UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811–05740

Putnam Managed Municipal Income Trust

(Exact name of registrant as specified in charter)

100 Federal Street, Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code)

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2025

ITEM 1. REPORT TO STOCKHOLDERS.

(a) The Report to Shareholders is filed herewith

Semiannual

Report

Putnam

Managed

Municipal

Income

Trust

April

30,

2025

Not

FDIC

Insured

No

Bank

Guarantee

May

Lose

Value

.

Managed

Distribution

Policy

:

The

Fund

has

implemented

a

managed

distribution

plan

whereby

the

Fund

will

distribute

a

level

distribution

amount

to

shareholders.

Until

April

30,

2025,

the

Fund

made

monthly

distributions

to

shareholders

at

the

rate

of

$0.0238

per

share.

Effective

May

1,

2025,

the

Fund

intends

to

make

monthly

distributions

to

shareholders

at

the

rate

of

$0.0265

per

share.

Management

will

generally

distribute

amounts

necessary

to

satisfy

the

Fund's

plan

and

the

requirements

prescribed

by

excise

tax

rules

and

Subchapter

M

of

the

Internal

Revenue

Code.

The

plan

is

intended

to

provide

shareholders

with

a

consistent

distribution

each

month

and

is

intended

to

narrow

the

discount

between

the

market

price

and

the

NAV

of

the

Fund's

common

shares,

but

there

is

no

assurance

that

the

plan

will

be

successful

in

doing

so.

Under

the

managed

distribution

plan,

to

the

extent

that

sufficient

investment

income

is

not

available

on

a

monthly

basis,

the

Fund

will

distribute

long-term

capital

gains

and/or

return

of

capital

in

order

to

maintain

its

managed

distribution

rate.

No

conclusions

should

be

drawn

about

the

Fund's

investment

performance

from

the

amount

of

the

Fund's

distributions

or

from

the

terms

of

the

Fund's

managed

distribution

plan.

The

Board

may

amend

the

terms

of

the

Plan

or

terminate

the

Plan

at

any

time

without

prior

notice

to

the

Fund’s

shareholders,

however,

at

this

time

there

are

no

reasonably

foreseeable

circumstances

that

might

cause

the

termination

of

the

Plan.

The

amendment

or

termination

of

the

Plan

could

have

an

adverse

effect

on

the

market

price

of

the

Fund’s

common

shares.

The

Plan

will

be

subject

to

the

periodic

review

by

the

Board,

including

a

yearly

review

of

the

annual

minimum

fixed

rate

to

determine

if

an

adjustment

should

be

made.

Shareholders

should

not

draw

any

conclusions

about

the

Fund’s

investment

performance

from

the

amount

of

the

current

distribution

or

from

the

terms

of

the

Fund’s

Plan.

The

Fund

will

send

a

Form

1099-DIV

to

shareholders

for

the

calendar

year

that

will

describe

how

to

report

the

Fund’s

distributions

for

federal

income

tax

purposes.

Please

see

the

"Important

Information

to

Shareholders"

section

for

additional

information.

franklintempleton.com

Semiannual

Report

1

Contents

Fund

Overview

2

Performance

Summary

4

Financial

Highlights

and

Schedule

of

Investments

6

Financial

Statements

22

Notes

to

Financial

Statements

25

Important

Information

to

Shareholders

35

Annual

Meeting

of

Shareholders

36

Dividend

Reinvestment

and

Cash

Purchase

Plan

37

Shareholder

Information

39

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

2

franklintempleton.com

Semiannual

Report

Putnam

Managed

Municipal

Income

Trust

Dear

Shareholder,

This

semiannual

report

for

Putnam

Managed

Municipal

Income

Trust

covers

the

period

ended

April

30,

2025.

Fund

Overview

Your

Fund’s

Goal

and

Main

Investments

The

goal

of

the

Fund

is

to

seek

a

high

level

of

current

income

exempt

from

federal

income

tax.

The

Fund

intends

to

achieve

its

goal

by

investing

in

a

diversified

portfolio

of

tax-exempt

municipal

securities

which

management

believes

does

not

involve

undue

risk

to

income

or

principal.

Up

to

60%

of

the

Fund’s

assets

may

consist

of

high-yield

tax-

exempt

municipal

securities

that

are

below

investment-grade

and

involve

special

risk

considerations.

The

Fund

also

uses

leverage,

primarily

by

issuing

preferred

shares

in

an

effort

to

enhance

the

returns

for

the

common

shareholders.

The

Fund’s

shares

trade

on

a

stock

exchange

at

market

prices,

which

may

be

lower

than

the

Fund’s

net

asset

value.

Performance

Overview

For

the

six

months

under

review,

the

Fund

posted

cumulative

total

returns

of

-2.80%

based

on

net

asset

value

and

-3.22%

based

on

market

price.

For

comparison,

the

Bloomberg

Municipal

Bond

Index,

which

is

a

market

value-weighted

index

of

tax-exempt,

investment-grade

municipal

bonds

with

maturities

of

one

year

or

more,

posted

a

-0.78%

cumulative

total

return

1

.

You

can

find

the

Fund’s

long-term

performance

data

in

the

Performance

Summary

on

page

4

.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

The

Fund

has

implemented

a

managed

distribution

plan

whereby

the

Fund

will

distribute

a

level

distribution

amount

to

shareholders.

Until

April

30,

2025,

the

Fund

made

monthly

distributions

to

shareholders

at

the

rate

of

$0.0238

per

share.

Effective

May

1,

2025,

the

Fund

intends

to

make

monthly

distributions

to

shareholders

at

the

rate

of

$0.0265

per

share.

Management

will

generally

distribute

amounts

necessary

to

satisfy

the

Fund’s

plan

and

the

requirements

prescribed

by

excise

tax

rules

and

Subchapter

M

of

the

Internal

Revenue

Code.

The

plan

is

intended

to

provide

shareholders

with

a

consistent

distribution

each

month

and

is

intended

to

narrow

the

discount

between

the

market

price

and

the

NAV

of

the

Fund’s

common

shares,

but

there

is

no

assurance

that

the

plan

will

be

successful

in

doing

so.

During

this

six-month

period,

the

Fund

made

distributions

to

shareholders

totaling

$0.1428

per

share.

As

of

April

30,

2025,

the

Fund

estimates

that

83.9%

of

the

distributions

were

sourced

from

net

investment

income

and

16.1%

constituted

a

return

of

capital.

Please

see

“Important

Information

to

Shareholders”

section

for

additional

information.

Effective

September

30,

2024,

James

Conn,

Francisco

Rivera,

Daniel

Workman

and

Benjamin

C.

Barber

were

added

as

portfolio

managers

of

the

Fund.

Effective

May

30,

2025,

Paul

M

Drury

is

anticipated

to

retire

and

step

down

as

a

member

of

the

Fund’s

portfolio

management

team.

Portfolio

Composition

4/30/25

%

of

Total

Investments

Health

Care

21.21%

Education

16.79%

Special

Tax

13.71%

Housing

9.65%

Industrial

Development

Revenue

and

Pollution

Control

9.62%

Other

Revenue

Bonds

8.20%

Local

5.47%

State

General

Obligation

4.74%

Transportation

4.02%

Lease

3.44%

Utilities

2.13%

Prerefunded

0.41%

Other

0.61%

1.

Source:

Morningstar.

The

index

is

unmanaged

and

includes

reinvestment

of

any

income

or

distributions.

It

does

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

7

.

Putnam

Managed

Municipal

Income

Trust

3

franklintempleton.com

Semiannual

Report

Thank

you

for

your

continued

participation

in

Putnam

Managed

Municipal

Income

Trust.

We

look

forward

to

serving

your

future

investment

needs.

Sincerely,

Paul

M.

Drury,

CFA

Garrett

L

Hamilton,

CFA

James

Conn,

CFA

Francisco

Rivera

Daniel

Workman,

CFA

Benjamin

C.

Barber,

CFA

Portfolio

Management

Team

CFA

®

is

a

trademark

owned

by

CFA

Institute.

Performance

Summary

as

of

April

30,

2025

Putnam

Managed

Municipal

Income

Trust

4

franklintempleton.com

Semiannual

Report

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Total

returns

do

not

reflect

any

sales

charges

paid

at

inception

or

brokerage

commissions

paid

on

secondary

market

purchases.

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

4/30/25

1

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

Share

Prices

Cumulative

Total

Return

2

Average

Annual

Total

Return

2

Based

on

NAV

3

Based

on

market

price

4

Based

on

NAV

3

Based

on

market

price

4

6-Month

-2.80%

-3.22%

-2.80%

-3.22%

1-Year

2.56%

6.27%

2.56%

6.27%

5-Year

14.03%

14.08%

2.66%

2.67%

10-Year

31.84%

35.64%

2.80%

3.10%

Symbol:

PMM

4/30/25

10/31/24

Change

Net

Asset

Value

(NAV)

$6.48

$6.81

-$0.33

Market

Price

(NYSE)

$5.94

$6.28

-$0.34

Distributions

Per

Share

(11/1/24–4/30/25)

Net

Investment

Income

$0.1428

Distributions

Per

Remarketed

Preferred

Share

(11/1/24–4/30/25)

Income

Total

Series

A

(240

shares)

$2,518.33

$2,518.33

Series

C

(1,507

shares)

1,255.21

1,255.21

See

page

5

for

Performance

Summary

footnotes.

Putnam

Managed

Municipal

Income

Trust

Performance

Summary

5

franklintempleton.com

Semiannual

Report

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund

is

actively

managed

but

there

is

no

guarantee

that

the

manager's

investment

decisions

will

produce

the

desired

results.

All

investments

involve

risks,

including

possible

loss

of

principal.

Fixed

income

securities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls

.

Low-rated,

high-yield

bonds

are

subject

to

greater

price

volatility,

illiquidity

and

possibility

of

default.

Active

management

does

not

ensure

gains

or

protect

against

market

declines.

An

investor

may

be

subject

to

the

federal

Alternative

Minimum

Tax

,

and

state

and

local

taxes

may

apply.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

annual

report

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

contractual

fee

waivers,

expense

caps

and/or

reimbursements,

which

cannot

be

terminated

prior

to

12/31/25

without

Board

consent.

Additional

amounts

may

be

voluntarily

waived

and/or

reimbursed

and

may

be

modified

or

discontinued

at

any

time

without

notice.

2.

Total

return

calculations

represent

the

cumulative

and

average

annual

changes

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Assumes

reinvestment

of

distributions

based

on

net

asset

value.

4.

Assumes

reinvestment

of

distributions

based

on

the

dividend

reinvestment

and

cash

purchase

plan.

5.

Source:

Morningstar.

Bloomberg

Municipal

Bond

Index

is

a

market

value-weighted

index

of

tax-exempt,

investment-grade

municipal

bonds

with

maturities

of

one

year

or

more.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

Putnam

Managed

Municipal

Income

Trust

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

a

Six

Months

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

2023

2022

2021

2020

Per

common

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$6.81

$5.75

$5.94

$8.19

$7.91

$8.15

Income

from

investment

operations:

Net

investment

income

a

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

0.18

0.35

0.32

0.30

0.31

0.33

Net

realized

and

unrealized

gains

(losses)

(0.34)

1.10

(0.09)

(2.13)

0.35

(0.17)

Distributions

to

preferred

shareholders

from:

Net

investment

income

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

(0.06)

(0.13)

(0.11)

(0.03)

—

b

(0.02)

Net

realized

gains

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

—

—

—

—

b

—

(0.01)

Total

from

investment

operations

........

(0.22)

1.32

0.12

(1.86)

0.66

0.13

Less

distributions

to

common

shareholders

from:

Net

investment

income

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

(0.14)

(0.22)

(0.20)

(0.29)

(0.32)

(0.33)

Net

realized

gains

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

—

—

—

(0.03)

(0.06)

(0.05)

Tax

return

of

capital

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

—

(0.07)

(0.13)

(0.07)

—

—

Total

distributions

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

(0.14)

(0.29)

(0.33)

(0.39)

(0.38)

(0.38)

Repurchase

of

shares

(Note

2

)

.........

0.03

0.03

0.02

—

b

—

0.01

Net

asset

value,

end

of

period

..........

$6.48

$6.81

$5.75

$5.94

$8.19

$7.91

Market

value,

end

of

period

c

...........

$5.94

$6.28

$5.14

$5.75

$8.25

$7.64

Total

return

(based

on

net

asset

value

per

share)

d

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

(2.80)%

27.95%

(5.69)%

(26.35)%

13.11%

0.77%

Total

return

(based

on

market

value

per

share)

d

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

(3.22)%

23.58%

1.87%

(23.46)%

8.44%

1.93%

Ratios

to

average

net

assets

applicable

to

common

shares

e,f,g

Expenses

before

waiver

and

payments

by

affiliates

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

1.19%

1.16%

1.39%

1.10%

0.93%

0.98%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.00%

h

0.98%

h

1.21%

h

1.09%

h

0.93%

0.98%

h

Net

investment

income

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

3.68%

3.36%

3.27%

3.75%

3.73%

3.92%

Supplemental

data

Net

assets

applicable

to

common

shares,

end

of

period

(000’s)

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

$278,353

$304,155

$270,854

$289,259

$401,053

$386,602

Portfolio

turnover

rate

7%

20%

45%

24%

21%

38%

a

Based

on

average

daily

common

shares

outstanding.

b

Amount

rounds

to

less

than

$0.01

per

share.

c

Based

on

the

last

sale

on

the

New

York

Stock

Exchange.

d

The

Market

Value

Total

Return

is

calculated

assuming

a

purchase

of

common

shares

on

the

opening

of

the

first

business

day

and

a

sale

on

the

closing

of

the

last

business

day

of

each

period.

Dividends

and

distributions

are

assumed

for

the

purposes

of

this

calculation

to

be

reinvested

at

prices

obtained

under

the

Fund's

Dividend

Reinvestment

and

Cash

Purchase

Plan.

Net

Asset

Value

Total

Return

is

calculated

on

the

same

basis,

except

that

the

Fund's

net

asset

value

is

used

on

the

purchase,

sale

and

dividend

reinvestment

dates

instead

of

market

value.

Total

return

does

not

reflect

brokerage

commissions

or

sales

charges

in

connection

with

the

purchase

or

sale

of

Fund

shares.

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Ratios

reflect

net

assets

available

to

common

shares

only;

net

investment

income

ratio

also

reflects

reduction

for

dividend

payments

to

preferred

shareholders.

g

Based

on

income

and

expenses

applicable

to

both

common

and

preferred

shares.

h

Reflects

waivers

of

certain

fund

expenses

in

connection

with

the

Fund's

remarketed

preferred

shares

(Note

4).

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited),

April

30,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

7

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

134.5%

Alaska

1.6%

Alaska

Industrial

Development

&

Export

Authority

,

Dena'

Nena'

Henash

,

Revenue

,

2019

A

,

4

%

,

10/01/44

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

$

5,125,000

$

4,522,585

Arizona

5.5%

a

Arizona

Industrial

Development

Authority

,

BASIS

Schools,

Inc.

Obligated

Group,

Revenue,

144A,

2017

G,

Refunding,

5%,

7/01/37

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

500,000

500,934

Somerset

Academy

of

Las

Vegas,

Revenue,

144A,

2021

A,

4%,

12/15/41

........

500,000

427,983

Industrial

Development

Authority

of

the

City

of

Phoenix

Arizona

(The)

,

a

BASIS

Schools,

Inc.

Obligated

Group,

Revenue,

144A,

2015

A,

Refunding,

5%,

7/01/35

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

900,000

900,302

a

BASIS

Schools,

Inc.

Obligated

Group,

Revenue,

144A,

2016

A,

Refunding,

5%,

7/01/35

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

600,000

600,222

a

BASIS

Schools,

Inc.

Obligated

Group,

Revenue,

144A,

2016

A,

Refunding,

5%,

7/01/46

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

250,000

239,774

GreatHearts

Arizona

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/44

..........

1,700,000

1,639,107

a

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

La

Posada

at

Park

Centre,

Inc.

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.875

%

,

11/15/52

........

1,500,000

1,576,486

a

Industrial

Development

Authority

of

the

County

of

Yavapai

(The)

,

Arizona

Agribusiness

and

Equine

Center,

Inc.,

Revenue,

144A,

2012,

5%,

3/01/32

.

750,000

749,943

Arizona

Agribusiness

and

Equine

Center,

Inc.,

Revenue,

144A,

2015

A,

Refunding,

5%,

9/01/34

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

500,000

495,391

La

Paz

County

Industrial

Development

Authority

,

Harmony

Public

Schools,

Revenue,

2018

A,

5%,

2/15/38

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

500,000

494,656

Harmony

Public

Schools,

Revenue,

2018

A,

5%,

2/15/48

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

2,330,000

2,146,941

Maricopa

County

Industrial

Development

Authority

,

a

Grand

Canyon

University

Obligated

Group,

Revenue,

144A,

2024,

7.375%,

10/01/29

1,800,000

1,870,488

Horizon

Community

Learning

Center,

Inc.,

Revenue,

2016,

Refunding,

5%,

7/01/35

750,000

751,396

Salt

Verde

Financial

Corp.

,

Revenue,

2007-1,

5.5%,

12/01/29

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

2,000,000

2,124,511

Revenue,

2007-1,

5%,

12/01/32

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

570,000

599,581

a

Sierra

Vista

Industrial

Development

Authority

,

American

Leadership

Academy,

Inc.

,

Revenue

,

144A,

2024

,

5

%

,

6/15/64

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

300,000

272,104

15,389,819

California

8.9%

a

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

4

%

,

2/01/56

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

475,000

389,396

b

California

County

Tobacco

Securitization

Agency

,

Gold

Country

Settlement

Funding

Corp.

,

Revenue

,

2020

B-2

,

Refunding

,

5.45

%,

6/01/55

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

5,410,000

1,095,435

a

California

Infrastructure

&

Economic

Development

Bank

,

c

Desertxpress

Enterprises

LLC,

Revenue,

144A,

2025

A,

Refunding,

Mandatory

Put,

9.5%,

1/01/35

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

900,000

869,216

b

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

B,

7.71%,

1/01/61

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

4,345,000

307,239

California

Municipal

Finance

Authority

,

a

Catalyst

Impact

Fund

1

LLC,

Revenue,

144A,

2024,

I,

6%,

1/01/39

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

800,000

811,860

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

3%,

5/15/54

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

2,410,000

1,744,120

a

Westside

Neighborhood

School,

Revenue,

144A,

2024,

6.2%,

6/15/54

..........

800,000

840,061

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

8

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

a

California

Public

Finance

Authority

,

Kendal

at

Sonoma

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

5

%

,

11/15/56

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

$

750,000

$

657,990

a

City

&

County

of

San

Francisco

,

Special

Tax

District

No.

2020-1

Development

,

Special

Tax

,

144A,

2021

A

,

4

%

,

9/01/41

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

500,000

450,287

City

of

Palm

Desert

,

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2021

,

Refunding

,

4

%

,

9/01/41

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

450,000

413,834

City

of

Sunnyvale

,

Community

Facilities

District

No.

1

,

Special

Tax

,

2001

,

7.75

%

,

8/01/32

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

670,000

672,125

a

CMFA

Special

Finance

Agency

I

,

Mix

at

CTR

City

(The)

,

Revenue

,

144A,

2021

A-2

,

4

%

,

4/01/56

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

2,500,000

1,831,792

a

CSCDA

Community

Improvement

Authority

,

1818

Platinum

Triangle-Anaheim,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3.25%,

4/01/57

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

1,765,000

1,245,018

Cameo/Garrison

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3%,

3/01/57

.

550,000

345,762

Jefferson

Platinum

Triangle

Apartments,

Revenue,

144A,

2021

A-1,

2.875%,

8/01/41

835,000

730,223

Jefferson

Platinum

Triangle

Apartments,

Revenue,

144A,

2021

A-2,

3.125%,

8/01/56

3,125,000

2,275,118

Parallel-Anaheim,

Revenue,

144A,

2021

A,

4%,

8/01/56

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

2,675,000

2,289,016

Pasadena

Portfolio,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3%,

12/01/56

.......

2,000,000

1,321,666

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue,

2019

A,

4%,

5/01/49

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

7,420,000

6,467,515

Revenue,

2019

A,

Pre-Refunded,

4%,

5/01/49

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

80,000

79,956

24,837,629

Colorado

3.0%

Canyons

Metropolitan

District

No.

5

,

GO

,

2024

B

,

Refunding

,

6.5

%

,

12/15/54

......

300,000

296,631

Colorado

Educational

&

Cultural

Facilities

Authority

,

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/36

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

150,000

141,231

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/41

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

175,000

153,411

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/51

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

350,000

280,873

Colorado

Health

Facilities

Authority

,

Christian

Living

Neighborhoods

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

1/01/31

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

500,000

501,355

Christian

Living

Neighborhoods

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

1/01/37

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

1,250,000

1,250,780

a

Plaza

Metropolitan

District

No.

1

,

Tax

Allocation

,

144A,

2013

,

Refunding

,

5

%

,

12/01/40

1,650,000

1,607,981

Raindance

Metropolitan

District

No.

1

,

Non-Potable

Water

System

,

Revenue

,

2020

,

5.25

%

,

12/01/50

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

875,000

803,437

Rampart

Range

Metropolitan

District

No.

5

,

Revenue

,

2021

,

4

%

,

12/01/41

.........

1,000,000

862,573

Sky

Dance

Metropolitan

District

No.

2

,

GO

,

2024

A

,

6

%

,

12/01/54

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

375,000

348,490

Southlands

Metropolitan

District

No.

1

,

GO

,

2017

A-1

,

Refunding

,

5

%

,

12/01/37

.....

500,000

485,910

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

4.25%,

12/01/50

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

450,000

381,915

Sterling

Ranch

Metropolitan

District

No.

4

Subdistrict

A,

Revenue,

Senior

Lien,

2024

A,

Refunding,

6.5%,

12/01/54

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

1,000,000

1,012,757

Trails

at

Crowfoot

Metropolitan

District

No.

3

,

GO

,

2024

B

,

Refunding

,

6.875

%

,

12/15/52

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

300,000

295,890

8,423,234

Connecticut

1.4%

a

Harbor

Point

Infrastructure

Improvement

District

,

Tax

Allocation

,

144A,

2017

,

Refunding

,

5

%

,

4/01/39

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

3,500,000

3,504,328

Stamford

Housing

Authority

,

TJH

Senior

Living

LLC

Obligated

Group,

Revenue,

2025

A,

Refunding,

6.5%,

10/01/55

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

100,000

100,572

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

9

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Connecticut

(continued)

Stamford

Housing

Authority,

(continued)

TJH

Senior

Living

LLC

Obligated

Group,

Revenue,

2025

A,

Refunding,

6.25%,

10/01/60

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

$

150,000

$

146,499

3,751,399

Delaware

1.4%

Delaware

State

Economic

Development

Authority

,

ASPIRA

of

Delaware

Charter

Operations,

Inc.,

Revenue,

2016

A,

5%,

6/01/36

....

705,000

705,230

ASPIRA

of

Delaware

Charter

Operations,

Inc.,

Revenue,

2016

A,

5%,

6/01/51

....

1,035,000

938,852

a

Town

of

Bridgeville

,

Heritage

Shores

Special

Development

District

,

Special

Tax

,

144A,

2024

,

5.25

%

,

7/01/44

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

875,000

877,282

a

Town

of

Millsboro

,

Plantation

Lakes

Special

Development

District,

Special

Tax,

144A,

2018,

Refunding,

5.125%,

7/01/38

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

490,000

471,678

Plantation

Lakes

Special

Development

District,

Special

Tax,

144A,

2018,

Refunding,

5.25%,

7/01/48

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

997,000

922,921

3,915,963

Florida

13.0%

a

Capital

Projects

Finance

Authority

,

b

PRG

-

UnionWest

Properties

LLC,

Revenue,

144A,

2024

B,

5.854%,

6/01/62

.....

7,950,000

1,203,193

PRG

-

UnionWest

Properties

LLC,

Revenue,

Senior

Lien,

144A,

2024

A-1,

5%,

6/01/54

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

750,000

709,588

Capital

Trust

Agency,

Inc.

,

a

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

5%,

1/01/56

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

1,900,000

1,676,472

a

WFCS

Holdings

LLC,

Revenue,

144A,

2020

A-1,

4.5%,

1/01/35

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

740,000

713,927

b

WFCS

Holdings

LLC,

Revenue,

2020

B,

7.86%,

1/01/60

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

6,000,000

434,653

a

Capital

Trust

Authority

,

Madrone

Florida

Tech

Student

Housing

I

LLC

,

Revenue

,

144A,

2025

A

,

5.375

%

,

7/01/65

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

165,000

152,739

a

Cedar

Crossings

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

5.5

%

,

5/01/55

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

160,000

151,108

Central

Parc

Community

Development

District

,

Special

Assessment

,

2024

,

6

%

,

5/01/54

750,000

740,166

a

Charlotte

County

Industrial

Development

Authority

,

MSKP

Town

&

Country

Utility

LLC

,

Revenue

,

144A,

2021

A

,

4

%

,

10/01/41

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

1,000,000

879,261

a

City

of

Venice

,

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

144A,

2024

A

,

5.625

%

,

1/01/60

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

375,000

362,649

County

of

Lake

,

Waterman

Communities,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

5.75

%

,

8/15/55

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

750,000

699,492

a

County

of

Palm

Beach

,

Provident

Group

-

LU

Properties

LLC,

Revenue,

144A,

2021

A,

5%,

6/01/57

......

625,000

543,812

Provident

Group-PBAU

Properties

LLC,

Revenue,

144A,

2019

A,

5%,

4/01/39

....

1,600,000

1,493,417

Cypress

Bluff

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.55

%

,

5/01/55

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

660,000

637,835

Florida

Development

Finance

Corp.

,

a

Revenue,

144A,

2021

A,

4%,

7/01/51

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

500,000

402,005

a

Glenridge

on

Palmer

Ranch

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

6/01/51

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

700,000

623,665

Shands

Jacksonville

Medical

Center

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

2/01/52

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

1,500,000

1,401,927

Florida

Higher

Educational

Facilities

Financial

Authority

,

Rollins

College,

Revenue,

2024,

4.125%,

12/01/54

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

1,000,000

868,175

St.

Leo

University,

Inc.

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

3/01/44

..

1,370,000

1,047,979

Florida

Municipal

Loan

Council

,

Shingle

Creek

Transit

&

Utility

Community

Development

District,

Special

Assessment,

2024,

5.15%,

5/01/44

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

650,000

645,380

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Florida

Municipal

Loan

Council,

(continued)

Shingle

Creek

Transit

&

Utility

Community

Development

District,

Special

Assessment,

2024,

5.4%,

5/01/54

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

$

825,000

$

813,471

Fox

Branch

Ranch

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.4

%

,

5/01/55

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

210,000

200,786

GIR

East

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2025,

5.3%,

5/01/45

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

300,000

286,964

Assessment

Area

1,

Special

Assessment,

2025,

5.5%,

5/01/55

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

575,000

543,046

Governors

Park

South

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2025,

5.4%,

5/01/45

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

250,000

243,272

Assessment

Area

1,

Special

Assessment,

2025,

5.65%,

5/01/55

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

375,000

363,054

Halifax

Hospital

Medical

Center

,

Halifax

Hospital

Medical

Center

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

6/01/36

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

1,300,000

1,303,970

Hobe-St.

Lucie

Conservancy

District

,

Unit

of

Development

No.

1A

,

Special

Assessment

,

2024

,

5.875

%

,

5/01/55

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

500,000

498,448

Lakewood

Ranch

Stewardship

District

,

Assessment

Azario,

Special

Assessment,

2019,

4%,

5/01/40

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

1,000,000

909,088

a

Assessment

Northeast

Sector

Project

Phase

2B,

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/50

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

250,000

203,767

Assessments,

Special

Assessment,

2023,

6.3%,

5/01/54

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

1,140,000

1,183,683

Assessments,

Special

Assessment,

2024,

5.25%,

5/01/44

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

585,000

569,953

Villages

Lakewood

Ranch

South,

Special

Assessment,

2016,

5.125%,

5/01/46

....

740,000

723,878

Lee

County

Industrial

Development

Authority

,

Shell

Point

Obligated

Group

,

Revenue

,

2024

C

,

5

%

,

11/15/54

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

500,000

474,687

Miami-Dade

County

Industrial

Development

Authority

,

Pinecrest

Academy

Obligated

Group

,

Revenue

,

2014

,

5

%

,

9/15/34

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

1,240,000

1,239,189

Orange

County

Health

Facilities

Authority

,

Orlando

Health

Obligated

Group

,

Revenue

,

2022

,

4

%

,

10/01/52

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

2,570,000

2,213,533

Pinellas

County

Industrial

Development

Authority

,

Drs

Kiran

&

Pallavi

Patel

2017

Foundation

for

Global

Understanding,

Inc.

,

Revenue

,

2019

,

5

%

,

7/01/39

.........

1,690,000

1,650,453

Ranches

at

Lake

Mcleod

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2025

,

5.65

%

,

6/15/55

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

250,000

243,381

River

Landing

Community

Development

District

,

Assessments

,

Special

Assessment

,

2025

,

5.45

%

,

5/01/55

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

240,000

230,851

Sarasota

County

Health

Facilities

Authority

,

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

1/01/37

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

1,000,000

1,000,829

Sarasota

County

Public

Hospital

District

,

Sarasota

County

Public

Hospital

District

Obligated

Group

,

Revenue

,

2018

,

4

%

,

7/01/48

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

1,500,000

1,325,858

St.

Johns

County

Industrial

Development

Authority

,

Life

Care

Ponte

Vedra

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

12/15/36

355,000

313,084

Life

Care

Ponte

Vedra

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

12/15/41

500,000

410,601

Tolomato

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.125

%

,

5/01/54

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

525,000

489,662

Verandah

West

Community

Development

District

,

Assessments

,

Special

Assessment

,

2013

,

Refunding

,

5

%

,

5/01/33

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

450,000

450,146

Village

Community

Development

District

No.

12

,

Phase

II

,

Special

Assessment

,

2018

,

4

%

,

5/01/33

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

670,000

654,517

a

Village

Community

Development

District

No.

13

,

Phase

II

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

5/01/40

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

2,410,000

1,993,175

a

Woodland

Preserve

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2025

,

5.5

%

,

5/01/55

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

220,000

211,659

36,132,448

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

11

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

6.2%

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

3

%

,

4/01/45

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

$

1,785,000

$

1,352,272

Coweta

County

Development

Authority

,

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/44

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

4,000,000

4,063,257

DeKalb

County

Development

Authority

,

GLOBE

Academy,

Inc.

(The)

,

Revenue

,

2024

A

,

5

%

,

6/01/63

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

515,000

465,996

Development

Authority

of

Cobb

County

(The)

,

Kennesaw

State

University

Real

Estate

Obligated

Group

2015

ABC,

Revenue,

Junior

Lien,

C,

5%,

7/15/30

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

685,000

685,292

Kennesaw

State

University

Real

Estate

Obligated

Group

2015

ABC,

Revenue,

Junior

Lien,

C,

Pre-Refunded,

5%,

7/15/30

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

15,000

15,045

Kennesaw

State

University

Real

Estate

Obligated

Group

2015

ABC,

Revenue,

Junior

Lien,

C,

5%,

7/15/38

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

740,000

709,625

Kennesaw

State

University

Real

Estate

Obligated

Group

2015

ABC,

Revenue,

Junior

Lien,

C,

Pre-Refunded,

5%,

7/15/38

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

25,000

25,076

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2021

A

,

3

%

,

2/15/51

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

2,000,000

1,421,270

a

George

L

Smith

II

Congress

Center

Authority

,

Signia

Hotel

Management

LLC

,

Revenue,

Second

Tier

,

144A,

2021

B

,

5

%

,

1/01/54

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

2,980,000

2,728,495

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2019

A,

5%,

5/15/34

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

3,345,000

3,401,140

c

Revenue,

2023

E-1,

Mandatory

Put,

5%,

6/01/31

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

2,200,000

2,308,054

17,175,522

Illinois

8.1%

Chicago

Board

of

Education

,

GO,

2015

C,

5.25%,

12/01/39

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

1,500,000

1,446,194

GO,

2017

H,

5%,

12/01/36

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

2,100,000

2,034,425

GO,

2021

A,

5%,

12/01/40

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

500,000

497,265

Chicago

Midway

International

Airport

,

Revenue,

Senior

Lien

,

2023

C

,

Refunding

,

5

%

,

1/01/40

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

1,250,000

1,278,120

City

of

Chicago

,

GO,

2019

A,

5.5%,

1/01/49

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

1,000,000

1,001,901

GO,

2020

A,

Refunding,

5%,

1/01/30

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

1,800,000

1,879,797

GO,

2021

B,

Refunding,

4%,

1/01/38

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

2,747,000

2,476,636

a

Lakeshore

East

Special

Assessment

Area,

Special

Assessment,

144A,

2022,

Refunding,

3.04%,

12/01/28

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

241,000

228,501

a

Lakeshore

East

Special

Assessment

Area,

Special

Assessment,

144A,

2022,

Refunding,

3.38%,

12/01/31

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

341,000

314,825

Du

Page

County

Special

Service

Area

No.

31

,

Monarch

Landing,

Inc.

,

Special

Tax

,

2006

,

5.625

%

,

3/01/36

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

233,000

227,202

Illinois

Finance

Authority

,

CHF-Chicago

LLC,

Revenue,

2017

A,

5%,

2/15/37

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

1,200,000

1,181,423

CHF-Chicago

LLC,

Revenue,

2017

A,

5%,

2/15/47

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

1,500,000

1,417,080

Plymouth

Place

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

5/15/41

.....

400,000

374,207

Plymouth

Place

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

5/15/51

.....

1,000,000

865,911

Plymouth

Place

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

5/15/56

.....

815,000

691,054

Southern

Illinois

Healthcare

Obligated

Group,

Revenue,

2017

C,

Refunding,

5%,

3/01/33

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

700,000

704,571

Metropolitan

Pier

&

Exposition

Authority

,

b

State

of

Illinois

McCormick

Place

Expansion

Project

Fund,

Revenue,

2017

B,

Refunding,

4.792%,

12/15/47

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

1,500,000

1,036,737

State

of

Illinois

McCormick

Place

Expansion

Project

Fund,

Revenue,

2022

A,

Refunding,

4%,

6/15/52

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

2,100,000

1,692,082

State

of

Illinois

,

GO,

2018

A,

5%,

5/01/38

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

1,000,000

1,017,388

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Illinois

(continued)

State

of

Illinois,

(continued)

GO,

2023

B,

5.25%,

5/01/40

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

$

2,100,000

$

2,196,450

22,561,769

Indiana

0.2%

Indiana

Finance

Authority

,

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

5.125

%

,

6/01/58

500,000

493,526

Iowa

0.8%

Iowa

Finance

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2023

B,

Refunding,

7.5%,

5/15/53

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

600,000

667,048

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2024

A,

Refunding,

5.125%,

5/15/59

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

1,500,000

1,421,050

2,088,098

Kansas

0.1%

Wyandotte

County-Kansas

City

Unified

Government

,

Revenue

,

2018

,

4.5

%

,

6/01/40

.

315,000

296,194

Kentucky

0.3%

Kentucky

Economic

Development

Finance

Authority

,

Masonic

Homes

of

Kentucky,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

5/15/46

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

1,000,000

782,398

Owensboro

Health,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

6/01/41

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

125,000

125,433

907,831

Louisiana

1.0%

a

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

Christwood

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.25

%

,

11/15/53

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

1,300,000

1,214,057

Louisiana

Public

Facilities

Authority

,

Calcasieu

Bridge

Partners

LLC,

Revenue,

Senior

Lien,

2024,

5.5%,

9/01/59

......

1,500,000

1,534,253

Tulane

University,

Revenue,

2017

A,

Pre-Refunded,

4%,

12/15/50

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

20,000

20,428

2,768,738

Maine

0.2%

a,c

Finance

Authority

of

Maine

,

Casella

Waste

Systems,

Inc.

,

Revenue

,

144A,

2015

,

Mandatory

Put

,

5.125

%

,

8/01/25

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

500,000

498,111

Maryland

1.7%

City

of

Brunswick

,

Brunswick

Crossing

Special

Taxing

District

,

Special

Tax

,

2019

,

Refunding

,

5

%

,

7/01/36

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

548,000

548,272

City

of

Westminster

,

Lutheran

Village

at

Miller's

Grant,

Inc.

Obligated

Group

(The)

,

Revenue

,

2014

A

,

6

%

,

7/01/34

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

250,000

250,088

County

of

Frederick

,

a

Mount

St.

Mary's

University,

Inc.,

Revenue,

144A,

2017

A,

Refunding,

5%,

9/01/37

.

500,000

481,574

Oakdale-Lake

Linganore

Development

District,

Special

Tax,

2019,

Refunding,

3.75%,

7/01/39

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

1,410,000

1,227,942

a

County

of

Prince

George's

,

Westphalia

Town

Center

Development

District

,

Tax

Allocation

,

144A,

2018

,

5.125

%

,

7/01/39

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

1,000,000

987,025

Maryland

Economic

Development

Corp.

,

City

of

Baltimore

Port

Covington

Development

District,

Tax

Allocation,

2020,

4%,

9/01/40

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

755,000

667,296

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

13

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

Maryland

Economic

Development

Corp.,

(continued)

City

of

Baltimore

Port

Covington

Development

District,

Tax

Allocation,

2020,

4%,

9/01/50

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

$

750,000

$

594,367

4,756,564

Massachusetts

1.0%

Collegiate

Charter

School

of

Lowell

,

Revenue

,

2019

,

5

%

,

6/15/39

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

1,000,000

998,888

Massachusetts

Development

Finance

Agency

,

a,d

Adventcare

Obligated

Group,

Revenue,

144A,

2007,

6.65%,

10/15/28

..........

995,000

10

a

CHF

Merrimack,

Inc.,

Revenue,

144A,

2024

A,

5%,

7/01/60

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

1,000,000

954,279

Lasell

University,

Revenue,

2021,

Refunding,

4%,

7/01/40

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

1,000,000

825,233

2,778,410

Michigan

4.7%

City

of

Detroit

,

GO,

2018,

5%,

4/01/37

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

750,000

761,991

GO,

B-1,

4%,

4/01/44

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

3,952,414

3,113,030

Flint

Hospital

Building

Authority

,

Hurley

Medical

Center

,

Revenue

,

2013

A

,

5.25

%

,

7/01/39

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

750,000

723,655

Michigan

Finance

Authority

,

Aquinas

College,

Revenue,

2021,

Refunding,

5%,

5/01/46

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

500,000

374,894

Lawrence

Technological

University

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

2/01/47

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

650,000

609,615

Michigan

State

Housing

Development

Authority

,

Revenue

,

2021

A

,

2.73

%

,

10/01/59

.

1,000,000

626,647

e

Pontiac

School

District

,

GO,

2020,

4%,

5/01/45

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

3,576,470

3,326,234

GO,

2020,

4%,

5/01/50

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

4,023,530

3,611,833

13,147,899

Minnesota

1.2%

a

City

of

Eagan

,

Great

Oaks

Academy

,

Revenue

,

144A,

2025

A

,

6.5

%

,

2/01/65

.......

300,000

287,367

City

of

Ham

Lake

,

DaVinci

Academy

of

Arts

and

Science

,

Revenue

,

2016

A

,

5

%

,

7/01/47

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

500,000

429,471

City

of

Ramsey

,

PACT

Charter

School

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

6/01/32

...

575,000

548,355

Minnesota

Higher

Education

Facilities

Authority

,

Augsburg

University

,

Revenue

,

2016

A

,

5

%

,

5/01/46

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

1,250,000

856,360

St.

Paul

Port

Authority

,

HealthPartners

Obligated

Group

,

Revenue

,

2007-1

,

5

%

,

8/01/36

965,000

965,269

Township

of

Baytown

,

St.

Croix

Preparatory

Academy

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

8/01/41

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

380,000

326,732

3,413,554

Missouri

4.9%

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

BJC

Healthcare

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

7/01/46

.....

1,000,000

890,621

Children's

Mercy

Hospital

Obligated

Group,

Revenue,

2017

A,

4%,

5/15/48

......

5,600,000

5,026,224

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis,

Revenue,

2023

A,

Refunding,

4%,

5/01/38

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

900,000

740,251

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis,

Revenue,

2023

A,

Refunding,

4%,

5/01/43

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

2,270,000

1,740,650

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis,

Revenue,

2023

B,

Refunding,

4%,

5/01/45

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

1,900,000

1,416,482

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Industrial

Development

Authority

of

the

City

of

St.

Louis

Missouri

(The)

,

Revenue

,

2017

A

,

Refunding

,

4.75

%

,

11/15/47

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

$

875,000

$

738,874

St.

Louis

County

Industrial

Development

Authority

,

Friendship

Village

St.

Louis

Obligated

Group

,

Revenue

,

2018

A

,

5.25

%

,

9/01/53

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

3,250,000

3,128,965

13,682,067

Nevada

1.5%

City

of

Las

Vegas

,

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/35

...

200,000

200,719

Special

Improvement

District

No.

814,

Special

Assessment,

2019,

4%,

6/01/39

....

415,000

374,335

Special

Improvement

District

No.

814,

Special

Assessment,

2019,

4%,

6/01/44

....

590,000

491,528

Special

Improvement

District

No.

815,

Special

Assessment,

2020,

5%,

12/01/49

...

595,000

561,213

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

3%,

6/01/41

....

650,000

478,589

Special

Improvement

District

No.

817,

Special

Assessment,

2023,

5.5%,

6/01/38

..

375,000

390,848

Special

Improvement

District

No.

817,

Special

Assessment,

2023,

5.75%,

6/01/43

.

500,000

513,694

Special

Improvement

District

No.

817,

Special

Assessment,

2023,

6%,

6/01/48

....

350,000

361,586

Special

Improvement

District

No.

817,

Special

Assessment,

2023,

6%,

6/01/53

....

500,000

511,909

County

of

Clark

,

Special

Improvement

District

No.

159

,

Special

Assessment

,

2015

,

5

%

,

8/01/32

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

375,000

375,636

4,260,057

New

Hampshire

1.5%

New

Hampshire

Business

Finance

Authority

,

Revenue,

2024-2,

A,

3.625%,

8/20/39

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

2,237,421

2,049,336

f

Revenue,

FRN,

2024-3,

A,

4.163%,

10/20/41

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

995,516

920,606

New

Hampshire

Health

and

Education

Facilities

Authority

Act

,

Elliot

Hospital

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

10/01/38

.......

250,000

250,334

Southern

New

Hampshire

Health

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

10/01/37

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

1,000,000

1,004,277

4,224,553

New

Jersey

0.7%

New

Jersey

Economic

Development

Authority

,

Friends

of

TEAM

Academy

Charter

School

Obligated

Group,

Revenue,

2013,

6%,

10/01/33

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

900,000

901,256

United

Airlines,

Inc.,

Revenue,

2000

B,

5.625%,

11/15/30

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

500,000

500,068

Passaic

County

Improvement

Authority

(The)

,

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

5.5

%

,

7/01/58

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

450,000

456,602

1,857,926

New

York

8.3%

Metropolitan

Transportation

Authority

,

Revenue

,

2017

C-1

,

Refunding

,

4

%

,

11/15/35

.

3,000,000

2,948,700

New

York

Counties

Tobacco

Trust

VI

,

Revenue,

2016

A-2B,

Refunding,

5%,

6/01/45

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

3,000,000

2,639,640

Revenue,

2016

A-2B,

Refunding,

5%,

6/01/51

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

700,000

603,389

New

York

Liberty

Development

Corp.

,

Revenue,

2021

A,

Refunding,

2.875%,

11/15/46

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

1,860,000

1,301,175

Revenue,

2021

A,

Refunding,

BAM

Insured,

3%,

11/15/51

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

3,000,000

2,089,675

Revenue,

2021

A,

Refunding,

3%,

11/15/51

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

4,215,000

2,907,652

a

3

World

Trade

Center

LLC,

Revenue,

144A,

2014,

2,

Refunding,

5.375%,

11/15/40

.

750,000

750,027

Port

Authority

of

New

York

&

New

Jersey,

Revenue,

1WTC

2021,

Refunding,

2.75%,

2/15/44

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

1,835,000

1,293,301

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.,

Revenue,

2020,

5%,

10/01/40

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

1,250,000

1,252,885

Delta

Air

Lines,

Inc.,

Revenue,

2023,

5.625%,

4/01/40

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

1,000,000

1,035,765

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

15

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

a

Oneida

Indian

Nation

of

New

York

,

Revenue

,

144A,

2024

A

,

8

%

,

9/01/40

..........

$

1,000,000

$

1,012,294

e

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

218th

,

5

%

,

11/01/49

..........

2,460,000

2,450,174

Suffolk

Regional

Off-Track

Betting

Co.

,

Revenue

,

2024

,

6

%

,

12/01/53

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

2,000,000

2,043,854

Suffolk

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2021

A-2

,

Refunding

,

4

%

,

6/01/50

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

800,000

685,821

23,014,352

North

Carolina

1.3%

North

Carolina

Medical

Care

Commission

,

Lutheran

Services

for

the

Aging,

Inc.

Obligated

Group,

Revenue,

2021

C,

Refunding,

4%,

3/01/36

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

2,320,000

2,177,863

Maryfield,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/45

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

500,000

471,425

Southminster,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

10/01/37

....

965,000

965,723

3,615,011

North

Dakota

1.2%

City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group,

Revenue,

2023

A,

AGMC

Insured,

5%,

12/01/48

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

350,000

354,748

Altru

Health

System

Obligated

Group,

Revenue,

2023

A,

AGMC

Insured,

5%,

12/01/53

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

2,000,000

2,012,750

City

of

Horace

,

GO

,

2024

C

,

Refunding

,

4.75

%

,

5/01/44

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

1,100,000

1,058,767

3,426,265

Ohio

2.8%

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

3%,

6/01/48

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

1,300,000

902,021

Revenue,

Senior

Lien,

2020

B-2,

2,

Refunding,

5%,

6/01/55

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

470,000

410,750

Cleveland-Cuyahoga

County

Port

Authority

,

Playhouse

Square

Foundation

,

Revenue

,

2018

,

Refunding

,

5.5

%

,

12/01/53

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

1,500,000

1,467,571

County

of

Washington

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

6.75

%

,

12/01/52

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

500,000

535,503

Northeast

Ohio

Medical

University

,

Revenue,

2021

A,

Refunding,

3%,

12/01/40

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

1,575,000

1,225,131

Revenue,

2021

A,

Refunding,

4%,

12/01/45

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

450,000

383,978

Ohio

Higher

Educational

Facility

Commission

,

Xavier

University

,

Revenue

,

2024

,

Refunding

,

5.25

%

,

5/01/54

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

1,500,000

1,504,595

a

Port

of

Greater

Cincinnati

Development

Authority

,

City

of

Cincinnati

Assigned

City

Residual

Funds

,

Revenue

,

144A,

2021

,

4.25

%

,

12/01/50

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

1,320,000

1,206,161

Southeastern

Ohio

Port

Authority

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

12/01/43

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

150,000

128,932

7,764,642

Oregon

0.1%

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Terwilliger

Plaza,

Inc.

Obligated

Group

,

Revenue

,

2012

,

Refunding

,

5

%

,

12/01/29

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

260,000

260,025

Pennsylvania

4.8%

Chester

County

Industrial

Development

Authority

,

Collegium

Charter

School,

Revenue,

2017

A,

5.125%,

10/15/37

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

750,000

727,103

University

Student

Housing

LLC,

Revenue,

2013

A,

5%,

8/01/45

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

1,000,000

910,976

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Cumberland

County

Municipal

Authority

,

Asbury

Pennsylvania

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

1/01/45

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

$

500,000

$

446,372

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2019

,

Refunding

,

5

%

,

5/01/48

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

2,040,000

1,779,337

Lancaster

Municipal

Authority

,

Garden

Spot

Village

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

5

%

,

5/01/49

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

900,000

897,874

Lehigh

County

Industrial

Development

Authority

,

Seven

Generations

Charter

School

,

Revenue

,

2021

A

,

4

%

,

5/01/51

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

1,000,000

767,994

Maxatawny

Township

Municipal

Authority

,

Lutheran

Senior

Services

East

Obligated

Group,

Revenue,

2022

A,

5%,

1/01/41

...

1,400,000

1,381,842

Lutheran

Senior

Services

East

Obligated

Group,

Revenue,

2022

A,

5%,

1/01/42

...

1,450,000

1,424,215

Pennsylvania

Economic

Development

Financing

Authority

,

Commonwealth

of

Pennsylvania

Motor

License

Fund,

Revenue,

2022,

6%,

6/30/61

1,000,000

1,046,291

c

Talen

Energy

Supply

LLC,

Revenue,

2009

C,

Refunding,

Mandatory

Put,

5.25%,

6/01/27

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

500,000

500,866

a

Philadelphia

Authority

for

Industrial

Development

,

d

University

of

the

Arts

(The),

Revenue,

144A,

2017,

5%,

3/15/45

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

2,582,526

2,014,370

University

of

the

Arts

(The),

Revenue,

144A,

2017,

Pre-Refunded,

5%,

3/15/45

...

40,000

42,130

University

Plaza

Associates,

Revenue,

144A,

2017,

III,

Pre-Refunded,

5.25%,

12/01/47

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

1,300,000

1,340,292

13,279,662

South

Carolina

5.4%

County

of

Berkeley

,

Nexton

Improvement

District

,

Special

Assessment

,

2019

,

4.375

%

,

11/01/49

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

1,000,000

836,783

South

Carolina

Jobs-Economic

Development

Authority

,

Beaufort

Memorial

Hospital

Obligated

Group,

Revenue,

2024,

5.75%,

11/15/54

...

1,000,000

1,018,567

a

Greenville

Renewable

Energy

Education

Charter

School

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

6/01/56

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

1,020,000

687,662

a

High

Point

Academy,

Inc.,

Revenue,

144A,

2018

A,

5.75%,

6/15/39

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

500,000

459,559

a

High

Point

Academy,

Inc.,

Revenue,

144A,

2018

A,

5.75%,

6/15/49

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

1,000,000

883,801

e

South

Carolina

Public

Service

Authority

,

Revenue,

2021

B,

4%,

12/01/41

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

4,000,000

3,754,345

Revenue,

2021

B,

4%,

12/01/42

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

5,250,000

4,893,811

Revenue,

2021

B,

4%,

12/01/51

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

3,000,000

2,602,540

15,137,068

Tennessee

0.9%

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

,

Blakeford

at

Green

Hills

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/01/55

.

1,750,000

1,290,504

Metropolitan

Nashville

Airport

Authority

(The)

,

Revenue

,

2022

B

,

5.5

%

,

7/01/39

.....

1,000,000

1,076,348

2,366,852

Texas

11.4%

Arlington

Higher

Education

Finance

Corp.

,

a

BASIS

Texas

Charter

Schools,

Inc.,

Revenue,

144A,

2024,

5%,

6/15/64

.........

1,200,000

1,099,029

a

Magellan

School

(The),

Revenue,

144A,

2022,

6.375%,

6/01/62

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

1,100,000

1,111,630

Wayside

Schools,

Revenue,

2021

A,

Refunding,

4%,

8/15/41

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

610,000

509,394

a

City

of

Aubrey

,

Duck

Point

Public

Improvement

District

,

Special

Assessment

,

144A,

2025

,

5.625

%

,

12/31/55

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

110,000

101,820

a

City

of

Austin

,

Whisper

Valley

Public

Improvement

District

Improvement

Area

No.

3,

Special

Assessment,

144A,

2024,

5%,

11/01/44

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

555,000

517,497

Whisper

Valley

Public

Improvement

District

Improvement

Area

No.

3,

Special

Assessment,

144A,

2024,

5.25%,

11/01/53

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

750,000

693,583

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

17

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

a

City

of

Celina

,

Sutton

Fields

East

Public

Improvement

District

Phase

No.

2,

Special

Assessment,

144A,

2025,

5.375%,

9/01/45

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

$

150,000

$

142,204

Sutton

Fields

East

Public

Improvement

District

Phase

No.

2,

Special

Assessment,

144A,

2025,

5.625%,

9/01/55

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

270,000

254,219

City

of

Houston

Airport

System

,

United

Airlines,

Inc.,

Revenue,

2015

B-1,

5%,

7/15/35

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

2,500,000

2,460,602

United

Airlines,

Inc.,

Revenue,

2021

A,

4%,

7/01/41

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

1,250,000

1,124,237

a

City

of

Hutto

,

Prairie

Winds

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2025

,

5.125

%

,

9/01/45

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

390,000

362,138

City

of

San

Antonio

,

Electric

&

Gas

Systems

,

Revenue

,

2024

C

,

Refunding

,

5.5

%

,

2/01/49

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

5,000,000

5,391,432

Clifton

Higher

Education

Finance

Corp.

,

IDEA

Public

Schools,

Revenue,

2022

A,

4%,

8/15/51

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

1,200,000

1,012,082

International

Leadership

of

Texas,

Inc.,

Revenue,

2018

D,

6.125%,

8/15/48

......

2,500,000

2,500,447

a

County

of

Denton

,

Green

Meadows

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2025,

5.875%,

12/31/45

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

125,000

118,332

Green

Meadows

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2025,

6.125%,

12/31/55

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

250,000

235,147

Dallas

Area

Rapid

Transit

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

5

%

,

12/01/45

..

7,000,000

7,194,878

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Brazos

Presbyterian

Homes

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

1/01/37

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

250,000

251,080

YMCA

of

the

Greater

Houston

Area,

Revenue,

2013

A,

Refunding,

5%,

6/01/33

...

1,000,000

961,882

Matagorda

County

Navigation

District

No.

1

,

AEP

Texas,

Inc.

,

Revenue

,

2005

A

,

Refunding

,

AMBAC

Insured

,

4.4

%

,

5/01/30

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

1,250,000

1,260,824

New

Hope

Cultural

Education

Facilities

Finance

Corp.

,

CHF-Collegiate

Housing

Denton

LLC

,

Revenue

,

2018

A-1

,

AGMC

Insured

,

4.125

%

,

7/01/53

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

1,000,000

873,594

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

,

Cumberland

Rest,

Inc.

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

5

%

,

10/01/49

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

1,000,000

986,546

a,g

Texas

Community

Housing

&

Economic

Development

Corp.

,

Agape

Helotes,

Inc.

,

Revenue,

Senior

Lien

,

144A,

2025

A-1

,

6.25

%

,

1/01/65

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

575,000

531,182

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

,

Revenue

,

2021

,

Refunding

,

5

%

,

12/15/30

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

1,000,000

1,041,074

b

Texas

Transportation

Commission

State

Highway

249

System

,

Revenue,

First

Tier

,

2019

A

,

4.77

%,

8/01/39

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

700,000

360,081

Uptown

Development

Authority

,

City

of

Houston

Reinvestment

Zone

No.

16

,

Tax

Allocation

,

2021

,

Refunding

,

3

%

,

9/01/37

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

900,000

727,844

31,822,778

Utah

2.0%

a

Black

Desert

Public

Infrastructure

District

,

Assessment

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.625

%

,

12/01/53

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

1,300,000

1,266,055

a

Mida

Mountain

Village

Public

Infrastructure

District

,

Mountain

Village

Assessment

Area

No.

2

,

Special

Assessment

,

144A,

2021

,

4

%

,

8/01/50

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

1,250,000

992,874

a

MIDA

Mountain

Village

Public

Infrastructure

District

,

Special

Assessment,

144A,

2020

A,

5%,

8/01/50

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

1,045,000

967,767

Military

Recreation

Facility

Project

Area,

Tax

Allocation,

144A,

2024-2,

6%,

6/15/54

500,000

500,927

a

SkyRidge

Pegasus

Infrastructure

Financing

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.25

%

,

12/01/44

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

300,000

281,940

Utah

Infrastructure

Agency

,

Revenue

,

2023

,

6

%

,

10/15/47

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

1,350,000

1,446,686

5,456,249

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

1.4%

a

Cherry

Hill

Community

Development

Authority

,

Special

Assessment

,

144A,

2015

,

5.4

%

,

3/01/45

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

$

995,000

$

995,340

a

Farms

New

Kent

Community

Development

Authority

,

Special

Assessment

,

144A,

2021

A

,

Refunding

,

3.75

%

,

3/01/36

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

360,000

332,114

James

City

County

Economic

Development

Authority

,

Virginia

United

Methodist

Homes

of

Williamsburg,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/01/47

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

1,000,000

768,717

Williamsburg

Landing,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

12/01/50

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

1,235,000

947,056

a

Lower

Magnolia

Green

Community

Development

Authority

,

Special

Assessment

,

144A,

2015

,

5

%

,

3/01/35

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

460,000

449,618

Suffolk

Economic

Development

Authority

,

EveryAge

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

9/01/31

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

500,000

491,875

3,984,720

Washington

5.1%

Grays

Harbor

County

Public

Hospital

District

No.

1

,

Revenue

,

2023

,

Refunding

,

6.875

%

,

12/01/53

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

3,000,000

3,286,022

a

Kalispel

Tribe

of

Indians

,

Revenue

,

144A,

2018

A

,

5.25

%

,

1/01/38

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

750,000

760,582

Skagit

County

Public

Hospital

District

No.

1

,

Revenue

,

2024

,

5.5

%

,

12/01/54

.......

1,000,000

1,026,296

Washington

State

Housing

Finance

Commission

,

Revenue,

2021-1,

A,

3.5%,

12/20/35

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

103,455

95,321

Revenue,

2023-1,

A,

3.375%,

4/20/37

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

3,158,127

2,846,664

f

Revenue,

FRN,

2024-1,

A,

3.812%,

3/20/40

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

747,401

688,069

Eastside

Retirement

Association

Obligated

Group,

Revenue,

2023

A,

Refunding,

5%,

7/01/48

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

1,200,000

1,200,744

a

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

2016

A,

Refunding,

5%,

1/01/36

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

1,175,000

1,160,497

a

Seattle

Academy

of

Arts

&

Sciences,

Revenue,

144A,

2023,

Refunding,

6.375%,

7/01/63

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

660,000

710,898

a

Spokane

International

Academy,

Revenue,

144A,

2021

A,

5%,

7/01/50

..........

500,000

459,979

a

Spokane

International

Academy,

Revenue,

144A,

2021

A,

5%,

7/01/56

..........

1,130,000

1,017,153

a

Wesley

Homes

Lea

Hill

LLC,

Revenue,

144A,

2016,

Refunding,

5%,

7/01/36

.....

580,000

522,598

a

Wesley

Homes

Lea

Hill

LLC,

Revenue,

144A,

2016,

Refunding,

5%,

7/01/41

.....

500,000

424,795

14,199,618

West

Virginia

2.0%

West

Virginia

Hospital

Finance

Authority

,

Vandalia

Health,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

6

%

,

9/01/48

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

5,250,000

5,676,373

Wisconsin

8.0%

Public

Finance

Authority

,

Revenue,

2023-1,

A,

5.75%,

7/01/62

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

2,141,407

2,169,315

Celanese

US

Holdings

LLC,

Revenue,

2016

C,

Refunding,

4.3%,

11/01/30

.......

300,000

294,331

a

CFC-SA

LLC,

Revenue,

Sub.

Lien,

144A,

2022

B,

6%,

2/01/62

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

1,000,000

1,026,803

a

CHF

-

Manoa

LLC,

Revenue,

Senior

Lien,

144A,

2023

A,

5.75%,

7/01/63

........

1,000,000

1,017,027

a

Church

Home

of

Hartford

Obligated

Group,

Revenue,

144A,

2015

A,

Refunding,

5%,

9/01/30

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

945,000

928,274

a

Dominium

Holdings

I

LLC,

Revenue,

144A,

2024-1,

B-1,

6.81%,

4/28/36

........

1,425,000

1,445,019

a

Foundation

Academy

Charter

School

A

NJ

Nonprofit

Corp.,

Revenue,

144A,

2024,

5%,

7/01/55

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

1,000,000

901,349

KSU

Bixby

Real

Estate

Foundation

LLC,

Revenue,

2025

B,

5.5%,

6/15/55

.......

410,000

413,864

a

Mary's

Woods

at

Marylhurst

Obligated

Group,

Revenue,

144A,

2017

A,

Refunding,

5.25%,

5/15/37

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

380,000

380,200

a

North

Carolina

Leadership

Charter

Academy,

Inc.,

Revenue,

144A,

2019

A,

5%,

6/15/54

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

910,000

820,147

Piedmont

Community

Charter

School,

Inc.,

Revenue,

2019,

5%,

6/15/53

........

1,150,000

1,076,299

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

19

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

(continued)

Public

Finance

Authority,

(continued)

a

Roseman

University

of

Health

Sciences,

Revenue,

144A,

2020,

5%,

4/01/40

.....

$

1,085,000

$

1,058,108

a

Southminster,

Inc.

Obligated

Group,

Revenue,

144A,

2018,

5%,

10/01/48

........

800,000

733,470

a

UHF

Promenade

Apts

LLC

(The),

Revenue,

144A,

2024,

6.25%,

2/01/39

........

800,000

804,027

a

UHF

RISE

Student

Housing

LLC,

Revenue,

144A,

2021

A-1,

4%,

7/01/61

........

600,000

444,658

a

UNC

Charlotte

Marriott

Hotel

&

Conference

Center,

Revenue,

144A,

2021

A,

4%,

9/01/51

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

2,000,000

1,381,012

a

WFCS

Holdings

LLC,

Revenue,

144A,

2020

A-1,

5%,

1/01/55

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

1,700,000

1,503,192

Wisconsin

Health

&

Educational

Facilities

Authority

,

Froedtert

ThedaCare

Health

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

4/01/41

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

4,000,000

3,742,293

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/57

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

650,000

487,486

PHW

Menomonee

Falls,

Inc.,

Revenue,

2024,

6.125%,

10/01/59

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

300,000

300,147

St.

John's

Communities,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

9/15/41

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

270,000

237,298

St.

John's

Communities,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

9/15/45

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

1,150,000

960,558

22,124,877

U.S.

Territories

10.9%

District

of

Columbia

6.2%

District

of

Columbia

,

GO,

2023

A,

5%,

1/01/45

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

6,675,000

6,945,900

Ingleside

Presbyterian

Retirement

Community

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/52

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

1,000,000

883,828

International

School

Obligated

Group,

Revenue,

2019,

5%,

7/01/39

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

400,000

404,892

KIPP

DC

Obligated

Group,

Revenue,

2019,

4%,

7/01/44

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

750,000

660,770

Latin

American

Montessori

Bilingual

Public

Charter

School

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

6/01/40

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

2,500,000

2,404,916

Plenary

Infrastructure

DC

LLC,

Revenue,

2022

A,

5.5%,

8/31/35

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

1,140,000

1,256,860

Plenary

Infrastructure

DC

LLC,

Revenue,

2022

A,

5.5%,

8/31/36

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

1,365,000

1,504,658

a

Rocketship

DC

Obligated

Group,

Revenue,

144A,

2021

A,

5%,

6/01/61

.........

400,000

350,345

b

Tobacco

Settlement

Financing

Corp.,

Revenue,

2006

A,

6.79%,

6/15/46

.........

7,500,000

1,871,324

e

Metropolitan

Washington

Airports

Authority

,

Dulles

Toll

Road

,

Revenue,

Sub.

Lien

,

2019

B

,

Refunding

,

4

%

,

10/01/53

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

1,065,000

896,142

17,179,635

Puerto

Rico

4.7%

Commonwealth

of

Puerto

Rico

,

GO,

2022

A-1,

4%,

7/01/33

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

1,920,000

1,834,812

GO,

2022

A-1,

4%,

7/01/37

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

3,000,000

2,753,351

GO,

2022

A-1,

4%,

7/01/41

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

3,388,447

2,888,187

d

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

TT

,

5

%

,

7/01/37

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

2,500,000

1,218,750

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

4.75

%

,

7/01/53

...

4,700,000

4,369,680

13,064,780

Total

U.S.

Territories

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

30,244,415

Total

Municipal

Bonds

(Cost

$389,159,424)

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

374,256,803

a

a

a

a

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

20

Short

Term

Investments

3.8%

a

a

Principal

Amount

a

Value

U.S.

Government

and

Agency

Securities

0.2%

b,h

U.S.

Treasury

Bills,

4.13%,

10/02/25

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

$

400,000

$

393,019

Total

U.S.

Government

and

Agency

Securities

(Cost

$393,200)

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

393,019

Shares

a

Money

Market

Funds

3.6%

i,j

Putnam

Short

Term

Investment

Fund,

Class

P,

4.468%

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

10,089,309

10,089,309

Total

Money

Market

Funds

(Cost

$10,089,309)

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

10,089,309

Total

Short

Term

Investments

(Cost

$10,482,509)

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

10,482,328

a

Total

Investments

(Cost

$399,641,933)

138.3%

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

$384,739,131

Remarketed

Preferred

Shares

(35.7)%

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

(99,350,000)

Floating

Rate

Notes

Issued

(4.4)%

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

(12,300,075)

Other

Assets,

less

Liabilities

1.8%

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

5,263,886

Net

Assets

100.0%

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

$278,352,942

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

April

30,

2025,

the

aggregate

value

of

these

securities

was

$85,596,987,

representing

30.8%

of

net

assets.

b

The

rate

shown

represents

the

yield

at

period

end.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

8

.

e

Underlying

security

in

a

tender

option

bond

transaction.

This

security

has

been

segregated

as

collateral

for

financing

transactions.

f

The

coupon

rate

shown

represents

the

rate

at

period

end.

g

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1

(

b

).

h

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

April

30,

2025,

the

value

of

this

security

pledged

amounted

to

$312,450,

representing

0.1%

net

assets.

i

See

Note

4

(

e

)

regarding

investments

in

affiliated

management

investment

companies.

j

The

rate

shown

is

the

annualized

seven-day

yield

at

period

end.

Putnam

Managed

Municipal

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

21

At

April

30,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

1(c). 

See

Note 

9

 regarding

other

derivative

information.

See

A

bbreviations

on

page

34

.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

U.S.

Treasury

Ultra

Bonds

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

Short

59

$

7,140,844

6/18/25

$

12,315

Total

Futures

Contracts

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

$12,315

*

As

of

period

end.

Putnam

Managed

Municipal

Income

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

April

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

22

Putnam

Managed

Municipal

Income

Trust

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$389,552,624

Cost

-

Non-controlled

affiliates

(Note

4

e

)

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

10,089,309

Value

-

Unaffiliated

issuers

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

$374,649,822

Value

-

Non-controlled

affiliates

(Note

4

e

)

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

10,089,309

Cash

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

791,142

Receivables:

Dividends

and

interest

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

6,048,625

Variation

margin

on

futures

contracts

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

42,455

Prepaid

expenses

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

68,043

Total

assets

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

391,689,396

Liabilities:

Payables:

Investment

securities

purchased

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

526,240

Management

fees

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

387,454

Administrative

fees

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

1,386

Transfer

agent

fees

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

37,537

Professional

fees

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

124,193

Trustees'

fees

and

expenses

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

104,433

Floating

rate

notes

issued

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

12,300,075

Distributions

to

preferred

shareholders

(Note

1f)

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

35,145

Preferred

share

remarketing

agent

fees

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

96,866

Accrued

interest

(Note

1d)

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

318,331

Accrued

expenses

and

other

liabilities

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

54,794

Total

liabilities

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

13,986,454

Series

A

remarketed

preferred

shares:

(240

shares

authorized

and

issued

at

$100,000

per

share)

(Note

3)

........

24,000,000

Series

C

remarketed

preferred

shares:

(1,507

shares

authorized

and

issued

at

$50,000

per

share)

(Note

3)

.......

75,350,000

Net

assets

applicable

to

common

shares,

at

value

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

$278,352,942

Net

assets

applicable

to

common

shares

consist

of:

Paid-in

capital

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

$319,759,368

Total

distributable

earnings

(losses)

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

(41,406,426)

Net

assets

applicable

to

common

shares,

at

value

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

$278,352,942

Common

shares

outstanding

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

42,985,233

Net

asset

value

per

common

share

a

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

$6.48

a

Net

asset

value

per

common

share

may

not

recalculate

due

to

rounding.

Putnam

Managed

Municipal

Income

Trust

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

April

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

23

Putnam

Managed

Municipal

Income

Trust

Investment

income:

Dividends:

Non-controlled

affiliates

(Note

4

e

)

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

$126,271

Interest:

Unaffiliated

issuers

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

9,217,284

Total

investment

income

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

9,343,555

Expenses:

Management

fees

(Note

4

a

)

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

1,077,043

Administrative

fees

(Note

4

b

)

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

3,346

Transfer

agent

fees

(Note

4

c

)

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

75,244

Custodian

fees

(Note

5)

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

5,713

Reports

to

shareholders

fees

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

43,603

Registration

and

filing

fees

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

11,963

Professional

fees

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

156,529

Trustees'

fees

and

expenses

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

5,159

Preferred

share

remarketing

agent

fees

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

74,927

Interest

expense

(Note

1d)

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

254,993

Other

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

31,943

Total

expenses

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

1,740,463

Expense

reductions

(Note

5)

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

(1,205)

Expenses

waived/paid

by

affiliates

(Note

4e)

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

(271,729)

Net

expenses

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

1,467,529

Net

investment

income

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

7,876,026

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(539,765)

Futures

contracts

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

132,689

Net

realized

gain

(loss)

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

(407,076)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(14,097,555)

Futures

contracts

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

(98,568)

Net

change

in

unrealized

appreciation

(depreciation)

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

(14,196,123)

Net

realized

and

unrealized

gain

(loss)

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

(14,603,199)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$(6,727,173)

Distributions

to

remarketed

preferred

shareholder

s

(Note1f)

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

(2,496,000)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

resulting

from

operations

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

$(9,223,173)

Putnam

Managed

Municipal

Income

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

24

Putnam

Managed

Municipal

Income

Trust

Six

Months

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$7,876,026

$16,232,652

Net

realized

gain

(loss)

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

(407,076)

(5,691,926)

Net

change

in

unrealized

appreciation

(depreciation)

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

(14,196,123)

56,610,789

Distributions

to

remarketed

preferred

shareholders

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

(2,496,000)

(5,878,858)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

resulting

from

operations

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

(9,223,173)

61,272,657

Distributions

to

common

shareholders

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

(6,241,927)

(9,772,548)

Distributions

to

common

shareholders

from

tax

return

of

capital

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

—

(3,296,993)

Total

distributions

to

common

shareholders

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

(6,241,927)

(13,069,541)

Capital

share

transactions

from

-

repurchase

of

shares

(Note

2

)

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

(10,336,904)

(14,902,031)

Net

increase

(decrease)

in

net

assets

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

(25,802,004)

33,301,085

Net

assets

applicable

to

common

shares:

Beginning

of

period

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

304,154,946

270,853,861

End

of

period

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

$278,352,942

$304,154,946

Putnam

Managed

Municipal

Income

Trust

25

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

1.

Organization

and

Significant

Accounting

Policies

Putnam

Managed

Municipal

Income

Trust (Fund)

is

registered under

the

Investment

Company

Act

of

1940

(1940

Act)

as

a

closed-end

management

investment

company.

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

The

following

summarizes

the 

Fund

's

significant

accounting

policies.

a.

Financial

Instrument

Valuation

The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Fund's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund’s

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund’s

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Debt

securities

generally

trade

in

the over-the-counter

(OTC)

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Derivative

financial

instruments

listed

on

an

exchange

are

valued

at

the

official

closing

price

of

the

day.

Certain

derivative

financial

instruments

are

centrally

cleared

or

trade

in

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Fund's

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

b.

Securities

Purchased

on

a

When-Issued,

Forward

Commitment or

Delayed

Delivery

Basis

The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

Putnam

Managed

Municipal

Income

Trust

Notes

to

Financial

Statements

(unaudited)

26

franklintempleton.com

Semiannual

Report

c.

Derivative

Financial

Instruments

The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statement

of

Operations.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

and

can

be

in

the

form

of

cash

and/or

securities.

The

Fund

entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

interest

rate

and

equity

price

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

See

Note

9 regarding

other

derivative

information.

d.

Tender

Option

Bonds

The

Fund

may

participate

in

transactions

whereby

a

fixed-

rate

bond

is

transferred

to

a

tender

option

bond

trust

(TOB

trust)

sponsored

by

a

broker.

The

TOB

trust

funds

the

purchase

of

the

fixed

rate

bonds

by

issuing

floating-rate

bonds

to

third

parties

and

allowing

the

Fund

to

retain

the

residual

interest

in

the

TOB

trust’s

assets

and

cash

flows,

which

are

in

the

form

of

inverse

floating

rate

bonds.

The

inverse

floating

rate

bonds

held

by

the

Fund

give

the

Fund

the

right

to

(1)

cause

the

holders

of

the

floating

rate

bonds

to

tender

their

notes

at

par,

and

(2)

to

have

the

fixed-rate

bond

held

by

the

TOB

trust

transferred

to

the

Fund,

causing

the

TOB

trust

to

collapse.

The

Fund

accounts

for

the

transfer

of

the

fixed-rate

bond

to

the

TOB

trust

as

a

secured

borrowing

by

including

the

fixed-rate

bond

in

the

Fund’s

portfolio

and

including

the

floating

rate

bond

as

a

liability

in

the

Statement

of

Assets

and

Liabilities.

At

the

close

of

the

reporting

period,

the

Fund’s

investments

with

a

value

of

$21,535,079

were

held

by

the

TOB

trust

and

served

as

collateral

for

$12,300,075

in

floating-rate

bonds

outstanding.

For

the

reporting

period

ended,

the

fund

incurred

interest

expense

of

$220,874

for

these

investments

based

on

an

average

interest

rate

of

3.01%.

e.

Income

Taxes

It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

if

applicable,

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

April

30,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

f.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

Dividend

income

is

recorded

on

the

ex-dividend

date.

1.

Organization

and

Significant

Accounting

Policies

(continued)

Putnam

Managed

Municipal

Income

Trust

Notes

to

Financial

Statements

(unaudited)

27

franklintempleton.com

Semiannual

Report

Distributions

to

common

and

preferred

shareholders

from

net

investment

income,

if

any,

are

recorded

by

the

Fund

on

the

ex-dividend

date.

Distributions

from

capital

gains,

if

any,

are

recorded

on

the

ex-dividend

date

and

paid

at

least

annually.

The

Fund

pays

targeted

distribution

rates

to

its

common

shareholders.

Distributions

are

sourced

first

from

tax-exempt

and

ordinary

income.

The

balance

of

the

distributions,

if

any,

comes

next

from

capital

gain

and

then

will

constitute

a

return

of

capital.

A

return

of

capital

is

not

taxable;

rather

it

reduces

a

shareholder’s

tax

basis

in

their

shares

of

the

Fund.

The

Fund

may

make

return

of

capital

distributions

to

achieve

the

targeted

distribution

rates.

Dividends

on

remarketed

preferred

shares

become

payable

when,

as

and

if

declared

by

the

Trustees.

Each

dividend

period

for

the

remarketed

preferred

Series

A

shares

is

generally

a

28

day

period,

and

generally

a

7

day

period

for

Series

C.

The

applicable

dividend

rate

for

the

remarketed

preferred

shares

on April

30,

2025

was

4.80%

on

Series

A,

and

4.80%

for

Series

C.

The

amount

and

character

of

income

and

gains

to

be

distributed

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

generally

accepted

accounting

principles.

Dividend

sources

are

estimated

at

the

time

of

declaration.

Actual

results

may

vary.

Any

non-

taxable

return

of

capital

cannot

be

determined

until

final

tax

calculations

are

completed

after

the

end

of

the

Fund’s

fiscal

year.

Reclassifications

are

made

to

the

Fund’s

capital

accounts

to

reflect

income

and

gains

available

for

distribution

(or

available

capital

loss

carryovers)

under

income

tax

regulations.

During

the

reporting

period,

the

fund

has

experienced

unsuccessful

remarketings

of

its

remarketed

preferred

shares.

As

a

result,

dividends

to

the

remarketed

preferred

shares

have

been

paid

at

the

“maximum

dividend

rate,”

pursuant

to

the

fund’s

by-laws,

which,

based

on

the

current

credit

quality

of

the

remarketed

preferred

shares,

equals

110%

of

the

60-day

“AA”

composite

commercial

paper

rate.

g.

Insurance

The

scheduled

payments

of

interest

and

principal

for

each

insured

municipal

security

in

the

Fund

are

insured

by

either

a

new

issue

insurance

policy

or

a

secondary

insurance

policy.

Depending

on

the

type

of

coverage,

premiums

for

insurance

are

either

added

to

the

cost

basis

of

the

security

or

paid

by

a

third

party.

Insurance

companies

typically

insure

municipal

bonds

that

tend

to

be

of

very

high

quality,

with

the

majority

of

underlying

municipal

bonds

rated

A

or

better.

However,

an

event

involving

an

insurer

could

have

an

adverse

effect

on

the

value

of

the

securities

insured

by

that

insurance

company.

There

can

be

no

assurance

the

insurer

will

be

able

to

fulfill

its

obligations

under

the

terms

of

the

policy.

h.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

i.

Guarantees

and

Indemnifications

Under

the Fund's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the

Fund against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Fund

that

have

not

yet

occurred.

Currently,

the Fund

expects

the

risk

of

loss

to

be

remote.

2.

Shares

of

Beneficial

Interest

At

April

30,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

During

the periods

ended

April

30,

2025 and October

31,

2024,

there

were

no

shares

issued;

all

reinvested

distributions

were

satisfied

with

previously

issued

shares

purchased

in

the

open

market.

1.

Organization

and

Significant

Accounting

Policies

(continued)

f.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

(continued)

Putnam

Managed

Municipal

Income

Trust

Notes

to

Financial

Statements

(unaudited)

28

franklintempleton.com

Semiannual

Report

In

September

2024,

the

Board

authorized

management

to

renew

the

Fund’s

open-market

share

repurchase

program.

Under

the

program,

the

Fund

may

purchase,

from

time

to

time,

fund

shares

in

open-market

transactions,

at

the

discretion

of

management.

This

authorization

remains

in

effect.

Repurchases

are

made

when

the

fund’s

shares

are

trading

at

less

than

net

asset

value

and

therefore

increase

the

net

asset

value

per

share

of

the

fund’s

remaining

shares.

Transactions

in

the

Fund’s

shares

were

as

follows:

3.

Preferred

Shares

The

Series

A

(240)

and

C

(1,507)

remarketed

Preferred

shares

are

redeemable

at

the

option

of

the

Fund

on

any

dividend

payment

date

at

a

redemption

price

of

$100,000

per

Series

A

remarketed

Preferred

share

and

$50,000

per

Series

C

remarketed

Preferred

share,

plus

an

amount

equal

to

any

dividends

accumulated

on

a

daily

basis

but

unpaid

through

the

redemption

date

(whether

or

not

such

dividends

have

been

declared)

and,

in

certain

circumstances,

a

call

premium.

It

is

anticipated

that

dividends

paid

to

holders

of

remarketed

preferred

shares

will

be

considered

tax-exempt

dividends

under

the

Internal

Revenue

Code

of

1986.

To

the

extent

that

the

Fund

earns

taxable

income

and

capital

gains

by

the

conclusion

of

a

fiscal

year,

it

may

be

required

to

apportion

to

the

holders

of

the

remarketed

preferred

shares

throughout

that

year

additional

dividends

as

necessary

to

result

in

an

after-tax

equivalent

to

the

applicable

dividend

rate

for

the

period.

Under

the

1940

Act,

the

Fund

is

required

to

maintain

asset

coverage

of

at

least

200%

with

respect

to

the

remarketed

preferred

shares.

Additionally,

the

Fund’s

bylaws

impose

more

stringent

asset

coverage

requirements

and

restrictions

relating

to

the

rating

of

the

remarketed

preferred

shares

by

the

shares’

rating

agencies.

Should

these

requirements

not

be

met,

or

should

dividends

accrued

on

the

remarketed

preferred

shares

not

be

paid,

the

Fund

may

be

restricted

in

its

ability

to

declare

dividends

to

common

shareholders

or

may

be

required

to

redeem

certain

of

the

remarketed

preferred

shares.

At

April

30,

2025,

no

such

restrictions

have

been

placed

on

the

Fund.

4.

Transactions

with

Affiliates

Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Fund are

also

officers

and/or

trustees

of

the

following

subsidiaries:

Period

Ended

April

30,

2025

Year

Ended

October

31,

2024

Shares

Amount

Shares

Amount

Shares

repurchased

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

1,677,498

$10,336,904

2,435,269

$14,902,031

Weighted

average

discount

of

cost

of

repurchase

to

net

asset

value

of

shares

repurchased

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

11.81%

8.93%

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

2.

Shares

of

Beneficial

Interest

(continued)

Putnam

Managed

Municipal

Income

Trust

Notes

to

Financial

Statements

(unaudited)

29

franklintempleton.com

Semiannual

Report

a.

Management

Fees

The

Fund

pays Advisers

for

management

and

investment

advisory

services

quarterly

based

on

the

average

net

assets

of

the

Fund,

including

assets

attributable

to

preferred

shares.

Such

fee

is

based

on

the

following

annual

rates

based

on

the

average

weekly

net

assets

attributable

to

common

and

preferred

shares.

The

lesser

of

(i)

0.550%

of

average

net

assets

attributable

to

common

and

preferred

shares

outstanding,

or

(ii)

the

following

rates:

For

the

reporting

period,

the

management

fee

represented

an

effective

rate

(excluding

the

impact

from

any

expense

waivers

in

effect)

of 0.550%

of

the

fund’s

average

net

assets

attributable

to

common

and

preferred

shares

outstanding.

If

dividends

payable

on

remarketed

preferred

shares

during

any

dividend

payment

period

plus

any

expenses

attributable

to

remarketed

preferred

shares

for

that

period

exceed

the

Fund’s

gross

income

attributable

to

the

proceeds

of

the

remarketed

preferred

shares

during

that

period,

then

the

fee

payable

to Advisers

for

that

period

will

be

reduced

by

the

amount

of

the

excess

(but

not

more

than

the

effective

management

fees

rate

under

the

contract

multiplied

by

the

liquidation

preference

of

the

remarketed

preferred

shares

outstanding

during

the

period).

For

the

reporting

period, Advisers

reimbursed

$271,729

to

the

Fund.

Any

amount

in

excess

of

the

fee

payable

to Advisers

for

a

given

period

will

be

used

to

reduce

any

subsequent

fee

payable

to Advisers,

as

may

be

necessary.

As

of

the

period

end,

this

excess

amounted

to

$3,033,522.

Advisers

retained

Putnam

Management

as

sub-advisor

for

the

Fund

pursuant

to

a

new

sub-advisory

agreement.

Pursuant

to

the

agreement,

Putnam

Management

provides

certain

advisory

and

related

services

to

the

Fund.

Advisers

pays

a

monthly

fee

to

Putnam

Management

based

on

the

costs

of

Putnam

Management

in

providing

these

services

to

the

Fund,

which

may

include

a

mark-up

not

to

exceed

15%

over

such

costs.

Under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid

by

Advisers

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund.

b.

Administrative

Fees

The

Fund

reimburses

Advisers

an

allocated

amount

for

the

compensation

and

related

expenses

of

certain

officers

of

the

Fund

and

their

staff

who

provide

administrative

services

to

the

Fund.

The

aggregate

amount

of

all

such

reimbursements

is

determined

annually

by

the

Trustees.

FT

Services

provides

certain

administrative

services

to

the

Fund.

The

fee

for

those

services

is

paid

by

the

Fund’s

investment

manager

based

on

the

Fund’s

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

Annualized

Fee

Rate

Net

Assets

0.650%

of

the

first

$500

million

of

average

weekly

net

assets,

0.550%

of

the

next

$500

million

of

average

weekly

net

assets,

0.500%

of

the

next

$500

million

of

average

weekly

net

assets,

0.450%

of

the

next

$5

billion

of

average

weekly

net

assets,

0.425%

of

the

next

$5

billion

of

average

weekly

net

assets,

0.405%

of

the

next

$5

billion

of

average

weekly

net

assets,

0.390%

of

the

next

$5

billion

of

average

weekly

net

assets

and

0.380%

of

any

excess

thereafter.

4.

Transactions

with

Affiliates

(continued)

Putnam

Managed

Municipal

Income

Trust

Notes

to

Financial

Statements

(unaudited)

30

franklintempleton.com

Semiannual

Report

c.

Transfer

Agent

Fees

PSERV,

an

affiliate

of Advisers,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

was

paid

a

monthly

fee

for

investor

servicing

at

an

annual

rate

of

0.05%

of

the

Fund’s

average

daily

net

assets.

The

amounts

incurred

for

investor

servicing

agent

functions

during

the

reporting

period

are

included

in Transfer

agent fees

in

the

Statement

of

Operations.

d.

Trustee

Fees

The

Fund

has

adopted

a

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees,

who

were

serving

prior

to

April

25,

2025,

to

defer

the

receipt

of

all

or

a

portion

of

Trustees’

fees

payable

from

July

1,

1995

through

December

31,

2023.

The

deferred

fees

remain

invested

in

certain

Putnam

funds

until

distribution

in

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

an

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

of

the

Fund,

who

were

serving

prior

to

April

25,

2025

and

who

have

served

as

a

Trustee

for

at

least

five

years

and

were

first

elected

prior

to

2004.

Benefits

under

the

Pension

Plan

are

equal

to

50%

of

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005.

The

retirement

benefit

is

payable

during

a

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

of

years

of

service

through

December

31,

2006.

Pension

expense

for

the

Fund

is

included

in

the

Trustees' fees

and

expenses

in

the

Statement

of

Operations.

Accrued

pension

liability

is

included

in

Payable

for

Trustees' fees

and

expenses

in

the

Statement

of

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

to

any

Trustee

first

elected

after

2003.

e.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

April

30,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

5.

Expense

Offset

Arrangement

The Fund has

previously

entered

into

an

arrangement

with

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

custodian

expenses.

During

the

period

ended

April

30,

2025,

the

custodian

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

Effective

March

10,

2025,

earned

credits,

if

any,

will

be

recognized

as

income.

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Putnam

Managed

Municipal

Income

Trust

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.468%

......

$3,560,890

$42,254,989

$(35,726,570)

$—

$—

$10,089,309

10,089,309

$126,271

Total

Affiliated

Securities

...

$3,560,890

$42,254,989

$(35,726,570)

$—

$—

$10,089,309

$126,271

4.

Transactions

with

Affiliates

(continued)

Putnam

Managed

Municipal

Income

Trust

Notes

to

Financial

Statements

(unaudited)

31

franklintempleton.com

Semiannual

Report

6.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

October

31,

2024,

the

capital

loss

carryforwards

were

as

follows:

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

7.

Investment

Transactions

Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

April

30,

2025,

aggregated

$25,989,900 and

$45,814,331,

respectively. 

8.

Credit

Risk

and

Defaulted

Securities

At

April

30,

2025,

the

Fund

had 35.1%

of

its

portfolio

invested

in

high

yield

or

other

securities

rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

The

Fund held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

April

30,

2025,

the

aggregate

value

of

these

securities was

$3,233,131,

representing

1.2% of

the

Fund's

net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying Schedule

of

Investments.

9.

Other

Derivative

Information

At

April

30,

2025,

investments

in

derivative

contracts

are

reflected

in

the Statement of

Assets

and

Liabilities

as

follows:

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$8,312,755

Long

term

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

$16,017,531

Total

capital

loss

carryforwards

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

$24,330,286

Cost

of

investments

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

$399,297,179

Unrealized

appreciation

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

$6,904,372

Unrealized

depreciation

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

(21,462,420)

Net

unrealized

appreciation

(depreciation)

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

$(14,558,048)

Asset

Derivatives

Liability

Derivatives

Derivative

Contracts

Not

Accounted

for

as

Hedging

Instruments

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Putnam

Managed

Municipal

Income

Trust

Interest

rate

contracts

.......

Variation

margin

on

futures

contracts

$

12,315

a

Variation

margin

on

futures

contracts

$

—

Total

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

$12,315

$—

Putnam

Managed

Municipal

Income

Trust

Notes

to

Financial

Statements

(unaudited)

32

franklintempleton.com

Semiannual

Report

For

the

period

ended

April

30,

2025,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

For

the

period

ended

April

30,

2025,

the

average

month

end

notional

amount

of

futures

contracts

represented

$3,190,451.

See

Note

1(c) regarding

derivative

financial

instruments. 

See

Abbreviations

on

page

34.

10.

Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

April

30,

2025,

in

valuing

the

Fund's assets carried

at

fair

value,

is

as

follows:

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

period

end

is

separately

reported

within

the

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

Derivative

Contracts

Not

Accounted

for

as

Hedging

Instruments

Statement

of

Operations

Location

Net

Realized

Gain

(Loss)

for

the

Period

Statement

of

Operations

Location

Net

Change

in

Unrealized

Appreciation

(Depreciation)

for

the

Period

Putnam

Managed

Municipal

Income

Trust

Net

realized

gain

(loss)

from:

Net

change

in

unrealized

  appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

132,689

Interest

rate

contracts

(98,568)

Total

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

$132,689

$(98,568)

Level

1

Level

2

Level

3

Total

Putnam

Managed

Municipal

Income

Trust

Assets:

Investments

in

Securities:

a

Municipal

Bonds

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

$

—

$

374,256,803

$

—

$

374,256,803

Short

Term

Investments

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

10,089,309

393,019

—

10,482,328

Total

Investments

in

Securities

...........

$10,089,309

$374,649,822

$—

$384,739,131

9.

Other

Derivative

Information

(continued)

Putnam

Managed

Municipal

Income

Trust

Notes

to

Financial

Statements

(unaudited)

33

franklintempleton.com

Semiannual

Report

11.

Operating

Segments

The Fund

has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

Segment

Reporting

(Topic

280)

-

Improvements

to

Reportable

Segment

Disclosures.

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the

Fund’s

financial

position

or

results

of

operations.

The

Fund

operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

Fund's

Investment

manager

serves

as

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

a

unified

investment

strategy.

The

CODM

uses

these

measures

to

assess

fund

performance

and

allocate

resources

effectively.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the

Fund's

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights. 

12.

Subsequent

Events

The Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

Level

1

Level

2

Level

3

Total

Putnam

Managed

Municipal

Income

Trust

(continued)

Assets:

(continued)

Other

Financial

Instruments:

Futures

Contracts

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

$12,315

$—

$—

$12,315

Total

Other

Financial

Instruments

.........

$12,315

$—

$—

$12,315

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

10.

Fair

Value

Measurements

(continued)

Putnam

Managed

Municipal

Income

Trust

Notes

to

Financial

Statements

(unaudited)

34

franklintempleton.com

Semiannual

Report

Abbreviations

Selected

Portfolio

AGMC

Assured

Guaranty

Municipal

Corp.

AMBAC

American

Municipal

Bond

Assurance

Corp.

BAM

Build

America

Mutual

Assurance

Co.

GO

General

Obligation

FRN

Floating

Rate

Note

PUTNAM

MANAGED

MUNICIPAL

INCOME

TRUST

35

franklintempleton.com

Semiannual

Report

Important

Information

to

Shareholders

Managed

Distribution

Plan

The

Fund

has

implemented

a

managed

distribution

plan

where

the

Fund

will

distribute

a

level

distribution

amount

to

shareholders.

Until

April

30,

2025,

the

Fund

made

monthly

distributions

to

shareholders

at

the

rate

of

$0.0238

per

share.

Effective

May

1,

2025,

the

Fund

intends

to

make

monthly

distributions

to

shareholders

at

the

rate

of

$0.0265

per

share.

Management

will

generally

distribute

amounts

necessary

to

satisfy

the

Fund’s

plan

and

the

requirements

prescribed

by

excise

tax

rules

and

Subchapter

M

of

the

Internal

Revenue

Code.

The

plan

is

intended

to

provide

shareholders

with

a

consistent

distribution

each

month

and

is

intended

to

narrow

the

discount

between

the

market

price

and

the

NAV

of

the

Fund’s

common

shares,

but

there

is

no

assurance

that

the

plan

will

be

successful

in

doing

so.

Under

the

managed

distribution

plan,

to

the

extent

that

sufficient

investment

income

is

not

available

on

a

monthly

basis,

the

Fund

will

distribute

long-term

capital

gains

and/or

return

of

capital

in

order

to

maintain

its

managed

distribution

rate.

No

conclusions

should

be

drawn

about

the

Fund’s

investment

performance

from

the

amount

of

the

Fund’s

distributions

or

from

the

terms

of

the

Fund’s

managed

distribution

plan.

The

Board

may

amend

the

terms

of

the

plan

or

terminate

the

plan

at

any

time.

The

amendment

or

termination

of

the

plan

could

have

an

adverse

effect

on

the

market

price

of

the

Fund’s

common

shares.

The

plan

will

be

subject

to

the

periodic

review

by

the

Board,

including

a

yearly

review

of

the

annual

minimum

fixed

rate

to

determine

if

an

adjustment

should

be

made.

In

compliance

with

Rule

19a-1

of

the

1940

Act,

shareholders

will

receive

a

notice

that

details

the

source

of

income

for

each

dividend

such

as

net

investment

income,

gain

from

the

sale

of

securities

and

return

of

principal.

However,

determination

of

the

actual

source

of

the

Fund’s

dividend

can

only

be

made

at

year-end.

The

actual

source

amounts

of

all

Fund

dividends

will

be

included

in

the

Fund’s

annual

or

semiannual

reports.

In

addition,

the

tax

treatment

may

differ

from

the

accounting

treatment

used

to

calculate

the

source

of

the

Fund’s

dividends

as

shown

on

shareholders’

statements.

Shareholders

should

refer

to

their

Form

1099-DIV

for

the

character

and

amount

of

distributions

for

income

tax

reporting

purposes.

Since

each

shareholder’s

tax

situation

is

unique,

it

may

be

advisable

to

consult

a

tax

advisor

as

to

the

appropriate

treatment

of

Fund

distributions.

Putnam

Managed

Municipal

Income

Trust

Annual

Meeting

of

Shareholders:

April

25,

2025

(unaudited)

36

franklintempleton.com

Semiannual

Report

The

Annual

Meeting

of

Shareholders

of

Putnam

Managed

Municipal

Income

Trust

(the

“Fund”)

was

held

at

the

Fund’s

offices,

100

Federal

Street,

Boston,

MA,

on

April

25,

2025.

The

purpose

of

the

meeting

was

to

elect

Trustees

of

the

Fund

and

to

fix

the

number

of

Trustees

for

the

Fund

at

8.

At

the

meeting,

all

the

nominees

were

elected

by

the

shareholders

to

serve

as

Trustees

of

the

Fund.

Shareholders

also

fixed

the

number

of

Trustees

for

the

Fund

at

8.

No

other

business

was

transacted

at

the

meeting

with

respect

to

the

Fund.

The

results

of

the

voting

at

the

Annual

Meeting

are

as

follows:

1.

Election

of

Trustees:

*

Mr.

Agdern

and

Mr.

Mason

have

been

elected

as

Trustees

by

the

holders

of

the

preferred

shares,

voting

as

a

separate

class,

while

the

other

Trustees

have

been

elected

by

the

holders

of

the

preferred

shares

and

common

shares

voting

together

as

a

single

class.

2.

Fixing

the

number

of

Trustees

at

8:

Term

Expiring

2026

For

%

of

Outstanding

Shares

%

of

Shares

Present

Withheld

%

of

Outstanding

Shares

%

of

Shares

Present

Robert

D.

Agdern*

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

Carol

L.

Colman

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

Anthony

Grillo

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

Eileen

A.

Kamerick

...........

Nisha

Kumar

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

Peter

Mason*

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

Hillary

A.

Sale

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

Jane

E.

Trust

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

54

32,009,688

31,675,012

32,030,651

31,459,446

54

32,022,391

32,009,951

3.25%

95.55%

94.55%

95.62%

93.91%

3.25%

95.59%

95.55%

3.09%

73.58%

72.81%

73.63%

72.31%

3.09%

73.61%

73.58%

1,607

1,489,783

1,824,459

1,468,820

2,040,025

1,607

1,477,080

1,489,520

96.75%

4.45%

5.45%

4.38%

6.09%

96.75%

4.41%

4.45%

91.99%

3.42%

4.19%

3.38%

4.69%

91.99%

3.40%

3.42%

Shares

Voted

%

of

Outstanding

Shares

%

of

Shares

Present

For

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

Against

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

Abstain

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

31,279,320

1,634,586

587,217

93.37%

4.88%

1.75%

71.90%

3.76%

1.35%

Putnam

Managed

Municipal

Income

Trust

37

franklintempleton.com

Semiannual

Report

Dividend

Reinvestment

and

Cash

Purchase

Plan

Putnam

Managed

Municipal

Income

Trust,

Putnam

Master

Intermediate

Income

Trust,

Putnam

Municipal

Opportunities

Trust

and

Putnam

Premier

Income

Trust

(each,

a

“Fund”

and

collectively,

the

“Funds”)

each

offer

a

dividend

reinvestment

plan

(each,

a

“Plan”

and

collectively,

the

“Plans”).

If

you

participate

in

a

Plan,

all

income

dividends

and

capital

gain

distributions

are

automatically

reinvested

in

Fund

shares

by

the

Fund’s

agent,

Putnam

Investor

Services,

Inc.

(the

“Agent”).

If

you

are

not

participating

in

a

Plan,

every

month

you

will

receive

all

dividends

and

other

distributions

in

cash,

paid

by

check

and

mailed

directly

to

you

or

your

intermediary.

Upon

a

purchase

(or,

where

applicable,

upon

registration

of

transfer

on

the

shareholder

records

of

a

Fund)

of

shares

of

a

Fund

by

a

registered

shareholder,

each

such

shareholder

will

be

deemed

to

have

elected

to

participate

in

that

Fund’s

Plan.

Each

such

shareholder

will

have

all

distributions

by

a

Fund

automatically

reinvested

in

additional

shares,

unless

such

shareholder

elects

to

terminate

participation

in

a

Plan

by

instructing

the

Agent

to

pay

future

distributions

in

cash.

Shareholders

who

were

not

participants

in

a

Plan

as

of

January

31,

2010,

will

continue

to

receive

distributions

in

cash

but

may

enroll

in

a

Plan

at

any

time

by

contacting

the

Agent.

If

you

participate

in

a

Fund’s

Plan,

the

Agent

will

automatically

reinvest

subsequent

distributions,

and

the

Agent

will

send

you

a

confirmation

in

the

mail

telling

you

how

many

additional

shares

were

issued

to

your

account.

To

change

your

enrollment

status

or

to

request

additional

information

about

the

Plans,

you

may

contact

the

Agent

either

in

writing,

at

P.O.

Box

8383,

Boston,

MA

02266-8383,

or

by

telephone

at

1-800-225-1581

during

normal

East

Coast

business

hours.

How

you

acquire

additional

shares

through

a

Plan

If

the

market

price

per

share

for

your

Fund’s

shares

(plus

estimated

brokerage

commissions)

is

greater

than

or

equal

to

their

net

asset

value

per

share

on

the

payment

date

for

a

distribution,

you

will

be

issued

shares

of

the

Fund

at

a

value

equal

to

the

higher

of

the

net

asset

value

per

share

on

that

date

or

95%

of

the

market

price

per

share

on

that

date.

If

the

market

price

per

share

for

your

Fund’s

shares

(plus

estimated

brokerage

commissions)

is

less

than

their

net

asset

value

per

share

on

the

payment

date

for

a

distribution,

the

Agent

will

buy

Fund

shares

for

participating

accounts

in

the

open

market.

The

Agent

will

aggregate

open-market

purchases

on

behalf

of

all

participants,

and

the

average

price

(including

brokerage

commissions)

of

all

shares

purchased

by

the

Agent

will

be

the

price

per

share

allocable

to

each

participant.

The

Agent

will

generally

complete

these

open-market

purchases

within

five

business

days

following

the

payment

date.

If,

before

the

Agent

has

completed

open-market

purchases,

the

market

price

per

share

(plus

estimated

brokerage

commissions)

rises

to

exceed

the

net

asset

value

per

share

on

the

payment

date,

then

the

purchase

price

may

exceed

the

net

asset

value

per

share,

potentially

resulting

in

the

acquisition

of

fewer

shares

than

if

the

distribution

had

been

paid

in

newly

issued

shares.

How

to

withdraw

from

a

Plan

Participants

may

withdraw

from

a

Fund’s

Plan

at

any

time

by

notifying

the

Agent,

either

in

writing

or

by

telephone.

Such

withdrawal

will

be

effective

immediately

if

notice

is

received

by

the

Agent

with

sufficient

time

prior

to

any

distribution

record

date;

otherwise,

such

withdrawal

will

be

effective

with

respect

to

any

subsequent

distribution

following

notice

of

withdrawal.

There

is

no

penalty

for

withdrawing

from

or

not

participating

in

a

Plan.

Plan

administration

The

Agent

will

credit

all

shares

acquired

for

a

participant

under

a

Plan

to

the

account

in

which

the

participant’s

common

shares

are

held.

Each

participant

will

be

sent

reasonably

promptly

a

confirmation

by

the

Agent

of

each

acquisition

made

for

his

or

her

account.

About

brokerage

fees

Each

participant

pays

a

proportionate

share

of

any

brokerage

commissions

incurred

if

the

Agent

purchases

additional

shares

on

the

open

market,

in

accordance

with

the

Plans.

There

are

no

brokerage

charges

applied

to

shares

issued

directly

by

the

Funds

under

the

Plans.

Putnam

Managed

Municipal

Income

Trust

Dividend

Reinvestment

and

Cash

Purchase

Plan

38

franklintempleton.com

Semiannual

Report

About

taxes

and

Plan

amendments

Reinvesting

dividend

and

capital

gain

distributions

in

shares

of

the

Funds

does

not

relieve

you

of

tax

obligations,

which

are

the

same

as

if

you

had

received

cash

distributions.

The

Agent

supplies

tax

information

to

you

and

to

the

IRS

annually.

Each

Fund

reserves

the

right

to

amend

or

terminate

its

Plan

upon

30

days’

written

notice.

However,

the

Agent

may

assign

its

rights,

and

delegate

its

duties,

to

a

successor

agent

with

the

prior

consent

of

a

Fund

and

without

prior

notice

to

Plan

participants.

If

your

shares

are

held

in

a

broker

or

nominee

name

If

your

shares

are

held

in

the

name

of

a

broker

or

nominee

offering

a

dividend

reinvestment

service,

consult

your

broker

or

nominee

to

ensure

that

an

appropriate

election

is

made

on

your

behalf.

If

the

broker

or

nominee

holding

your

shares

does

not

provide

a

reinvestment

service,

you

may

need

to

register

your

shares

in

your

own

name

in

order

to

participate

in

a

Plan.

In

the

case

of

record

shareholders

such

as

banks,

brokers

or

nominees

that

hold

shares

for

others

who

are

the

beneficial

owners

of

such

shares,

the

Agent

will

administer

the

Plan

on

the

basis

of

the

number

of

shares

certified

by

the

record

shareholder

as

representing

the

total

amount

registered

in

such

shareholder’s

name

and

held

for

the

account

of

beneficial

owners

who

are

to

participate

in

the

Plan.

PUTNAM

MANAGED

MUNICIPAL

INCOME

TRUST

Shareholder

Information

39

franklintempleton.com

Semiannual

Report

Important

notice

regarding

share

repurchase

program

In

September

2024,

the

Trustees

of

your

fund

approved

the

renewal

of

a

share

repurchase

program

that

had

been

in

effect

since

2005.

This

renewal

allows

your

fund

to

repurchase,

in

the

365

days

beginning

October

1,

2024,

up

to

10%

of

the

fund’s

common

shares

outstanding

as

of

September

30,

2024.

Important

notice

regarding

delivery

of

shareholder

documents

In

accordance

with

Securities

and

Exchange

Commission

(SEC)

regulations,

Putnam

sends

a

single

notice

of

internet

availability,

or

a

single

printed

copy,

of

annual

and

semiannual

shareholder

reports,

prospectuses,

and

proxy

statements

to

Putnam

shareholders

who

share

the

same

address,

unless

a

shareholder

requests

otherwise.

If

you

prefer

to

receive

your

own

copy

of

these

documents,

please

call

Putnam

at

1-800-225-1581,

and

Putnam

will

begin

sending

individual

copies

within

30

days.

Proxy

Voting

The

Investment

Manager

is

committed

to

managing

our

funds

in

the

best

interests

of

our

shareholders.

The

Putnam

Investments’

proxy

voting

guidelines

and

procedures,

as

well

as

information

regarding

how

your

fund

voted

proxies

relating

to

portfolio

securities

during

the

12-month

period

ended

June

30,

2024,

are

available

at

franklintempleton.

com/regulatory

fund-documents

and

on

the

SEC’s

website,

www.sec.gov.

If

you

have

questions

about

finding

forms

on

the

SEC’s

website,

you

may

call

the

SEC

at

1-800-SEC-

0330.

You

may

also

obtain

The

Putnam

Investments’

proxy

voting

guidelines

and

procedures

at

no

charge

by

calling

Putnam’s

Shareholder

Services

at

1-800-225-1581.

Fund

Portfolio

Holdings

The

Fund

files

a

complete

consolidated

statement

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

Privacy

Policy

To

better

service

your

accounts

and

process

transactions

or

services

you

requested,

we

may

share

non-public

personal

information

with

other

Franklin

Templeton

companies.

From

time

to

time

we

may

also

send

you

information

about

products/services

offered

by

other

Franklin

Templeton

companies

although

we

will

not

share

your

non-public

personal

information

with

these

companies

without

first

offering

you

the

opportunity

to

prevent

that

sharing.

We

will

only

share

non-public

personal

information

with

outside

parties

in

the

limited

circumstances

permitted

by

law.

For

example,

this

includes

situations

where

we

need

to

share

information

with

companies

who

work

on

our

behalf

to

service

or

maintain

your

account

or

process

transactions

you

requested,

when

the

disclosure

is

to

companies

assisting

us

with

our

own

marketing

efforts,

when

the

disclosure

is

to

a

party

representing

you,

or

when

required

by

law

(for

example,

in

response

to

legal

process).

Additionally,

we

will

ensure

that

any

outside

companies

working

on

our

behalf,

or

with

whom

we

have

joint

marketing

agreements,

are

under

contractual

obligations

to

protect

the

confidentiality

of

your

information,

and

to

use

it

only

to

provide

the

services

we

asked

them

to

perform.

38918-S

06/25

©

2025

Franklin

Templeton

Investments.

All

rights

reserved.

Investors

should

be

aware

that

the

value

of

investments

made

for

the

Fund

may

go

down

as

well

as

up.

Like

any

investment

in

securities,

the

value

of

the

Fund’s

portfolio

will

be

subject

to

the

risk

of

loss

from

market,

currency,

economic,

political

and

other

factors.

The

Fund

and

its

investors

are

not

protected

from

such

losses

by

the

investment

manager.

Therefore,

investors

who

cannot

accept

this

risk

should

not

invest

in

shares

of

the

Fund.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Semiannual

Report

Putnam

Managed

Municipal

Income

Trust

Investment

Manager

Transfer

Agent

Fund

Information

Franklin

Advisers,

Inc.

Putnam

Investor

Services

Inc.

100

Federal

Street,

Boston,

MA

02110

Toll

Free

Number:

1-800-225-1581

(800)

DIAL

BEN

®

/

342-5236

(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

Not applicable.

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

Not applicable.

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

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

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

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

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

Not applicable.

ITEM 16. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS.

(a) (1) Not applicable.

Exhibit 99.CODE ETH

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

Exhibit 99.CERT

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

Exhibit 99.906CERT

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

  SIGNATURES

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

Putnam Managed Municipal Income Trust

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

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

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

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