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          <officeName>Franklin Distributors, LLC  </officeName>
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      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
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          <directorName>Trust Jane E</directorName>
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      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
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      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
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      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
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          <publicAccountantName>PricewaterhouseCoopers LLP  </publicAccountantName>
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      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <valuationMethodsChanges isMaterialChange="Y">
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          <dateOfChange>2024-07-22</dateOfChange>
          <changeExplanation>The mean between the last reported bid and ask prices, the mid price will be used in place of the last reported bid price for securities where no sales prices are reported</changeExplanation>
          <assetType>Debt</assetType>
          <investmentType>Debt ,excluding municipal bonds which already use mid- price</investmentType>
          <statutoryRegulatoryBasis>N/A</statutoryRegulatoryBasis>
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      <isPaymentErrorInNetAssetValue>N</isPaymentErrorInNetAssetValue>
      <paymentDividendSeries isPaymentDividend="Y">
        <seriesInfo seriesName="Putnam Managed Municipal Income Trust" seriesId="N/A"/>
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        <isFirstFilingByFund>N</isFirstFilingByFund>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>0.00</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0.00</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 23c-1 (17 CFR 270.23c-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-6 (17 CFR 270.17a-6)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
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          <investmentAdviser>
            <investmentAdviserName>Franklin Advisors, Inc.  </investmentAdviserName>
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      <isChangeAccPrinciples>false</isChangeAccPrinciples>
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</edgarSubmission>
