding

,

5

%

,

12/01/29

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

260,000

260,094

Pennsylvania

4.0%

Chester

County

Industrial

Development

Authority

,

Collegium

Charter

School

,

Revenue

,

2017

A

,

5.125

%

,

10/15/37

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

750,000

735,042

University

Student

Housing

LLC

,

Revenue

,

2013

A

,

5

%

,

8/01/45

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

1,000,000

925,249

Cumberland

County

Municipal

Authority

,

Asbury

Pennsylvania

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

1/01/45

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

500,000

468,678

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2019

,

Refunding

,

5

%

,

5/01/48

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

2,040,000

1,840,606

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

17

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Lancaster

Municipal

Authority

,

Garden

Spot

Village

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

5

%

,

5/01/49

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

$

900,000

$

900,321

Lehigh

County

Industrial

Development

Authority

,

Seven

Generations

Charter

School

,

Revenue

,

2021

A

,

4

%

,

5/01/51

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

1,000,000

769,437

Maxatawny

Township

Municipal

Authority

,

Lutheran

Senior

Services

East

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

1/01/41

...

1,400,000

1,413,040

Lutheran

Senior

Services

East

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

1/01/42

...

1,450,000

1,453,265

Pennsylvania

Economic

Development

Financing

Authority

,

Commonwealth

of

Pennsylvania

Motor

License

Fund

,

Revenue

,

2022

,

6

%

,

6/30/61

1,000,000

1,058,156

a

Talen

Energy

Supply

LLC

,

Revenue

,

2009

C

,

Refunding

,

Mandatory

Put

,

5.25

%

,

6/01/27

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

500,000

504,524

b

Philadelphia

Authority

for

Industrial

Development

,

g

University

of

the

Arts

(The)

,

Revenue

,

144A,

2017

,

5

%

,

3/15/45

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

807,977

161,595

University

of

the

Arts

(The)

,

Revenue

,

144A,

2017

,

Pre-Refunded

,

5

%

,

3/15/45

...

40,000

42,185

University

Plaza

Associates

,

Revenue

,

144A,

2017

,

III

,

Pre-Refunded

,

5.25

%

,

12/01/47

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

1,300,000

1,331,495

11,603,593

Rhode

Island

0.5%

Rhode

Island

Health

and

Educational

Building

Corp.

,

PRG

-

RI

Properties

LLC

,

Revenue

,

2025

A

,

AG

Insured

,

5

%

,

7/01/60

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

1,500,000

1,514,623

South

Carolina

5.6%

b

City

of

Goose

Creek

,

Carnes

Crossroads

Improvement

District

,

Special

Assessment

,

144A,

2025

,

5.5

%

,

10/01/55

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

175,000

176,546

County

of

Berkeley

,

Nexton

Improvement

District

,

Special

Assessment

,

2019

,

4.375

%

,

11/01/49

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

1,000,000

893,008

b

County

of

Lancaster

,

Roselyn

Residential

Improvement

District

,

Special

Assessment

,

144A,

2025

,

6.2

%

,

6/01/55

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

120,000

123,920

South

Carolina

Jobs-Economic

Development

Authority

,

Beaufort

Memorial

Hospital

Obligated

Group

,

Revenue

,

2024

,

5.75

%

,

11/15/54

...

1,000,000

1,037,654

b

Green

Charter

School

Spartanburg

LLC

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

4

%

,

6/01/56

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

1,020,000

689,999

b

High

Point

Academy,

Inc.

,

Revenue

,

144A,

2018

A

,

5.75

%

,

6/15/39

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

500,000

470,589

b

High

Point

Academy,

Inc.

,

Revenue

,

144A,

2018

A

,

5.75

%

,

6/15/49

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

1,000,000

883,953

South

Carolina

Public

Service

Authority

,

Revenue

,

2021

B

,

4

%

,

12/01/41

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

4,000,000

3,915,461

Revenue

,

2021

B

,

4

%

,

12/01/42

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

5,250,000

5,051,706

Revenue

,

2021

B

,

4

%

,

12/01/51

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

3,000,000

2,710,522

15,953,358

Tennessee

0.9%

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

,

Blakeford

at

Green

Hills

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/01/55

.

1,750,000

1,383,389

Metropolitan

Nashville

Airport

Authority

(The)

,

Revenue

,

2022

B

,

5.5

%

,

7/01/39

.....

1,000,000

1,103,403

2,486,792

Texas

12.0%

Arlington

Higher

Education

Finance

Corp.

,

b

BASIS

Texas

Charter

Schools,

Inc.

,

Revenue

,

144A,

2024

,

5

%

,

6/15/64

.........

1,200,000

1,081,132

b

Magellan

School

(The)

,

Revenue

,

144A,

2022

,

6.375

%

,

6/01/62

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

1,100,000

1,112,479

Wayside

Schools

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

8/15/41

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

610,000

521,216

b

Beaumont

Housing

Authority

,

Revenue,

Senior

Lien

,

144A,

2025

A

,

6.5

%

,

7/01/55

...

575,000

572,077

b

City

of

Aubrey

,

Duck

Point

Public

Improvement

District

,

Special

Assessment

,

144A,

2025

,

5.625

%

,

12/31/55

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

110,000

110,105

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

City

of

Austin

,

Whisper

Valley

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2024

,

5

%

,

11/01/44

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

$

555,000

$

544,785

Whisper

Valley

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2024

,

5.25

%

,

11/01/53

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

750,000

737,918

b

City

of

Celina

,

Sutton

Fields

East

Public

Improvement

District

Phase

No.

2

,

Special

Assessment

,

144A,

2025

,

5.375

%

,

9/01/45

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

150,000

150,082

Sutton

Fields

East

Public

Improvement

District

Phase

No.

2

,

Special

Assessment

,

144A,

2025

,

5.625

%

,

9/01/55

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

270,000

270,283

f

City

of

Dripping

Springs

,

Special

Assessment

,

2025

,

5.625

%

,

9/01/55

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

300,000

299,334

b,f

City

of

Ennis

,

Special

Assessment

,

144A,

2025

,

5.5

%

,

9/15/55

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

325,000

322,138

City

of

Houston

Airport

System

,

United

Airlines,

Inc.

,

Revenue

,

2015

B-1

,

5

%

,

7/15/35

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

2,500,000

2,500,037

United

Airlines,

Inc.

,

Revenue

,

2021

A

,

4

%

,

7/01/41

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

1,250,000

1,148,487

b

City

of

Hutto

,

Prairie

Winds

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2025

,

5.125

%

,

9/01/45

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

390,000

380,876

b,f

City

of

Justin

,

Timberbrook

Public

Improvement

District

No.

2

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2025

,

6

%

,

9/01/55

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

500,000

504,014

b

City

of

Manor

,

Special

Assessment

,

144A,

2025

,

6

%

,

9/15/55

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

125,000

126,659

EntradenGlen

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2025

,

7

%

,

9/15/55

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

150,000

154,830

b

City

of

Mansfield

,

Staybolt

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2025

,

6.25

%

,

9/15/55

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

350,000

361,937

Clifton

Higher

Education

Finance

Corp.

,

IDEA

Public

Schools

,

Revenue

,

2022

A

,

4

%

,

8/15/51

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

1,200,000

1,053,691

b

County

of

Denton

,

Green

Meadows

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2025

,

5.875

%

,

12/31/45

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

125,000

129,110

Green

Meadows

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2025

,

6.125

%

,

12/31/55

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

250,000

259,033

Dallas

Area

Rapid

Transit

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

5

%

,

12/01/45

..

7,000,000

7,262,431

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Brazos

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

1/01/37

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

250,000

252,189

YMCA

of

the

Greater

Houston

Area

,

Revenue

,

2013

A

,

Refunding

,

5

%

,

6/01/33

...

1,000,000

981,011

Matagorda

County

Navigation

District

No.

1

,

AEP

Texas,

Inc.

,

Revenue

,

2005

A

,

Refunding

,

AMBAC

Insured

,

4.4

%

,

5/01/30

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

1,250,000

1,305,108

New

Hope

Cultural

Education

Facilities

Finance

Corp.

,

CHF-Collegiate

Housing

Denton

LLC

,

Revenue

,

2018

A-1

,

AG

Insured

,

4.125

%

,

7/01/53

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

1,000,000

890,395

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

,

Cumberland

Rest,

Inc.

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

5

%

,

10/01/49

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

1,000,000

990,973

b

Texas

Community

Housing

&

Economic

Development

Corp.

,

Agape

Helotes,

Inc.

,

Revenue,

Senior

Lien

,

144A,

2025

A-1

,

6.25

%

,

1/01/65

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

575,000

539,132

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

,

Revenue

,

2021

,

Refunding

,

5

%

,

12/15/30

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

1,000,000

1,072,260

d

Texas

Transportation

Commission

State

Highway

249

System

,

Revenue,

First

Tier

,

2019

A

,

4.65

%,

8/01/39

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

700,000

374,784

c

Texas

Transportation

Finance

Corp.

,

Revenue

,

2025

A

,

Refunding

,

5.5

%

,

10/01/55

..

7,000,000

7,657,160

Uptown

Development

Authority

,

City

of

Houston

Reinvestment

Zone

No.

16

,

Tax

Allocation

,

2021

,

Refunding

,

3

%

,

9/01/37

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

900,000

772,034

34,437,700

Utah

2.2%

b

Black

Desert

Public

Infrastructure

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2024

,

5.625

%

,

12/01/53

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

1,300,000

1,314,333

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

19

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Utah

(continued)

b,d

MIDA

Cormont

Public

Infrastructure

District

,

GO

,

144A,

2025

A-2

,

0.868

%,

6/01/55

..

$

500,000

$

423,120

b

MIDA

Mountain

Village

Public

Infrastructure

District

,

Special

Assessment

,

144A,

2020

A

,

5

%

,

8/01/50

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

1,045,000

1,031,307

Military

Recreation

Facility

Project

Area

,

Tax

Allocation

,

144A,

2024-2

,

6

%

,

6/15/54

500,000

515,121

Mountain

Village

Assessment

Area

2

,

Special

Assessment

,

144A,

2021

,

4

%

,

8/01/50

1,150,000

986,728

b

SkyRidge

Pegasus

Infrastructure

Financing

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.25

%

,

12/01/44

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

300,000

296,836

Utah

Infrastructure

Agency

,

Revenue

,

2023

,

6

%

,

10/15/47

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

1,350,000

1,467,604

Revenue

,

2025

,

5.25

%

,

10/15/49

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

350,000

352,294

6,387,343

Virginia

1.4%

b

Cherry

Hill

Community

Development

Authority

,

Special

Assessment

,

144A,

2015

,

5.4

%

,

3/01/45

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

995,000

995,651

b

Farms

New

Kent

Community

Development

Authority

,

Special

Assessment

,

144A,

2021

A

,

Refunding

,

3.75

%

,

3/01/36

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

360,000

352,343

James

City

County

Economic

Development

Authority

,

Virginia

United

Methodist

Homes

of

Williamsburg,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/47

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

1,000,000

782,907

Williamsburg

Landing,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

12/01/50

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

1,235,000

964,477

b

Lower

Magnolia

Green

Community

Development

Authority

,

Special

Assessment

,

144A,

2015

,

5

%

,

3/01/35

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

455,000

455,096

Suffolk

Economic

Development

Authority

,

EveryAge

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

9/01/31

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

500,000

500,639

4,051,113

Washington

4.9%

Grays

Harbor

County

Public

Hospital

District

No.

1

,

Revenue

,

2023

,

Refunding

,

6.875

%

,

12/01/53

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

3,000,000

3,325,400

b

Kalispel

Tribe

of

Indians

,

Revenue

,

144A,

2018

A

,

5.25

%

,

1/01/38

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

750,000

764,861

King

County

Public

Hospital

District

No.

4

,

Revenue

,

2025

A

,

Refunding

,

7

%

,

12/01/60

350,000

357,542

Skagit

County

Public

Hospital

District

No.

1

,

Revenue

,

2024

,

5.5

%

,

12/01/54

.......

1,000,000

1,030,739

Washington

State

Housing

Finance

Commission

,

Revenue

,

2023-1

,

A

,

3.375

%

,

4/20/37

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

3,138,316

2,967,711

e

Revenue

,

FRN

,

2024-1

,

A

,

4.221

%

,

3/20/40

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

745,070

729,421

Eastside

Retirement

Association

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

5

%

,

7/01/48

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

1,200,000

1,194,506

b

Presbyterian

Retirement

Communities

Northwest

Obligated

Group

,

Revenue

,

144A,

2016

A

,

Refunding

,

5

%

,

1/01/36

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

1,175,000

1,182,161

b

Seattle

Academy

of

Arts

&

Sciences

,

Revenue

,

144A,

2023

,

Refunding

,

6.375

%

,

7/01/63

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

560,000

607,130

b

Spokane

International

Academy

,

Revenue

,

144A,

2021

A

,

5

%

,

7/01/56

..........

1,130,000

951,396

b

Wesley

Homes

Lea

Hill

LLC

,

Revenue

,

144A,

2016

,

Refunding

,

5

%

,

7/01/36

.....

580,000

579,564

b

Wesley

Homes

Lea

Hill

LLC

,

Revenue

,

144A,

2016

,

Refunding

,

5

%

,

7/01/41

.....

500,000

468,941

14,159,372

West

Virginia

2.0%

West

Virginia

Hospital

Finance

Authority

,

Vandalia

Health,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

6

%

,

9/01/48

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

5,250,000

5,745,476

Wisconsin

9.5%

Public

Finance

Authority

,

Revenue

,

2023-1

,

A

,

5.75

%

,

7/01/62

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

2,132,025

2,237,734

b

AMCP

Franklin

LLC

,

Revenue

,

144A,

2025

A-T

,

10

%

,

12/01/60

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

650,000

663,655

Celanese

US

Holdings

LLC

,

Revenue

,

2016

C

,

Refunding

,

4.3

%

,

11/01/30

.......

300,000

300,151

b

CFC-SA

LLC

,

Revenue,

Sub.

Lien

,

144A,

2022

B

,

6

%

,

2/01/62

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

1,000,000

1,028,606

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

20

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

(continued)

Public

Finance

Authority,

(continued)

b

CHF

-

Manoa

LLC

,

Revenue,

Senior

Lien

,

144A,

2023

A

,

5.75

%

,

7/01/63

........

$

1,000,000

$

1,002,893

b

Church

Home

of

Hartford

Obligated

Group

,

Revenue

,

144A,

2015

A

,

Refunding

,

5

%

,

9/01/30

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

945,000

945,500

b

Dominium

Holdings

I

LLC

,

Revenue

,

144A,

2024-1

,

B-1

,

6.81

%

,

4/28/36

........

1,425,000

1,468,801

b

Foundation

Academy

Charter

School

A

NJ

Nonprofit

Corp.

,

Revenue

,

144A,

2024

,

5

%

,

7/01/55

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

1,000,000

909,829

KSU

Bixby

Real

Estate

Foundation

LLC

,

Revenue,

Sub.

Lien

,

2025

B

,

5.5

%

,

6/15/55

410,000

421,646

b

Mary's

Woods

at

Marylhurst

Obligated

Group

,

Revenue

,

144A,

2017

A

,

Refunding

,

5.25

%

,

5/15/37

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

380,000

383,605

b

North

Carolina

Leadership

Charter

Academy,

Inc.

,

Revenue

,

144A,

2019

A

,

5

%

,

6/15/54

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

910,000

819,633

Piedmont

Community

Charter

School,

Inc.

,

Revenue

,

2019

,

5

%

,

6/15/53

........

1,150,000

1,117,776

b

Roseman

University

of

Health

Sciences

,

Revenue

,

144A,

2020

,

5

%

,

4/01/40

.....

1,085,000

1,086,964

b

Southminster,

Inc.

Obligated

Group

,

Revenue

,

144A,

2018

,

5

%

,

10/01/43

........

1,000,000

994,543

b

Southminster,

Inc.

Obligated

Group

,

Revenue

,

144A,

2018

,

5

%

,

10/01/48

........

800,000

766,289

SR

400

Peach

Partners

LLC

,

Revenue,

Senior

Lien

,

2025

,

5.75

%

,

12/31/65

......

500,000

518,273

SR

400

Peach

Partners

LLC

,

Revenue,

Senior

Lien

,

2025

,

6.5

%

,

12/31/65

.......

2,100,000

2,308,155

b

UHF

Promenade

Apts

LLC

(The)

,

Revenue

,

144A,

2024

,

6.25

%

,

2/01/39

........

800,000

815,797

b

UHF

RISE

Student

Housing

LLC

,

Revenue

,

144A,

2021

A-1

,

4

%

,

7/01/61

........

600,000

450,131

b

UNC

Charlotte

Marriott

Hotel

&

Conference

Center

,

Revenue

,

144A,

2021

A

,

4

%

,

9/01/51

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

2,000,000

1,514,763

b

WFCS

Holdings

LLC

,

Revenue

,

144A,

2020

A-1

,

5

%

,

1/01/55

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

1,700,000

1,443,768

Wisconsin

Health

&

Educational

Facilities

Authority

,

Froedtert

ThedaCare

Health

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

4/01/41

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

4,000,000

3,928,950

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/57

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

650,000

505,261

PHW

Menomonee

Falls,

Inc.

,

Revenue

,

2024

,

6.125

%

,

10/01/59

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

300,000

311,096

St.

John's

Communities,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

9/15/41

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

270,000

246,397

St.

John's

Communities,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

9/15/45

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

1,150,000

982,893

27,173,109

U.S.

Territories

12.7%

District

of

Columbia

7.9%

District

of

Columbia

,

GO

,

2023

A

,

5

%

,

1/01/45

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

6,675,000

7,063,081

Ingleside

Presbyterian

Retirement

Community

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

7/01/52

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

1,000,000

927,996

International

School

Obligated

Group

,

Revenue

,

2019

,

5

%

,

7/01/39

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

400,000

408,805

KIPP

DC

Obligated

Group

,

Revenue

,

2019

,

4

%

,

7/01/44

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

750,000

670,320

Latin

American

Montessori

Bilingual

Public

Charter

School

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

6/01/40

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

2,500,000

2,460,853

Plenary

Infrastructure

DC

LLC

,

Revenue

,

2022

A

,

5.5

%

,

8/31/35

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

1,140,000

1,307,964

Plenary

Infrastructure

DC

LLC

,

Revenue

,

2022

A

,

5.5

%

,

8/31/36

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

1,365,000

1,566,117

b

Rocketship

DC

Obligated

Group

,

Revenue

,

144A,

2021

A

,

5

%

,

6/01/61

.........

400,000

349,792

d

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2006

A

,

7.34

%,

6/15/46

.........

7,500,000

1,741,289

c

Metropolitan

Washington

Airports

Authority

,

Dulles

Toll

Road

,

Revenue,

Sub.

Lien

,

2019

B

,

Refunding

,

4

%

,

10/01/53

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

1,065,000

929,996

c

Washington

Metropolitan

Area

Transit

Authority

,

Dedicated

,

Revenue,

Second

Lien

,

2024

A

,

5

%

,

7/15/56

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

5,000,000

5,203,062

22,629,275

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

21

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

4.8%

Commonwealth

of

Puerto

Rico

,

GO

,

2022

A-1

,

4

%

,

7/01/33

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

$

1,920,000

$

1,899,450

GO

,

2022

A-1

,

4

%

,

7/01/37

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

3,000,000

2,873,684

GO

,

2022

A-1

,

4

%

,

7/01/41

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

3,388,447

3,113,222

g

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

TT

,

5

%

,

7/01/37

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

2,335,000

1,546,938

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

4.75

%

,

7/01/53

...

4,700,000

4,451,638

13,884,932

Total

U.S.

Territories

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

36,514,207

Total

Municipal

Bonds

(Cost

$

398,884,450

)

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

399,345,896

a

a

a

a

Short

Term

Investments

0.0%

†

Shares

a

Management

Investment

Companies

0.0%

†

h,i

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.371

%

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

110,154

110,154

Total

Management

Investment

Companies

(Cost

$

110,154

)

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

110,154

Total

Short

Term

Investments

(Cost

$

110,154

)

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

110,154

a

Total

Investments

(Cost

$

398,994,604

)

139.0

%

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

$399,456,050

Remarketed

Preferred

Shares

(

34.6

)

%

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

(99,350,000)

Floating

Rate

Notes

Issued

(

5.6

)

%

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

(16,077,030)

Other

Assets,

less

Liabilities

1.2

%

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

3,192,568

Net

Assets

100.0%

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

$287,221,588

See

Abbreviations

on

page

33

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

October

31,

2025,

the

aggregate

value

of

these

securities

was

$87,784,197,

representing

30.6%

of

net

assets.

c

Underlying

security

in

a

tender

option

bond

transaction.

This

security

has

been

segregated

as

collateral

for

financing

transactions.

d

The

rate

shown

represents

the

yield

at

period

end.

e

The

coupon

rate

shown

represents

the

rate

at

period

end.

f

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

g

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

8.

h

See

Note

4(e)

regarding

investments

in

affiliated

management

investment

companies.

i

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Managed

Municipal

Income

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

October

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

22

Putnam

Managed

Municipal

Income

Trust

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$398,884,450

Cost

-

Non-controlled

affiliates

(Note

4e)

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

110,154

Value

-

Unaffiliated

issuers

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

$399,345,896

Value

-

Non-controlled

affiliates

(Note

4e

)

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

110,154

Cash

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

194,796

Receivables:

Dividends

and

interest

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

6,155,476

Prepaid

expenses

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

77,548

Total

assets

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

405,883,870

Liabilities:

Payables:

Investment

securities

purchased

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

2,315,374

Management

fees

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

387,164

Transfer

agent

fees

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

22,296

Trustees'

fees

and

expenses

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

112,797

Floating

rate

notes

issued

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

16,077,030

Distributions

to

preferred

shareholders

(Note

1f)

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

98,245

Preferred

share

remarketing

agent

fees

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

139,093

Accrued

interest

(Note

1d)

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

102,090

Accrued

expenses

and

other

liabilities

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

58,193

Total

liabilities

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

19,312,282

Series

A

remarketed

preferred

shares:

(240

shares

authorized

and

issued

at

$100,000

per

share)

(Note

3)

........

24,000,000

Series

C

remarketed

preferred

shares:

(1,507

shares

authorized

and

issued

at

$50,000

per

share)

(Note

3)

.......

75,350,000

Net

assets

applicable

to

common

shares,

at

value

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

$287,221,588

Net

assets

applicable

to

common

shares

consist

of:

Paid-in

capital

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

$316,208,908

Total

distributable

earnings

(losses)

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

(28,987,320)

Net

assets

applicable

to

common

shares,

at

value

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

$287,221,588

Common

shares

outstanding

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

42,833,397

Net

asset

value

per

common

share

a

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

$6.71

a

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Managed

Municipal

Income

Trust

Financial

Statements

Statement

of

Operations

for

the

year

ended

October

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

23

Putnam

Managed

Municipal

Income

Trust

Investment

income:

Dividends:

Non-controlled

affiliates

(Note

4

e

)

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

$343,675

Interest:

Unaffiliated

issuers

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

19,391,992

Total

investment

income

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

19,735,667

Expenses:

Management

fees

(Note

4

a

)

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

2,119,530

Administrative

fees

(Note

4

b

)

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

3,681

Transfer

agent

fees

(Note

4c)

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

143,577

Custodian

fees

(Note

5)

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

8,476

Reports

to

shareholders

fees

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

126,897

Registration

and

filing

fees

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

26,561

Professional

fees

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

182,974

Trustees'

fees

and

expenses

(Note

4d)

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

52,383

Preferred

share

remarketing

agent

fees

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

151,927

Interest

expense

(Note

1d

)

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

693,043

Other

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

80,144

Total

expenses

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

3,589,193

Expense

reductions

(Note

5)

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

(1,788)

Expenses

waived/paid

by

affiliates

(Note

4a

and

4

e

)

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

(547,186)

Net

expenses

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

3,040,219

Net

investment

income

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

16,695,448

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(6,092,416)

Futures

contracts

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

332,328

Net

realized

gain

(loss)

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

(5,760,088)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

1,266,693

Futures

contracts

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

(110,883)

Net

change

in

unrealized

appreciation

(depreciation)

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

1,155,810

Net

realized

and

unrealized

gain

(loss)

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

(4,604,278)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$12,091,170

Distributions

to

remarketed

preferred

shareholders

(Note

1f)

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

(4,850,639)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

resulting

from

operations

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

$7,240,531

Putnam

Managed

Municipal

Income

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

24

Putnam

Managed

Municipal

Income

Trust

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$16,695,448

$16,232,652

Net

realized

gain

(loss)

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

(5,760,088)

(5,691,926)

Net

change

in

unrealized

appreciation

(depreciation)

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

1,155,810

56,610,789

Distributions

to

remarketed

preferred

shareholders

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

(4,850,639)

(5,878,858)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

resulting

from

operations

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

7,240,531

61,272,657

Distributions

to

common

shareholders

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

(10,286,525)

(9,772,548)

Distributions

to

common

shareholders

from

tax

return

of

capital

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

(2,655,333)

(3,296,993)

Total

distributions

to

common

shareholders

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

(12,941,858)

(13,069,541)

Capital

share

transactions

from

-

repurchase

of

shares

(Note

2

)

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

(11,232,031)

(14,902,031)

Net

increase

(decrease)

in

net

assets

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

(16,933,358)

33,301,085

Net

assets

applicable

to

common

shares:

Beginning

of

year

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

304,154,946

270,853,861

End

of

year

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

$287,221,588

$304,154,946

Putnam

Managed

Municipal

Income

Trust

25

franklintempleton.com

Annual

Report

Notes

to

Financial

Statements

1.

Organization

and

Significant

Accounting

Policies

Putnam

Managed

Municipal

Income

Trust (Fund)

is

registered under

the

Investment

Company

Act

of

1940

(1940

Act)

as

a

closed-end

management

investment

company.

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

The

following

summarizes

the 

Fund

's

significant

accounting

policies.

a.

Financial

Instrument

Valuation

The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Fund's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund’s

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund’s

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Debt

securities

generally

trade

in

the over-the-counter

(OTC)

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Derivative

financial

instruments

listed

on

an

exchange

are

valued

at

the

official

closing

price

of

the

day.

Certain

derivative

financial

instruments

are

centrally

cleared

or

trade

in

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Fund's

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

b.

Securities

Purchased

on

a

When-Issued,

Forward

Commitment or

Delayed

Delivery

Basis

The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

Putnam

Managed

Municipal

Income

Trust

Notes

to

Financial

Statements

26

franklintempleton.com

Annual

Report

c.

Derivative

Financial

Instruments

The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statement

of

Operations.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

and

can

be

in

the

form

of

cash

and/or

securities.

The

Fund

entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

interest

rate

and

equity

price

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

See

Note

9 regarding

other

derivative

information.

d.

Tender

Option

Bonds

The

Fund

may

participate

in

transactions

whereby

a

fixed-

rate

bond

is

transferred

to

a

tender

option

bond

trust

(TOB

trust)

sponsored

by

a

broker.

The

TOB

trust

funds

the

purchase

of

the

fixed

rate

bonds

by

issuing

floating-rate

bonds

to

third

parties

and

allowing

the

Fund

to

retain

the

residual

interest

in

the

TOB

trust’s

assets

and

cash

flows,

which

are

in

the

form

of

inverse

floating

rate

bonds.

The

inverse

floating

rate

bonds

held

by

the

Fund

give

the

Fund

the

right

to

(1)

cause

the

holders

of

the

floating

rate

bonds

to

tender

their

notes

at

par,

and

(2)

to

have

the

fixed-rate

bond

held

by

the

TOB

trust

transferred

to

the

Fund,

causing

the

TOB

trust

to

collapse.

The

Fund

accounts

for

the

transfer

of

the

fixed-rate

bond

to

the

TOB

trust

as

a

secured

borrowing

by

including

the

fixed-rate

bond

in

the

Fund’s

portfolio

and

including

the

floating

rate

bond

as

a

liability

in

the

Statement

of

Assets

and

Liabilities.

At

the

close

of

the

reporting

period,

the

Fund’s

investments

with

a

value

of

$23,329,520

were

held

by

the

TOB

trust

and

served

as

collateral

for

$16,077,030 in

floating-rate

bonds

outstanding.

For

the

reporting

period

ended

October

31,

2025,

the

Fund

incurred

interest

expense

of

$619,180

for

these

investments

based

on

an

average

interest

rate

of

2.76%.

e.

Income

Taxes

It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

October

31,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

f.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

Dividend

income

is

recorded

on

the

ex-dividend

date.

1.

Organization

and

Significant

Accounting

Policies

(continued)

Putnam

Managed

Municipal

Income

Trust

Notes

to

Financial

Statements

27

franklintempleton.com

Annual

Report

Distributions

to

common

and

preferred

shareholders

from

net

investment

income,

if

any,

are

recorded

by

the

Fund

on

the

ex-dividend

date.

Distributions

from

capital

gains,

if

any,

are

recorded

on

the

ex-dividend

date

and

paid

at

least

annually.

The

Fund

pays

targeted

distribution

rates

to

its

common

shareholders.

Distributions

are

sourced

first

from

tax-exempt

and

ordinary

income.

The

balance

of

the

distributions,

if

any,

comes

next

from

capital

gain

and

then

will

constitute

a

return

of

capital.

A

return

of

capital

is

not

taxable;

rather

it

reduces

a

shareholder’s

tax

basis

in

their

shares

of

the

Fund.

The

Fund

may

make

return

of

capital

distributions

to

achieve

the

targeted

distribution

rates.

Dividends

on

remarketed

preferred

shares

become

payable

when,

as

and

if

declared

by

the

Trustees.

Each

dividend

period

for

the

remarketed

preferred

Series

A

shares

is

generally

a

28

day

period,

and

generally

a

7

day

period

for

Series

C.

The

applicable

dividend

rate

for

the

remarketed

preferred

shares

on October

31,

2025

was

4.50%

on

Series

A,

and

4.41%

for

Series

C.

The

amount

and

character

of

income

and

gains

to

be

distributed

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

generally

accepted

accounting

principles.

Dividend

sources

are

estimated

at

the

time

of

declaration.

Actual

results

may

vary.

Any

non-

taxable

return

of

capital

cannot

be

determined

until

final

tax

calculations

are

completed

after

the

end

of

the

Fund’s

fiscal

year.

Reclassifications

are

made

to

the

Fund’s

capital

accounts

to

reflect

income

and

gains

available

for

distribution

(or

available

capital

loss

carryovers)

under

income

tax

regulations.

During

the

reporting

period,

the

Fund

has

experienced

unsuccessful

remarketings

of

its

remarketed

preferred

shares.

As

a

result,

dividends

to

the

remarketed

preferred

shares

have

been

paid

at

the

“maximum

dividend

rate,”

pursuant

to

the

Fund’s

by-laws,

which,

based

on

the

current

credit

quality

of

the

remarketed

preferred

shares,

equals

110%

of

the

60-day

“AA”

composite

commercial

paper

rate.

g.

Insurance

The

scheduled

payments

of

interest

and

principal

for

each

insured

municipal

security

in

the

Fund

are

insured

by

either

a

new

issue

insurance

policy

or

a

secondary

insurance

policy.

Depending

on

the

type

of

coverage,

premiums

for

insurance

are

either

added

to

the

cost

basis

of

the

security

or

paid

by

a

third

party.

Insurance

companies

typically

insure

municipal

bonds

that

tend

to

be

of

very

high

quality,

with

the

majority

of

underlying

municipal

bonds

rated

A

or

better.

However,

an

event

involving

an

insurer

could

have

an

adverse

effect

on

the

value

of

the

securities

insured

by

that

insurance

company.

There

can

be

no

assurance

the

insurer

will

be

able

to

fulfill

its

obligations

under

the

terms

of

the

policy.

h.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

i.

Guarantees

and

Indemnifications

Under

the Fund's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the

Fund against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Fund

that

have

not

yet

occurred.

Currently,

the Fund

expects

the

risk

of

loss

to

be

remote.

2.

Shares

of

Beneficial

Interest

At

October

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

During

the years

ended

October

31,

2025 and October

31,

2024,

there

were

no

shares

issued;

all

reinvested

distributions

were

satisfied

with

previously

issued

shares

purchased

in

the

open

market.

1.

Organization

and

Significant

Accounting

Policies

(continued)

f.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

(continued)

Putnam

Managed

Municipal

Income

Trust

Notes

to

Financial

Statements

28

franklintempleton.com

Annual

Report

In

September

2025,

the

Board

authorized

management

to

renew

the

Fund’s

open-market

share

repurchase

program.

Under

the

program,

the

Fund

may

purchase,

from

time

to

time,

fund

shares

in

open-market

transactions,

at

the

discretion

of

management.

This

authorization

remains

in

effect.

Repurchases

are

made

when

the

Fund’s

shares

are

trading

at

less

than

net

asset

value

and

therefore

increase

the

net

asset

value

per

share

of

the

Fund’s

remaining

shares.

Transactions

in

the

Fund's

shares

were

as

follows:

3.

Preferred

Shares

The

Series

A

(240)

and

C

(1,507)

remarketed

Preferred

shares

are

redeemable

at

the

option

of

the

Fund

on

any

dividend

payment

date

at

a

redemption

price

of

$100,000

per

Series

A

remarketed

Preferred

share

and

$50,000

per

Series

C

remarketed

Preferred

share,

plus

an

amount

equal

to

any

dividends

accumulated

on

a

daily

basis

but

unpaid

through

the

redemption

date

(whether

or

not

such

dividends

have

been

declared)

and,

in

certain

circumstances,

a

call

premium.

It

is

anticipated

that

dividends

paid

to

holders

of

remarketed

preferred

shares

will

be

considered

tax-exempt

dividends

under

the

Internal

Revenue

Code

of

1986.

To

the

extent

that

the

Fund

earns

taxable

income

and

capital

gains

by

the

conclusion

of

a

fiscal

year,

it

may

be

required

to

apportion

to

the

holders

of

the

remarketed

preferred

shares

throughout

that

year

additional

dividends

as

necessary

to

result

in

an

after-tax

equivalent

to

the

applicable

dividend

rate

for

the

period.

Under

the

1940

Act,

the

Fund

is

required

to

maintain

asset

coverage

of

at

least

200%

with

respect

to

the

remarketed

preferred

shares.

Additionally,

the

Fund’s

bylaws

impose

more

stringent

asset

coverage

requirements

and

restrictions

relating

to

the

rating

of

the

remarketed

preferred

shares

by

the

shares’

rating

agencies.

Should

these

requirements

not

be

met,

or

should

dividends

accrued

on

the

remarketed

preferred

shares

not

be

paid,

the

Fund

may

be

restricted

in

its

ability

to

declare

dividends

to

common

shareholders

or

may

be

required

to

redeem

certain

of

the

remarketed

preferred

shares.

At

October

31,

2025,

no

such

restrictions

have

been

placed

on

the

Fund.

4.

Transactions

with

Affiliates

Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Fund are

also

officers

and/or

trustees of

the

following

subsidiaries:

Year

Ended

October

31,

2025

Year

Ended

October

31,

2024

Shares

Amount

Shares

Amount

Shares

repurchased

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

1,829,334

$11,232,031

2,435,269

$14,902,031

Weighted

average

discount

of

cost

of

repurchase

to

net

asset

value

of

shares

repurchased

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

8.39%

8.93%

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

2.

Shares

of

Beneficial

Interest

(continued)

Putnam

Managed

Municipal

Income

Trust

Notes

to

Financial

Statements

29

franklintempleton.com

Annual

Report

a.

Management

Fees

The

Fund

pays Advisers

for

management

and

investment

advisory

services

quarterly

based

on

the

average

net

assets

of

the

Fund,

including

assets

attributable

to

preferred

shares.

Such

fee

is

based

on

the

following

annual

rates

based

on

the

average

weekly

net

assets

attributable

to

common

and

preferred

shares.

The

lesser

of

(i)

0.550%

of

average net

assets

attributable

to

common

and

preferred

shares

outstanding,

or

(ii)

the

following

rates:

For

the

reporting

period,

the

management

fee

represented

an

effective

rate

(excluding

the

impact

from

any

expense

waivers

in

effect)

of 0.550%

of

the

Fund’s

average

net

assets

attributable

to

common

and

preferred

shares

outstanding.

If

dividends

payable

on

remarketed

preferred

shares

during

any

dividend

payment

period

plus

any

expenses

attributable

to

remarketed

preferred

shares

for

that

period

exceed

the

Fund’s

gross

income

attributable

to

the

proceeds

of

the

remarketed

preferred

shares

during

that

period,

then

the

fee

payable

to Advisers

for

that

period

will

be

reduced

by

the

amount

of

the

excess

(but

not

more

than

the

effective

management

fees

rate

under

the

contract

multiplied

by

the

liquidation

preference

of

the

remarketed

preferred

shares

outstanding

during

the

period).

For

the

reporting

period, Advisers

reimbursed

$547,186 to

the

Fund.

Any

amount

in

excess

of

the

fee

payable

to Advisers

for

a

given

period

will

be

used

to

reduce

any

subsequent

fee

payable

to Advisers,

as

may

be

necessary.

As

of

the

reporting

period,

this

excess

amounted

to

$2,979,805.

Advisers

retained

Putnam

Management

as

subadvisor

for

the

Fund.

Pursuant

to

the

agreement,

Putnam

Management

provides

certain

advisory

and

related

services

to

the

Fund.

Advisers

pays

a

monthly

fee

to

Putnam

Management

based

on

the

costs

of

Putnam

Management

in

providing

these

services

to

the

Fund,

which

may

include

a

mark-up

not

to

exceed

15%

over

such

costs.

Under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by Advisers

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund.

b.

Administrative

Fees

Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Advisers

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

The

Fund

reimburses

Advisers

an

allocated

amount

for

the

compensation

and

related

expenses

of

certain

officers

of

the

Fund

and

their

staff

who

provide

administrative

services

to

the

Fund.

The

aggregate

amount

of

all

such

reimbursements

is

determined

annually

by

the

Trustees.

Annualized

Fee

Rate

Net

Assets

0.650%

of

the

first

$500

million

of

average

weekly

net

assets,

0.550%

of

the

next

$500

million

of

average

weekly

net

assets,

0.500%

of

the

next

$500

million

of

average

weekly

net

assets,

0.450%

of

the

next

$5

billion

of

average

weekly

net

assets,

0.425%

of

the

next

$5

billion

of

average

weekly

net

assets,

0.405%

of

the

next

$5

billion

of

average

weekly

net

assets,

0.390%

of

the

next

$5

billion

of

average

weekly

net

assets

and

0.380%

of

any

excess

thereafter.

4.

Transactions

with

Affiliates

(continued)

Putnam

Managed

Municipal

Income

Trust

Notes

to

Financial

Statements

30

franklintempleton.com

Annual

Report

c.

Transfer

Agent

Fees

PSERV,

an

affiliate

of Advisers,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

was

paid

a

monthly

fee

for

investor

servicing

at

an

annual

rate

of

0.05%

of

the

Fund’s

average

daily

net

assets.

The

amounts

incurred

for

investor

servicing

agent

functions

during

the

reporting

period

are

included

in Transfer

agent fees

in

the

Statement

of

Operations.

On

May

8,

2025,

the

Board

approved

Computershare

Inc.

to

serve

as

transfer

agent

for

the

Fund.

Effective

October

13,

2025,

Computershare

Inc.

became

the

transfer

agent

for

the

Fund

and

PSERV

is

no

longer

an

affiliated

person

of

the

Fund,

under

the

1940

Act.

The

principal

business

office

of

Computershare

is

located

at

P.O.

Box

43006,

Providence,

Rhode

Island

02940-

3078.

d.

Trustee

Fees

The

Fund

has

adopted

a

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees,

who

were

serving

prior

to

April

25,

2025, to

defer

the

receipt

of

all

or

a

portion

of

Trustees'

fees

payable

from

July

1,

1995

through

December

31,

2023.

The

deferred

fees

remain

invested

in

certain

Putnam

funds

until

distribution

in

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

an

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

of

the

Fund,

who

were

serving

prior

to

April

25,

2025

and

who

have

served

as

a

Trustee

for

at

least

five

years

and

were

first

elected

prior

to

2004.

Benefits

under

the

Pension

Plan

are

equal

to

50%

of

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005.

The

retirement

benefit

is

payable

during

a

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

of

years

of

service

through

December

31,

2006.

Pension

expense

for

the

Fund

is

included

in

the

Trustees' fees

and

expenses

in

the

Statement

of

Operations.

Accrued

pension

liability

is

included

in

Payable

for

Trustees' fees

and

expenses

in

the

Statement

of

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

to

any

Trustee

first

elected

after

2003.

e.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

year

ended

October

31,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

    aa

Value

at

Beginning

of

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Year

Number

of

Shares

Held

at

End

of

Year

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Putnam

Managed

Municipal

Income

Trust

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.371%

......

$3,560,890

$81,917,162

$(85,367,898)

$—

$—

$110,154

110,154

$343,675

Total

Affiliated

Securities

...

$3,560,890

$81,917,162

$(85,367,898)

$—

$—

$110,154

$343,675

4.

Transactions

with

Affiliates

(continued)

Putnam

Managed

Municipal

Income

Trust

Notes

to

Financial

Statements

31

franklintempleton.com

Annual

Report

5.

Expense

Offset

Arrangement

The Fund has

entered

into

arrangements

with

PSERV

and

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund’s

transfer

agent

and

custodian

fees,

respectively.

During

the

year

ended

October

31,

2025,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

Effective

March

10,

2025,

earned

credits

on

custodian

fees,

if

any,

are

recognized

as

income.

6.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

October

31,

2025,

the

capital

loss

carryforwards

were

as

follows:

During

the

year

ended

October

31,

2025,

the

Fund

utilized

$179,193

of

capital

loss

carryforwards.

The

tax

character

of

distributions

paid

during

the

years

ended

October

31,

2025

and

2024,

was

as

follows:

At

October

31,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

bond

discounts

and

premiums.

7.

Investment

Transactions

Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

October

31,

2025,

aggregated

$105,157,307 and

$113,917,211,

respectively. 

8.

Credit

Risk

and

Defaulted

Securities

At

October

31,

2025,

the

Fund

had 34.5% of

its

portfolio

invested

in

high

yield

securities,

or

other

securities rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

8,133,562

Long

term

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

21,817,042

Total

capital

loss

carryforwards

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

$29,950,604

2025

2024

Distributions

paid

from:

Ordinary

income

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

$996,785

$565,080

Tax

exempt

income

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

14,140,379

9,207,468

Return

of

capital

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

2,655,333

3,296,993

$17,792,497

$13,069,541

Cost

of

investments

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

$398,394,522

Unrealized

appreciation

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

$12,809,211

Unrealized

depreciation

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

(11,747,683)

Net

unrealized

appreciation

(depreciation)

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

$1,061,528

Putnam

Managed

Municipal

Income

Trust

Notes

to

Financial

Statements

32

franklintempleton.com

Annual

Report

The

Fund

held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

October

31,

2025,

the

aggregate

value

of

these

securities

was

$1,708,543,

representing

0.6%

of

the

Fund's

net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying

Schedule

of

Investments.

9.

Other

Derivative

Information

For

the

year

ended

October

31,

2025,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

For

the

year

ended

October

31,

2025,

the

average

month

end

notional

amount

of

futures

contracts

represented

$2,785,325.

See

Note

1(c) regarding

derivative

financial

instruments. 

See

Abbreviations

on

page

33.

10.

Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

October

31,

2025,

in

valuing

the

Fund's assets carried

at

fair

value,

is

as

follows:

Derivative

Contracts

Not

Accounted

for

as

Hedging

Instruments

Statement

of

Operations

Location

Net

Realized

Gain

(Loss)

for

the

Year

Statement

of

Operations

Location

Net

Change

in

Unrealized

Appreciation

(Depreciation)

for

the

Year

Putnam

Managed

Municipal

Income

Trust

Net

realized

gain

(loss)

from:

Net

change

in

unrealized

  appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

$332,328

Futures

contracts

$(110,883)

Total

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

$332,328

$(110,883)

Level

1

Level

2

Level

3

Total

Putnam

Managed

Municipal

Income

Trust

Assets:

Investments

in

Securities:

a

Municipal

Bonds

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

$

—

$

399,345,896

$

—

$

399,345,896

8.

Credit

Risk

and

Defaulted

Securities

(continued)

Putnam

Managed

Municipal

Income

Trust

Notes

to

Financial

Statements

33

franklintempleton.com

Annual

Report

11.

Distributions

subsequent

to

October

31,

2025

The

following

distributions

have

been

declared

by

the

Fund’s

Board

and

are

payable

subsequent

to

the

period

end

of

this

report.

12.

Operating

Segments

The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund’s

Investment

manager serve

as

the

Chief

Operating

Decision

Maker

(“CODM”)

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund’s

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights. 

13.

Subsequent

Events

The Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

Abbreviations

Level

1

Level

2

Level

3

Total

Putnam

Managed

Municipal

Income

Trust

(continued)

Assets:

(continued)

Investments

in

Securities:

a

(continued)

Short

Term

Investments

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

$

110,154

$

—

$

—

$

110,154

Total

Investments

in

Securities

...........

$110,154

$399,345,896

$—

$399,456,050

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

Record

Date 

Payable

Date

Amount

11/17/2025

11/28/2025 

$0.0265 

12/15/2025

12/31/2025

$0.0265 

1/23/2026

1/30/2026

$0.0265 

2/20/2026

2/27/2026 

$0.0265 

Selected

Portfolio

AG

Assured

Guaranty,

Inc.

AMBAC

American

Municipal

Bond

Assurance

Corp.

BAM

Build

America

Mutual

Assurance

Co.

GO

General

Obligation

FRN

Floating

Rate

Note

10.

Fair

Value

Measurements

(continued)

Putnam

Managed

Municipal

Income

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

34

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

and

Shareholders

of

Putnam

Managed

Municipal

Income

Trust

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Putnam

Managed

Municipal

Income

Trust

(the

“Fund”)

as

of

October

31,

2025,

the

related

statement

of

operations

for

the

year

ended

October

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2025

by

correspondence

with

the

custodian,

transfer

agent,

administrative

agent

for

the

tender

option

bond

trust

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Boston,

Massachusetts

December

18,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Putnam

Funds

family

of

funds

since

at

least

1957.

We

have

not

been

able

to

determine

the

specific

year

we

began

serving

as

auditor.

Putnam

Managed

Municipal

Income

Trust

Tax

Information

(unaudited)

35

franklintempleton.com

Annual

Report

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

October

31,

2025:

Pursuant

to:

Amount

Reported

Exempt-Interest

Dividends

Distributed

§852(b)(5)(A)

$14,140,379

Section

163(j)

Interest

Earned

§163(j)

$996,784

PUTNAM

MANAGED

MUNICIPAL

INCOME

TRUST

Important

Information

to

Shareholders

(unaudited)

36

franklintempleton.com

Annual

Report

Share

Repurchase

Program

In

September

2025,

the

Trustees

of

the

Fund

authorized

a

share

repurchase

program

that

allows

the

Fund

to

repurchase,

beginning

October

1,

2025,

up

to

10%

of

the

Fund's

common

shares

outstanding

as

of

September

30,

2025.

Managed

Distribution

Plan

The

Fund

has

implemented

a

managed

distribution

plan

(the

“Distribution

Plan”)

whereby

the

Fund

will

distribute

a

level

distribution

amount

to

shareholders.

Until

April

30,

2025,

the

Fund

made

monthly

distributions

to

shareholders

at

the

rate

of

$0.0238

per

share.

Effective

May

1,

2025,

the

Fund

intends

to

make

monthly

distributions

to

shareholders

at

the

rate

of

$0.0265

per

share.

Management

will

generally

distribute

amounts

necessary

to

satisfy

the

Distribution

Plan

and

the

requirements

prescribed

by

excise

tax

rules

and

Subchapter

M

of

the

Internal

Revenue

Code.

The

Distribution

Plan

is

intended

to

provide

shareholders

with

a

consistent

distribution

each

month

and

is

intended

to

narrow

the

discount

between

the

market

price

and

the

NAV

of

the

Fund’s

common

shares,

but

there

is

no

assurance

that

the

Distribution

Plan

will

be

successful

in

doing

so.

Under

the

Distribution

Plan,

to

the

extent

that

sufficient

investment

income

is

not

available

on

a

monthly

basis,

the

Fund

will

distribute

long-term

capital

gains

and/or

return

of

capital

in

order

to

maintain

its

managed

distribution

rate.

No

conclusions

should

be

drawn

about

the

Fund’s

investment

performance

from

the

amount

of

the

Fund’s

distributions

or

from

the

terms

of

the

Distribution

Plan.

The

Board

may

amend

the

terms

of

the

Distribution

Plan

or

terminate

the

Distribution

Plan

at

any

time

without

prior

notice

to

the

Fund’s

shareholders,

however,

at

this

time

there

are

no

reasonably

foreseeable

circumstances

that

might

cause

the

termination

of

the

Distribution

Plan.

The

amendment

or

termination

of

the

Distribution

Plan

could

have

an

adverse

effect

on

the

market

price

of

the

Fund’s

common

shares.

The

Distribution

Plan

will

be

subject

to

the

periodic

review

by

the

Board,

including

a

yearly

review

of

the

annual

minimum

fixed

rate

to

determine

if

an

adjustment

should

be

made.

Shareholders

should

not

draw

any

conclusions

about

the

Fund’s

investment

performance

from

the

amount

of

the

current

distribution

of

from

the

terms

of

the

Distribution

Plan.

The

Fund

will

send

a

Form

1099-DIV

to

shareholders

for

the

calendar

year

that

will

describe

how

to

report

the

Fund’s

distributions

for

federal

income

tax

purposes.

In

compliance

with

Rule

19a-1

of

the

1940

Act,

shareholders

will

receive

a

notice

that

details

the

source

of

income

for

each

dividend

such

as

net

investment

income,

gain

from

the

sale

of

securities

and

return

of

principal.

However,

determination

of

the

actual

source

of

the

Fund’s

dividend

can

only

be

made

at

year-end.

The

actual

source

amounts

of

all

Fund

dividends

will

be

included

in

the

Fund’s

annual

or

semiannual

reports.

In

addition,

the

tax

treatment

may

differ

from

the

accounting

treatment

used

to

calculate

the

source

of

the

Fund’s

dividends

as

shown

on

shareholders’

statements.

Shareholders

should

refer

to

their

Form

1099-DIV

for

the

character

and

amount

of

distributions

for

income

tax

reporting

purposes.

Since

each

shareholder’s

tax

situation

is

unique,

it

may

be

advisable

to

consult

a

tax

advisor

as

to

the

appropriate

treatment

of

Fund

distributions.

Information

about

the

Fund’s

goal,

investment

strategies,

principal

risks,

and

fundamental

investment

policies

Goal

The

goal

of

the

Fund

is

to

seek

a

high

level

of

current

income

exempt

from

federal

income

tax.

The

Fund’s

main

investment

strategies

and

related

risks

This

section

contains

detail

regarding

the

Fund’s

main

investment

strategies

and

the

related

risks

you

face

as

a

Fund

shareholder.

It

is

important

to

keep

in

mind

that

risk

and

reward

generally

go

hand

in

hand;

the

higher

the

potential

reward,

the

greater

the

risk.

The

Fund

intends

to

achieve

its

goal

by

investing

in

a

diversified

portfolio

of

tax-exempt

municipal

securities

which

Putnam

Management

believes

does

not

involve

undue

risk

to

income

or

principal.

Up

to

60%

of

the

Fund’s

assets

may

consist

of

high-yield

tax-exempt

municipal

securities

that

are

below

investment

grade

and

involve

special

risk

considerations.

The

Fund

also

uses

leverage,

primarily

by

issuing

preferred

shares

in

an

effort

to

enhance

the

returns

for

the

common

shareholders.

The

Fund’s

shares

trade

on

a

stock

exchange

at

market

prices,

which

may

be

lower

than

the

Fund’s

net

asset

value.

PUTNAM

MANAGED

MUNICIPAL

INCOME

TRUST

Important

Information

to

Shareholders

(unaudited)

37

franklintempleton.com

Annual

Report

•

Tax-exempt

investments.

These

investments

are

issued

by

or

for

states,

territories

or

possessions

of

the

United

States

or

by

their

political

subdivisions,

agencies,

authorities

or

other

government

entities,

and

the

income

from

these

investments

is

exempt

from

federal

income

tax.

These

investments

are

issued

to

raise

money

for

public

purposes,

such

as

loans

for

the

construction

of

housing,

schools

or

hospitals,

or

to

provide

temporary

financing

in

anticipation

of

the

receipt

of

taxes

and

other

revenue.

They

also

include

private

activity

obligations

of

public

authorities

to

finance

privately

owned

or

operated

facilities.

Changes

in

law

or

adverse

determinations

by

the

Internal

Revenue

Service

could

make

the

income

from

some

of

these

obligations

taxable.

Interest

income

from

private

activity

bonds

may

be

subject

to

federal

AMT

for

individuals.

Corporate

shareholders

will

be

required

to

include

all

exempt

interest

dividends

in

determining

their

federal

AMT.

For

more

information,

including

possible

state,

local

and

other

taxes,

contact

your

tax

advisor.

•

General

obligations.

These

are

backed

by

the

issuer’s

authority

to

levy

taxes

and

are

considered

an

obligation

of

the

issuer.

They

are

payable

from

the

issuer’s

general

unrestricted

revenues,

although

payment

may

depend

upon

government

appropriation

or

aid

from

other

governments.

These

investments

may

be

vulnerable

to

legal

limits

on

a

government’s

power

to

raise

revenue

or

increase

taxes,

as

well

as

economic

or

other

developments

that

can

reduce

revenues.

•

Revenue

obligations.

These

are

payable

from

revenue

earned

by

a

particular

project

or

other

revenue

source.

They

include

private

activity

bonds

such

as

industrial

development

bonds,

which

are

paid

only

from

the

revenues

of

the

private

owners

or

operators

of

the

facilities.

Investors

can

look

only

to

the

revenue

generated

by

the

project

or

the

private

company

operating

the

project

rather

than

the

credit

of

the

state

or

local

government

authority

issuing

the

bonds.

Revenue

obligations

are

typically

subject

to

greater

credit

risk

than

general

obligations

because

of

the

relatively

limited

source

of

revenue.

•

Tender

option

bonds.

The

Fund

may

leverage

its

assets

through

the

use

of

proceeds

received

through

tender

option

bond

transactions.

In

a

tender

option

bond

transaction,

the

Fund

transfers

a

fixed-rate

municipal

bond

to

a

TOB

trust

sponsored

by

a

broker.

The

TOB

trust

funds

the

purchase

of

the

fixed

rate

bonds

by

issuing

short-term

floating-rate

bonds

to

third

parties

and

allowing

the

Fund

to

retain

the

residual

interest

in

the

TOB

trust’s

assets

and

cash

flows,

which

are

in

the

form

of

inverse

floating

rate

bonds.

The

inverse

floating

rate

bonds

held

by

the

Fund

give

the

Fund

the

right

to

(1)

cause

the

holders

of

the

floating

rate

bonds

to

tender

their

notes

at

par,

and

(2)

to

have

the

fixed-rate

bond

held

by

the

TOB

trust

transferred

to

the

Fund,

causing

the

TOB

trust

to

be

liquidated.

The

Fund

will

look

through

to

the

underlying

municipal

bond

held

by

a

TOB

trust

for

purposes

of

the

Fund’s

80%

policy.

•

Interest

rate

risk.

The

values

of

bonds

and

other

debt

instruments

usually

rise

and

fall

in

response

to

changes

in

interest

rates.

Interest

rates

can

change

in

response

to

the

supply

and

demand

for

credit,

government

and/or

central

bank

monetary

policy

and

action,

inflation

rates,

and

other

factors.

Declining

interest

rates

generally

result

in

an

increase

in

the

value

of

existing

debt

instruments,

and

rising

interest

rates

generally

result

in

a

decrease

in

the

value

of

existing

debt

instruments.

Changes

in

a

debt

instrument’s

value

usually

will

not

affect

the

amount

of

interest

income

paid

to

the

Fund,

but

will

affect

the

value

of

the

Fund’s

shares.

Interest

rate

risk

is

generally

greater

for

investments

with

longer

maturities.

Some

investments

give

the

issuer

the

option

to

call

or

redeem

an

investment

before

its

maturity

date.

If

an

issuer

calls

or

redeems

an

investment

during

a

time

of

declining

interest

rates,

we

might

have

to

reinvest

the

proceeds

in

an

investment

offering

a

lower

yield,

and,

therefore,

the

Fund

might

not

benefit

from

any

increase

in

value

as

a

result

of

declining

interest

rates.

•

Credit

risk.

Investors

normally

expect

to

be

compensated

in

proportion

to

the

risk

they

are

assuming.

Thus,

debt

of

issuers

with

poor

credit

prospects

usually

offers

higher

yields

than

debt

of

issuers

with

more

secure

credit.

Higher-rated

investments

generally

have

lower

credit

risk.

We

invest

in

a

combination

of

higher-rated

and

lower-rated

investments.

The

Fund’s

lower-rated

investments

consist

of

higher-yielding,

higher-risk

debt

securities

that

are

rated

below

BBB

or

its

equivalent

at

the

time

of

purchase

by

a

nationally

recognized

securities

rating

agency

rating

the

investment,

or

are

unrated

investments

that

we

think

are

of

comparable

quality.

We

may

invest

up

to

60%

of

the

Fund’s

total

assets

in

debt

investments

rated,

at

the

time

of

purchase,

BB

and

below

or

its

equivalent

by

each

agency

rating

such

investments,

including

investments

in

the

lowest

rating

category

of

the

rating

agency,

and

in

unrated

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investments

that

we

think

are

of

comparable

quality.

We

will

not

necessarily

sell

an

investment

if

its

rating

is

reduced

after

we

buy

it.

Investments

rated

below

BBB

or

its

equivalent

are

below-

investment-grade

(sometimes

referred

to

as

“junk

bonds”)

can

be

more

sensitive

to

changes

in

markets,

credit

conditions,

and

interest

rates

and

may

be

considered

speculative.

This

rating

reflects

a

greater

possibility

that

the

issuers

may

be

unable

to

make

timely

payments

of

interest

and

principal

and

thus

default.

If

default

occurs,

or

is

perceived

as

likely

to

occur,

the

value

of

the

investment

will

usually

be

more

volatile

and

is

likely

to

fall.

The

value

of

a

debt

instrument

may

also

be

affected

by

changes

in,

or

perceptions

of,

the

financial

condition

of

the

issuer,

borrower,

counterparty,

or

other

entity,

or

underlying

collateral

or

assets,

or

changes

in,

or

perceptions

of,

specific

or

general

market,

economic,

industry,

political,

regulatory,

geopolitical,

environmental,

public

health,

and

other

conditions.

A

default

or

expected

default

could

also

make

it

difficult

for

us

to

sell

the

investment

at

a

price

approximating

the

value

we

had

previously

placed

on

it.

Tax-exempt

debt,

particularly

lower-

rated

tax-exempt

debt,

usually

has

a

more

limited

market

than

taxable

debt,

which

may

at

times

make

it

difficult

for

us

to

buy

or

sell

certain

debt

instruments

or

to

establish

their

fair

value.

Credit

risk

is

generally

greater

for

investments

that

are

required

to

make

interest

payments

only

at

maturity

rather

than

at

intervals

during

the

life

of

the

investment.

Credit

ratings

are

based

largely

on

the

issuer’s

historical

financial

condition

and

a

rating

agency’s

investment

analysis

at

the

time

of

rating.

The

rating

assigned

to

any

particular

investment

does

not

necessarily

reflect

the

issuer’s

current

financial

condition,

and

does

not

reflect

an

assessment

of

the

investment’s

volatility

or

liquidity.

Although

we

consider

credit

ratings

in

making

investment

decisions,

we

perform

our

own

investment

analysis

and

do

not

rely

only

on

ratings

assigned

by

the

rating

agencies.

The

amount

of

information

about

the

financial

condition

of

issuers

of

tax-exempt

debt

may

not

be

as

extensive

as

that

which

is

made

available

by

companies

whose

stock

or

debt

is

publicly

traded.

Our

success

in

achieving

the

Fund’s

investment

objective

may

depend

more

on

our

own

credit

analysis

when

we

buy

lower-

quality

bonds

than

when

we

buy

higher

quality

bonds.

We

may

have

to

participate

in

legal

proceedings

or

take

possession

of

and

manage

assets

that

secure

the

issuer’s

obligations.

Our

ability

to

enforce

rights

in

bankruptcy

proceedings

may

be

more

limited

than

would

be

the

case

for

taxable

debt.

This

could

increase

the

Fund’s

operating

expenses

and

decrease

its

net

asset

value.

Any

income

that

arises

from

ownership

or

operation

of

assets

would

be

taxable.

Although

investment-grade

investments

generally

have

lower

credit

risk,

they

may

share

some

of

the

risks

of

lower-rated

investments.

Bond

investments

may

be

more

susceptible

to

downgrades

or

defaults

during

economic

downturns

or

other

periods

of

economic

stress,

which

in

turn

could

affect

the

market

values

and

marketability

of

many

or

all

bond

obligations

of

issuers

in

a

state,

U.S.

territory,

or

possession.

We

may

buy

investments

that

are

insured

as

to

the

payment

of

principal

and

interest

in

the

event

the

issuer

defaults.

Any

reduction

in

the

insurer’s

ability

to

pay

claims

may

adversely

affect

the

value

of

insured

investments

and,

consequently,

the

value

of

the

Fund’s

shares.

•

Focus

of

investments.

We

may

make

significant

investments

in

a

particular

segment

of

the

tax-exempt

debt

market,

such

as

tobacco

settlement

bonds

or

revenue

bonds

for

health

care

facilities,

housing

or

airports.

We

may

also

make

significant

investments

in

the

debt

of

issuers

located

in

the

same

state.

These

investments

may

cause

the

value

of

the

Fund’s

shares

to

fluctuate

more

than

the

values

of

shares

of

funds

that

invest

in

a

greater

variety

of

investments.

Certain

events

may

adversely

affect

all

investments

within

a

particular

market

segment.

Examples

include

legislation

or

court

decisions,

concerns

about

pending

legislation

or

court

decisions,

and

lower

demand

for

the

services

or

products

provided

by

a

particular

market

segment.

Investing

in

issuers

located

in

the

same

state

may

make

the

Fund

more

vulnerable

to

that

state’s

economy

and

to

factors

affecting

its

tax-exempt

issuers,

such

as

their

ability

to

collect

revenues

to

meet

payment

obligations.

At

times,

the

Fund

and

other

accounts

that

Putnam

Management

and

its

affiliates

manage

may

own

all

or

most

of

the

debt

of

a

particular

issuer.

This

concentration

of

ownership

may

make

it

more

difficult

to

sell,

or

to

determine

the

fair

value

of,

these

investments.

•

Derivatives.

We

may

engage

in

a

variety

of

transactions

involving

derivatives,

such

as

municipal

rate

locks,

tender

option

bond

transactions,

futures

and

swap

contracts,

although

they

do

not

represent

a

primary

focus

of

the

Fund.

Derivatives

are

financial

instruments

whose

value

depends

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upon,

or

is

derived

from,

the

value

of

something

else,

such

as

one

or

more

underlying

investments,

pools

of

investments

or

indexes.

We

may

make

use

of

“short”

derivative

positions,

the

values

of

which

typically

move

in

the

opposite

direction

from

the

price

of

the

underlying

investment,

pool

of

investments,

or

index.

We

may

use

derivatives

both

for

hedging

and

non-hedging

purposes,

such

as

to

modify

the

behavior

of

an

investment

so

that

it

responds

differently

than

it

would

otherwise

respond

to

changes

in

a

particular

interest

rate

or

to

modify

the

Fund’s

duration.

Derivatives

may

increase

or

decrease

an

investment’s

exposure

to

long-

or

short-term

interest

rates

or

cause

the

value

of

an

investment

to

move

in

the

opposite

direction

from

prevailing

short-term

or

long-term

interest

rates.

For

example,

we

may

use

interest

rate

swaps

to

hedge

or

gain

exposure

to

interest

rate

risk,

or

to

hedge

or

gain

exposure

to

inflation.

We

may

also

use

derivatives

to

adjust

the

Fund’s

positioning

on

the

yield

curve

(a

line

that

plots

interest

rates

of

bonds

having

equal

credit

quality

but

differing

maturity

dates)

or

to

take

tactical

positions

along

the

yield

curve.

However,

we

may

also

choose

not

to

use

derivatives,

based

on

our

evaluation

of

market

conditions

or

the

availability

of

suitable

derivatives.

Investments

in

derivatives

may

be

applied

toward

meeting

a

requirement

to

invest

in

a

particular

kind

of

investment

if

the

derivatives

have

economic

characteristics

similar

to

that

investment.

Derivatives

involve

special

risks

and

may

result

in

losses.

The

successful

use

of

derivatives

depends

on

our

ability

to

manage

these

sophisticated

instruments.

Some

derivatives

are

“leveraged,”

which

means

they

provide

the

Fund

with

investment

exposure

greater

than

the

value

of

the

Fund’s

investment

in

the

derivatives.

As

a

result,

these

derivatives

may

magnify

or

otherwise

increase

investment

losses

to

the

Fund.

The

risk

of

loss

from

certain

short

derivative

positions

is

theoretically

unlimited.

The

value

of

derivatives

may

move

in

unexpected

ways

due

to

unanticipated

market

movements,

the

use

of

leverage,

imperfect

correlation

between

the

derivative

instrument

and

the

reference

asset,

or

other

factors,

especially

in

unusual

market

conditions,

and

volatility

in

the

value

of

derivatives

could

adversely

impact

the

Fund’s

returns,

obligations

and

exposures.

Other

risks

arise

from

the

potential

inability

to

terminate

or

sell

derivative

positions.

Derivatives

may

be

subject

to

liquidity

risk

due

to

the

Fund’s

obligation

to

make

payments

of

margin,

collateral,

or

settlement

payments

to

counterparties.

A

liquid

secondary

market

may

not

always

exist

for

the

Fund’s

derivative

positions.

In

fact,

certain

over-the-counter

instruments

(investments

not

traded

on

an

exchange)

may

not

be

liquid.

Over-the-counter

instruments

also

involve

the

risk

that

the

other

party

to

the

derivative

transaction

may

not

be

willing

or

able

to

meet

its

obligations

with

respect

to

the

derivative

transaction.

The

risk

of

a

party

failing

to

meet

its

obligations

may

increase

if

the

Fund

has

significant

exposure

to

that

counterparty.

Derivative

transactions

may

also

be

subject

to

operational

risk,

including

due

to

documentation

and

settlement

issues,

system

failures,

inadequate

controls

and

human

error,

and

legal

risk

due

to

insufficient

documentation,

insufficient

capacity

or

authority

of

a

counterparty,

or

issues

with

respect

to

the

legality

or

enforceability

of

the

derivative

contract.

•

Preferred

share

leverage

risk.

Leverage

from

the

issuance

of

preferred

shares

creates

risks,

including

the

likelihood

of

greater

volatility

of

net

asset

value

and

market

price

of,

and

distributions

from,

the

Fund’s

common

shares

and

the

risk

that

fluctuations

in

dividend

rates

on

preferred

shares

may

affect

the

return

to

common

shareholders.

If

the

income

from

the

investments

purchased

with

proceeds

received

from

leverage

is

not

sufficient

to

cover

the

cost

of

leverage,

the

amount

of

income

available

for

distribution

to

common

shareholders

will

be

less

than

if

leverage

had

not

been

used.

While

the

Fund

has

preferred

shares

outstanding,

an

increase

in

short-term

interest

rates

could

result

in

an

increased

cost

of

leverage,

which

could

adversely

affect

the

Fund’s

income

available

for

distribution

to

common

shareholders.

In

connection

with

its

preferred

shares,

the

Fund

is

required

to

maintain

specified

asset

coverage

mandated

by

applicable

federal

securities

laws

and

by

the

Fund’s

Amended

and

Restated

Bylaws.

The

Fund

may

be

required

to

dispose

of

portfolio

investments

on

unfavorable

terms

if

market

fluctuations

or

other

factors

cause

the

required

asset

coverage

to

be

less

than

the

prescribed

amount.

There

can

be

no

assurance

that

a

leveraging

strategy

will

be

successful.

•

Liquidity

and

illiquid

investments.

We

may

invest

the

Fund’s

assets

in

illiquid

investments,

which

may

be

considered

speculative

and

which

may

be

difficult

to

sell.

The

sale

of

many

of

these

investments

is

prohibited

or

limited

by

law

or

contract.

Some

investments

may

be

difficult

to

value

for

purposes

of

determining

the

Fund’s

net

asset

value.

Certain

other

investments

may

not

have

an

active

trading

market

due

to

adverse

market,

economic,

industry,

political,

regulatory,

geopolitical,

environmental,

public

health,

and

other

conditions,

including

investors

trying

to

sell

large

quantities

of

a

particular

investment

or

type

of

investment,

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or

lack

of

market

makers

or

other

buyers

for

a

particular

investment

or

type

of

investment.

We

may

not

be

able

to

sell

the

fund’s

illiquid

investments

when

we

consider

it

desirable

to

do

so,

or

we

may

be

able

to

sell

them

only

at

less

than

their

value.

•

Market

Events

Risk.

The

market

values

of

securities

or

other

assets

will

fluctuate,

sometimes

sharply

and

unpredictably,

due

to

factors

such

as

economic

events,

governmental

actions

or

intervention,

actions

taken

by

the

U.S.

Federal

Reserve

or

foreign

central

banks,

market

disruptions

caused

by

trade

disputes,

labor

strikes

or

other

factors,

political

developments,

armed

conflicts,

economic

sanctions

and

countermeasures

in

response

to

sanctions,

major

cybersecurity

events,

the

global

and

domestic

effects

of

widespread

or

local

health,

weather

or

climate

events,

and

other

factors

that

may

or

may

not

be

related

to

the

issuer

of

the

security

or

other

asset.

Economies

and

financial

markets

throughout

the

world

are

increasingly

interconnected.

Economic,

financial

or

political

events,

trading

and

tariff

arrangements,

public

health

events,

terrorism,

wars,

natural

disasters

and

other

circumstances

in

one

country

or

region

could

have

profound

impacts

on

global

economies

or

markets.

As

a

result,

whether

or

not

the

Fund

invests

in

securities

of

issuers

located

in

or

with

significant

exposure

to

the

countries

or

markets

directly

affected,

the

value

and

liquidity

of

the

Fund’s

investments

may

be

negatively

affected.

The

U.S.

and

other

countries

are

periodically

involved

in

disputes

over

trade

and

other

matters,

which

may

result

in

tariffs,

investment

restrictions

and

adverse

impacts

on

affected

companies

and

securities.

For

example,

the

U.S.

has

recently

enacted

and

proposed

to

enact

significant

new

tariffs,

and

President

Trump

has

directed

various

federal

agencies

to

further

evaluate

key

aspects

of

U.S.

trade

policy,

which

could

potentially

lead

to

significant

changes

to

current

policies,

treaties

and

tariffs.

There

continues

to

exist

significant

uncertainty

about

the

future

relationship

between

the

U.S.

and

other

countries

with

respect

to

such

trade

policies,

treaties

and

tariffs.

These

developments,

or

the

perception

that

any

of

them

could

occur,

may

have

a

material

adverse

effect

on

global

economic

conditions

and

the

stability

of

global

financial

markets,

and

may

significantly

reduce

global

trade

and,

in

particular,

trade

between

the

impacted

nations

and

the

U.S.

Raising

the

ceiling

on

U.S.

government

debt

has

become

increasingly

politicized.

Any

failure

to

increase

the

total

amount

that

the

U.S.

government

is

authorized

to

borrow

could

lead

to

a

default

on

U.S.

government

obligations,

with

unpredictable

consequences

for

economies

and

markets

in

the

U.S.

and

elsewhere.

Recently,

inflation

and

interest

rates

have

increased

and

may

rise

further.

These

circumstances

could

adversely

affect

the

value

and

liquidity

of

the

Fund’s

investments,

impair

the

Fund’s

ability

to

satisfy

redemption

requests,

and

negatively

impact

the

Fund’s

performance.

The

U.S.

and

other

countries

are

periodically

involved

in

disputes

over

trade

and

other

matters,

which

may

result

in

tariffs,

investment

restrictions

and

adverse

impacts

on

affected

companies

and

securities.

For

example,

the

U.S.

has

imposed

tariffs

and

other

trade

barriers

on

Chinese

exports,

has

restricted

sales

of

certain

categories

of

goods

to

China,

and

has

established

barriers

to

investments

in

China.

Trade

disputes

may

adversely

affect

the

economies

of

the

U.S.

and

its

trading

partners,

as

well

as

companies

directly

or

indirectly

affected

and

financial

markets

generally.

The

U.S.

government

has

prohibited

U.S.

persons

from

investing

in

Chinese

companies

designated

as

related

to

the

Chinese

military.

These

and

possible

future

restrictions

could

limit

the

Fund’s

opportunities

for

investment

and

require

the

sale

of

securities

at

a

loss

or

make

them

illiquid.

Moreover,

the

Chinese

government

is

involved

in

a

longstanding

dispute

with

Taiwan

that

has

included

threats

of

invasion.

If

the

political

climate

between

the

U.S.

and

China

does

not

improve

or

continues

to

deteriorate,

if

China

were

to

attempt

unification

of

Taiwan

by

force,

or

if

other

geopolitical

conflicts

develop

or

get

worse,

economies,

markets

and

individual

securities

may

be

severely

affected

both

regionally

and

globally,

and

the

value

of

the

Fund’s

assets

may

go

down.

•

Management

and

operational

risk.

The

Fund

is

actively

managed

and

its

performance

will

reflect,

in

part,

our

ability

to

make

investment

decisions

that

seek

to

achieve

the

Fund’s

investment

objective.

There

is

no

guarantee

that

the

investment

techniques,

analyses,

or

judgments

that

we

apply

in

making

investment

decisions

for

the

Fund

will

produce

the

intended

outcome

or

that

the

investments

we

select

for

the

Fund

will

perform

as

well

as

other

securities

that

were

not

selected

for

the

Fund.

As

a

result,

the

Fund

may

underperform

its

benchmark

or

other

funds

with

a

similar

investment

goal

and

may

realize

losses.

In

addition,

we,

or

the

fund’s

other

service

providers,

may

experience

disruptions

or

operating

errors

that

could

negatively

impact

the

Fund.

Although

service

providers

may

have

operational

risk

management

policies

and

procedures

and

take

appropriate

precautions

to

avoid

and

mitigate

risks

that

could

lead

to

disruptions

and

operating

errors,

it

may

not

be

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possible

to

identify

all

of

the

operational

risks

that

may

affect

the

Fund

or

to

develop

processes

and

controls

to

completely

eliminate

or

mitigate

their

occurrence

or

effects.

•

Managed

Distribution

Risk.

Under

a

managed

distribution

policy,

the

Fund

would

intend

to

make

monthly

distributions

to

shareholders

at

a

fixed

rate

per

common

share

or

a

fixed

percentage

of

net

asset

value

that

may

include

periodic

distributions

of

long-term

capital

gains.

Under

a

managed

distribution

policy,

if,

for

any

monthly

distribution,

ordinary

income

(that

is,

net

investment

income

and

any

net

short-

term

capital

gain)

and

net

realized

capital

gains

were

less

than

the

amount

of

the

distribution,

the

difference

would

be

distributed

from

the

Fund’s

previously

accumulated

earnings

and

profits

or

cash

generated

from

the

sale

of

Fund

assets.

If,

for

any

fiscal

year,

the

total

distributions

exceeded

ordinary

income

and

net

realized

capital

gains

(the

“Excess”),

the

Excess

would

represent

a

return

of

capital

that

decreases

the

Fund’s

total

assets

and,

as

a

result,

would

have

the

likely

effect

of

increasing

the

Fund’s

expense

ratio.

The

Excess,

if

any,

as

a

return

of

capital

should

not

be

considered

income

or

a

return

on

investment.

There

is

a

risk

that

the

Fund

would

not

eventually

realize

capital

gains

in

an

amount

corresponding

to

a

distribution

of

the

Excess.

In

addition,

in

order

to

make

such

distributions,

the

Fund

may

have

to

sell

a

portion

of

its

investment

portfolio

at

a

time

when

independent

investment

judgment

might

not

dictate

such

action.

Although

the

Fund

does

not

intend

to

issue

senior

securities,

if

the

Fund

were

to

issue

senior

securities

and

not

be

in

compliance

with

the

asset

coverage

requirements

of

the

1940

Act,

the

Fund

would

be

required

to

suspend

the

managed

distribution

policy.

Pursuant

to

the

requirements

of

the

1940

Act

and

other

applicable

laws,

a

notice

will

accompany

each

monthly

distribution

disclosing

the

sources

of

the

distribution.

•

Other

investments.

In

addition

to

the

main

investment

strategies

described

above,

the

Fund

may

also

make

other

types

of

investments,

which

may

produce

taxable

income

and

be

subject

to

other

risks.

The

Fund

may

also

invest

in

cash

or

cash

equivalents,

including

money

market

instruments

or

short-term

instruments

such

as

commercial

paper,

bank

obligations

(e.g.,

certificates

of

deposit

and

bankers’

acceptances),

repurchase

agreements,

and

U.S.

Treasury

bills

or

other

government

obligations.

The

Fund

may

also

from

time

to

time

invest

all

or

a

portion

of

its

cash

balances

in

money

market

and/or

short-term

bond

funds

advised

by

Putnam

Management

or

its

affiliates.

The

percentage

of

the

fund

invested

in

cash

and

cash

equivalents

and

such

money

market

and

short-term

bond

funds

is

expected

to

vary

over

time

and

will

depend

on

various

factors,

including

market

conditions,

and

our

assessment

of

the

cash

level

that

is

appropriate

to

allow

the

Fund

to

pursue

investment

opportunities

as

they

arise.

Large

cash

positions

may

dampen

performance

and

may

prevent

the

Fund

from

achieving

its

goal.

The

Fund

may

also

invest

in

securities

of

other

investment

companies

to

the

extent

that

these

investments

are

consistent

with

the

Fund’s

investment

objective,

strategies

and

policies

and

permissible

under

the

1940

Act.

The

Fund

may

also

invest

in

securities

of

private

funds

that

rely

on

exceptions

from

the

definition

of

investment

company

under

Sections

3(c)

(1)

or

3(c)(7)

of

the

1940

Act,

structured

finance

vehicles

or

other

entities

not

traditionally

considered

pooled

investment

vehicles,

and

companies

that

rely

on

the

exceptions

from

the

definition

of

investment

company

under

Section

3(c)(5)

(A)

or

(B)

of

the

1940

Act.

The

Fund

may

invest

in

portfolio

affiliates

of

the

Fund

within

the

meaning

of,

and

in

reliance

on,

Rules

17a-6

and

17d-1(d)(5)

under

the

1940

Act.

The

Fund

may

invest

in

other

investment

companies

to

gain

broad

market

or

sector

exposure,

including

during

periods

when

it

has

large

amounts

of

uninvested

cash

or

when

the

investment

manager

believes

that

share

prices

of

other

investment

companies

offer

attractive

values.

In

general,

under

the

1940

Act,

an

investment

company

may

not

(i)

own

more

than

3%

of

the

outstanding

voting

securities

of

any

one

registered

investment

company,

(ii)

invest

more

than

5%

of

its

total

assets

in

the

securities

of

any

single

registered

investment

company

or

(iii)

invest

more

than

10%

of

its

total

assets

in

securities

of

other

registered

investment

companies

(the

“3-5-10%

Limitations”).

The

Fund

may

rely

on

certain

exemptions

to

exceed

the

3-5-10%

Limitations

when

investing

in

another

registered

investment

company

(including

money

market

funds)

or

business

development

company.

To

the

extent

that

the

Fund

invests

in

another

investment

company,

because

other

investment

companies

pay

advisory,

administrative

and

service

fees

that

are

borne

indirectly

by

investors,

such

as

the

Fund,

there

may

be

duplication

of

investment

management

and

other

fees.

•

Temporary

defensive

strategies.

In

response

to

adverse

market,

economic,

political

or

other

conditions,

we

may

take

temporary

defensive

positions,

such

as

investing

some

or

all

of

the

Fund’s

assets

in

cash

and

cash

equivalents,

that

differ

from

the

Fund’s

usual

investment

strategies.

However,

we

may

choose

not

to

use

these

temporary

defensive

strategies

for

a

variety

of

reasons,

even

in

very

volatile

market

conditions.

If

we

do

employ

these

strategies,

the

Fund

may

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miss

out

on

investment

opportunities

and

may

not

achieve

its

goal.

Additionally,

while

temporary

defensive

strategies

are

mainly

designed

to

limit

losses,

they

may

not

work

as

intended.

•

Cybersecurity

Risk.

Like

other

funds

and

business

enterprises,

the

Fund,

the

Manager,

the

Sub-Advisers,

the

relevant

listing

exchange

and

their

service

providers

are

subject

to

the

risk

of

cybersecurity

incidents

occurring

from

time

to

time.

Cybersecurity

incidents,

whether

intentionally

caused

by

third

parties

or

otherwise,

may

allow

an

unauthorized

party

to

gain

access

to

Fund

assets,

Fund

or

customer

data

(including

private

shareholder

information)

or

proprietary

information,

cause

the

Fund,

the

Manager,

the

Sub-Advisers,

the

relevant

listing

exchange

and/or

their

service

providers

(including,

but

not

limited

to,

Fund

accountants,

custodians,

sub-custodians,

transfer

agents

and

financial

intermediaries)

to

suffer

data

breaches,

data

corruption

or

loss

of

operational

functionality,

or

prevent

Fund

investors

from

purchasing,

redeeming

or

exchanging

shares,

receiving

distributions

or

receiving

timely

information

regarding

the

Fund

or

their

investment

in

the

Fund.

The

Fund,

the

Manager

and

the

Sub-Advisers

have

limited

ability

to

prevent

or

mitigate

cybersecurity

incidents

affecting

third

party

service

providers,

and

such

third-party

service

providers

may

have

limited

indemnification

obligations

to

the

Fund

or

the

Manager.

Cybersecurity

incidents

may

result

in

financial

losses

to

the

Fund

and

its

shareholders,

and

substantial

costs

may

be

incurred

in

order

to

prevent

any

future

cybersecurity

incidents.

Issuers

of

securities

in

which

the

Fund

invests

are

also

subject

to

cybersecurity

risks,

and

the

value

of

these

securities

could

decline

if

the

issuers

experience

cybersecurity

incidents.

•

Changes

in

policies.

The

Trustees

may

change

the

Fund’s

goal,

investment

strategies

and

other

policies

without

shareholder

approval,

except

in

circumstances

in

which

shareholder

approval

is

specifically

required

by

law

(such

as

changes

to

fundamental

investment

policies)

or

where

a

shareholder

approval

requirement

was

specifically

disclosed

in

the

Fund’s

prospectus,

statement

of

additional

information

or

shareholder

report

and

is

otherwise

still

in

effect.

The

Fund’s

fundamental

investment

policies

The

Fund

has

adopted

the

following

investment

restrictions

which

may

not

be

changed

without

the

affirmative

vote

of

a

“majority

of

the

outstanding

voting

securities”

of

the

Fund

(which

is

defined

in

the

1940

Act)

to

mean

the

affirmative

vote

of

the

lesser

of

(1)

more

than

50%

of

the

outstanding

common

shares

and

outstanding

preferred

shares

of

the

Fund,

each

voting

as

a

separate

class,

or

(2)

67%

or

more

of

the

outstanding

common

shares

and

of

the

outstanding

preferred

shares,

each

voting

as

a

separate

class,

present

at

a

meeting

if

more

than

50%

of

the

outstanding

shares

of

each

class

are

represented

at

the

meeting

in

person

or

by

proxy).

Under

normal

market

conditions,

the

Fund

invests

at

least

80%

of

its

assets

in

tax-exempt

municipal

securities.

Additionally,

the

Fund

may

not:

1.

Issue

senior

securities,

as

defined

in

the

1940

Act,

other

than

shares

of

beneficial

interest

with

preference

rights,

except

to

the

extent

such

issuance

might

be

involved

with

respect

to

borrowings

described

under

restriction

(regarding

borrowing)

below

or

with

respect

to

transactions

involving

futures

contracts

or

the

writing

of

options

within

the

limits

described

in

the

prospectus.

2.

Borrow

money,

except

that

the

Fund

may

borrow

amounts

not

exceeding

15%

of

the

value

(taken

at

the

lower

of

cost

or

current

value)

of

its

total

assets

(not

including

the

amount

borrowed)

at

the

time

the

borrowing

is

made

for

temporary

purposes

(including

repurchasing

its

shares

while

effecting

an

orderly

liquidation

of

portfolio

securities)

or

for

emergency

purposes.

3.

Underwrite

securities

issued

by

other

persons

except

to

the

extent

that,

in

connection

with

the

disposition

of

its

portfolio

investments,

it

may

be

deemed

to

be

an

underwriter

under

the

federal

securities

laws.

4.

Purchase

or

sell

real

estate,

although

it

may

purchase

securities

of

issuers

which

deal

in

real

estate,

securities

which

are

secured

by

interests

in

real

estate,

and

securities

which

represent

interests

in

real

estate,

and

it

may

acquire

and

dispose

of

real

estate

or

interests

in

real

estate

acquired

through

the

exercise

of

its

rights

as

a

holder

of

debt

obligations

secured

by

real

estate

or

interests

therein.

5.

Purchase

or

sell

commodities

or

commodity

contracts,

except

that

the

Fund

may

purchase

and

sell

financial

futures

contracts

and

options

and

may

enter

into

foreign

exchange

contracts

and

other

financial

transactions

not

involving

physical

commodities.

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6.

Make

loans,

except

by

purchase

of

debt

obligations

in

which

the

Fund

may

invest

consistent

with

its

investment

policies

(including

without

limitation

debt

obligations

issued

by

other

Putnam

funds),

by

entering

into

repurchase

agreements

or

by

lending

its

portfolio

securities.

7.

With

respect

to

75%

of

its

total

assets,

invest

in

the

securities

of

any

issuer

if,

immediately

after

such

investment,

more

than

5%

of

the

total

assets

of

the

Fund

(taken

at

current

value)

would

be

invested

in

the

securities

of

such

issuer;

provided

that

this

limitation

does

not

apply

to

obligations

issued

or

guaranteed

as

to

interest

or

principal

by

the

U.S.

Government

or

its

agencies

or

instrumentalities.

8.

With

respect

to

75%

of

its

total

assets,

acquire

more

than

10%

of

the

outstanding

voting

securities

of

any

issuer.

9.

Purchase

securities

(other

than

securities

of

the

U.S.

Government,

its

agencies

or

instrumentalities

or

tax-exempt

securities,

except

tax-exempt

securities

backed

only

by

the

assets

and

revenues

of

non-governmental

issuers)

if,

as

a

result

of

such

purchase,

more

than

25%

of

the

Fund’s

total

assets

would

be

invested

in

any

one

industry.

The

following

information

is

a

summary

of

certain

changes

since

the

last

fiscal

year.

This

information

may

not

reflect

all

of

the

changes

that

have

occurred

since

you

purchased

the

Fund.

There

have

not

been

any

material

changes

during

the

last

fiscal

year.

Putnam

Managed

Municipal

Income

Trust

Annual

Meeting

of

Shareholders:

April

25,

2025

(unaudited)

44

franklintempleton.com

Annual

Report

The

Annual

Meeting

of

Shareholders

of

the

Fund

was

held

at

the

Fund’s

offices,

100

Federal

Street,

Boston,

MA,

on

April

25,

2025.

The

purpose

of

the

meeting

was

to

elect

Trustees

of

the

Fund

and

to

fix

the

number

of

Trustees

for

the

Fund

at

eight.

At

the

meeting,

all

the

nominees

were

elected

by

the

shareholders

to

serve

as

Trustees

of

the

Fund.

Shareholders

also

fixed

the

number

of

Trustees

for

the

Fund

at

eight.

No

other

business

was

transacted

at

the

meeting

with

respect

to

the

Fund.

The

results

of

the

voting

at

the

Annual

Meeting

are

as

follows:

1.

Election

of

Trustees:

*

Mr.

Agdern

and

Mr.

Mason

have

been

elected

as

Trustees

by

the

holders

of

the

preferred

shares,

voting

as

a

separate

class,

while

the

other

Trustees

have

been

elected

by

the

holders

of

the

preferred

shares

and

common

shares

voting

together

as

a

single

class.

2.

Fixing

the

number

of

Trustees

at

eight:

Term

Expiring

2026

For

%

of

Outstanding

Shares

%

of

Shares

Present

Withheld

%

of

Outstanding

Shares

%

of

Shares

Present

Robert

D.

Agdern*

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

Carol

L.

Colman

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

Anthony

Grillo

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

Eileen

A.

Kamerick

...........

Nisha

Kumar

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

Peter

Mason*

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

Hillary

A.

Sale

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

Jane

E.

Trust

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

54

32,009,688

31,675,012

32,030,651

31,459,446

54

32,022,391

32,009,951

3.25%

95.55%

94.55%

95.62%

93.91%

3.25%

95.59%

95.55%

3.09%

73.58%

72.81%

73.63%

72.31%

3.09%

73.61%

73.58%

1,607

1,489,783

1,824,459

1,468,820

2,040,025

1,607

1,477,080

1,489,520

96.75%

4.45%

5.45%

4.38%

6.09%

96.75%

4.41%

4.45%

91.99%

3.42%

4.19%

3.38%

4.69%

91.99%

3.40%

3.42%

Shares

Voted

%

of

Outstanding

Shares

%

of

Shares

Present

For

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

Against

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

Abstain

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

31,279,320

1,634,586

587,217

93.37%

4.88%

1.75%

71.90%

3.76%

1.35%

Putnam

Managed

Municipal

Income

Trust

45

franklintempleton.com

Annual

Report

Dividend

reinvestment

plans

(unaudited)

Putnam

Managed

Municipal

Income

Trust,

Putnam

Master

Intermediate

Income

Trust,

Putnam

Municipal

Opportunities

Trust

and

Putnam

Premier

Income

Trust

(each,

a

“Fund”

and

collectively,

the

“Funds”)

each

offer

a

dividend

reinvestment

plan

(each,

a

“Plan”

and

collectively,

the

“Plans”).

If

you

participate

in

a

Plan,

all

income

dividends

and

capital

gain

distributions

are

automatically

reinvested

in

Fund

shares

by

the

Fund’s

agent,

Computershare

Trust

Company,

N.A.

(the

“Agent”).

If

you

are

not

participating

in

a

Plan,

every

month

you

will

receive

all

dividends

and

other

distributions

in

cash,

paid

by

check

and

mailed

directly

to

you

or

your

intermediary.

Upon

a

purchase

(or,

where

applicable,

upon

registration

of

transfer

on

the

shareholder

records

of

a

Fund)

of

shares

of

a

Fund

by

a

registered

shareholder,

each

such

shareholder

will

be

deemed

to

have

elected

to

participate

in

that

Fund’s

Plan.

Each

such

shareholder

will

have

all

distributions

by

a

Fund

automatically

reinvested

in

additional

shares,

unless

such

shareholder

elects

to

terminate

participation

in

a

Plan

by

instructing

the

Agent

to

pay

future

distributions

in

cash.

Shareholders

who

were

not

participants

in

a

Plan

as

of

January

31,

2010,

will

continue

to

receive

distributions

in

cash

but

may

enroll

in

a

Plan

at

any

time

by

contacting

the

Agent.

If

you

participate

in

a

Fund’s

Plan,

the

Agent

will

automatically

reinvest

subsequent

distributions,

and

the

Agent

will

send

you

a

confirmation

in

the

mail

telling

you

how

many

additional

shares

were

issued

to

your

account.

To

change

your

enrollment

status

or

to

request

additional

information

about

the

Plans,

you

may

contact

the

Agent

in

writing

at

P.O.

Box

43006

Providence,

RI

02940-3078

or

by

calling

the

Agent

at

1-888-888-0151.

How

you

acquire

additional

shares

through

a

Plan

If

the

market

price

per

share

for

your

Fund’s

shares

(plus

estimated

brokerage

commissions)

is

greater

than

or

equal

to

their

net

asset

value

per

share

on

the

payment

date

for

a

distribution,

you

will

be

issued

shares

of

the

Fund

at

a

value

equal

to

the

higher

of

the

net

asset

value

per

share

on

that

date

or

95%

of

the

market

price

per

share

on

that

date.

If

the

market

price

per

share

for

your

Fund’s

shares

(plus

estimated

brokerage

commissions)

is

less

than

their

net

asset

value

per

share

on

the

payment

date

for

a

distribution,

the

Agent

will

buy

Fund

shares

for

participating

accounts

in

the

open

market.

The

Agent

will

aggregate

open-market

purchases

on

behalf

of

all

participants,

and

the

average

price

(including

brokerage

commissions)

of

all

shares

purchased

by

the

Agent

will

be

the

price

per

share

allocable

to

each

participant.

The

Agent

will

generally

complete

these

open-market

purchases

within

five

business

days

following

the

payment

date.

If,

before

the

Agent

has

completed

open-market

purchases,

the

market

price

per

share

(plus

estimated

brokerage

commissions)

rises

to

exceed

the

net

asset

value

per

share

on

the

payment

date,

then

the

purchase

price

may

exceed

the

net

asset

value

per

share,

potentially

resulting

in

the

acquisition

of

fewer

shares

than

if

the

distribution

had

been

paid

in

newly

issued

shares.

How

to

withdraw

from

a

Plan

Participants

may

withdraw

from

a

Fund’s

Plan

at

any

time

by

notifying

the

Agent,

either

in

writing

or

by

telephone.

Such

withdrawal

will

be

effective

immediately

if

notice

is

received

by

the

Agent

with

sufficient

time

prior

to

any

distribution

record

date;

otherwise,

such

withdrawal

will

be

effective

with

respect

to

any

subsequent

distribution

following

notice

of

withdrawal.

There

is

no

penalty

for

withdrawing

from

or

not

participating

in

a

Plan.

Plan

administration

The

Agent

will

credit

all

shares

acquired

for

a

participant

under

a

Plan

to

the

account

in

which

the

participant’s

common

shares

are

held.

Each

participant

will

be

sent

reasonably

promptly

a

confirmation

by

the

Agent

of

each

acquisition

made

for

his

or

her

account.

About

brokerage

fees

Each

participant

pays

a

proportionate

share

of

any

brokerage

commissions

incurred

if

the

Agent

purchases

additional

shares

on

the

open

market,

in

accordance

with

the

Plans.

There

are

no

brokerage

charges

applied

to

shares

issued

directly

by

the

Funds

under

the

Plans.

Putnam

Managed

Municipal

Income

Trust

Dividend

reinvestment

plans

(unaudited)

46

franklintempleton.com

Annual

Report

About

taxes

and

Plan

amendments

Reinvesting

dividend

and

capital

gain

distributions

in

shares

of

the

Funds

does

not

relieve

you

of

tax

obligations,

which

are

the

same

as

if

you

had

received

cash

distributions.

The

Agent

supplies

tax

information

to

you

and

to

the

IRS

annually.

Each

Fund

reserves

the

right

to

amend

or

terminate

its

Plan

upon

30

days’

written

notice.

However,

the

Agent

may

assign

its

rights,

and

delegate

its

duties,

to

a

successor

agent

with

the

prior

consent

of

a

Fund

and

without

prior

notice

to

Plan

participants.

If

your

shares

are

held

in

a

broker

or

nominee

name

If

your

shares

are

held

in

the

name

of

a

broker

or

nominee

offering

a

dividend

reinvestment

service,

consult

your

broker

or

nominee

to

ensure

that

an

appropriate

election

is

made

on

your

behalf.

If

the

broker

or

nominee

holding

your

shares

does

not

provide

a

reinvestment

service,

you

may

need

to

register

your

shares

in

your

own

name

in

order

to

participate

in

a

Plan.

In

the

case

of

record

shareholders

such

as

banks,

brokers

or

nominees

that

hold

shares

for

others

who

are

the

beneficial

owners

of

such

shares,

the

Agent

will

administer

the

Plan

on

the

basis

of

the

number

of

shares

certified

by

the

record

shareholder

as

representing

the

total

amount

registered

in

such

shareholder’s

name

and

held

for

the

account

of

beneficial

owners

who

are

to

participate

in

the

Plan.

Putnam

Managed

Municipal

Income

Trust

Board

Members

and

Officers

(unaudited)

47

franklintempleton.com

Annual

Report

The

business

and

affairs

of

the

Fund

are

conducted

by

management

under

the

supervision

and

subject

to

the

direction

of

its

Board.

The

business

address

of

each

Trustee

is

c/o

Jane

Trust,

Franklin

Templeton,

One

Madison

Avenue,

17th

Floor,

New

York,

New

York

10010.

Information

pertaining

to

the

Trustees

and

officers

of

the

Fund

is

set

forth

below.

The

Fund’s

annual

proxy

statement

includes

additional

information

about

Trustees

and

is

available,

without

charge,

upon

request

by

calling

the

Fund

at

1-888-777-0102.

Generally,

each

board

member

serves

until

that

person’s

successor

is

elected

and

qualified.

Independent

Board

Members

#

:

Name

and

Year

of

Birth

Position(s)

with

Trust

Term

of

Office

and

Year

Service

Began*

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member**

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Robert

D.

Agdern

(Born

1950)

Trustee

Since

2025

21

None

Principal

Occupation(s)

During

the

Past

Five

Years:

Member

of

the

Advisory

Committee

of

the

Dispute

Resolution

Research

Center

at

the

Kellogg

Graduate

School

of

Business,

Northwestern

University

(2002

to

2016);

formerly

,

Deputy

General

Counsel

responsible

for

western

hemisphere

matters

for

BP

PLC

(1999

to

2001);

Associate

General

Counsel

at

Amoco

Corporation

responsible

for

corporate,

chemical,

and

refining

and

marketing

matters

and

special

assignments

(1993

to

1998)

(Amoco

merged

with

British

Petroleum

in

1998

forming

BP

PLC)

Carol

L.

Colman

(Born

1946)

Trustee

Since

2025

21

None

Principal

Occupation(s)

During

the

Past

Five

Years:

President,

Colman

Consulting

Co.

Anthony

Grillo

(Born

1955)

Trustee

Since

2025

21

Director

of

Littelfuse,

Inc.

(electronics

manufacturing)

(since

1991);

formerly

,

Director

of

Oaktree

Acquisition

Corp.

II

(2020

to

2022);

Director

of

Oaktree

Acquisition

Corp.

(2019

to

2021)

Principal

Occupation(s)

During

the

Past

Five

Years:

Retired;

Founder,

Managing

Director

and

Partner

of

American

Securities

Opportunity

Funds

(private

equity

and

credit

firm)

(2006

to

2018);

formerly

,

Senior

Managing

Director

of

Evercore

Partners

Inc.

(investment

banking)

(2001

to

2004);

Senior

Managing

Director

of

Joseph

Littlejohn

&

Levy,

Inc.

(private

equity

firm)

(1999

to

2001);

Senior

Managing

Director

of

The

Blackstone

Group

L.P.

(private

equity

and

credit

firm)

(1991

to

1999)

Eileen

A.

Kamerick

(Born

1958)

Trustee

and

Chair

Since

2025

21

Director,

VALIC

Company

I

(since

October

2022);

Director

of

ACV

Auctions

Inc.

(since

2021);

Director

of

Associated

Banc-Corp

(financial

services

company)

(since

2007);

formerly

,

Director

of

Hochschild

Mining

plc

(precious

metals

company)

(2016-2023);

formerly

,

Trustee

of

AIG

Funds

and

Anchor

Series

Trust

(2018

to

2021)

Principal

Occupation(s)

During

the

Past

Five

Years:

Chief

Executive

Officer,

The

Governance

Partners,

LLC

(consulting

firm)

(since

2015);

National

Association

of

Corporate

Directors

Board

Leadership

Fellow

(since

2016,

with

Directorship

Certification

since

2019)

and

NACD

2022

Directorship

100

honoree;

Adjunct

Professor,

Georgetown

University

Law

Center

(since

2021);

Adjunct

Professor,

The

University

of

Chicago

Law

School

(since

2018);

Adjunct

Professor,

University

of

Iowa

College

of

Law

(since

2007);

formerly

,

Chief

Financial

Officer,

Press

Ganey

Associates

(health

care

informatics

company)

(2012

to

2014);

Managing

Director

and

Chief

Financial

Officer,

Houlihan

Lokey

(international

investment

bank)

and

President,

Houlihan

Lokey

Foundation

(2010

to

2012)

Putnam

Managed

Municipal

Income

Trust

48

franklintempleton.com

Annual

Report

Name

and

Year

of

Birth

Position(s)

with

Trust

Term

of

Office

and

Year

Service

Began*

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member**

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Nisha

Kumar

(Born

1970)

Trustee

Since

2025

21

Director

of

Stonepeak-Plus

Infrastructure

Fund

LP

(since

2025);

Director

of

Birkenstock

Holding

plc

(since

2023);

Director

of

The

India

Fund,

Inc.

(since

2016);

formerly

,

Director

of

Aberdeen

Income

Credit

Strategies

Fund

(2017

to

2018);

and

Director

of

The

Asia

Tigers

Fund,

Inc.

(2016

to

2018)

Principal

Occupation(s)

During

the

Past

Five

Years:

Formerly,

Managing

Director

and

the

Chief

Financial

Officer

and

Chief

Compliance

Officer

of

Greenbriar

Equity

Group,

LP

(2011-2021);

formerly

,

Chief

Financial

Officer

and

Chief

Administrative

Officer

of

Rent

the

Runway,

Inc.

(2011);

Executive

Vice

President

and

Chief

Financial

Officer

of

AOL

LLC,

a

subsidiary

of

Time

Warner

Inc.

(2007

to

2009).

Member

of

the

Council

on

Foreign

Relations

Peter

Mason

(Born

1959)

Trustee

Since

2025

21

Chairman

of

University

of

Sydney

USA

Foundation

(since

2020);

Director

of

the

Radio

Workshop

US,

Inc.

(since

2023)

Principal

Occupation(s)

During

the

Past

Five

Years:

Arbitrator

and

Mediator

(self-employed)

(since

2021);

formerly

,

Global

General

Counsel

of

UNICEF

(intergovernmental

organization)

(1998-

2021)

Hillary

A.

Sale

(Born

1961)

Trustee

Since

2025

21

Director

of

CBOE

U.S.

Securities

Exchanges,

CBOE

Futures

Exchange,

and

CBOE

SEF,

Director

(since

2022);

Advisory

Board

Member

of

Foundation

Press

(academic

book

publisher)

(since

2019);

Chair

of

DirectWomen

Board

Institute

(since

2019);

formerly

,

Member

of

DirectWomen

(nonprofit)

(2007-

2022)

Principal

Occupation(s)

During

the

Past

Five

Years:

Agnes

Williams

Sesquicentennial

Professor

of

Leadership

and

Corporate

Governance,

Georgetown

Law

Center;

and

Professor

of

Management,

McDonough

School

of

Business

(since

2018);

formerly

,

Associate

Dean

for

Strategy,

Georgetown

Law

Center

(2020-2023);

National

Association

of

Corporate

Directors

Board

Faculty

Member

(since

2021);

formerly

,

a

Member

of

the

Board

of

Governors

of

FINRA

(2016-2022)

Independent

Board

Members

#

:

(continued)

Putnam

Managed

Municipal

Income

Trust

49

franklintempleton.com

Annual

Report

Interested

Board

Members

and

Officers:

The

Fund’s

executive

officers

are

elected

each

year

at

a

regular

meeting

of

the

Board

to

hold

office

until

their

respective

successors

are

duly

elected

and

qualified.

Officers

of

the

Fund

receive

no

compensation

from

the

Fund,

although

they

may

be

reimbursed

by

the

Fund

for

reasonable

out-of-pocket

travel

expenses

for

attending

Board

meetings.

In

addition

to

Ms.

Trust,

the

Fund’s

CEO

and

President,

the

executive

officers

of

the

Fund

currently

are:

Name

and

Year

of

Birth

Position(s)

with

Trust

Term

of

Office

and

Year

Service

Began*

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member**

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Jane

Trust,

CFA

†

(Born

1962)

Trustee,

President

and

Chief

Executive

Officer

Since

2024

Trustee/Director

of

Franklin

Templeton

funds

consisting

of

119

portfolios;

Trustee

of

Putnam

Family

of

Funds

consisting

of

105

portfolios

None

Principal

Occupation(s)

During

the

Past

Five

Years:

Senior

Vice

President,

Fund

Board

Management,

Franklin

Templeton

(since

2020);

Officer

and/or

Trustee/Director

of

119

funds

associated

with

FTFA

or

its

affiliates

(since

2015);

Trustee

of

Putnam

Family

of

Funds

consisting

of

105

Portfolios;

President

and

Chief

Executive

Officer

of

FTFA

(since

2015);

formerly

,

Senior

Managing

Director

(2018

to

2020)

and

Managing

Director

(2016

to

2018)

of

Legg

Mason

&

Co.,

LLC

(“Legg

Mason

&

Co.”);

and

Senior

Vice

President

of

FTFA

(2015)

Fred

Jensen

(Born

1963)

Chief

Compliance

Officer

Since

2025

Not

Applicable

None

Principal

Occupation(s)

During

the

Past

Five

Years:

Director

-

Global

Compliance

of

Franklin

Templeton

(since

2020);

Managing

Director

of

Legg

Mason

&

Co.

(2006

to

2020);

Director

of

Compliance,

Legg

Mason

Office

of

the

Chief

Compliance

Officer

(2006

to

2020);

formerly

,

Chief

Compliance

Officer

of

Legg

Mason

Global

Asset

Allocation

(prior

to

2014);

Chief

Compliance

Officer

of

Legg

Mason

Private

Portfolio

Group

(prior

to

2013);

formerly

,

Chief

Compliance

Officer

of

The

Reserve

Funds

(investment

adviser,

funds

and

broker-dealer)

(2004)

and

Ambac

Financial

Group

(investment

adviser,

funds

and

broker-dealer)

(2000

to

2003)

Marc

A.

De

Oliveira

(Born

1971)

Secretary

and

Chief

Legal

Officer

Since

2025

Not

Applicable

None

Principal

Occupation(s)

During

the

Past

Five

Years:

Associate

General

Counsel

of

Franklin

Templeton

(since

2020);

Secretary

and

Chief

Legal

Officer

of

certain

funds

associated

with

Legg

Mason

&

Co.

or

its

affiliates

(since

2020);

Assistant

Secretary

of

certain

funds

associated

with

Legg

Mason

&

Co.

or

its

affiliates

(since

2006);

formerly

,

Managing

Director

(2016

to

2020)

and

Associate

General

Counsel

of

Legg

Mason

&

Co.

(2005

to

2020)

Thomas

C.

Mandia

(Born

1962)

Senior

Vice

President

Since

2025

Not

Applicable

None

Principal

Occupation(s)

During

the

Past

Five

Years:

Senior

Associate

General

Counsel

of

Franklin

Templeton

(since

2020);

Secretary

of

FTFA

(since

2006);

Secretary

of

LM

Asset

Services,

LLC

(“LMAS”)

(since

2002)

and

Legg

Mason

Fund

Asset

Management,

Inc.

(“LMFAM”)

(since

2013)

(

formerly

registered

investment

advisers)

and

Assistant

Secretary

of

certain

funds

in

the

fund

complex

(since

2006);

formerly

,

Managing

Director

and

Deputy

General

Counsel

of

Legg

Mason

&

Co.

(2005

to

2020)

Jeanne

M.

Kelly

(Born

1951)

Senior

Vice

President

Since

2025

Not

Applicable

None

Principal

Occupation(s)

During

the

Past

Five

Years:

U.S.

Fund

Board

Team

Manager,

Franklin

Templeton

(since

2020);

Senior

Vice

President

of

certain

funds

associated

with

Legg

Mason

&

Co.

or

its

affiliates

(since

2007);

Senior

Vice

President

of

the

Investment

Manager

(since

2006);

President

and

Chief

Executive

Officer

of

LMAS

and

LMFAM

(since

2015);

formerly

,

Managing

Director

of

Legg

Mason

&

Co.

(since

2005

to

2020);

Senior

Vice

President

of

LMFAM

(2013

to

2015)

Putnam

Managed

Municipal

Income

Trust

50

franklintempleton.com

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#

Trustees

who

are

not

“interested

persons”

of

the

Trust

within

the

meaning

of

Section

2(a)(19)

of

the

1940

Act.

†

Ms.

Trust

is

an

“interested

person”

of

the

Trust,

as

defined

in

the

1940

Act,

because

of

her

position

with

FTFA

and/or

certain

of

its

affiliates.

*

Each

Trustee

was

elected

to

their

position

on

April

25,

2025.

**

The

term

“Fund

Complex”

means

two

or

more

registered

investment

companies

that:

(a)

hold

themselves

out

to

investors

as

related

companies

for

purposes

of

investment

and

investor

services;

or

(b)

have

a

common

investment

adviser

or

that

have

an

investment

adviser

that

is

an

affiliated

person

of

the

investment

adviser

of

any

of

the

other

registered

investment

companies.

Name

and

Year

of

Birth

Position(s)

with

Trust

Term

of

Office

and

Year

Service

Began*

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member**

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Christopher

Berarducci

(Born

1974)

Treasurer

and

Principal

Financial

Officer

Since

2025

Not

Applicable

None

Principal

Occupation(s)

During

the

Past

Five

Years:

Vice

President,

Fund

Administration

and

Reporting,

Franklin

Templeton

(since

2020);

Treasurer

(since

2010)

and

Principal

Financial

Officer

(since

2019)

of

certain

funds

associated

with

Legg

Mason

&

Co.

or

its

affiliates;

formerly

,

Managing

Director

(2020),

Director

(2015

to

2020),

and

Vice

President

(2011

to

2015)

of

Legg

Mason

&

Co.

Interested

Board

Members

and

Officers:

(continued)

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51

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Board

Approval

of

Management

and

Sub-

Advisory

Agreements

(unaudited)

Putnam

Managed

Municipal

Income

Trust

(PMM)

Background

The

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that

the

Board

of

Trustees

(the

“Board”)

of

Putnam

Managed

Municipal

Income

Trust

(the

“Fund”),

including

a

majority

of

its

members

who

are

not

considered

to

be

“interested

persons”

under

the

1940

Act

(the

“Independent

Trustees”)

voting

separately,

approve

on

an

annual

basis

the

continuation

of

the

investment

management

agreement

(the

“Management

Agreement”)

between

the

Fund

and

the

Fund’s

manager,

Franklin

Advisers,

Inc.

(the

“Manager”),

and

the

sub-advisory

agreements

(individually,

a

“Sub-Advisory

Agreement,”

and

collectively,

the

“Sub-

Advisory

Agreements”)

with

the

Manager’s

affiliates,

Franklin

Templeton

Investment

Management

Limited

(“FTIML”)

and

Putnam

Investment

Management,

LLC

(“PIM,”

and

together

with

FTIML,

the

“Sub-Advisers”),

with

respect

to

the

Fund.

At

an

in-person

meeting

(the

“Contract

Renewal

Meeting”)

held

on

May

8-9,

2025,

the

Board,

including

the

Independent

Trustees,

considered

and

approved

the

continuation

of

each

of

the

Management

Agreement

and

the

Sub-Advisory

Agreements

for

an

additional

one-year

period.

To

assist

in

its

consideration

of

the

renewal

of

each

of

the

Management

Agreement

and

the

Sub-Advisory

Agreements,

the

Board

received

and

considered

extensive

information

(together

with

the

information

provided

at

the

Contract

Renewal

Meeting,

the

“Contract

Renewal

Information”)

about

the

Manager

and

the

Sub-Advisers,

as

well

as

the

management

and

sub-

advisory

arrangements

for

the

Fund

and

the

other

closed-

end

funds

in

the

same

complex

under

the

Board’s

purview

(the

“Franklin

Templeton

Closed-end

Funds”),

certain

portions

of

which

are

discussed

below.

The

Board

noted

that

although

it

recently

assumed

oversight

responsibilities

for

the

Fund,

which

was

previously

overseen

by

another

board,

certain

information

the

Board

received

throughout

the

course

of

the

year

with

respect

to

the

Franklin

Templeton

Closed-

end

Funds

was

relevant

to

the

Board’s

consideration

of

the

Management

Agreement

and

Sub-Advisory

Agreements.

A

presentation

made

by

the

Manager

and

the

Sub-Advisers

to

the

Board

at

the

Contract

Renewal

Meeting

in

connection

with

the

Board’s

evaluation

of

each

of

the

Management

Agreement

and

the

Sub-Advisory

Agreements

encompassed

the

Fund

and

other

Franklin

Templeton

Closed-end

Funds.

In

addition

to

the

Contract

Renewal

Information,

the

Board

received

performance

and

other

information

related

to

the

respective

services

rendered

by

the

Manager

and

the

Sub-Advisers

to

the

Fund.

The

Board’s

evaluation

took

into

account

the

information

received

and

also

reflected

the

knowledge

and

experience

gained

as

members

of

the

Boards

of

the

other

Franklin

Templeton

Closed-end

Funds

with

respect

to

the

services

provided

to

the

Fund

by

the

Manager

and

the

Sub-Advisers.

The

information

received

and

considered

by

the

Board

(including

its

various

committees)

in

conjunction

with

both

the

Contract

Renewal

Meeting

and

throughout

the

year

was

both

written

and

oral.

The

contractual

arrangements

discussed

below

are

the

product

of

multiple

years

of

review

and

negotiation

and

information

with

respect

to

the

other

Franklin

Templeton

Closed-end

Funds

received

and

considered

by

the

Board

during

each

of

those

years.

At

a

meeting

held

on

April

25,

2025,

the

Independent

Trustees,

in

preparation

for

the

Contract

Renewal

Meeting,

met

in

a

private

session

with

their

independent

legal

counsel

to

review

the

Contract

Renewal

Information

regarding

the

Franklin

Templeton

Closed-end

Funds,

including

the

Fund,

received

to

date.

No

representatives

of

the

Manager

or

the

Sub-Advisers

participated

in

this

meeting.

Following

the

April

25,

2025

meeting,

the

Independent

Trustees

submitted

certain

questions

and

requests

for

additional

information

to

Fund

management.

The

Independent

Trustees

also

met

in

private

sessions

with

their

independent

legal

counsel

to

consider

the

Contract

Renewal

Information

and

Fund

management’s

responses

to

the

Independent

Trustees’

questions

and

requests

for

additional

information

in

advance

of

and

during

the

Contract

Renewal

Meeting.

The

discussion

below

reflects

all

of

these

reviews.

The

Manager

provides

the

Fund

with

investment

advisory

and

administrative

services

pursuant

to

the

Management

Agreement,

and

the

Sub-Advisers

together

provide

the

Fund

with

investment

sub-advisory

services

pursuant

to

the

Sub-

Advisory

Agreements.

The

discussion

below

covers

both

the

advisory

and

administrative

functions

being

rendered

by

the

Manager,

each

such

function

being

encompassed

by

the

Management

Agreement,

and

the

investment

sub-advisory

functions

being

rendered

by

the

Sub-Advisers

pursuant

to

the

Sub-Advisory

Agreements.

PUTNAM

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52

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Board

Approval

of

Management

Agreement

and

Sub-

Advisory

Agreements

The

Independent

Trustees

were

advised

by

separate

independent

legal

counsel

throughout

the

process.

Prior

to

voting,

the

Independent

Trustees

received

a

memorandum

discussing

the

legal

standards

for

their

consideration

of

the

proposed

continuation

of

the

Management

Agreement

and

the

Sub-Advisory

Agreements.

The

Independent

Trustees

considered

the

Management

Agreement

and

each

Sub-

Advisory

Agreement

separately

during

the

course

of

their

review.

In

doing

so,

they

noted

the

respective

roles

of

the

Manager

and

the

Sub-Advisers

in

providing

services

to

the

Fund.

In

approving

the

continuation

of

the

Management

Agreement

and

Sub-Advisory

Agreements,

the

Board,

including

the

Independent

Trustees,

considered

a

variety

of

factors,

including

those

factors

discussed

below.

No

single

factor

reviewed

by

the

Board

was

identified

by

the

Board

as

the

principal

factor

in

determining

whether

to

approve

the

continuation

of

the

Management

Agreement

and

the

Sub-

Advisory

Agreements.

Each

Board

member

may

have

attributed

different

weight

to

the

various

factors

in

evaluating

the

Management

Agreement

and

the

Sub-Advisory

Agreements.

After

considering

all

relevant

factors

and

information,

the

Board,

exercising

its

reasonable

business

judgment,

determined

that

the

continuation

of

the

Management

Agreement

and

Sub-Advisory

Agreements

were

in

the

best

interests

of

the

Fund’s

stockholders

and

approved

the

continuation

of

each

such

agreement

for

an

additional

one-

year

period.

Nature,

Extent

and

Quality

of

the

Services

under

the

Management

Agreement

and

Sub-Advisory

Agreements

The

Board

received

and

considered

Contract

Renewal

Information

regarding

the

nature,

extent,

and

quality

of

services

provided

to

the

Fund

by

the

Manager

and

the

Sub-Advisers

under

the

Management

Agreement

and

the

Sub-Advisory

Agreements,

respectively,

during

the

past

year.

The

Board

noted

information

received

at

regular

meetings

throughout

the

year

related

to

the

services

provided

by

the

Manager

in

its

management

of

the

Fund’s

affairs

and

the

Manager’s

role

in

coordinating

the

activities

of

the

Sub-Advisers

and

the

Fund’s

other

service

providers.

The

Board

observed

that

the

scope

of

services

provided

by

the

Manager

and

the

Sub-Advisers,

and

of

the

undertakings

required

of

the

Manager

and

Sub-Advisers

in

connection

with

those

services,

including

maintaining

and

monitoring

their

respective

compliance

programs

as

well

as

the

Fund’s

compliance

programs,

had

expanded

over

time

as

a

result

of

regulatory,

market

and

other

developments.

The

Board

also

noted

that

on

a

regular

basis

it

received

and

reviewed

information

from

the

Manager

and

the

Sub-Advisers

regarding

the

Fund’s

compliance

policies

and

procedures

established

pursuant

to

Rule

38a-1

under

the

1940

Act.

The

Board

also

considered

the

risks

borne

by

the

Manager,

the

Sub-Advisers

and

their

respective

affiliates

on

behalf

of

the

Fund,

including

entrepreneurial,

operational,

reputational,

litigation

and

regulatory

risks,

as

well

as

the

Manager’s

and

the

Sub-Advisers’

risk

management

processes.

The

Board

reviewed

the

qualifications,

backgrounds,

and

responsibilities

of

the

Manager’s

senior

personnel

and

the

Sub-Advisers’

portfolio

management

teams

primarily

responsible

for

the

day-to-day

portfolio

management

of

the

Fund.

The

Board

also

considered,

based

on

its

knowledge

of

the

Manager

and

its

affiliates,

the

financial

resources

of

Franklin

Resources,

Inc.,

the

parent

organization

of

the

Manager

and

the

Sub-Advisers.

The

Board

recognized

the

importance

of

having

a

fund

manager

with

significant

resources.

The

Board

considered

the

division

of

responsibilities

between

the

Manager

and

the

Sub-Advisers

under

the

Management

Agreement

and

the

Sub-Advisory

Agreements,

respectively,

including

the

Manager’s

coordination

and

oversight

of

the

services

provided

to

the

Fund

by

the

Sub-Advisers

and

the

Fund’s

other

service

providers.

The

Management

Agreement

permits

the

Manager

to

delegate

certain

of

its

responsibilities,

including

its

investment

advisory

duties

thereunder,

provided

that

the

Manager,

in

each

case,

will

supervise

the

activities

of

the

delegee.

In

reaching

its

determinations

regarding

continuation

of

the

Management

Agreement

and

the

Sub-Advisory

Agreements,

the

Board

took

into

account

that

Fund

stockholders,

in

pursuing

their

investment

goals

and

objectives,

may

have

purchased

their

shares

of

the

Fund

based

upon

the

reputation

and

the

investment

style,

philosophy

and

strategy

of

the

Manager

and

the

Sub-Advisers,

as

well

as

the

resources

available

to

the

Manager

and

the

Sub-Advisers.

The

Board

concluded

that,

overall,

the

nature,

extent,

and

quality

of

the

management

and

other

services

provided

(and

expected

to

be

provided)

to

the

Fund,

under

the

Management

Agreement

and

the

Sub-Advisory

Agreements

were

satisfactory.

Fund

Performance

The

Board

received

and

considered

information

regarding

Fund

performance,

including

information

and

analyses

(the

“Broadridge

Performance

Information”)

for

the

Fund,

as

well

as

for

a

group

of

comparable

funds

(the

“Performance

Universe”)

selected

by

Broadridge

Financial

Solutions,

PUTNAM

MANAGED

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(unaudited)

53

franklintempleton.com

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Inc.

(“Broadridge”),

an

independent

third-party

provider

of

investment

company

data.

The

Board

was

provided

with

a

description

of

the

methodology

Broadridge

used

to

determine

the

similarity

of

the

Fund

with

the

funds

included

in

the

Performance

Universe.

It

was

noted

that

while

the

Board

found

the

Broadridge

Performance

Information

generally

useful,

they

recognized

its

limitations,

including

that

the

data

may

vary

depending

on

the

end

date

selected,

and

that

the

results

of

the

performance

comparisons

may

vary

depending

on

the

selection

of

the

peer

group

and

its

composition

over

time.

The

Board

also

noted

that

Board

members

had

received

and

discussed

with

the

Manager

and

the

Sub-Advisers

information

throughout

the

year

at

periodic

intervals

comparing

the

Fund’s

performance

against

its

benchmark

and

against

the

Fund’s

peers.

In

addition,

the

Board

considered

the

Fund’s

performance

in

view

of

overall

financial

market

conditions.

The

Broadridge

Performance

Information

comparing

the

Fund’s

performance

to

that

of

its

Performance

Universe,

consisting

of

the

Fund

and

all

leveraged

closed-end

high

yield

municipal

debt

bond

funds,

regardless

of

asset

size,

showed,

among

other

data,

that

based

on

net

asset

value

per

share,

the

Fund’s

performance

was

below

the

median

for

the

1-year

period

ended

December

31,

2024,

and

was

above

the

median

for

the

3-,

5-

and

10-year

periods

ended

December

31,

2024.

The

Board

noted

the

explanations

from

the

Manager

and

the

Sub-Advisers

regarding

the

Fund’s

relative

performance

versus

the

Performance

Universe

for

the

various

periods.

Based

on

the

reviews

and

discussions

of

Fund

performance

and

considering

other

relevant

factors,

including

those

noted

above,

the

Board

concluded,

under

the

circumstances,

that

continuation

of

the

Management

Agreement

and

the

Sub-Advisory

Agreements

for

an

additional

one-year

period

would

be

consistent

with

the

interests

of

the

Fund

and

its

stockholders.

Management

and

Sub-Advisory

Fees

and

Expense

Ratios

The

Board

reviewed

and

considered

the

contractual

management

fee

(the

“Contractual

Management

Fee”)

and

the

actual

management

fee

(the

“Actual

Management

Fee”)

payable

by

the

Fund

to

the

Manager

under

the

Management

Agreement

and

the

sub-advisory

fees

(the

“Sub-Advisory

Fees”)

payable

by

the

Manager

to

the

Sub-Advisers

under

the

Sub-Advisory

Agreements

in

view

of

the

nature,

extent

and

overall

quality

of

the

management,

investment

advisory

and

other

services

provided

by

the

Manager

and

the

Sub-Advisers,

respectively.

The

Board

noted

that

the

Sub-Advisory

Fee

payable

to

the

Sub-Advisers

under

their

Sub-Advisory

Agreements

with

the

Manager

is

paid

by

the

Manager,

not

the

Fund,

and,

accordingly,

that

the

retention

of

the

Sub-Advisers

does

not

increase

the

fees

or

expenses

otherwise

incurred

by

the

Fund’s

stockholders.

In

addition,

the

Board

received

and

considered

information

and

analyses

prepared

by

Broadridge

(the

“Broadridge

Expense

Information”)

comparing

the

Contractual

Management

Fee

and

the

Actual

Management

Fee

and

the

Fund’s

actual

total

expenses

with

those

of

funds

in

an

expense

universe

(the

“Expense

Universe”)

selected

and

provided

by

Broadridge.

The

comparison

was

based

upon

the

constituent

funds’

latest

fiscal

years.

It

was

noted

that

while

the

Board

found

the

Broadridge

Expense

Information

generally

useful,

they

recognized

its

limitations,

including

that

the

data

may

vary

depending

on

the

selection

of

the

peer

group.

The

Broadridge

Expense

Information

showed

that

the

Fund’s

Contractual

Management

Fee

was

equal

to

the

median.

The

Broadridge

Expense

Information

also

showed

that

the

Fund’s

Actual

Management

Fee

was

below

the

median

based

on

both

common

stock

assets

and

total

managed

assets,

which

includes

common

stock

assets

and

leveraged

assets.

The

Broadridge

Expense

Information

also

showed

that

the

Fund’s

actual

total

expenses

were

below

the

median

based

on

both

common

stock

assets

and

total

managed

assets.

The

Board

took

into

account

management’s

discussion

of

the

Fund’s

expenses.

The

Board

also

reviewed

Contract

Renewal

Information

regarding

fees

charged

by

the

Manager

and/or

the

Sub-

Advisers

to

other

U.S.

clients

investing

primarily

in

an

asset

class

similar

to

that

of

the

Fund,

including,

where

applicable,

institutional

and

separate

accounts.

The

Manager

reviewed

with

the

Board

the

differences

in

services

provided

to

these

different

types

of

accounts,

noting

that

the

Fund

is

provided

with

certain

administrative

services,

office

facilities,

and

Fund

officers,

and

that

the

Fund

is

subject

not

only

to

heightened

regulatory

requirements

relative

to

institutional

clients

but

also

to

requirements

for

listing

on

the

New

York

Stock

Exchange,

and

that

the

Manager

coordinates

and

oversees

the

provision

of

services

to

the

Fund

by

the

Fund’s

other

service

providers.

The

Board

considered

the

fee

comparisons

in

view

of

the

different

services

provided

in

managing

these

other

types

of

clients

and

funds.

The

Board

considered

the

overall

management

fee,

the

fees

of

the

Sub-Advisers

and

the

amount

of

the

management

fee

retained

by

the

Manager

after

payment

of

the

Sub-Advisory

Fees

in

each

case

in

view

of

the

services

rendered

for

those

PUTNAM

MANAGED

MUNICIPAL

INCOME

TRUST

Shareholder

Information

(unaudited)

54

franklintempleton.com

Annual

Report

amounts.

The

Board

also

received

an

analysis

of

complex-

wide

management

fees

provided

by

the

Manager,

which,

among

other

things,

set

out

a

framework

of

fees

based

on

asset

classes.

Taking

all

of

the

above

into

consideration,

as

well

as

the

factors

identified

below,

the

Board

determined

that

the

management

fee

and

the

Sub-Advisory

Fees

were

reasonable

in

view

of

the

nature,

extent

and

overall

quality

of

the

management,

investment

advisory

and

other

services

provided

by

the

Manager

and

the

Sub-Advisers

to

the

Fund

under

the

Management

Agreement

and

the

Sub-Advisory

Agreements,

respectively.

Manager

Profitability

The

Board,

as

part

of

the

Contract

Renewal

Information,

received

an

analysis

of

the

profitability

to

the

Manager

and

its

affiliates

in

providing

services

to

the

Fund

for

the

Manager’s

fiscal

years

ended

September

30,

2024

and

September

30,

2023.

The

Board

also

received

profitability

information

with

respect

to

the

Franklin

Templeton

fund

complex

as

a

whole.

In

addition,

the

Board

received

Contract

Renewal

Information

with

respect

to

the

Manager’s

revenue

and

cost

allocation

methodologies

used

in

preparing

such

profitability

data.

It

was

noted

that

the

allocation

methodologies

had

been

reviewed

by

an

outside

consultant.

The

profitability

to

each

of

the

Sub-Advisers

was

not

considered

to

be

a

material

factor

in

the

Board’s

considerations

since

the

Sub-Advisory

Fees

are

paid

by

the

Manager,

not

the

Fund,

although

the

Board

noted

the

affiliation

of

the

Manager

with

the

Sub-Advisers.

The

profitability

of

the

Manager

and

its

affiliates

was

considered

by

the

Board

to

be

reasonable

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

Economies

of

Scale

The

Board

received

and

discussed

Contract

Renewal

Information

concerning

whether

the

Manager

realizes

economies

of

scale

if

the

Fund’s

assets

grow.

The

Board

noted

that

because

the

Fund

is

a

closed-end

fund,

it

has

limited

ability

to

increase

its

assets.

The

Board

determined

that

the

management

fee

structure

was

appropriate

under

the

circumstances.

For

similar

reasons

as

stated

above

with

respect

to

the

Sub-Advisers’

profitability

and

the

costs

of

the

Sub-Advisers’

provision

of

services,

the

Board

did

not

consider

the

potential

for

economies

of

scale

in

the

Sub-

Advisers’

management

of

the

Fund

to

be

a

material

factor

in

the

Board’s

consideration

of

the

Sub-Advisory

Agreements.

Other

Benefits

to

the

Manager

and

the

Sub-Advisers

The

Board

considered

other

benefits

received

by

the

Manager,

the

Sub-Advisers

and

their

affiliates

as

a

result

of

their

relationship

with

the

Fund,

including

the

opportunity

to

offer

additional

products

and

services

to

the

Fund’s

stockholders.

In

view

of

the

costs

of

providing

investment

management

and

other

services

to

the

Fund

and

the

ongoing

commitment

of

the

Manager

and

the

Sub-Advisers

to

the

Fund,

the

Board

considered

that

the

ancillary

benefits

received

by

the

Manager

and

its

affiliates,

including

the

Sub-

Advisers,

were

reasonable.

38918-A

12/25

©

2025

Franklin

Templeton

Investments.

All

rights

reserved.

Investors

should

be

aware

that

the

value

of

investments

made

for

the

Fund

may

go

down

as

well

as

up.

Like

any

investment

in

securities,

the

value

of

the

Fund’s

portfolio

will

be

subject

to

the

risk

of

loss

from

market,

currency,

economic,

political

and

other

factors.

The

Fund

and

its

investors

are

not

protected

from

such

losses

by

the

Manager.

Therefore,

investors

who

cannot

accept

this

risk

should

not

invest

in

shares

of

the

Fund.

Notice

is

hereby

given

in

accordance

with

Section

23(c)

of

the

Investment

Company

Act

of

1940,

as

amended,

that

from

time

to

time

the

Fund

may

purchase,

at

market

prices,

shares

of

its

common

stock

and

preferred

stock.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Annual

Report

Putnam

Managed

Municipal

Income

Trust

Investment

Manager

Transfer

Agent

Fund

Information

Franklin

Advisers,

Inc.

Computershare

Inc.

P.O.

Box

43006,

Providence,

Rhode

Island:

02940-3078

Toll-Free

Number:

1-888-888-0151

(800)

DIAL

BEN

®

/

342-5236

(b) Not applicable

ITEM 2. CODE OF ETHICS.

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

(c) N/A

(d) N/A

(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Eileen A. Kamerick and Nisha Kumar possess the technical attributes identified in Item 3 to Form N-CSR to qualify as “audit committee financial experts,” and has designated Eileen A. Kamerick and Nisha Kumar as the Audit Committee’s financial experts. Eileen A. Kamerick and Nisha Kumar are “independent” Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees. The aggregate fees billed in the last two fiscal years ending October 31, 2024 and October 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $72,749 in October 31, 2024 and $63,078 in October 31, 2025.

(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant’s financial statements were $0 in October 31, 2024 and $0 in October 31, 2025.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $9,166 in October 31, 2024 and $15,276 in October 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in October 31, 2024 and $0 in October 31, 2025.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

(e) Audit Committee’s pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

(1) The Charter for the Audit Committee (the “Committee”) of the Board of each registered investment company (the “Fund”) advised by the Registrant’s investment manager or one of their affiliates (each, an “Adviser”) requires that the Committee shall approve (a) all audit and permissible non-audit services to be provided to the Fund and (b) all permissible non-audit services to be provided by the Fund’s independent auditors to the Adviser and any service providers controlling, controlled by or under common control with the Adviser that provide ongoing services to the Fund (“Covered Service Providers”) if the engagement relates directly to the operations and financial reporting of the Fund. The Committee may implement policies and procedures by which such services are approved other than by the full Committee.

The Committee shall not approve non-audit services that the Committee believes may impair the independence of the auditors. As of the date of the approval of this Audit Committee Charter, permissible non-audit services include any professional services (including tax services), that are not prohibited services as described below, provided to the Fund by the independent auditors, other than those provided to the Fund in connection with an audit or a review of the financial statements of the Fund. Permissible non-audit services may not include: (i) bookkeeping or other services related to the accounting records or financial statements of the Fund; (ii) financial information systems design and implementation; (iii) appraisal or valuation services, fairness opinions or contribution-in-kind reports; (iv) actuarial services; (v) internal audit outsourcing services; (vi) management functions or human resources; (vii) broker or dealer, investment adviser or investment banking services; (viii) legal services and expert services unrelated to the audit; and (ix) any other service the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the Fund, the Adviser and the Covered Service Providers constitutes not more than 5% of the total amount of revenues paid to the independent auditors during the fiscal year in which the permissible non-audit services are provided to (a) the Fund, (b) the Adviser and (c) any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund during the fiscal year in which the services are provided that would have to be approved by the Committee; (ii) the permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.

(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $872,036 in October 31, 2024 and $1,557,011 in October 31, 2025.

(h) Yes. The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

(i) Not applicable.

(j) Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) The independent board members are acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act. The Audit Committee consists of the following Board members:

Robert D. Agdern

Carol L. Colman

Anthony Grillo

Eileen A. Kamerick

Nisha Kumar

Peter Mason

Hillary A. Sale

(b) 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.

Putnam Investments

Proxy Voting Procedures

Introduction and Summary

Many of Putnam’s investment management clients have delegated to Putnam the authority to vote proxies for shares in the client accounts Putnam manages. Putnam believes that the voting of proxies can be an important tool for institutional investors to promote best practices in corporate governance and votes all proxies in the best interests of its clients as investors. In Putnam’s view, strong corporate governance policies, most notably oversight by an independent board of qualified directors, best serve investors’ interests. Putnam will vote proxies and maintain records of voting of shares for which Putnam has proxy voting authority in accordance with its fiduciary obligations and applicable law.

Putnam’s voting policies are rooted in our views that (1) strong, independent corporate governance is important to long-term company financial performance, and (2) long-term investors’ active engagement with company management, including through the proxy voting process, strengthens issuer accountability and overall market discipline, potentially reducing risk and improving returns over time. Our voting program is offered as a part of our investment management services, at no incremental fee to Putnam, and, while there can be no guarantees, it is intended to offer potential investment benefits over a long-term horizon. Our voting policies are designed with investment considerations in mind, not as a means to pursue particular political, social, or other goals. As a result, we may not support certain proposals whose costs to the issuer (including implementation costs, practicability, and other factors), in Putnam’s view, outweigh their investment merits.

This memorandum sets forth Putnam’s policies for voting proxies. It covers all accounts for which Putnam has proxy voting authority. These accounts include the Putnam Mutual Funds¹ and Putnam Exchange-Traded Funds, US and international institutional accounts and funds managed or sub-advised by The Putnam Advisory Company, LLC, Putnam Investments Limited and Putnam Fiduciary Trust Company, LLC. In addition, the policies include US mutual funds and other accounts sub-advised by Putnam Investment Management, LLC.²

¹ Effective January 27, 2023, the Board of Trustees of the Putnam Mutual Funds delegated proxy voting authority to Putnam Investment Management, LLC, the investment manager to the Putnam Mutual Funds.

² The Putnam Proxy Voting Procedures and Guidelines will apply also to certain funds and institutional and other accounts managed by Franklin Advisers, Inc. (“FAV”) but formerly managed or sub-advised by one of the Putnam adviser entities identified above, pursuant to sub-advisory agreements in effect from time to time between FAV and the relevant Putnam entity(ies).

Proxy Committee

Putnam has a Proxy Committee composed of senior professionals, including from the Putnam Equity investment team and the Putnam Equity Sustainability Strategy group. The Chief Investment Officer of Putnam Equity appoints the members of the Proxy Committee. The Proxy Committee is responsible for setting general policy as to proxies. Specifically, the Committee:

1. Reviews these procedures and the Proxy Voting Guidelines annually and approves any amendments considered to be advisable.

2. Considers special proxy issues as they may from time to time arise.

3. Must approve all vote overrides recommended by investment professionals.

Proxy Voting Administration

The Putnam Sustainability Strategy group administers Putnam’s proxy voting through a Proxy Voting Team. The Proxy Voting Team has the following duties:

1. Annually prepares the Proxy Voting Guidelines and distributes them to the Proxy Committee for review.

2. Coordinates the Proxy Committee’s review of any new or unusual proxy issues and serves as Secretary thereto

3. Manages the process of referring issues to portfolio managers for voting instructions.

4. Oversees the work of any third-party vendor hired to process proxy votes (as of the date of these procedures Putnam has engaged Institutional Shareholder Services (ISS) to process proxy votes) and the process of setting up the voting process with ISS and custodial banks for new clients.

5. Coordinates responses to investment professionals’ questions on proxy issues and proxy policies, including forwarding specialized proxy research from ISS and other vendors and forwards information to investment professionals prepared by other areas at Putnam.

6. Implements the exception process with respect to referred items on securities held solely in accounts managed by the Global Asset Allocation (“GAA”) team within Franklin Templeton Investment Solutions described in more detail in the Proxy Referral section below.

7. Maintains required records of proxy votes on behalf of the appropriate Putnam client accounts.

8. Prepares and distributes reports required by Putnam clients.

Proxy Voting Guidelines

Putnam maintains written voting guidelines (“Guidelines”) setting forth voting positions determined by the Proxy Committee on those issues believed most likely to arise day to day. The Guidelines may call for votes to be cast normally in favor of or opposed to a matter or may deem the matter an item to be referred to investment professionals on a case-by-case basis. A copy of the Guidelines is attached to this memorandum as Exhibit A.

In light of our views on the importance of issuer governance and investor engagement, which we believe are applicable across our various strategies and clients, regardless of a specific portfolio’s investment objective, Putnam will vote all proxies in accordance with the Guidelines, subject to two exceptions as follows:

1. If the portfolio managers of client accounts holding the stock of a company with a proxy vote believe that following the Guidelines in any specific case would not be in the clients’ best interests, they may request the Proxy Voting Team not to follow the guidelines in such case. The request must be in writing and include an explanation of the rationale for doing so. The Proxy Voting Team will review any such request with the Proxy Committee (or, in cases with limited time, with the Chair of the Proxy Committee acting on the Proxy Committee’s behalf) prior to implementing the request.

2. Putnam may accept instructions to vote proxies under client specific guidelines subject to review and acceptance by the Investment Division and the Legal and Compliance Department.

Other

1. Putnam may elect not to vote when the security is no longer held.

2. Putnam will abstain on items that require case-by-case review when a vote recommendation from the appropriate investment professional(s) cannot be obtained due to restrictive voting deadlines or other prohibitive operational or administrative requirements.

3. Where securities held in Putnam client accounts, including the Putnam mutual funds, have been loaned to third parties in connection with a securities lending program administered by Putnam (through securities lending agents overseen by Putnam), Putnam has instructed lending agents to recall U.S. securities on loan to vote proxies, in accordance with Putnam’s securities lending procedures Due to differences in non-U.S. markets, Putnam does not currently seek to recall non-U.S. securities on loan. In addition, where Putnam does not administer a client’s securities lending program, this recall policy does not apply, since Putnam generally does not have information on loan details or authority to effect recalls in those cases. It is possible that, for impracticability or other reasons, a recalled security may not be returned to the relevant custodian in time to allow Putnam to vote the relevant proxy.

4. Putnam will make its reasonable best efforts to vote all proxies except when impeded by circumstances that are reasonably beyond its control and responsibility, such as custodial proxy voting services, in part or whole, not available or not established by a client, or custodial error.

Proxy Voting Referrals

Under the Guidelines, certain proxy matters will be referred to Portfolio Managers. The Portfolio Manager receiving the referral request may delegate the vote decision to an appropriate Analyst from among a list of eligible analysts (such list to be approved by the Chief Investment Officer of the Putnam Equity group and the Director of Equity Research for the Putnam Equity group). The Analyst will be required to make the affirmation and disclosures identified in (3) below. Normally specific referral items will be referred to the portfolio team leader (or another member of the portfolio team he or she designates) whose accounts hold the greatest number of shares of the issuer of the proxies through the Proxy Referral Administration Database. The referral request contains (1) a field that will be used by the portfolio team leader or member for recommending a vote on each referral item, (2) a field for describing any contacts relating to the proxy referral item the portfolio team may have had with any Franklin Templeton employee outside Putnam Equity or with any person other than a proxy solicitor acting in the normal course of proxy solicitation, and (3) a field for portfolio managers to affirm that they are making vote recommendations in the best interest of client accounts and have disclosed to Compliance any potential conflicts of interest relevant to their vote recommendation.

Putnam may vote any referred items on securities held solely in accounts managed by the GAA team within Franklin Templeton Investment Solutions (and not held by any other investment product team) in accordance with the recommendation of Putnam’s third-party proxy voting service provider. The Proxy Voting Team will first give the relevant portfolio manager(s) on the GAA team the opportunity to review the referred items and vote on them. If the portfolio manager(s) on the GAA team do not decide to make any active voting decision on any of the referred items, the items will be voted in accordance with the service provider’s recommendation. If the security is also held by other investment teams at Putnam Equity, the items will be referred to the largest holder who is not a member of the GAA team.

The portfolio team leader or members who have been requested to provide a recommendation on a proxy referral item will complete the referral request. Upon receiving each completed referral request from the applicable Portfolio Manager or Analyst, the Proxy Voting Team will review the completed request for accuracy and completeness, and will follow up with investment personnel as appropriate.

Conflicts of Interest

A potential conflict of interest may arise when voting proxies of an issuer which has a significant business relationship with Putnam. For example, Putnam could manage a defined benefit or defined contribution pension plan for the issuer. Putnam’s policy is to vote proxies based solely on the investment merits of the proposal. In order to guard against conflicts, the following procedures have been adopted:

1. The Proxy Committee is composed of senior professionals, including Portfolio Managers in Putnam Equity and the Putnam Equity Sustainability Strategy group. None of these individuals or groups reports to Franklin Templeton’s marketing businesses.

2. No Franklin Templeton employee outside Putnam Equity may contact any portfolio manager about any proxy vote without first contacting the Proxy Voting Team or a senior lawyer in the Legal and Compliance Department. There is no prohibition on employees seeking to communicate investment-related information to investment professionals except for Putnam’s restrictions on dissemination of material, non-public information. However, the Proxy Voting Team will coordinate the delivery of such information to investment professionals to avoid appearances of conflict.

3. Investment professionals responding to referral requests must disclose any contacts with third parties other than normal contact with proxy solicitation firms and must affirm that they are making vote recommendations in the best interest of client accounts and have disclosed to the Proxy Voting Team any potential conflicts of interest relevant to their vote recommendation.

4. The Proxy Voting Team will review the name of the issuer of each proxy that contains a referral item against various sources of Putnam business relationships maintained by the Legal and Compliance Department or Client Service for potential material business relationships (i.e., conflicts of interest). For referrals, the Proxy Voting Team will complete the Proxy Voting Conflict of Interest Disclosure Form (attached as Exhibit B and C) via the Proxy Referral Administration Database and will prepare a quarterly report for the Putnam Chief Compliance Officer identifying all completed Conflict of Interest Disclosure forms.

5. Putnam’s Proxy Voting Guidelines may only be overridden with the written recommendation from a member of the Investment Division and concurrence of the Proxy Committee (or, in cases with limited time, with the Chair of the Proxy Committee on the Proxy Committee’s behalf).

Recordkeeping

The Putnam Equity Sustainability Strategy Group will retain copies of the following books and records:

1. A copy of the Proxy Voting Procedures and Guidelines as are from time to time in effect;

2. A copy of each proxy statement received with respect to securities in client accounts;

3. Records of each vote cast for each client;

4. Internal documents generated in connection with a proxy referral, such as emails, memoranda, etc.

5. Written reports to clients on proxy voting and all client requests for information and Putnam’s response.

All records will be maintained for seven years. A proxy vendor may on Putnam’s behalf maintain the records noted in 2 and 3 above if it commits to providing copies promptly upon request.

Exhibit A to Proxy Procedures

Putnam Investments Proxy Voting Guidelines

The proxy voting guidelines below summarize Putnam’s positions on various issues of concern to investors and indicate how client portfolio securities will be voted on proposals dealing with a particular issue. The proxy voting service is instructed to vote all proxies relating to client portfolio securities in accordance with these guidelines, except as otherwise instructed by the Proxy Voting Team.

Putnam’s voting policies are rooted in our views that (1) strong, independent corporate governance is important to long-term company financial performance, and (2) long-term investors’ active engagement with company management, including through the proxy voting process, strengthens issuer accountability and overall market discipline, potentially reducing risk and improving returns over time. Our voting program is offered as a part of our investment management services, at no incremental fee to Putnam, and, while there can be no guarantees, it is intended to offer potential investment benefits over a long-term horizon. Our voting policies are designed with investment considerations in mind, not as a means to pursue particular political, social, or other goals. As a result, we may not support certain proposals whose costs to the issuer (including implementation costs, practicability, and other factors), in Putnam’s view, outweigh their investment merits.

These proxy voting policies are intended to be decision-making guidelines. The guidelines are not exhaustive and do not include all potential voting issues. In addition, as contemplated by and subject to Putnam’s Proxy Voting Procedures, because proxy issues and the circumstances of individual companies are so varied, portfolio teams may recommend votes that may vary from the general policy choices set forth in the guidelines.

The following guidelines are grouped according to the types of proposals generally presented to shareholders. Part I deals with proposals which have been approved and recommended by a company’s board of directors. Part II deals with proposals submitted by shareholders for inclusion in proxy statements. Part III addresses unique considerations pertaining to non-US issuers.

I. Board-Approved Proposals

Proxies will be voted for board-approved proposals, except as follows:

A. Matters Relating to the Board of Directors

Uncontested Election of Directors

The board of directors has the important role of overseeing management and its performance on behalf of shareholders. When evaluating a company’s board, Putnam may consider the diversity of professional backgrounds and personal characteristics. Putnam believes that companies generally benefit from diversity on the board, including diversity with respect to gender, ethnicity, race, skills, perspectives and experience.

Proxies will be voted for the election of the company’s nominees for directors (and/or subsidiary directors) and for board-approved proposals on other matters relating to the board of directors (provided that such nominees and other matters have been approved by an independent nominating committee), except as follows:

Ø Putnam will withhold votes from the entire board of directors if:

· The board does not have a majority of independent directors,

· The board does not have nominating, audit and compensation committees composed solely of independent directors, or

· The board has more than 15 members or fewer than five members, absent special circumstances.

Ø Putnam may refrain from withholding votes from the board due to insufficient key committee independence due to director resignation, change in board structure, or other specific circumstances, provided that the company has stated (for example in an 8-K), or it can otherwise be determined, that the board will address committee composition to ensure compliance with the applicable corporate governance code in a timely manner after the shareholder meeting and the company has a history of appropriate board independence.

Unless otherwise indicated, for the purposes of determining whether a board has a majority of independent directors and independent nominating, audit, and compensation committees, an independent director is a director who (1) meets all requirements to serve as an independent director of a company under the final NYSE Corporate Governance Rules (e.g., no material business relationships with the company and no present or recent employment relationship with the company (including employment of an immediate family member as an executive officer)), and (2) has not accepted directly or indirectly any consulting, advisory, or other compensatory fee (excluding immaterial fees for transactional services as defined by the NYSE Corporate Governance rules) from the company other than in his or her capacity as a member of the board of directors or any board committee. Putnam believes that the receipt of such compensation for services other than service as a director raises significant independence issues.

Ø Putnam will withhold votes from any nominee for director who is considered an independent director by the company and who has received compensation within the last three years from the company for the provision of professional services (e.g., investment banking, consulting, legal or financial advisory fees).

Ø Putnam will withhold votes from any nominee for director who attends fewer than 75% of board and committee meetings. Putnam may refrain from withholding votes on a case-by-case basis if a valid reason for the absence exists, such as illness, personal emergency, potential conflict of interest, etc.

Ø Putnam will withhold votes from any incumbent nominee for director who served on a board that has not acted to implement a policy requested in a shareholder proposal that received the support of a majority of the votes actually cast on the matter at its previous two annual meetings, or

Ø Putnam will withhold votes from any incumbent nominee for director who served on a board that adopted, renewed, or made a material adverse modification to a shareholder rights plan (commonly referred to as a “poison pill”) without shareholder approval during the current or prior calendar year. (This is applicable to any type of poison pill, for example, advance-warning type pill, EGM pill, and Trust Defense Plans in Japan.)

Putnam will refrain from opposing the board members who served at the time of the adoption of the poison pill if the duration is one year or less, if the plan contains other suitable restrictions; or if the company publicly discloses convincing rationale for its adoption and seeks shareholder approval of future renewals of the poison pill. (Suitable restrictions could include but are not limited to, a higher threshold for passive investors. Convincing rationale could include circumstances such as, but not limited to, extreme market disruption or conditions, stock volatility, substantial merger, active investor interest, or takeover attempts.)

Ø Putnam will vote on a case-by-case basis and may consider voting against the Nominating Committee Chair if there is a lack of evidence of board diversity.

Putnam is concerned about over-committed directors. In some cases, directors may serve on too many boards to make a meaningful contribution. This may be particularly true for senior executives of public companies (or other directors with substantially full-time employment) who serve on more than a few outside boards.

Ø Putnam will vote against any non-executive nominee for director who serves on more than four (4) public company boards, except where Putnam would otherwise be withholding votes for the entire board of directors. For the purpose of this guideline, boards of affiliated registered investment companies and other similar entities such as UCITS will count as one board. Generally, Putnam will withhold support from directors serving on more than four unaffiliated public company boards, although an exception may be made in the case of a director who represents an investing firm with the sole purpose of managing a portfolio of investments that includes the company.

Ø Putnam will withhold votes from any nominee for director who serves as an executive officer of any public company (“home company”) while serving on more than two (2) public company boards other than the home company board. (Putnam will withhold votes from the nominee at each company where Putnam client portfolios own shares.) In addition, if Putnam client portfolios are shareholders of the executive's home company, Putnam will withhold votes from members of the company's governance committee. For the purpose of this guideline, boards of affiliated registered investment companies and other similar entities such as UCITS will count as one board.

Ø Putnam will withhold votes from any nominee for director of a public company (Company A) who is employed as a senior executive of another public company (Company B) if a director of Company B serves as a senior executive of Company A (commonly referred to as an “interlocking directorate”).

Board independence depends not only on its members’ individual relationships, but also the board’s overall attitude toward management. Independent boards are committed to good corporate governance practices and, by providing objective independent judgment, enhancing shareholder value. Putnam may withhold votes on a case-by-case basis from some or all directors that, through their lack of independence, have failed to observe good corporate governance practices or, through specific corporate action, have demonstrated a disregard for the interest of shareholders.

Note: Designation of executive director is based on company disclosure.

Ø Putnam will vote against proposals that provide that a director may be removed only for cause. Putnam will generally vote for proposals that permit the removal of directors with or without cause.

Ø Putnam will vote against proposals authorizing a board to fill a director vacancy without shareholder approval.

Ø Putnam will vote on a case-by-case basis on subsidiary director nominees if Putnam will be voting against the nominees of the parent company’s board.

Ø Putnam will vote on a case-by-case basis for director nominees, including nominees for positions on Supervisory Boards or Supervisory Committees, or similar board entities (depending on board structure), for (re)election when cumulative voting applies.

Ø Putnam will vote for proposals to approve annual directors’ fees, except that Putnam will vote on a case-by-case basis if Putnam’s independent proxy voting service has recommended a vote against such proposal. Additionally, Putnam will vote for proposals to approve the grant of equity awards to directors, except that Putnam will consider these proposals on a case-by-case basis if Putnam’s proxy service provider is recommending a vote against the proposal.

Classified Boards

Ø Putnam will vote against proposals to classify a board, absent special circumstances indicating that shareholder interests would be better served by this structure.

Ratification of Auditors

Ø Putnam will vote on a case-by-case basis on proposals to ratify the selection of independent auditors if there is evidence that the audit firm’s independence or the integrity of an audit is compromised. (Otherwise, Putnam will vote for.)

Contested Elections of Directors

Ø Putnam will vote on a case-by-case basis in contested elections of directors.

B. Executive Compensation

Putnam will vote on a case-by-case basis on board-approved proposals relating to executive compensation, except as follows:

Ø Putnam will vote for stock option and restricted stock plans that will result in an average annual dilution of 1.67% or less (based on the disclosed term of the plan and including all equity-based plans), except where Putnam would otherwise be withholding votes for the entire board of directors in which case Putnam will evaluate the plans on a case-by-case basis.

Ø Putnam will vote against stock option and restricted stock plans that will result in an average annual dilution of greater than 1.67% (based on the disclosed term of the plan and including all equity plans).

Ø Putnam will vote against any stock option or restricted stock plan where the company's actual grants of stock options and restricted stock under all equity-based compensation plans during the prior three (3) fiscal years have resulted in an average annual dilution of greater than 1.67%.

Ø Additionally, if the annualized dilution cannot be calculated, Putnam will vote for plans where the Total Potential Dilution is 5% or less. If the annualized dilution cannot be calculated and the Total Potential Dilution exceeds 5%, then Putnam will vote against. Note: Such plans must first pass all of Putnam's other screens.

Ø Putnam will vote proposals to issue equity grants to executives on a case-by-case basis.

Ø Putnam will vote against stock option plans that permit replacing or repricing of underwater options (and against any proposal to authorize such replacement or repricing of underwater options).

Ø Putnam will vote against stock option plans that permit issuance of options with an exercise price below the stock’s current market price.

Ø Putnam will vote against stock option plans/ restricted stock plans with evergreen features providing for automatic share replenishment.

Ø Putnam will vote for bonus plans under which payments are treated as performance-based compensation that is deductible under Section 162(m) of the Internal Revenue Code of 1986, as amended, except as follows:

Vote on a case-by-case basis on such proposals if any of the following circumstances exist:

· the amount per employee under the plan is unlimited, or

· the maximum award pool is undisclosed, or

· the incentive bonus plan’s performance criteria are undisclosed, or

· the independent proxy voting service recommends a vote against.

Ø Putnam will vote in favor of the annual presentation of advisory votes on executive compensation (Say-on-Pay).

Ø Putnam will generally vote for advisory votes on executive compensation (Say-on-Pay). However, Putnam will vote against an advisory vote if the company fails to effectively link executive compensation to company performance according to benchmarking performed by the independent proxy voting service.

· Putnam will review the proposal on a case-by-case basis if there is no recommendation of the independent proxy voting service.

Ø Putnam will vote on a case-by-case basis on severance agreements (e.g., golden and tin parachutes)

Ø Putnam will withhold votes from members of a Board of Directors which has approved compensation arrangements Putnam’s investment personnel have determined are grossly unreasonable at the next election at which such director is up for re-election.

Ø Putnam will vote for employee stock purchase plans that have the following features: (1) the shares purchased under the plan are acquired for no less than 85% of their market value, (2) the offering period under the plan is 27 months or less, and (3) dilution is 10% or less.

Ø Putnam will vote for Non-qualified Employee Stock Purchase Plans with all the following features:

1) Broad-based participation (i.e., all employees of the company with the exclusion of individuals with 5 percent or more of beneficial ownership of the company).

2) Limits on employee contribution, which may be a fixed dollar amount or expressed as a percent of base salary.

3) Company matching contribution up to 25 percent of employee's contribution, which is effectively a discount of 20 percent from market value.

4) No discount on the stock price on the date of purchase since there is a company matching contribution.

Putnam will vote against Non-qualified Employee Stock Purchase Plans when any of the plan features do not meet the above criteria.

Putnam may vote against executive compensation proposals on a case-by-case basis where compensation is excessive by reasonable corporate standards, or where a company fails to provide transparent disclosure of executive compensation. In voting on proposals relating to executive compensation, Putnam will consider whether the proposal has been approved by an independent compensation committee of the board.

C. Capitalization

Putnam will vote on a case-by-case basis on board-approved proposals involving changes to a company’s capitalization, except as follows:

Ø Putnam will vote for proposals relating to the authorization of additional common stock, except that Putnam will evaluate such proposals on a case-by-case basis if (i) they relate to a specific transaction or to common stock with special voting rights, (ii) the company has a non-shareholder approved poison pill in place, or (iii) the company has had sizeable stock placements to insiders within the past three years at prices substantially below market value without shareholder approval.

Ø Putnam will vote for proposals to effect stock splits (excluding reverse stock splits.)

Ø Putnam will vote for proposals authorizing share repurchase programs, except that Putnam will vote on a case-by-case basis if there are concerns that there may be abusive practices related to the share repurchase programs.

D. Acquisitions, Mergers, Reorganizations and Other Transactions

Putnam will vote on a case-by-case basis on business transactions such as acquisitions, mergers, reorganizations involving business combinations, liquidations and sale of all or substantially all of a company’s assets.

E. Anti-Takeover Measures

Putnam will vote against board-approved proposals to adopt anti-takeover measures such as supermajority voting provisions, issuance of blank check preferred stock, the creation of a separate class of stock with disparate voting rights, control share acquisition provisions, targeted share placements, and ability to make greenmail payments, except as follows:

Ø Putnam will vote on a case-by-case basis on proposals to ratify or approve shareholder rights plans;

Ø Putnam will vote on a case-by-case basis on proposals to adopt fair price provisions.

Ø Putnam will vote on a case-by-case basis on proposals to issue blank check preferred stock in the case of REITs (only)

Ø Putnam will generally vote for proposals that enable or expand shareholders’ ability to take action by written consent.

Ø Putnam will vote on a case-by-case basis on proposals to increase shares of an existing class of stock with disparate voting rights from another share class.

Ø Putnam will vote on a case-by-case basis on shareholder or board-approved proposals to eliminate supermajority voting provisions at controlled companies (companies in which an individual or a group voting collectively holds a majority of the voting interest).

Ø Putnam will vote on a case-by-case basis on board-approved proposals to adopt supermajority voting provisions at controlled companies (companies in which an individual or a group voting collectively holds a majority of the voting interest).

Ø Putnam will vote on a case-by-case basis on proposals to issue blank check preferred stock if appropriate “de-clawed” language is present. Specifically, appropriate de-clawed language will include cases where the Company states (i.e., through 8-K, proxy statement or other public disclosure) it will not use the preferred stock for anti-takeover purposes, or in order to implement a shareholder rights plan, or discloses a commitment to submit any future issuances of preferred stock to be used in a shareholder rights plan/anti-takeover purpose to a shareholder vote prior to its adoption.

F. Other Business Matters

Putnam will vote for board-approved proposals approving routine business matters such as changing the company’s name and procedural matters relating to the shareholder meeting, except as follows:

Ø Putnam will vote on a case-by-case basis on proposals to amend a company’s charter or bylaws (except for charter amendments necessary or to effect stock splits, to change a company’s name, to authorize additional shares of common stock or other matters which are considered routine (for example, director age or term limits), technical in nature, fall within Putnam’s guidelines (for example, regarding board size or virtual meetings), are required pursuant to regulatory and/or listing rules, have little or no economic impact or will not negatively impact shareholder rights).

Ø Additionally, Putnam believes the bundling of items, whether the items are related or unrelated, is generally not in shareholders’ best interest. We may vote against the entire bundled proposal if we would normally vote against any of the items if presented individually. In these cases, we will review the bundled proposal on a case-by-case basis.

Ø Putnam generally supports quorum requirements if the level is set high enough to ensure a broad range of shareholders is represented in person or by proxy but low enough so that the Company can transact necessary business. Putnam will vote on a case-by-case basis on proposals seeking to change quorum requirements; however, Putnam will normally support proposals that seek to comply with market or exchange requirements.

Ø Putnam will vote on a case-by-case basis on proposals seeking to change a company’s state of incorporation. However, Putnam will vote for mergers and reorganizations involving business combinations designed solely to reincorporate a company in Delaware.

Ø Putnam will vote against authorization to transact other unidentified, substantive business at the meeting.

Ø Putnam will vote against proposals where there is a lack of information to make an informed voting decision.

Ø Putnam will vote as follows on proposals to adjourn shareholder meetings:

If Putnam is withholding support for the board of the company at the meeting, any proposal to adjourn should be referred for case-by-case analysis.

If Putnam is not withholding support for the board, Putnam will vote in favor of adjourning, unless the vote concerns an issue that is being referred back to Putnam for case-by-case review. Under such circumstances, the proposal to adjourn should also be referred to Putnam for case-by-case analysis.

Ø Putnam will vote against management proposals to adopt a specific state’s courts, or a specific U.S. district court as the exclusive forum for certain disputes, except that Putnam will vote for proposals adopting the State of Delaware, or the Delaware Chancery Court, as the exclusive forum, for corporate law matters for issuers incorporated in Delaware. Requiring shareholders to bring actions solely in one state may discourage the pursuit of derivative claims by increasing their difficulty and cost. However, Putnam’s guideline recognizes the expertise of the Delaware state court system in handling disputes involving Delaware corporations. In addition, Putnam will withhold votes from the chair of the Nominating/Governance committee if a company amends its Bylaws, or takes other actions, to adopt a specific state’s courts (other than Delaware courts, for issuers incorporated in Delaware) or a specific U.S. district court as the exclusive forum for certain disputes without shareholder approval.

Ø Putnam will vote on a case-by-case basis on management proposals seeking to adopt a bylaw amendment allowing the company to shift legal fees and costs to unsuccessful plaintiffs in intra-corporate litigation (fee-shifting bylaw). Additionally, Putnam will vote against the Chair of the Nominating/Governance committee if a company adopts a fee-shifting bylaw amendment without shareholder approval.

Ø Putnam will support management/shareholder proxy access proposals as long as the proposals align with the following principles for a shareholder (or up to 20 shareholders together as a group) to receive proxy access:

1) The required minimum aggregate ownership of the Company’s outstanding common stock is no greater than 3%;

2) The required minimum holding period for the shareholder proponent(s) is no greater than two years; and

3) The shareholder(s) are permitted to nominate at least 20% of director candidates for election to the board.

Proposals requesting shares be held for 3 years will be reviewed on a case-by-case basis. Putnam will vote against proposals requesting shares be held for more than three years. Proposals that meet Putnam’s stated criteria and include other requirements relating to issues such as, but not limited to, shares on loan or compensation agreements with nominees, will be reviewed on a case-by-case basis.

Additionally, shareholder proposals seeking an amendment to a company’s proxy access policy which include any one of the supported criteria under Putnam’s guidelines, for example, a 2-year holding period for shareholders, will be reviewed on a case-by-case basis.

Ø Putnam supports management / shareholder proposals giving shareholders the right to call a special meeting as long as the ownership requirement in such proposals is at least 15% of the company's outstanding common stock and not more than 25%.

In general, Putnam will vote for management or shareholder proposals to reduce the ownership requirement below a company’s existing threshold, as long as the new threshold is at least 15% and not greater than 25% of the company’s outstanding common stock.

Putnam will vote against any proposal with an ownership requirement exceeding 25% of the company’s common stock or an ownership requirement that is less than 15% of the company's outstanding common stock.

In cases where there are competing management and shareholder proposals giving shareholders the right to call a special meeting, Putnam will generally vote for the proposal which has the lower minimum shareholder ownership threshold, as long as that threshold is within Putnam’s recommended minimum/maximum thresholds. If only one of the competing proposals has a threshold that falls within Putnam’s threshold range, Putnam will normally support that proposal as long as it represents an improvement (reduction) from the previous requisite ownership level. Putnam will normally vote against both proposals if neither proposal has a requisite ownership level between 15% and 25% of the company’s outstanding common stock.

Ø Putnam will generally vote for management or shareholder proposals to allow a company to hold virtual-only or hybrid shareholder meetings or to amend its articles/charter/by-laws to allow for virtual-only or hybrid shareholder meetings, provided the proposal does not preclude in-person meetings (at any given time), and does not otherwise limit or impair shareholder participation; and if the company has provided clear disclosure to ensure that shareholders can effectively participate in virtual-only shareholder meetings and meaningfully communicate with company management and directors. Additionally, Putnam may consider the rationale of the proposal and whether there have been concerns about the company’s previous meeting practices.

Disclosure should address the following:

· the ability of shareholders to ask questions during the meeting

o including time guidelines for shareholder questions

o rules around what types of questions are allowed

o and rules for how questions and comments will be recognized and disclosed to meeting participants

o the manner in which appropriate questions received during the meeting will be addressed by the board

· procedures, if any, for posting appropriate questions received during the meeting and the company’s answers on the investor page of their website as soon as is practical after the meeting

· technical and logistical issues related to accessing the virtual meeting platform; and

· procedures for accessing technical support to assist in the event of any difficulties accessing the virtual meeting

Putnam may vote against proposals that do not meet these criteria.

Additionally, Putnam may vote against the Chair of the Governance Committee when the board is planning to hold a virtual-only shareholder meeting and the company has not provided sufficient disclosure (as noted above) or shareholder access to the meeting.

Ø Putnam will vote for proposals to approve a company’s board-approved climate transition action plan (“say on climate” proposals in which the company’s board proposes that shareholders indicate their support for the company’s plan), unless the proxy voting service has recommended a vote against the proposal, in which case Putnam will vote on a case-by-case basis on the proposal.

Ø Putnam will vote on a case-by-case basis on board-approved proposals that conflict with shareholder proposals.

II. Shareholder Proposals

Shareholder proposals are non-binding votes that are often opposed by management. Some proposals relate to matters that are financially immaterial to the company’s business, while others may be impracticable or costly for a company to implement. At the same time, well-crafted shareholder proposals may serve the purpose of raising issues that are material to a company’s business for management’s consideration and response. Putnam seeks to weigh the costs of different types of proposals against their expected financial benefits. More specifically:

Putnam will vote in accordance with the recommendation of the company’s board of directors on all shareholder proposals, except as follows:

Ø Putnam will vote for shareholder proposals that are consistent with Putnam’s proxy voting guidelines for board-approved proposals.

Ø Putnam will vote for shareholder proposals to declassify a board, absent special circumstances which would indicate that shareholder interests are better served by a classified board structure.

Ø Putnam will vote for shareholder proposals to require shareholder approval of shareholder rights plans.

Ø Putnam will vote for shareholder proposals asking that director nominees receive support from holders of a majority of votes cast or a majority of shares outstanding of the company in order to be (re) elected.

Ø Putnam will review on a case-by-case basis, shareholder proposals requesting that the board adopt a policy whereby, in the event of a significant restatement of financial results or significant extraordinary write-off, the board will recoup, to the fullest extent practicable, for the benefit of the company, all performance-based bonuses or awards that were made to senior executives based on having met or exceeded specific performance targets to the extent that the specified performance targets were not met.

Ø Putnam will vote for shareholder proposals urging the board to seek shareholder approval of any future supplemental executive retirement plan ("SERP"), or individual retirement arrangement, for senior executives that provides credit for additional years of service not actually worked, preferential benefit formulas not provided under the company's tax-qualified retirement plans, accelerated vesting of retirement benefits or retirement perquisites and fringe benefits that are not generally offered to other company employees. (Implementation of this policy shall not breach any existing employment agreement or vested benefit.)

Ø Putnam will vote for shareholder proposals requiring companies to report on their executive retirement benefits. (Deferred compensation, split-dollar life insurance, SERPs and pension benefits)

Ø Putnam will vote for shareholder proposals requesting that a company establish a pay-for-superior-performance standard whereby the company discloses defined financial and/or stock price performance criteria (along with the detailed list of comparative peer group) to allow shareholders to sufficiently determine the pay and performance correlation established in the company’s performance-based equity program. In addition, no multi-year award should be paid out unless the company’s performance exceeds, during the current CEO’s tenure (three or more years), its peer median or mean performance on selected financial and stock price performance criteria.

Ø Putnam will vote for shareholder proposals urging the board to disclose in a separate report to shareholders, the Company’s relationships with its executive compensation consultants or firms. Specifically, the report should identify the entity that retained each consultant (the company, the board or the compensation committee) and the types of services provided by the consultant in the past five years (non-compensation-related services to the company or to senior management and a list of all public company clients where the Company’s executives serve as a director.)

Ø Putnam will vote for shareholder proposals requiring companies to accelerate vesting of equity awards under management severance agreements only if both of the following conditions are met:

· the company undergoes a change in control, and

· the change in control results in the termination of employment for the person receiving the severance payment.

Ø Putnam will vote for shareholder proposals requiring that the chair’s position be filled by an independent director (separate chair/CEO). However, Putnam will vote on a case-by-case basis on such proposals when the company’s board has a lead-independent director (or already has an independent or separate chair) and Putnam is supporting the nominees for the board of directors.

Ø Putnam will vote for shareholder proposals seeking the submission of golden coffins to a shareholder vote or the elimination of the practice altogether.

Ø Putnam will vote for shareholder proposals seeking a policy that forbids any director who receives more than 25% withhold votes cast (based on for and withhold votes) from serving on any key board committee for two years and asking the board to find replacement directors for the committees if need be.

Ø Putnam will vote for shareholder proposals urging the board to seek shareholder approval of severance agreements (e.g., golden and tin parachutes).

· However, Putnam will vote against such proposals when the company has a policy that minimally requires shareholder approval of severance agreements for executives that provides for cash severance benefits exceeding 2.99 times the sum of the executive's base salary plus target annual non-equity incentive plan bonus opportunity.

Putnam will vote on a case-by-case basis on approving such compensation arrangements.

Ø Putnam will vote for shareholder proposals requiring companies to make cash payments under management severance agreements only if both of the following conditions are met: the company undergoes a change in control, and the change in control results in the termination of employment for the person receiving the severance payment.

Ø Putnam will vote on a case-by-case basis on shareholder proposals to limit a company’s ability to make excise tax gross-up payments under management severance agreements as well as proposals to limit income or other tax gross-up payments.

Ø Putnam will vote in accordance with the recommendation of the company’s board of directors on shareholder proposals regarding corporate political spending, unless Putnam is voting against the directors, in which case the proposal would be reviewed on a case-by-case basis.

Ø Putnam will vote on a case-by-case basis on shareholder proposals that conflict with board-approved proposals.

Environmental and Social

Ø Putnam believes that sustainable environmental practices and sustainable social policies are important components of long-term value creation. Companies should evaluate the potential risks to their business operations that are directly related to environmental and social factors (among others). In evaluating shareholder proposals relating to environmental and social initiatives, Putnam takes into account (1) the relevance and materiality of the proposal to the company’s business, (2) whether the proposal is well crafted (e.g., whether it references science-based targets, or standard global protocols), and (3) the practicality or reasonableness of implementing the proposal.

Putnam may support well-crafted and well-targeted proposals that request additional reporting or disclosure on a company’s plans to mitigate risk to the company related to the following issues and/or their strategies related to these issues: Environmental issues, including but not limited to, climate change, greenhouse gas emissions, renewable energy, and broader sustainability issues; and Social issues, including but not limited to, fair pay, employee diversity and development, safety, labor rights, supply chain management, privacy and data security.

In addition, Putnam will consider proposals related to Artificial Intelligence (“AI”) on a case-by-case basis.

Putnam will consider factors such as (i) the industry in which the company operates, (ii) the company's current level of disclosure, (iii) the company's level of oversight, (iv) the company’s management of risk arising out of these matters, (v) whether the company has suffered a material financial impact. Other factors may also be considered.

Putnam will consider the recommendation of its third-party proxy service provider and may consider other factors such as third-party evaluations of ESG performance.

Additionally, Putnam may vote on a case-by-case basis on proposals which ask a company to take action beyond reporting where our third-party proxy service provider has identified one or more reasons to warrant a vote FOR.

III. Voting Shares of Non-US Issuers

Many non-US jurisdictions impose material burdens on voting proxies. There are three primary types of limits as follows:

(1) Share blocking. Shares must be frozen for certain periods of time to vote via proxy.

(2) Share re-registration. Shares must be re-registered out of the name of the local custodian or nominee into the name of the client for the meeting and, in many cases, then re-registered back. Shares are normally blocked in this period.

(3) Powers of Attorney. Detailed documentation from a client must be given to the local sub-custodian. In many cases Putnam is not authorized to deliver this information or sign the relevant documents.

Putnam’s policy is to weigh the benefits to clients from voting in these jurisdictions against the detriments of not doing so. For example, in a share blocking jurisdiction, it will normally not be in a client’s interest to freeze shares simply to participate in a non- contested routine meeting. More specifically, Putnam will normally not vote shares in non-US jurisdictions imposing burdensome proxy voting requirements except in significant votes (such as contested elections and major corporate transactions) where directed by portfolio managers.

Putnam recognizes that the laws governing non-US issuers will vary significantly from US law and from jurisdiction to jurisdiction. Accordingly, it may not be possible or even advisable to apply these guidelines mechanically to non-US issuers. However, Putnam believes that shareholders of all companies are protected by the existence of a sound corporate governance and disclosure framework. Accordingly, Putnam will vote proxies of non-US issuers in accordance with the foregoing guidelines where applicable, except as follows:

Ø Putnam will vote for shareholder proposals calling for a majority of the directors to be independent of management.

Ø Putnam will vote for shareholder proposals that implement corporate governance standards similar to those established under U.S. federal law and the listing requirements of U.S. stock exchanges, and that do not otherwise violate the laws of the jurisdiction under which the company is incorporated.

Ø Putnam will vote on a case-by-case basis on proposals relating to (1) the issuance of common stock in excess of 20% of a company’s outstanding common stock where shareholders do not have preemptive rights, or (2) the issuance of common stock in excess of 100% of a company’s outstanding common stock where shareholders have preemptive rights.

Ø Putnam will vote for proposals to authorize share repurchase programs that are recommended for approval by Putnam’s proxy voting service provider, otherwise Putnam will vote against such proposals; except that Putnam will vote on a case-by-case basis if there are concerns that there may be abusive practices related to the share repurchase programs.

Ø Putnam will vote against authorizations to repurchase shares or issue shares or convertible debt instruments with or without preemptive rights when such authorization can be used as a takeover defense without shareholder approval. Putnam will not apply this policy to a company with a shareholder who controls more than 50% of its voting rights.

Ø Putnam will generally vote for proposals that include debt issuances, however substantive/non-routine proposals, and proposals that fall outside of normal market practice or reasonable standards, will be reviewed on a case-by-case basis.

Ø Putnam will vote for board-approved routine, market-practice proposals. These proposals are limited to (1) those issues that will have little or no economic impact, such as technical, editorial, or mandatory regulatory compliance items, (2) those issues that will not adversely affect and/or which clearly improve shareholder rights/values, and which do not violate Putnam’s proxy voting guidelines, or (3) those issues that do not seek to deviate from existing laws or regulations. Examples include but are not limited to, related party transactions (non-strategic), profit-and-loss transfer agreements (Germany), authority to increase paid-in capital (Taiwan). Should any unusual circumstances be identified concerning a normally routine issue, such proposals will be referred back to Putnam for internal review.

Ø Putnam will generally vote for proposals regarding amendments seeking to expand business lines or to amend the corporate purpose, provided the proposal would not include a significant or material departure from the company’s current business, and/or will provide the company with greater flexibility in the performance of its activities.

Ø Putnam will normally vote for management proposals concerning allocation of income and the distribution of dividends. However, Putnam portfolio teams will override this guideline when they conclude that the proposals are outside the market norms (i.e., those seen as consistently and unusually small or large compared to market practices).

Ø Putnam will generally vote for proposals seeking to adjust the par value of common stock. However, non-routine, substantive proposals will be reviewed on a case-by-case basis.

Ø Putnam will vote against proposals that would authorize the company to reduce the notice period for calling special or extraordinary general meetings to less than 21-Days.

Ø Putnam will generally vote for proposals relating to transfer of reserves/increase of reserves (i.e., France, Japan). However, Putnam will vote on a case-by-case basis if the proposal falls outside of normal market practice.

Ø Putnam will generally vote for proposals to increase the maximum variable pay ratio. However, Putnam will vote on a case-by-case basis if we are voting against a company’s remuneration report or if the proposal seeks an increase in excess of 200%.

Ø Putnam will review stock option plans on a case-by-case basis which allow for the options exercise price to be reduced by dividend payments (if the plan would normally pass Putnam’s Guidelines).

Ø Putnam will generally vote for requests to provide loan guarantees however, Putnam will vote on a case-by-case basis if the total amount of guarantees is in excess of 100% of the company’s audited net assets.

Ø Putnam will generally support remuneration report/policy proposals (i.e., advisory/binding) where a company’s executive compensation is linked directly with the performance of the business and executive. Putnam will generally support compensation proposals which incorporate a mix of reasonable salary and performance based short- and long-term incentives. Companies should demonstrate that their remuneration policies are designed and managed to incentivize and retain executives while growing the company’s long-term shareholder value.

Generally, Putnam will vote against remuneration report/policy proposals (i.e., advisory/binding) in the following cases:

· Disconnect between pay and performance

· No performance metrics disclosed;

· No relative performance metrics utilized;

· Single performance metric was used and it was an absolute measure;

· Performance goals were lowered when management failed or was unlikely to meet original goals;

· Long Term Incentive Plan is subject to retesting (e.g., Australia);

· Service contracts longer than 12 months (e.g., United Kingdom);

· Allows vesting below median for relative performance metrics;

· Ex-gratia / non-contractual payments have been made (e.g., United Kingdom and Australia);

· Contains provisions to automatically vest upon change-of-control; or

· Other poor compensation practices or structures.

· Pension provisions for new executives is not at the same level as the majority of the wider workforce; pension provisions for incumbent executives are not set to decrease over time (United Kingdom)

· Proposed CEO salary increases are not justifiably appropriate in comparison to wider workforce or rationale for exception increases is not fully disclosed (United Kingdom)

Ø Putnam will vote on a case-by-case basis on bonus payments to executive directors or senior management; however, Putnam will vote against payments that include outsiders or independent statutory auditors.

Matters Relating to Board of Directors

Uncontested Board Elections

Asia: China, Hong Kong, India, Indonesia, Philippines, Taiwan and Thailand

Ø Putnam will vote against the entire board of directors if

· fewer than one-third of the directors are independent directors, or

· the board has not established audit, compensation and nominating committees each composed of a majority of independent directors, or

· the chair of the audit, compensation or nominating committee is not an independent director.

Commentary: Companies listed in China (or dual-listed in China and Hong Kong) often have a separate supervisory committee in addition to a standard board of directors containing audit, compensation, and nominating committees. The supervisory committee provides oversight of the financial affairs of the company and supervises members of the board and management, while the board of directors makes decisions related to the company's business and investment strategies. The supervisory committee normally comprises employee representatives and shareholder representatives. Shareholder representatives are elected by shareholders of the company while employee representatives are elected by the company's staff. Shareholder representatives may be independent or may be affiliated with the company or its substantial shareholders. Current laws and regulations neither provide a basis for evaluation of supervisor independence nor do they require a supervisor to be independent.

Ø Putnam will generally vote in favor of nominees to the Supervisory Committee

Australia

Ø Putnam will vote against the entire board of directors if

· fewer than a majority of the directors are independent, or

· the board has not established an audit committee composed solely of non-executive directors, a majority of whom, including the chair of the committee (who should not be the board chair), should be independent directors, or

· the board has not established nominating and compensation committees each composed of a majority of independent, non-executive directors, with an independent chair.

Brazil

Ø Putnam will vote against proposals requesting cumulative voting unless there are more candidates than number of seats available, in which case vote for.

Ø Putnam will vote for proposals for the proportional allocation of cumulative votes if Putnam is supporting the entire slate of nominees. Putnam will vote against such proposals if Putnam is not supporting the entire slate.

Ø Putnam will abstain on individual director allocation proposals if Putnam is voting for the proportional allocation of cumulative votes. Putnam will vote on a case-by-case basis on individual director allocation proposals if Putnam is voting against the proportional allocation of votes.

Ø Putnam will vote for proposals to cumulate votes of common and preferred shareholders if the nominees are known and Putnam is supporting the applicable nominees; Putnam will vote against such proposals if Putnam is not supporting the known nominees, or if the nominees are unknown.

Ø Putnam will generally vote against proposals seeking the recasting of votes for amended slate (as new candidates could be included in the amended slate without prior disclosure to shareholders).

Ø Putnam will vote against proposals regarding instructions if meeting is held on second call if election of directors is part of the recasting as the slate can be amended without (prior) disclosure to shareholders.

Ø Putnam will vote against proposals regarding the casting of minority votes to the candidate with largest number of votes.

Canada

Canadian corporate governance requirements mirror corporate governance reforms that have been adopted by the NYSE and other U.S. national securities exchanges and stock markets. As a result, Putnam will vote on matters relating to the board of directors of Canadian issuers in accordance with the guidelines applicable to U.S. issuers.

Commentary: Like the UK’s Combined Code on Corporate Governance, the policies on corporate governance issued by Canadian securities regulators embody the “comply and explain” approach to corporate governance. Because Putnam believes that the board independence standards contained in the proxy voting guidelines are integral to the protection of investors in Canadian companies, these standards will be applied in a prescriptive manner.

Continental Europe (ex-Germany)

Ø Putnam will vote against the entire board of directors if

· fewer than a majority of the directors are independent directors, or

· the board has not established audit, nominating and compensation committees each composed of a majority of independent directors.

Commentary: An “independent director” under the European Commission’s guidelines is one who is free of any business, family or other relationship, with the company, its controlling shareholder or the management of either, that creates a conflict of interest such as to impair his judgment. A “non-executive director” is one who is not engaged in the daily management of the company.

In France, Employee Representatives are employed by the company and represent rank and file employees. These representatives are elected by company employees. The law also provides for the appointment of employee shareholder representatives, if the employee shareholdings exceed 3% of the share capital. Employee shareholder representatives are elected by the company’s shareholders (via general meeting).

Germany

Ø For companies subject to “co-determination,” Putnam will vote for the election of nominees to the supervisory board, except:

Ø Putnam will vote against the Supervisory Board if

Ø the board has not established an audit committee comprising an Independent chair.

Ø the audit committee chair serves as board chair.

Ø the board contains more than two former management board members.

Ø Putnam will vote against the election of a former member of the company’s managerial board to chair of the supervisory board.

Commentary: German corporate governance is characterized by a two-tier board system - a managerial board composed of the company’s executive officers, and a supervisory board. The supervisory board appoints the members of the managerial board. Shareholders elect members of the supervisory board, except that in the case of companies with a large number of employees, company employees are allowed to elect some of the supervisory board members (one-half of supervisory board members are elected by company employees at companies with more than 2,000 employees; one-third of the supervisory board members are elected by company employees at companies with more than 500 employees but fewer than 2,000). This practice is known as co-determination.

Israel

Non-Controlled Banks: Director elections at Non-Controlled banks are overseen by the Supervisor of the Banks and nominees for election as "other" (non-external) directors and external directors (under Companies Law and Directive 301) are put forward by an external and independent committee. As such,

Ø Putnam’s guidelines regarding board Nominating Committees will not apply

Ø Putnam will vote on a case-by-case on nominees when there are more nominees than seats available.

Italy

Election of directors and statutory auditors:

Ø Putnam will apply the director guidelines to the majority shareholder supported list and vote accordingly (for or against) if multiple lists of director candidates are presented. If there is no majority shareholder supported slate of nominees, Putnam will support the shareholder slate of nominees that is recommended for approval by Putnam’s service provider.

Ø Putnam will vote against the entire list of director nominees if the list is bundled as one proposal and if Putnam would otherwise be voting against any one director nominee.

Ø Putnam will generally vote for the majority shareholder supported list of statutory auditor nominees.

Note: Pursuant to Italian law, directors and statutory auditors are elected through a slate voting system whereby candidates are presented in lists submitted by shareholders representing a minimum percentage of share capital.

Ø Putnam will withhold votes from any director not identified in the proxy materials. (Example: Co-opted director nominees.)

Japan

Ø For companies that have established a U.S.-style corporate governance structure, Putnam will withhold votes from the entire board of directors if:

· the board does not have a majority of outside directors,

· the board has not established nominating and compensation committees composed of a majority of outside directors,

· the board has not established an audit committee composed of a majority of independent directors, or

· the board does not have at least two independent directors for companies with a controlling shareholder.

Ø For companies that have established a statutory auditor board structure:

· Putnam will withhold votes from the appointment of members of a company’s board of statutory auditors if a majority of the members of the board of statutory auditors is not independent.

Ø For companies that have established a statutory auditor board structure, Putnam will withhold votes from the entire board of directors if:

· the board does not have at least two outside directors, or

· the board does not have at least two independent directors for companies with a controlling shareholder.

· Putnam will vote against any statutory auditor nominee who attends fewer than 75% of board and committee meeting without valid reasons for the absences (i.e., illness, personal emergency, etc.) (Note that Corporate Law requires disclosure of outsiders' attendance but not that of insiders, who are presumed to have no more important time commitments.)

Ø For companies that have established an audit committee board structure (one-tier / one committee), Putnam will withhold votes from the entire board of directors if:

· the board does not have at least two outside directors,

· the board does not have at least two independent directors for companies with a controlling shareholder, or

· the board has not established an audit committee composed of a majority of independent directors

Election of Executive Director and Election of Supervisory Director – REIT

REITs have a unique two-tier board structure with generally one or more executive directors and two or more supervisory directors. The number of supervisory directors must be greater than, not equal to, the number of executive directors. Shareholders are asked to vote on both types of directors. Putnam will vote as follows, provided each board of executive / supervisory directors meets legal requirements.

Ø Putnam will generally vote for the election of Executive Director

Ø Putnam will generally vote for the election of Supervisory Directors

Commentary:

Definition of outside director and independent director:

The Japanese Companies Act focuses on two director classifications: Insider or Outsider. An outside director is a director who is not a director, executive, executive director, or employee of the company or its parent company, subsidiaries or affiliates. Further, a director, executive, executive director or employee, who have executive responsibilities, of the company or subsidiaries can regain eligibility ten years after his or her resignation, provided certain other requirements are met. An outside director is designated as an “independent” director based on the Tokyo Stock Exchange listing rules. An outside director is “independent” if that person can make decisions completely independent from the managers of the company, its parent, subsidiaries, or affiliates and does not have a material relationship with the company (i.e., major client, trading partner, or other business relationship; familial relationship with current director or executive; etc.).

The guidelines have incorporated these definitions in applying the board independence standards above.

Korea

Putnam will withhold votes from the entire board of directors if:

· For large companies (i.e., those with assets of at least KRW 2 trillion); the board does not have at least three independent directors or less than a majority of directors are independent directors,

· For small companies (i.e., those with assets of less than KRW 2 trillion), fewer than one-fourth of the directors are independent directors,

· The board has not established a nominating committee with at least half of the members being outside directors, or

· the board has not established an audit committee composed of at least three members and in which at least two-thirds of its members are independent directors.

Commentary: For purposes of these guidelines, an “outside director” is a director who is independent from the management or controlling shareholders of the company and holds no interests that might impair performing his or her duties impartially from the company, management or controlling shareholder. In determining whether a director is an outside director, Putnam will also apply the standards included in Article 382 of the Korean Commercial Act, i.e., no employment relationship with the company for a period of two years before serving on the committee, no director or employment relationship with the company’s largest shareholder, etc.) and may consider other business relationships that would affect the independence of an outside director.

Ø Putnam will generally vote for proposals to amend the Executive Officer Retirement Allowance Policy unless the recipients of the grants include non-executives; the proposal would have a negative impact on shareholders, or the proposal appear to be outside of normal market practice, in which case Putnam will vote against.

Malaysia

Ø Putnam will vote against the entire board of directors if:

· less than 50% of the directors are independent directors, or less than a majority of the directors are independent directors for large companies,

· the board has not established an audit committee with all members being independent directors, including the committee chair,

· the board has not established a nominating committee with all members being non-executive directors, a majority of whom are independent, including the committee chair; the board chair should not serve as a member of the nomination committee, or

· the board has not established a compensation committee with all members being non-executive directors, a majority of whom are independent; the board chair should not serve as a member of the remuneration committee.

Nordic Markets – Finland, Norway, Sweden

Ø Putnam will vote against the entire board of directors if:

Board Independence:

· The board does not have a majority of directors independent from the company and management. (Sweden, Finland, Norway)

· The board does not have at least two directors independent from the company and its major shareholders holding > 10% of the Company’s share capital. (Sweden, Finland, Norway)

· An executive director is a member of the board. (Norway)

Audit Committee:

· The audit committee does not consist of a majority of directors independent from the company and management. (Sweden, Finland)

· The audit committee does not have at least one director independent from the company and its major shareholders holding > 10% of the Company’s share capital. (Sweden, Finland)

· The audit committee is not majority independent. (Norway)

Remuneration Committee:

· The remuneration committee is not fully independent of the company, excluding the chair. (Sweden)

· The remuneration committee is not majority independent of the company. (Finland)

· The remuneration committee does not consist fully of non-executive directors. (Finland)

· The remuneration committee is not fully independent of management (Norway)

· The remuneration committee is not majority independent from the company and its major shareholders holding > 50% of the Company’s share capital. (Sweden, Finland, Norway)

Board Nomination Committee:

· The nomination committee does not consist of a majority of directors independent from the company. (Finland)

· An executive is a member of the nomination committee. (Finland)

External Nomination Committee: Vote against the establishment of the nomination committee and its guidelines when:

· The external committee is not majority independent of the company and management. (Sweden)

· The external committee does not have at least one director not affiliated to largest shareholder on the committee. (Sweden)

· The external committee does not meet best practice based on ISS analysis. (Finland)

· The external committee is not majority independent of the board and management. (Norway)

· The external committee has more than one member of the board of the directors sitting on the committee. (Norway)

· There is insufficient disclosure provided for new nominees (Norway)

· An executive is a member of the committee. (Norway)

Russia

Ø Putnam will vote on a case-by-case basis for the election of nominees to the board of directors.

Commentary: In Russia, director elections are handled through a cumulative voting process. Cumulative voting allows shareholders to cast all of their votes for a single nominee for the board of directors, or to allocate their votes among nominees in any other way. In contrast, in “regular” voting, shareholders may not give more than one vote per share to any single nominee. Cumulative voting can help to strengthen the ability of minority shareholders to elect a director.

Singapore

Ø Putnam will vote against from the entire board of directors if

· in the case of a board with an independent director serving as chair, fewer than one-third of the directors are independent directors; or, in the case of a board not chaired by an independent director, fewer than half of the directors are independent directors,

· the board has not established audit and compensation committees, each with an independent director serving as chair, with at least a majority of the members being independent directors, and with all of the directors being non-executive directors, or

· the board has not established a nominating committee, with an independent director serving as chair, and with at least a majority of the members being independent directors.

United Kingdom, Ireland

Commentary:

Application of guidelines: Although the Combined Code has adopted the “comply and explain” approach to corporate governance, Putnam believes that the guidelines discussed above with respect to board independence standards are integral to the protection of investors in UK companies. As a result, these guidelines will be applied in a prescriptive manner.

Definition of independence: For the purposes of these guidelines, a non-executive director shall be considered independent if the director meets the independence standards in section A.3.1 of the Combined Code (i.e., no material business or employment relationships with the company, no remuneration from the company for non-board services, no close family ties with senior employees or directors of the company, etc.), except that Putnam does not view service on the board for more than nine years as affecting a director’s independence.

Smaller companies: A smaller company is one that is below the FTSE 350 throughout the year immediately prior to the reporting year.

Ø Putnam will withhold votes from the entire board of directors if:

· the board, excluding the Non-Executive Chair, is not comprised of at least half independent non-executive directors,

· the board has not established a Nomination committee composed of a majority of independent non-executive directors, excluding the Non-Executive Chair, or

· the board has not established a Compensation committee composed of (1) at least three directors (in the case of smaller companies, as defined by the Combined Code, two directors) and (2) solely of independent non-executive directors. The company chair may be a member of, but not chair, the Committee provided he or she was considered independent on appointment as chair, or

· The board has not established an Audit Committee composed of, (1) at least three directors (in the case of smaller companies as defined by the Combined Code, two directors) and (2) solely of independent non-executive directors. The board chair may not serve on the audit committee of large or small companies.

All other jurisdictions

Ø In the absence of jurisdiction specific guidelines, Putnam will vote as follows for boards/supervisory boards:

Ø Putnam will vote against the entire board of directors if

· fewer than a majority of the directors are independent directors, or

· the board has not established audit, nominating and compensation committees each composed of a majority of independent directors.

Additional Commentary regarding all Non-US jurisdictions:

Whether a director is considered “independent” or not will be determined by reference to local corporate law or listing standards.

Some jurisdictions may legally require or allow companies to have a certain number of employee representatives, employee shareholder representatives (e.g., France) and/or shareholder representatives on their board. Putnam generally does not consider these representatives independent. The presence of employee representatives or employee shareholder representatives on the board and key committees is generally legally mandated. In most markets, shareholders do not have the ability to vote on the election of employee representatives or employee shareholder representatives. In some markets, significant shareholders have a legal right to nominate shareholder representatives. Shareholders are required to approve the election of shareholder representatives to the board. Unlike employee representatives, there are no legal requirements regarding the presence of shareholder representatives on the board or its committees.

Ø Putnam will not include employee or employee shareholder representatives in the independence calculation of the board or key committees, nor in the calculation of the size of the board.

Ø Putnam will include shareholder representatives in the independence calculation of the board and key committees, and in the calculation of the size of the board.

Ø Putnam will generally support shareholder or employee representatives if included in the agenda Putnam will vote on a case-by-case basis when there are more candidates than seats. Additionally, Putnam will vote against such nominees when there is insufficient information disclosed.

Ø Putnam Investments’ policies regarding the provision of professional services and transactional relationship with regard to directors will apply.

Ø Putnam will vote for independent nominees for alternate director, unless such nominees do not meet Putnam’s individual director standards.

Shareholder nominated directors/self-nominated directors

Ø Putnam will vote against shareholder nominees if Putnam supports the board of directors.

Ø Putnam will vote on a case-by case basis if Putnam will be voting against the current board.

Ø Putnam will vote on a case-by-case basis if the proposal regarding a self-nominated/shareholder nominated director nominee would add an additional seat to the board if the nominee is approved.

Other Business Matters

Japan

A. Article Amendments

Ø The Japanese Companies Act gives companies the option to adopt a U.S.-Style corporate structure (i.e., a board of directors and audit, nominating, and compensation committees). Putnam will vote for proposals to amend a company’s articles of incorporation to adopt the U.S.-Style “Board with Committees” structure. However, the independence of the outside directors is critical to effective corporate governance under this new system. Putnam will, therefore, scrutinize the backgrounds of the outside director nominees at such companies, and will vote against the amendment where Putnam believes the board lacks the necessary level of independence from the company or a substantial shareholder.

Ø Putnam will vote on a case-by-case basis on granting the board the authority to repurchase shares at its discretion.

Ø Putnam will vote against amendments to delete a requirement directing the company to reduce authorized capital by the number of treasury shares cancelled. If issued share capital decreases while authorized capital remains unchanged, then the company will have greater leeway to issue new shares (for example as a private placement or a takeover defense).

Ø Putnam will vote against proposals to authorize appointment of special directors. Under the new Corporate Law, companies are allowed to appoint, from among their directors, "special directors" who will be authorized to make decisions regarding the purchase or sale of important assets and major borrowing or lending, on condition that the board has at least six directors, including at least one non-executive director. At least three special directors must participate in the decision-making process and decisions shall be made by a majority vote of the special directors. However, the law does not require any of the special directors to be non-executives, so in effect companies may use this mechanism to bypass outsiders.

Ø Putnam will generally vote for proposals to create new class of shares or to conduct a share consolidation of outstanding shares to squeeze out minority shareholders.

Ø Putnam will vote against proposals seeking to enable companies to establish specific rules governing the exercise of shareholder rights. (Note: Such as, shareholders' right to submit shareholder proposals or call special meetings.)

B. Compensation Related Matters

Ø Putnam will vote against option plans which allow the grant of options to suppliers, customers, and other outsiders.

Ø Putnam will vote against stock option grants to independent internal statutory auditors. The granting of stock options to internal auditors, at the discretion of the directors, can compromise the independence of the auditors and provide incentives to ignore accounting problems, which could affect the stock price over the long term.

Ø Putnam will vote against the payment of retirement bonuses to directors and statutory auditors when one or more of the individuals to whom the grants are being proposed has not served in an executive capacity for the company. Putnam will also vote against payment of retirement bonuses to any directors or statutory auditors who have been designated by the company as independent. Retirement bonus proposals are all-or-nothing, meaning that split votes against individual payments cannot be made. If any one individual does not meet Putnam’s criteria, Putnam will vote against the entire bundled item.

C. Other Business Matters

Ø Putnam votes for mergers by absorptions of wholly-owned subsidiaries by their parent companies. These deals do not require the issuance of shares, and do not result in any dilution or new obligations for shareholders of the parent company. These transactions are routine.

Ø Putnam will vote for the acquisition if it is between parent and wholly-owned subsidiary.

Ø Putnam will vote for the formation of a holding company, if routine. Holding companies are once again legal in Japan and a number of companies, large and small, have sought approval to adopt a holding company structure. Most of the proposals are intended to help clarify operational authority for the different business areas in which the company is engaged and promote effective allocation of corporate resources. As most of the reorganization proposals do not entail any share issuances or any change in shareholders’ ultimate ownership interest in the operating units, Putnam will treat most such proposals as routine.

Ø Putnam will vote against proposals that authorize the board to vary the AGM record date.

Ø Putnam will vote for proposals to abolish the retirement bonus system

Ø Putnam will vote for board-approved director/officer indemnification proposals

Ø Putnam will vote on a case-by-case basis on private placements (Third-party share issuances). Where Putnam views the share issuance necessary to avoid bankruptcy or to put the company back on solid financial footing, Putnam will generally vote for. When a private placement allows a particular shareholder to obtain a controlling stake in the company at a discount to market prices, or where the private placement otherwise disadvantages ordinary shareholders, Putnam will vote against.

Ø Putnam will generally vote against shareholder rights plans (poison pills). However, if all of the following criteria are met, Putnam will evaluate such poison pills on a case-by-case basis:

1) The poison pill must have a duration of no more than three years.

2) The trigger threshold must be no less than 20 percent of issued capital.

3) The company must have no other types of takeover defenses in place.

4) The company must establish a committee to evaluate any takeover offers, and the members of that committee must all meet Putnam’s' definition of independence.

5) At least 20 percent, and no fewer than two, of the directors must meet Putnam’s definition of independence. These independent directors must also meet Putnam’s guidelines on board meeting attendance.

6) The directors must stand for reelection on an annual basis.

7) The company must release its proxy materials no less than three weeks before the meeting date.

Ø Putnam will vote against proposals to allow the board to decide on income allocation without shareholder vote.

Ø Putnam will vote against proposals to limit the liability of External Audit Firms (“Accounting Auditors”)

Ø Putnam will vote against proposals seeking a reduction in board size that eliminates all vacant seats.

Ø Putnam may generally vote against proposals seeking an increase in authorized capital that leaves the company with as little as 25 percent of the authorized capital outstanding (general request). However, such proposals will be evaluated on a company specific basis, taking into consideration such factors as current authorization outstanding, existence (or lack thereof) of preemptive rights and rationale for the increase.

Ø Putnam will vote for corporate split agreement and transfer of sales operations to newly created wholly-owned subsidiaries where the transaction is a purely internal one which does not affect shareholders' ownership interests in the various operations. All other proposals will be referred back to Putnam for case-by-case review. These reorganizations usually accompany the switch to a holding company structure, but may be used in other contexts.

United Kingdom

Ø Putnam will not apply the U.S. standard 15% discount cap for employee share purchase schemes at U.K. companies. As such, Putnam will generally vote for ‘Save-As-You-Earn’ schemes in the U.K which allow for no more than a 20% purchase discount, and which otherwise comply with U.K. law and Putnam standards.

France

Ø Putnam will not apply the U.S. standard 15% discount cap for employee share purchase schemes at French companies. As such, Putnam will generally vote for employee share purchase schemes in France that allow for no greater than a 30% purchase discount, or 40% purchase discount if the vesting period is equal to or greater than ten years, and which otherwise comply with French law and Putnam standards.

Ø Putnam will generally vote for the Remuneration Report (established based on SRD II), however Putnam will vote on a case-by-case basis when Putnam is voting against both the ex-Post Remuneration Report (CEO) and ex-Ante Remuneration Policy (CEO, or proposal including CEO remuneration package) in the current year, and Putnam’s third party service provider(s) is recommending a vote against.

Canada

Ø Putnam will generally vote for Advance Notice provisions for submitting director nominations not less than 30 days prior to the date of the annual meeting. For Advance Notice provisions where the minimum number of days to submit a shareholder nominee is less than 30 days prior to the meeting date, Putnam will vote on a case-by-case basis. Putnam will also vote on a case-by-case basis if the company's policy expressly prohibits the commencement of a new notice period in the event the originally scheduled meeting is adjourned or postponed.

Hong Kong

Ø Putnam will vote for proposals to approve a general mandate permitting the company to engage in non-pro rata share issuances of up to 20% of total equity in a year if the company’s board meets Putnam’s independence standards; if the company’s board does not meet Putnam’s independence standards, then Putnam will vote against these proposals.

Additionally, Putnam will vote for proposals to approve the reissuance of shares acquired by the company under a share repurchase program, provided that: (1) Putnam supported (or would have supported, in accordance with these guidelines) the share repurchase program, (2) the reissued shares represent no more than 10% of the company’s outstanding shares (measured immediately before the reissuance), and (3) the reissued shares are sold for no less than 85% of current market value.

This policy supplements policies regarding share issuances as stated above under section

III. Voting Shares of Non-US Issuers.

Taiwan

Ø Putnam will vote against proposals to release the board of directors from the non-compete restrictions specified in Taiwanese Company Law. However, Putnam will vote for such proposals if the directors are engaged in activities with a wholly- owned subsidiary of the company.

Australia

Ø Putnam will vote for proposals to carve out, from the general cap on non-pro rata share issues of 15% of total equity in a rolling 12-month period, a particular proposed issue of shares or a particular issue of shares made previously within the 12-month period, if the company’s board meets Putnam’s independence standards; if the company’s board does not meet Putnam’s independence standards, then Putnam will vote against these proposals.

Ø Putnam will vote for proposals renewing partial takeover provisions.

Ø Putnam will vote on a case-by-case basis on Board-Spill proposals.

Turkey

Ø Putnam will vote on a case-by-case basis on proposals involving related party transactions. However, Putnam will vote against when such proposals do not provide information on the specific transaction(s) to be entered into with the board members or executives.

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

(a)(1) Portfolio Managers.

The officers of the investment manager identified below are primarily responsible for the day-to-day management of the fund’s portfolio as of the filing date of this report.

Effective May 30, 2025, Paul M. Drury is no longer a Portfolio Manager of the fund.

Portfolio Managers	Joined Fund
		Employer	Positions Over Past Five Years
Benjamin Barber, CFA	2024	Franklin Advisors	Portfolio Manager
		2020 – Present
		James Conn, CFA		2024	Franklin Advisors	Portfolio Manager
2006 – Present
Garrett Hamilton, CFA	2016	Franklin Advisors	Portfolio Manager
		2024 – Present
		Putnam Investments
		1997-2024
Francisco Rivera	2024	Franklin Advisors	Portfolio Manager
		1994 – Present
Daniel Workman, CFA	2024	Franklin Advisors	Portfolio Manager
		2003 – Present

(a)(2) Other Accounts Managed by the Fund’s Portfolio Managers.

The following table shows the number and approximate assets of other investment accounts (or portions of investment accounts) that the fund’s Portfolio Managers managed as of the fund’s most recent fiscal year-end. Unless noted, none of the other accounts pays a fee based on the account’s performance.

Portfolio Leader or Member	Other SEC-registered open-end and closed-end funds		Other accounts that pool assets from more than one client		Other accounts (including separate accounts, managed account programs and single-sponsor defined contribution plan offerings)
	Number of accounts	Assets	Number of accounts	Assets	Number of accounts	Assets
Garret Hamilton	17	$22,231,000,000	2	$238,100,000	0	$0
Benjamin Barber	10	$20,072,200,000	5	$515,400,000	4	$293,400,000
James Conn	10	$20,072,200,000	5	$515,400,000	5	$687,700,000
Francisco Rivera	10	$20,072,200,000	2	$238,100,000	117	$4,894,700,000
Daniel Workman	10	$20,072,200,000	2	$238,100,000	3	$6,800,000

Potential conflicts of interest in managing multiple accounts. Like other investment professionals with multiple clients, the fund’s Portfolio Managers may face certain potential conflicts of interest in connection with managing both the fund and the other accounts listed under “Other Accounts Managed by the Fund’s Portfolio Managers” at the same time. The paragraphs below describe some of these potential conflicts, which the investment manager believes are faced by investment professionals at most major financial firms. As described below, the investment manager and the Trustees of the Putnam funds have adopted compliance policies and procedures that attempt to address certain of these potential conflicts.

The management of accounts with different advisory fee rates and/or fee structures, including accounts that pay advisory fees based on account performance (“performance fee accounts”), may raise potential conflicts of interest by creating an incentive to favor higher-fee accounts. These potential conflicts may include, among others:

· The most attractive investments could be allocated to higher-fee accounts or performance fee accounts.

· The trading of higher-fee accounts could be favored as to timing and/or execution price. For example, higher-fee accounts could be permitted to sell securities earlier than other accounts when a prompt sale is desirable or to buy securities at an earlier and more opportune time.

· The trading of other accounts could be used to benefit higher-fee accounts (front- running).

· The investment management team could focus their time and efforts primarily on higher-fee accounts due to a personal stake in compensation.

The investment manager attempts to address these potential conflicts of interest relating to higher-fee accounts through various compliance policies that are generally intended to place all accounts, regardless of fee structure, on the same footing for investment management purposes. For example, under the investment manager’s policies:

· Performance fee accounts must be included in all standard trading and allocation procedures with all other accounts.

· All accounts must be allocated to a specific category of account and trade in parallel with allocations of similar accounts based on the procedures generally applicable to all accounts in those groups (e.g., based on relative risk budgets of accounts).

· All trading must be effected through Putnam’s trading desks and normal queues and procedures must be followed (i.e., no special treatment is permitted for performance fee accounts or higher-fee accounts based on account fee structure).

· Front running is strictly prohibited.

· The fund’s Portfolio Manager(s) may not be guaranteed or specifically allocated any portion of a performance fee.

As part of these policies, the investment manager has also implemented trade oversight and review procedures in order to monitor whether particular accounts (including higher-fee accounts or performance fee accounts) are being favored over time.

Potential conflicts of interest may also arise when the Portfolio Manager(s) have personal investments in other accounts that may create an incentive to favor those accounts. As a general matter and subject to limited exceptions, the investment managers investment professionals do not have the opportunity to invest in client accounts, other than the Putnam funds. However, in the ordinary course of business, the investment manager or related persons may from time to time establish “pilot” or “incubator” funds for the purpose of testing proposed investment strategies and products prior to offering them to clients. These pilot accounts may be in the form of registered investment companies, private funds such as partnerships or separate accounts established by Putnam Management or an affiliate. The investment manager or an affiliate supplies the funding for these accounts. Putnam employees, including the fund’s Portfolio Manager(s), may also invest in certain pilot accounts. The investment manager, and to the extent applicable, the Portfolio Manager(s) will benefit from the favorable investment performance of those funds and accounts. Pilot funds and accounts may, and frequently do,

invest in the same securities as the client accounts. t\The investment manager policy is to treat pilot accounts in the same manner as client accounts for purposes of trading allocation – neither favoring nor disfavoring them except as is legally required. For example, pilot accounts are normally included in the investment managers daily block trades to the same extent as client accounts (except that pilot accounts do not participate in initial public offerings).

A potential conflict of interest may arise when the fund and other accounts purchase or sell the same securities. On occasions when the Portfolio Manager(s) consider the purchase or sale of a security to be in the best interests of the fund as well as other accounts, the investment managers trading desk may, to the extent permitted by applicable laws and regulations, aggregate the securities to be sold or purchased in order to obtain the best execution and lower brokerage commissions, if any. Aggregation of trades may create the potential for unfairness to the fund or another account if one account is favored over another in allocating the securities purchased or sold – for example, by allocating a disproportionate amount of a security that is likely to increase in value to a favored account. The investment manager trade allocation policies generally provide that each day’s transactions in securities that are purchased or sold by multiple accounts are, insofar as possible, averaged as to price and allocated between such accounts (including the fund) in a manner which in Franklin Advisers opinion is equitable to each account and in accordance with the amount being purchased or sold by each account. Certain exceptions exist for specialty, regional or sector accounts. Trade allocations are reviewed on a periodic basis as part of the investment managers trade oversight procedures in an attempt to ensure fairness over time across accounts.

“Cross trades,” in which one Putnam account sells a particular security to another account (potentially saving transaction costs for both accounts), may also pose a potential conflict of interest. Cross trades may be seen to involve a potential conflict of interest if, for example, one account is permitted to sell a security to another account at a higher price than an independent third party would pay, or if such trades result in more attractive investments being allocated to higher-fee accounts. The investment manager and the fund’s Trustees have adopted compliance procedures that provide that any transactions between the fund and another Putnam-advised account are to be made at an independent current market price, as required by law.

Another potential conflict of interest may arise based on the different investment objectives and strategies of the fund and other accounts. For example, another account may have a shorter-term investment horizon or different investment objectives, policies or restrictions than the fund. Depending on another account’s objectives or other factors, the Portfolio Manager(s) may give advice and make decisions that may differ from advice given, or the timing or nature of decisions made, with respect to the fund. In addition, investment decisions are the product of many factors in addition to basic suitability for the particular account involved. Thus, a particular security may be bought or sold for certain accounts even though it could have been bought or sold for other accounts at the same time. More rarely, a particular security may be bought for one or more accounts managed by the Portfolio Manager(s) when one or more other accounts are selling the security (including short sales). There may be circumstances when purchases or sales of portfolio securities for one or more accounts may have an adverse

effect on other accounts. As noted above, the investment manager has implemented trade oversight and review procedures to monitor whether any account is systematically favored over time.

The fund’s Portfolio Manager(s) may also face other potential conflicts of interest in managing the fund, and the description above is not a complete description of every conflict that could be deemed to exist in managing both the fund and other accounts.

(a)(3) Compensation of portfolio managers. Portfolio managers are evaluated and compensated across the group of specified products they manage, in part, based on their performance relative to peers or performance ahead of the applicable benchmark, depending on the product, based on a blend of 3-year and 5-year performance. In addition, evaluations take into account individual contributions and a subjective component.

Each portfolio manager is assigned an industry-competitive incentive compensation target consistent with this goal and evaluation framework. Actual incentive compensation may be higher or lower than the target, based on group, individual, and subjective performance, and may also reflect the performance of Putnam as a firm.

Incentive compensation includes a cash bonus and may also include grants of deferred cash, stock or options. In addition to incentive compensation, portfolio managers receive fixed annual salaries typically based on level of responsibility and experience.

For Putnam Managed Municipal Income Trust and Putnam Municipal Opportunities Trust, Franklin evaluates performance based on the fund’s peer ranking in the fund’s Lipper category. This peer ranking is based on pre-tax performance.

For Putnam Master Intermediate Income Trust and Putnam Premier Income Trust, Putnam evaluates performance based on the peer ranking of related products managed by the investment manager with similar strategies in those products’ Lipper categories. This peer ranking is based on pre-tax performance.

One or more of the portfolio managers of Putnam Master Intermediate Income Trust and Putnam Premier Income Trust receive a portion of the performance fee payable by a private fund managed by Putnam (the “Private Fund”) in connection with their service as members of the Private Fund portfolio management team. See “Other Accounts Managed by the Fund’s Portfolio Managers—Potential conflicts of interest in managing multiple accounts” in (a)(2) above for information on how the investment manager addresses potential conflicts of interest resulting from an individual’s management of more than one account.

(a)(4) Fund ownership. The following table shows the dollar ranges of shares of the fund owned by the professionals listed above at the end of the fund’s last two fiscal years, including investments by their immediate family members and amounts invested through retirement and deferred compensation plans.

*: Assets in the fund

Name	Year	$0	$0- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	$1,000,001 and over
Garret Hamilton	2025	x
	2024	x
Benjamin Barber	2025	x
	2024+	x
James Conn	2025	x
	2024+	x
Francisco Rivera	2025	x
	2024+	x
Daniel Workman	2025	x
	2024+	x

+: Became a portfolio manager of the fund effective September 30, 2024.

(b) 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
November 1 – November 30, 2024	244,781	$6.27	244,781	4,114,263
December 1 – December 31, 2024	398,504	$6.20	398,504	3,715,759
January 1 – January 31, 2025	475,394	$6.16	475,394	3,240,365
February 1 – February 28, 2025	177,748	$6.27	177,748	3,062,617
March 1 – March 31, 2025	184,829	$6.19	184,829	2,877,788
April 1 – April 30, 2025	196,242	$5.84	196,242	2,681,546
May 1 – May 31, 2025	46,464	$5.96	46,464	2,635,082
June 1 – June 30, 2025	37,727	$5.90	37,727	2,597,355
July 1 – July 31, 2025	-	-	-	2,597,355
August 1 – August 31, 2025	67,645	$5.85	67,645	2,529,710
September 1 – September 30, 2025	-	-	-	2,529,710
October 1 – October 31, 2025	-	-	-	2,529,710
Total	1,829,334		1,829,334

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

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

(a) The Registrant’s chief 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 Company.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS.

(a) (1) Code of Ethics attached hereto.

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:	December 29, 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: December 29, 2025

By:	/s/ Christopher Berarducci
	Christopher Berarducci
	Principal Financial Officer
Date:	December 29, 2025