Putnam Managed Municipal Income Trust (the Fund) is a diversified, closed-end management investment company. The Fund's objective is to seek a high level of current income exempt from federal income tax. The Fund invests in a diversified portfolio of tax-exempt municipal securities. Up to 60% of the Fund's assets consist of high-yield, tax-exempt municipal securities that are below investment grade and involve special risk considerations. Putnam Investor Services, a division of Putnam Fiduciary Trust Company (PFTC), which is an affiliate of Putnam Management, provides investor servicing agent functions to the Fund. The manager of the Fund is Putnam Investment Management, LLC (Putnam Management), an indirect wholly owned subsidiary of Putnam Investments, LLC. The sub-manager of the Fund is Putnam Investments Limited.