PUTNAM MANAGED MUNICIPAL INCOME TRUST

N-CSRS 1 pmmit-efp16103_ncsrs.htm PUTNAM MANAGED MUNICIPAL INCOME TRUST _N-CSRS Field: Set; Name: Tidy Processed; Value: False

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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

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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 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.

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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.

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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 |

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