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Schedule
of
Investments
(unaudited)
Putnam
Managed
Municipal
Income
Trust
2
Notes
to
Schedule
of
Investments
18
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited),
January
31,
2026
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Shares
a
Value
a
Common
Stocks
0.0%
Financial
Services
0.0%
a,b
Brightline
Train
Holdings
West
LLC
......................................
5,400
$
—
b
Total
Common
Stocks
(Cost
$
–
)
...............................................
—
Principal
Amount
a
a
a
a
Municipal
Bonds
140.0%
Alabama
0.2%
c
,d
Baldwin
County
Industrial
Development
Authority
,
Novelis
Corp.
,
Revenue
,
144A,
2025
A
,
Mandatory
Put
,
5
%
,
6/01/32
........................................
$
500,000
511,365
Alaska
1.7%
e
Alaska
Industrial
Development
&
Export
Authority
,
Dena'
Nena'
Henash
,
Revenue
,
2019
A
,
4
%
,
10/01/44
...............................................
5,125,000
4,809,126
Arizona
5.1%
d
Arizona
Industrial
Development
Authority
,
Somerset
Academy
of
Las
Vegas
,
Revenue
,
144A,
2021
A
,
4
%
,
12/15/41
..........................................
500,000
449,866
Industrial
Development
Authority
of
the
City
of
Phoenix
Arizona
(The)
,
d
BASIS
Schools,
Inc.
Obligated
Group
,
Revenue
,
144A,
2015
A
,
Refunding
,
5
%
,
7/01/35
........................................................
900,000
900,403
d
BASIS
Schools,
Inc.
Obligated
Group
,
Revenue
,
144A,
2016
A
,
Refunding
,
5
%
,
7/01/46
........................................................
250,000
239,188
GreatHearts
Arizona
Obligated
Group
,
Revenue
,
2014
A
,
5
%
,
7/01/44
..........
1,700,000
1,700,085
d
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
1,603,899
d
Industrial
Development
Authority
of
the
County
of
Yavapai
(The)
,
Arizona
Agribusiness
and
Equine
Center,
Inc.
,
Revenue
,
144A,
2012
,
5
%
,
3/01/32
.
750,000
750,397
Arizona
Agribusiness
and
Equine
Center,
Inc.
,
Revenue
,
144A,
2015
A
,
Refunding
,
5
%
,
9/01/34
....................................................
460,000
460,183
La
Paz
County
Industrial
Development
Authority
,
Harmony
Public
Schools
,
Revenue
,
2018
A
,
5
%
,
2/15/38
....................
500,000
508,564
Harmony
Public
Schools
,
Revenue
,
2018
A
,
5
%
,
2/15/48
....................
2,330,000
2,238,182
Maricopa
County
Industrial
Development
Authority
,
d
Grand
Canyon
University
Obligated
Group
,
Revenue
,
144A,
2024
,
7.375
%
,
10/01/29
1,800,000
1,919,632
Horizon
Community
Learning
Center,
Inc.
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/35
750,000
752,325
Salt
Verde
Financial
Corp.
,
Revenue
,
2007-1
,
5.5
%
,
12/01/29
..................
2,000,000
2,166,163
d
Sierra
Vista
Industrial
Development
Authority
,
American
Leadership
Academy,
Inc.
,
Revenue
,
144A,
2024
,
5
%
,
6/15/64
....................................
300,000
257,175
Tempe
Industrial
Development
Authority
,
Tempe
Life
Care
Village
Obligated
Group
,
Revenue
,
2025
A
,
5.625
%
,
12/01/55
...................................
750,000
765,406
14,711,468
California
9.6%
d
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
..............................................
475,000
395,537
d
California
Infrastructure
&
Economic
Development
Bank
,
c
Desertxpress
Enterprises
LLC
,
Revenue
,
144A,
2025
B
,
Refunding
,
Mandatory
Put
,
12
%
,
11/02/26
...................................................
250,000
187,500
f
WFCS
Holdings
II
LLC
,
Revenue,
Sub.
Lien
,
144A,
2021
B
,
7.34
%,
1/01/61
......
4,145,000
349,072
California
Municipal
Finance
Authority
,
g
Revenue
,
FRN
,
2025-1
,
A-2
,
3.439
%
,
2/20/41
............................
2,134,447
1,887,906
d,g
Revenue,
Sub.
Lien
,
144A,
FRN
,
2025-1
,
B
,
3.439
%
,
6/20/49
.................
500,000
311,329
d
Catalyst
Impact
Fund
1
LLC
,
Revenue
,
144A,
2024
,
I
,
6
%
,
1/01/39
.............
800,000
840,500
CHF-Davis
II
LLC
,
Revenue
,
2021
,
BAM
Insured
,
3
%
,
5/15/54
................
2,410,000
1,750,245
d
Westside
Neighborhood
School
,
Revenue
,
144A,
2024
,
6.2
%
,
6/15/54
..........
800,000
838,552
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
d
California
Public
Finance
Authority
,
Kendal
at
Sonoma
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
5
%
,
11/15/56
.................................
$
750,000
$
661,928
d
California
School
Finance
Authority
,
Vista
Charter
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
6/01/61
...................................
500,000
372,273
d
City
&
County
of
San
Francisco
,
Special
Tax
District
No.
2020-1
Development
,
Special
Tax
,
144A,
2021
A
,
4
%
,
9/01/41
.......................................
500,000
480,264
City
of
Palm
Desert
,
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/41
.............................................
450,000
432,238
City
of
Sunnyvale
,
Community
Facilities
District
No.
1
,
Special
Tax
,
2001
,
7.75
%
,
8/01/32
.........................................................
605,000
607,313
d
CMFA
Special
Finance
Agency
I
,
Mix
at
CTR
City
(The)
,
Revenue
,
144A,
2021
A-2
,
4
%
,
4/01/56
......................................................
2,500,000
1,884,063
d
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-1
,
3
%
,
8/01/56
..............................................
500,000
344,105
d
CSCDA
Community
Improvement
Authority
,
Cameo/Garrison
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
3/01/57
.
1,225,000
832,625
Dublin
,
Revenue
,
144A,
2021
B
,
4
%
,
2/01/57
.............................
500,000
379,106
Jefferson
Platinum
Triangle
Apartments
,
Revenue
,
144A,
2021
A-1
,
2.875
%
,
8/01/41
835,000
785,363
Jefferson
Platinum
Triangle
Apartments
,
Revenue
,
144A,
2021
A-2
,
3.125
%
,
8/01/56
7,150,000
5,349,907
Pasadena
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
12/01/56
.......
2,500,000
1,725,829
d
Golden
State
Connect
Authority
,
Revenue
,
144A,
2025
,
6.5
%
,
12/01/60
...........
525,000
508,499
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue
,
2019
A
,
4
%
,
5/01/49
........................................
7,420,000
6,572,115
Revenue
,
2019
A
,
Pre-Refunded
,
4
%
,
5/01/49
............................
80,000
81,847
27,578,116
Colorado
3.3%
f
Aurora
Crossroads
Metropolitan
District
No.
2
,
GO
,
2025
A-1
,
Refunding
,
0.396
%,
12/01/55
........................................................
500,000
447,555
Canyons
Metropolitan
District
No.
5
,
GO
,
2024
B
,
Refunding
,
6.5
%
,
12/15/54
......
300,000
298,295
Colorado
Educational
&
Cultural
Facilities
Authority
,
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/36
....................
150,000
150,023
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/41
....................
175,000
162,642
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/51
....................
350,000
286,705
Colorado
Health
Facilities
Authority
,
BSLC
II
Obligated
Group
,
Revenue,
Second
Tier
,
2025
,
5.625
%
,
9/15/59
........
350,000
351,545
Christian
Living
Neighborhoods
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/31
........................................................
500,000
500,412
Christian
Living
Neighborhoods
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/37
........................................................
1,250,000
1,250,667
d
Plaza
Metropolitan
District
No.
1
,
Tax
Allocation
,
144A,
2013
,
Refunding
,
5
%
,
12/01/40
1,650,000
1,650,781
Raindance
Metropolitan
District
No.
1
,
Non-Potable
Water
System
,
Revenue
,
2020
,
5.25
%
,
12/01/50
...................................................
875,000
846,314
Rampart
Range
Metropolitan
District
No.
5
,
Revenue
,
2021
,
4
%
,
12/01/41
.........
1,000,000
903,694
Sky
Dance
Metropolitan
District
No.
2
,
GO
,
2024
A
,
6
%
,
12/01/54
...............
375,000
380,578
Southlands
Metropolitan
District
No.
1
,
GO
,
2017
A-1
,
Refunding
,
5
%
,
12/01/37
.....
500,000
503,706
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Metropolitan
District
No.
4
Subdistrict
A
,
Revenue,
Senior
Lien
,
2024
A
,
Refunding
,
6.5
%
,
12/01/54
.........
1,000,000
1,034,298
Trails
at
Crowfoot
Metropolitan
District
No.
3
,
GO
,
2024
B
,
Refunding
,
6.875
%
,
12/15/52
..................................................
300,000
299,660
Village
Metropolitan
District
(The)
,
GO
,
2025
A
,
5.75
%
,
12/01/55
................
500,000
503,559
9,570,434
Connecticut
1.3%
d
Harbor
Point
Infrastructure
Improvement
District
,
Tax
Allocation
,
144A,
2017
,
Refunding
,
5
%
,
4/01/39
.............................................
3,500,000
3,549,318
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Connecticut
(continued)
Stamford
Housing
Authority
,
TJH
Senior
Living
LLC
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
6.5
%
,
10/01/55
.......................................................
$
100,000
$
102,174
TJH
Senior
Living
LLC
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
6.25
%
,
10/01/60
.......................................................
150,000
150,340
3,801,832
Delaware
1.4%
Delaware
State
Economic
Development
Authority
,
ASPIRA
of
Delaware
Charter
Operations,
Inc.
,
Revenue
,
2016
A
,
5
%
,
6/01/36
....
705,000
705,992
ASPIRA
of
Delaware
Charter
Operations,
Inc.
,
Revenue
,
2016
A
,
5
%
,
6/01/51
....
1,035,000
919,861
d
Town
of
Bridgeville
,
Heritage
Shores
Special
Development
District
,
Special
Tax
,
144A,
2024
,
5.25
%
,
7/01/44
...............................................
875,000
880,341
d
Town
of
Millsboro
,
Plantation
Lakes
Special
Development
District
,
Special
Tax
,
144A,
2018
,
Refunding
,
5.125
%
,
7/01/38
.................................................
490,000
494,337
Plantation
Lakes
Special
Development
District
,
Special
Tax
,
144A,
2018
,
Refunding
,
5.25
%
,
7/01/48
..................................................
997,000
969,237
3,969,768
Florida
16.2%
Angeline
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/56
...............................................
300,000
300,987
Bella
Tara
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
6.125
%
,
5/01/56
..............................................
100,000
103,027
d
Capital
Trust
Agency,
Inc.
,
WFCS
Holdings
II
LLC
,
Revenue
,
144A,
2021
A-1
,
5
%
,
1/01/56
...............
1,900,000
1,572,813
WFCS
Holdings
LLC
,
Revenue
,
144A,
2020
A-1
,
4.5
%
,
1/01/35
...............
740,000
736,161
d
Capital
Trust
Authority
,
Academir
Charter
Schools,
Inc.
,
Revenue
,
144A,
2025
A
,
6.375
%
,
7/01/50
.......
825,000
834,855
Classical
Academy
of
Sarasota,
Inc.
(The)
,
Revenue
,
144A,
2025
,
6.125
%
,
7/01/60
425,000
422,006
Madrone
Florida
Tech
Student
Housing
I
LLC
,
Revenue
,
144A,
2025
A
,
5.375
%
,
7/01/65
........................................................
165,000
158,251
d
Cedar
Crossings
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
5/01/55
....................................................
160,000
155,980
d
Center
Lake
Ranch
West
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2025
,
5.6
%
,
5/01/55
..........................
300,000
300,055
Central
Parc
Community
Development
District
,
Special
Assessment
,
2024
,
6
%
,
5/01/54
750,000
755,920
d
Charlotte
County
Industrial
Development
Authority
,
MSKP
Town
&
Country
Utility
LLC
,
Revenue
,
144A,
2021
A
,
4
%
,
10/01/41
..................................
1,000,000
949,556
City
of
Miami
,
Revenue
,
2024
A
,
5.5
%
,
1/01/49
.............................
5,000,000
5,370,851
d
City
of
Venice
,
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
144A,
2024
A
,
5.625
%
,
1/01/60
.......................................
375,000
372,777
Connerton
East
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
2025
,
5.5
%
,
6/15/55
.....................................
160,000
157,295
d
County
of
Okaloosa
,
AIR
Force
Enlisted
Village,
Inc.
Obligated
Group
,
Revenue
,
144A,
2025
,
5.75
%
,
5/15/55
...............................................
385,000
391,699
d
County
of
Palm
Beach
,
Provident
Group
-
LU
Properties
LLC
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/57
......
625,000
542,310
Provident
Group-PBAU
Properties
LLC
,
Revenue
,
144A,
2019
A
,
5
%
,
4/01/39
....
1,600,000
1,617,283
d
Curiosity
Creek
Community
Development
District
,
Curiosity
Creek
Community
Development
District
Assessment
Area
2
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
5/01/56
.........................................................
160,000
159,777
Cypress
Bluff
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.55
%
,
5/01/55
....................................
660,000
658,385
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Cypress
Creek
Reserve
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
6
%
,
5/01/56
.......................................
$
105,000
$
107,919
d
Cypress
Reserve
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2025
,
5.8
%
,
5/01/56
...........................................
200,000
200,508
d
Del
Webb
Oak
Creek
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
5/01/55
..............................................
250,000
251,067
EA
McKinnon
Groves
Community
Development
District
,
Capital
Improvement
,
Special
Assessment
,
2025
,
5.5
%
,
5/01/56
.....................................
370,000
364,380
East
Nassau
Stewardship
District
,
Special
Assessment
,
2025
,
6.25
%
,
5/01/56
......
425,000
438,979
Feed
Mill
Community
Development
District
,
Parcel
1
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.875
%
,
5/01/56
...................................
275,000
276,350
Firethorn
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.6
%
,
5/01/55
................................................
275,000
272,380
Florida
Development
Finance
Corp.
,
d
Revenue
,
144A,
2021
A
,
4
%
,
7/01/51
...................................
500,000
411,691
d
Glenridge
on
Palmer
Ranch
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
6/01/51
........................................................
700,000
642,875
Shands
Jacksonville
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
2/01/52
....................................................
1,500,000
1,428,075
Florida
Higher
Educational
Facilities
Financing
Authority
,
Rollins
College
,
Revenue
,
2024
,
4.125
%
,
12/01/54
.........................
1,000,000
890,321
St.
Leo
University,
Inc.
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
3/01/44
..
1,370,000
1,059,412
Florida
Municipal
Loan
Council
,
Shingle
Creek
Transit
&
Utility
Community
Development
District
,
Special
Assessment
,
2024
,
5.15
%
,
5/01/44
.............................................
650,000
666,626
Shingle
Creek
Transit
&
Utility
Community
Development
District
,
Special
Assessment
,
2024
,
5.4
%
,
5/01/54
..............................................
825,000
831,687
Fox
Branch
Ranch
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.4
%
,
5/01/55
.....................................
210,000
207,354
d
Gas
Worx
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.75
%
,
5/01/45
.........................
100,000
102,668
Special
Assessment
,
144A,
2025
,
6
%
,
5/01/57
............................
105,000
107,209
GIR
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.3
%
,
5/01/45
................
300,000
299,144
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.5
%
,
5/01/55
................
575,000
560,554
Governors
Park
South
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.65
%
,
5/01/55
....................................
375,000
369,351
Harvest
Hills
South
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/56
....................................
125,000
123,676
Highland
Trails
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.85
%
,
5/01/56
....................................
100,000
99,650
h
Hills
of
Minneola
Community
Development
District
,
North
Parcel
Assessment
Area
2
,
Special
Assessment
,
2026
,
5.6
%
,
5/01/56
...............................
180,000
180,203
Hobe-St.
Lucie
Conservancy
District
,
Unit
of
Development
No.
1A
,
Special
Assessment
,
2024
,
5.875
%
,
5/01/55
...................................
500,000
509,383
h
Hunt
Club
Grove
Community
Development
District
,
Assessment
Area
2
,
Revenue
,
2026
,
5.6
%
,
12/15/55
...............................................
175,000
175,220
Kings
Creek
I
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
6
%
,
5/01/55
.......................................
125,000
127,234
Kissimmee
Park
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
6.125
%
,
5/01/56
...................................
370,000
381,202
d
Lakeside
at
Satilla
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
5/01/55
...............................
100,000
100,502
Lakewood
Ranch
Stewardship
District
,
Assessment
Azario
,
Special
Assessment
,
2019
,
4
%
,
5/01/40
.................
1,000,000
975,356
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Lakewood
Ranch
Stewardship
District,
(continued)
d
Assessment
Northeast
Sector
Project
Phase
2B
,
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/50
............................................
$
250,000
$
207,571
Assessments
,
Special
Assessment
,
2023
,
6.3
%
,
5/01/54
....................
1,140,000
1,196,135
Assessments
,
Special
Assessment
,
2024
,
5.25
%
,
5/01/44
...................
585,000
597,908
Villages
Lakewood
Ranch
South
,
Special
Assessment
,
2016
,
5.125
%
,
5/01/46
....
740,000
740,041
Lee
County
Industrial
Development
Authority
,
Shell
Point
Obligated
Group
,
Revenue
,
2024
C
,
5
%
,
11/15/54
...............................................
500,000
489,380
Miami-Dade
County
Industrial
Development
Authority
,
Pinecrest
Academy
Obligated
Group
,
Revenue
,
2014
,
5
%
,
9/15/34
....................................
1,225,000
1,226,176
d
Northridge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
5.75
%
,
5/01/45
..........
100,000
102,668
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
6
%
,
5/01/55
............
100,000
101,862
e
Orange
County
Health
Facilities
Authority
,
Orlando
Health
Obligated
Group
,
Revenue
,
2022
,
4
%
,
10/01/52
................................................
2,570,000
2,219,610
Parkside
Trails
Community
Development
District
,
2025
Project
Area
,
Special
Assessment
,
2025
,
5.55
%
,
5/01/55
....................................
375,000
369,819
Pasadena
Ridge
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.7
%
,
5/01/55
.....................................
500,000
493,893
Pinellas
County
Industrial
Development
Authority
,
Drs
Kiran
&
Pallavi
Patel
2017
Foundation
for
Global
Understanding,
Inc.
,
Revenue
,
2019
,
5
%
,
7/01/39
.........
1,690,000
1,710,305
Ranches
at
Lake
Mcleod
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.65
%
,
6/15/55
..............................
250,000
250,564
River
Landing
Community
Development
District
,
Assessments
,
Special
Assessment
,
2025
,
5.45
%
,
5/01/55
...............................................
240,000
238,368
d
Riverwalk
Community
Development
District
,
Special
Assessment
,
144A,
2025
A
,
5.625
%
,
5/01/55
...................................................
260,000
260,148
Sarasota
County
Health
Facilities
Authority
,
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
1/01/37
..........................
1,000,000
1,006,003
Sarasota
County
Public
Hospital
District
,
Sarasota
County
Public
Hospital
District
Obligated
Group
,
Revenue
,
2018
,
4
%
,
7/01/48
............................
1,500,000
1,330,957
d,h
Southpointe
of
Manatee
County
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2026
,
5.625
%
,
5/01/56
.........................
180,000
179,226
St.
Johns
County
Industrial
Development
Authority
,
Life
Care
Ponte
Vedra
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/15/36
355,000
344,827
Life
Care
Ponte
Vedra
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/15/41
500,000
452,948
d
Starling
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.6
%
,
5/01/56
.........................................................
500,000
488,964
d
Sugarloaf
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2026
,
5.625
%
,
12/15/55
........................................
180,000
178,753
d
Sunrise
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
5/01/55
.........................................................
500,000
488,256
Terra
Lago
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/56
...............................................
400,000
396,325
Tolomato
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2024
,
5.125
%
,
5/01/54
..............................................
525,000
505,170
Tranquility
Community
Development
District
,
Special
Assessment
,
2025
,
5.625
%
,
5/01/55
.........................................................
300,000
296,097
Verandah
West
Community
Development
District
,
Assessments
,
Special
Assessment
,
2013
,
Refunding
,
5
%
,
5/01/33
........................................
410,000
410,414
Verano
No.
4
Community
Development
District
,
Astor
Creek
Phase
2
Assessment
Area
,
Special
Assessment
,
2025
,
6
%
,
5/01/55
.................................
150,000
154,486
Village
Community
Development
District
No.
12
,
Phase
II
,
Special
Assessment
,
2018
,
4
%
,
5/01/33
......................................................
665,000
671,686
Vivid
Shores
Community
Development
District
,
Special
Assessment
,
2025
,
5.625
%
,
5/01/56
.........................................................
100,000
99,997
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
d
Waterset
South
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
144A,
2025
,
5.7
%
,
5/01/56
................................
$
200,000
$
200,348
d
West
Port
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
5.8
%
,
5/01/45
................................
185,000
191,481
d
West
Villages
Improvement
District
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
5/01/55
400,000
392,750
d
Westview
South
Community
Development
District
,
Assessment
Area
1
2025
Project
Area
,
Special
Assessment
,
144A,
2025
,
6.2
%
,
5/01/55
......................
275,000
284,596
d
Windsor
Cay
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
5/01/55
................................
300,000
295,409
d
Woodland
Preserve
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
5/01/55
................................
220,000
218,511
46,512,616
Georgia
4.0%
d
Atlanta
Development
Authority
(The)
,
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
A
,
6
%
,
7/01/55
................................................
115,000
118,594
Cobb
County
Kennestone
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
3
%
,
4/01/45
...............................
1,785,000
1,402,253
Coweta
County
Development
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/44
...............................
4,000,000
4,104,649
DeKalb
County
Development
Authority
,
GLOBE
Academy,
Inc.
(The)
,
Revenue
,
2024
A
,
5
%
,
6/01/63
......................................................
515,000
474,765
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
685,563
Kennesaw
State
University
Real
Estate
Obligated
Group
2015
ABC
,
Revenue,
Junior
Lien
,
C
,
5
%
,
7/15/38
..............................................
740,000
740,068
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2021
A
,
3
%
,
2/15/51
..........................
2,000,000
1,423,429
c
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
6/01/31
.....
2,200,000
2,357,697
11,307,018
Illinois
8.8%
Chicago
Board
of
Education
,
GO
,
2015
C
,
5.25
%
,
12/01/39
........................................
1,500,000
1,483,921
GO
,
2023
A
,
5.875
%
,
12/01/47
........................................
1,700,000
1,741,372
GO
,
2025
A
,
5.75
%
,
12/01/50
.........................................
850,000
858,638
GO
,
2025
B
,
Refunding
,
5
%
,
12/01/40
..................................
500,000
499,989
Chicago
Midway
International
Airport
,
Revenue,
Senior
Lien
,
2023
C
,
Refunding
,
5
%
,
1/01/40
.........................................................
1,250,000
1,332,304
City
of
Chicago
,
GO
,
2019
A
,
5.5
%
,
1/01/49
...........................................
305,000
306,039
GO
,
2020
A
,
Refunding
,
5
%
,
1/01/30
...................................
1,800,000
1,893,620
GO
,
2021
B
,
Refunding
,
BAM
Insured
,
4
%
,
1/01/38
........................
2,747,000
2,733,917
e
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien
,
2025
E
,
BAM
Insured
,
5.5
%
,
1/01/55
...................................................
3,500,000
3,651,646
d
Lakeshore
East
Special
Assessment
Area
,
Special
Assessment
,
144A,
2022
,
Refunding
,
3.04
%
,
12/01/28
........................................
241,000
235,831
d
Lakeshore
East
Special
Assessment
Area
,
Special
Assessment
,
144A,
2022
,
Refunding
,
3.38
%
,
12/01/31
........................................
341,000
331,268
Du
Page
County
Special
Service
Area
No.
31
,
Monarch
Landing,
Inc.
,
Special
Tax
,
2006
,
5.625
%
,
3/01/36
..............................................
233,000
233,593
Illinois
Finance
Authority
,
CHF-Chicago
LLC
,
Revenue
,
2017
A
,
5
%
,
2/15/37
.........................
1,200,000
1,211,184
CHF-Chicago
LLC
,
Revenue
,
2017
A
,
5
%
,
2/15/47
.........................
1,500,000
1,433,138
Plymouth
Place
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/41
.....
400,000
396,457
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
Illinois
Finance
Authority,
(continued)
Plymouth
Place
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/51
.....
$
1,000,000
$
875,848
Plymouth
Place
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
5/15/56
.....
815,000
699,329
Metropolitan
Pier
&
Exposition
Authority
,
f
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2017
B
,
Refunding
,
4.849
%,
12/15/47
.......................................
1,500,000
1,105,544
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/52
............................................
2,100,000
1,779,559
State
of
Illinois
,
GO
,
2023
B
,
5.25
%
,
5/01/40
...............................
2,100,000
2,270,083
25,073,280
Indiana
0.2%
Indiana
Finance
Authority
,
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5.125
%
,
6/01/58
500,000
493,803
Iowa
0.8%
Iowa
Finance
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
7.5
%
,
5/15/53
........................................................
600,000
665,403
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.125
%
,
5/15/59
........................................................
1,500,000
1,411,325
Presbyterian
Homes
Mill
Pond
Apartment,
Inc.
,
Revenue
,
2025
,
5.75
%
,
10/01/55
..
300,000
305,280
2,382,008
Kentucky
1.1%
Kentucky
Economic
Development
Finance
Authority
,
Masonic
Homes
of
Kentucky,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
5/15/46
.................
1,000,000
831,137
Kentucky
Public
Energy
Authority
,
Revenue
,
2025
B
,
5
%
,
12/01/33
..............
2,100,000
2,202,492
3,033,629
Louisiana
1.0%
d
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
Christwood
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.25
%
,
11/15/53
........................................................
1,300,000
1,234,125
Louisiana
Public
Facilities
Authority
,
d
Acadiana
Renaissance
Charter
Academy
,
Revenue
,
144A,
2025
,
6
%
,
6/15/59
....
140,000
140,498
Calcasieu
Bridge
Partners
LLC
,
Revenue,
Senior
Lien
,
2024
,
5.75
%
,
9/01/64
.....
1,500,000
1,546,590
Tulane
University
,
Revenue
,
2017
A
,
Pre-Refunded
,
4
%
,
12/15/50
.............
20,000
20,572
2,941,785
Maryland
1.7%
City
of
Brunswick
,
Brunswick
Crossing
Special
Taxing
District
,
Special
Tax
,
2019
,
Refunding
,
5
%
,
7/01/36
.............................................
548,000
559,875
City
of
Westminster
,
Lutheran
Village
at
Miller's
Grant,
Inc.
Obligated
Group
(The)
,
Revenue
,
2014
A
,
6
%
,
7/01/34
........................................
230,000
230,237
County
of
Frederick
,
d
Mount
St.
Mary's
University,
Inc.
,
Revenue
,
144A,
2017
A
,
Refunding
,
5
%
,
9/01/37
.
500,000
486,706
Oakdale-Lake
Linganore
Development
District
,
Special
Tax
,
2019
,
Refunding
,
3.75
%
,
7/01/39
........................................................
1,410,000
1,342,013
d
County
of
Prince
George's
,
Westphalia
Town
Center
Development
District
,
Tax
Allocation
,
144A,
2018
,
5.125
%
,
7/01/39
................................
1,000,000
1,008,318
Maryland
Economic
Development
Corp.
,
City
of
Baltimore
Port
Covington
Development
District
,
Tax
Allocation
,
2020
,
4
%
,
9/01/40
........................................................
755,000
703,731
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
9
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
$
604,083
4,934,963
Massachusetts
1.1%
Collegiate
Charter
School
of
Lowell
,
Revenue
,
2019
,
5
%
,
6/15/39
...............
1,000,000
1,001,491
Massachusetts
Development
Finance
Agency
,
d,i
Adventcare
Obligated
Group
,
Revenue
,
144A,
2007
,
6.65
%
,
10/15/28
..........
995,000
10
Boston
Medical
Center
Corp.
Obligated
Group
,
Revenue
,
2015
D
,
5
%
,
7/01/44
....
365,000
361,555
d
CHF
Merrimack,
Inc.
,
Revenue
,
144A,
2024
A
,
5
%
,
7/01/60
..................
1,000,000
950,560
Lasell
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/40
...................
1,000,000
918,029
3,231,645
Michigan
4.3%
City
of
Detroit
,
GO
,
B-1
,
4
%
,
4/01/44
.....................................
3,952,414
3,113,236
Grand
Rapids
Economic
Development
Corp.
,
Michigan
Christian
Home
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
6.125
%
,
11/01/60
.....................
625,000
625,420
Michigan
Finance
Authority
,
Aquinas
College
,
Revenue
,
2021
,
Refunding
,
5
%
,
5/01/46
...................
500,000
378,119
Lawrence
Technological
University
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
2/01/47
........................................................
650,000
598,763
Michigan
State
Housing
Development
Authority
,
Revenue
,
2021
A
,
2.73
%
,
10/01/59
.
1,000,000
621,987
Pontiac
School
District
,
GO
,
2020
,
4
%
,
5/01/45
.............................................
3,575,000
3,409,167
GO
,
2020
,
4
%
,
5/01/50
.............................................
4,025,000
3,678,541
12,425,233
Minnesota
1.2%
d
City
of
Eagan
,
Great
Oaks
Academy
,
Revenue
,
144A,
2025
A
,
6.5
%
,
2/01/65
.......
300,000
293,590
City
of
Ham
Lake
,
DaVinci
Academy
of
Arts
and
Science
,
Revenue
,
2016
A
,
5
%
,
7/01/47
.........................................................
500,000
424,320
City
of
Ramsey
,
PACT
Charter
School
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/01/32
...
575,000
584,830
Minnesota
Health
&
Education
Facilities
Authority
,
Augsburg
University
,
Revenue
,
2016
A
,
5
%
,
5/01/46
....................................................
1,250,000
862,817
St.
Paul
Port
Authority
,
HealthPartners
Obligated
Group
,
Revenue
,
2007-1
,
5
%
,
8/01/36
905,000
905,776
Township
of
Baytown
,
St.
Croix
Preparatory
Academy
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
8/01/41
......................................................
380,000
337,820
3,409,153
Missouri
4.5%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
Children's
Mercy
Hospital
Obligated
Group
,
Revenue
,
2017
A
,
4
%
,
5/15/48
......
5,600,000
5,049,387
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
5/01/38
....................................................
900,000
732,143
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
5/01/43
....................................................
2,270,000
1,728,963
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
5/01/45
....................................................
1,900,000
1,388,604
Industrial
Development
Authority
of
the
City
of
St.
Louis
Missouri
(The)
,
Revenue
,
2017
A
,
Refunding
,
4.75
%
,
11/15/47
........................................
875,000
770,767
St.
Louis
County
Industrial
Development
Authority
,
Friendship
Village
St.
Louis
Obligated
Group
,
Revenue
,
2018
A
,
5.25
%
,
9/01/53
........................
3,250,000
3,180,596
12,850,460
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Nevada
1.5%
City
of
Las
Vegas
,
Special
Improvement
District
No.
814
,
Special
Assessment
,
2019
,
4
%
,
6/01/39
....
$
410,000
$
395,775
Special
Improvement
District
No.
814
,
Special
Assessment
,
2019
,
4
%
,
6/01/44
....
585,000
522,832
Special
Improvement
District
No.
815
,
Special
Assessment
,
2020
,
5
%
,
12/01/49
...
585,000
587,639
Special
Improvement
District
No.
816
,
Special
Assessment
,
2021
,
3
%
,
6/01/41
....
640,000
514,092
Special
Improvement
District
No.
817
,
Special
Assessment
,
2023
,
5.5
%
,
6/01/38
..
375,000
406,629
Special
Improvement
District
No.
817
,
Special
Assessment
,
2023
,
5.75
%
,
6/01/43
.
495,000
528,299
Special
Improvement
District
No.
817
,
Special
Assessment
,
2023
,
6
%
,
6/01/48
....
350,000
368,723
Special
Improvement
District
No.
817
,
Special
Assessment
,
2023
,
6
%
,
6/01/53
....
500,000
523,557
County
of
Clark
,
Special
Improvement
District
No.
159
,
Special
Assessment
,
2015
,
5
%
,
8/01/32
.........................................................
370,000
370,282
4,217,828
New
Hampshire
1.3%
New
Hampshire
Business
Finance
Authority
,
Revenue
,
2024-2
,
A
,
3.625
%
,
8/20/39
..................................
2,222,989
2,171,999
g
Revenue
,
FRN
,
2024-3
,
A
,
4.163
%
,
10/20/41
.............................
990,738
999,908
Greater
Raleigh
Area
Christian
Education,
Inc.
,
Revenue
,
2025
,
6
%
,
8/01/65
.....
675,000
672,551
3,844,458
New
Jersey
0.6%
New
Jersey
Economic
Development
Authority
,
Friends
of
TEAM
Academy
Charter
School
Obligated
Group
,
Revenue
,
2013
,
6
%
,
10/01/33
.......................................................
850,000
851,707
United
Airlines,
Inc.
,
Revenue
,
2000
B
,
5.625
%
,
11/15/30
....................
500,000
502,004
Passaic
County
Improvement
Authority
(The)
,
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
5.5
%
,
7/01/58
........................................
450,000
457,461
1,811,172
New
York
8.4%
New
York
Counties
Tobacco
Trust
VI
,
Revenue
,
2016
A-2B
,
Refunding
,
5
%
,
6/01/45
............................
3,000,000
2,618,855
Revenue
,
2016
A-2B
,
Refunding
,
5
%
,
6/01/51
............................
700,000
588,611
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
2.875
%
,
11/15/46
...........................
1,860,000
1,389,794
Revenue
,
2021
A
,
Refunding
,
BAM
Insured
,
3
%
,
11/15/51
...................
3,000,000
2,183,832
Revenue
,
2021
A
,
Refunding
,
3
%
,
11/15/51
..............................
4,215,000
3,036,485
d
3
World
Trade
Center
LLC
,
Revenue
,
144A,
2014
,
2
,
Refunding
,
5.375
%
,
11/15/40
.
750,000
750,044
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
1WTC
2021
,
Refunding
,
2.75
%
,
2/15/44
........................................................
1,835,000
1,403,098
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.
,
Revenue
,
2020
,
5
%
,
10/01/40
.........................
1,250,000
1,287,366
Delta
Air
Lines,
Inc.
,
Revenue
,
2023
,
5.625
%
,
4/01/40
......................
1,000,000
1,062,198
JFK
NTO
LLC
,
Revenue
,
2025
,
6
%
,
6/30/55
..............................
4,000,000
4,242,475
d
Oneida
Indian
Nation
of
New
York
,
Revenue
,
144A,
2024
A
,
8
%
,
9/01/40
..........
1,000,000
1,016,250
e
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
218th
,
5
%
,
11/01/49
..........
2,460,000
2,501,775
Suffolk
Regional
Off-Track
Betting
Co.
,
Revenue
,
2024
,
6
%
,
12/01/53
............
2,000,000
2,040,106
24,120,889
North
Carolina
1.0%
North
Carolina
Medical
Care
Commission
,
Lutheran
Services
for
the
Aging,
Inc.
Obligated
Group
,
Revenue
,
2021
C
,
Refunding
,
4
%
,
3/01/36
....................................................
2,320,000
2,339,541
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
North
Carolina
Medical
Care
Commission,
(continued)
Maryfield,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/45
..............
$
500,000
$
477,905
2,817,446
North
Dakota
1.2%
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group
,
Revenue
,
2023
A
,
AG
Insured
,
5
%
,
12/01/48
350,000
356,900
Altru
Health
System
Obligated
Group
,
Revenue
,
2023
A
,
AG
Insured
,
5
%
,
12/01/53
2,000,000
2,018,769
City
of
Horace
,
GO
,
2024
C
,
Refunding
,
4.75
%
,
5/01/44
......................
1,100,000
1,103,933
3,479,602
Ohio
2.7%
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien
,
2020
A-2
,
1
,
Refunding
,
3
%
,
6/01/48
.............................................
1,300,000
919,416
Cleveland-Cuyahoga
County
Port
Authority
,
Playhouse
Square
Foundation
,
Revenue
,
2018
,
Refunding
,
5.5
%
,
12/01/53
......................................
1,500,000
1,500,576
County
of
Washington
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
6.75
%
,
12/01/52
.....................................
500,000
514,134
Northeast
Ohio
Medical
University
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
12/01/40
..............................
1,575,000
1,330,302
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/01/45
..............................
450,000
399,958
Ohio
Higher
Educational
Facility
Commission
,
Xavier
University
,
Revenue
,
2024
,
Refunding
,
5.25
%
,
5/01/49
...........................................
1,560,000
1,531,425
d
Port
of
Greater
Cincinnati
Development
Authority
,
City
of
Cincinnati
Assigned
City
Residual
Funds
,
Revenue
,
144A,
2021
,
4.25
%
,
12/01/50
....................
1,320,000
1,264,618
Southeastern
Ohio
Port
Authority
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
12/01/43
................................
150,000
137,819
7,598,248
Oklahoma
0.2%
Tulsa
Municipal
Airport
Trust
Trustees
,
American
Airlines,
Inc.
,
Revenue
,
2025
,
Refunding
,
6.25
%
,
12/01/40
..........................................
475,000
534,183
Oregon
0.1%
Hospital
Facilities
Authority
of
Multnomah
County
Oregon
,
Terwilliger
Plaza,
Inc.
Obligated
Group
,
Revenue
,
2012
,
Refunding
,
5
%
,
12/01/29
..................
210,000
210,126
Pennsylvania
3.6%
Chester
County
Industrial
Development
Authority
,
Collegium
Charter
School
,
Revenue
,
2017
A
,
5.125
%
,
10/15/37
...............
750,000
740,879
University
Student
Housing
LLC
,
Revenue
,
2013
A
,
5
%
,
8/01/45
...............
1,000,000
942,385
Cumberland
County
Municipal
Authority
,
Asbury
Pennsylvania
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
1/01/45
.................................
500,000
481,151
Dallas
Area
Municipal
Authority
,
Misericordia
University
,
Revenue
,
2019
,
Refunding
,
5
%
,
5/01/48
......................................................
2,040,000
1,808,165
Lancaster
Municipal
Authority
,
Garden
Spot
Village
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
5
%
,
5/01/49
.............................................
900,000
897,666
Lehigh
County
Industrial
Development
Authority
,
Seven
Generations
Charter
School
,
Revenue
,
2021
A
,
4
%
,
5/01/51
........................................
1,000,000
768,931
Maxatawny
Township
Municipal
Authority
,
Lutheran
Senior
Services
East
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
1/01/41
...
1,400,000
1,446,915
Lutheran
Senior
Services
East
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
1/01/42
...
1,450,000
1,489,901
Pennsylvania
Economic
Development
Financing
Authority
,
Commonwealth
of
Pennsylvania
Motor
License
Fund
,
Revenue
,
2022
,
6
%
,
6/30/61
1,000,000
1,058,127
c
Talen
Energy
Supply
LLC
,
Revenue
,
2009
C
,
Refunding
,
Mandatory
Put
,
5.25
%
,
6/01/27
........................................................
500,000
502,544
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
d
Philadelphia
Authority
for
Industrial
Development
,
i
University
of
the
Arts
(The)
,
Revenue
,
144A,
2017
,
5
%
,
3/15/45
...............
$
807,977
$
161,596
University
of
the
Arts
(The)
,
Revenue
,
144A,
2017
,
Pre-Refunded
,
5
%
,
3/15/45
...
40,000
42,201
10,340,461
Rhode
Island
0.5%
Rhode
Island
Health
and
Educational
Building
Corp.
,
PRG
-
RI
Properties
LLC
,
Revenue
,
2025
A
,
AG
Insured
,
5
%
,
7/01/60
..............................
1,500,000
1,494,029
South
Carolina
5.7%
d
City
of
Goose
Creek
,
Carnes
Crossroads
Improvement
District
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
10/01/55
..........................................
175,000
175,629
County
of
Berkeley
,
Nexton
Improvement
District
,
Special
Assessment
,
2019
,
4.375
%
,
11/01/49
........................................................
1,000,000
874,519
d
County
of
Lancaster
,
Roselyn
Residential
Improvement
District
,
Special
Assessment
,
144A,
2025
,
6.2
%
,
6/01/55
...........................................
120,000
123,119
South
Carolina
Jobs-Economic
Development
Authority
,
Beaufort
Memorial
Hospital
Obligated
Group
,
Revenue
,
2024
,
5.75
%
,
11/15/54
...
1,000,000
1,017,584
Bishop
Gadsden
Episcopal
Retirement
Community
Obligated
Group
,
Revenue
,
2025
,
5.25
%
,
4/01/51
..................................................
250,000
250,716
d
Green
Charter
School
Spartanburg
LLC
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
6/01/56
............................................
1,020,000
688,563
d
High
Point
Academy,
Inc.
,
Revenue
,
144A,
2018
A
,
5.75
%
,
6/15/39
............
500,000
480,161
d
High
Point
Academy,
Inc.
,
Revenue
,
144A,
2018
A
,
5.75
%
,
6/15/49
............
1,000,000
883,006
South
Carolina
Public
Service
Authority
,
Revenue
,
2021
B
,
4
%
,
12/01/41
.......................................
4,000,000
4,014,034
Revenue
,
2021
B
,
4
%
,
12/01/42
.......................................
5,250,000
5,205,952
Revenue
,
2021
B
,
4
%
,
12/01/51
.......................................
3,000,000
2,676,026
16,389,309
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
1,386,641
Metropolitan
Nashville
Airport
Authority
(The)
,
Revenue
,
2022
B
,
5.5
%
,
7/01/39
.....
1,000,000
1,112,152
2,498,793
Texas
11.6%
Arlington
Higher
Education
Finance
Corp.
,
d
BASIS
Texas
Charter
Schools,
Inc.
,
Revenue
,
144A,
2024
,
5
%
,
6/15/64
.........
1,200,000
1,079,150
d
Magellan
School
(The)
,
Revenue
,
144A,
2022
,
6.375
%
,
6/01/62
...............
1,100,000
1,109,596
Wayside
Schools
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
8/15/41
.................
610,000
535,135
d
Beaumont
Housing
Authority
,
Revenue,
Senior
Lien
,
144A,
2025
A
,
6.5
%
,
7/01/55
...
575,000
569,147
City
of
Anna
,
d
Crystal
Park
Public
Improvement
District
No.
2
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
9/15/55
.............................
225,000
224,503
Woods
at
Lindsey
Place
(The)
Public
Improvement
District
Improvement
Area
No.
2-3
,
Special
Assessment
,
2025
,
5.5
%
,
9/15/55
..........................
100,000
100,053
d
City
of
Aubrey
,
Duck
Point
Public
Improvement
District
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
12/31/55
.............................................
110,000
108,920
d
City
of
Austin
,
Whisper
Valley
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
5
%
,
11/01/44
...............................
555,000
548,894
Whisper
Valley
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
11/01/53
.............................
750,000
730,578
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
d
City
of
Celina
,
Sutton
Fields
East
Public
Improvement
District
Phase
No.
2
,
Special
Assessment
,
144A,
2025
,
5.375
%
,
9/01/45
.......................................
$
150,000
$
149,088
Sutton
Fields
East
Public
Improvement
District
Phase
No.
2
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
9/01/55
.......................................
270,000
266,353
d
City
of
Dayton
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
9/01/55
................
350,000
343,967
City
of
Dripping
Springs
,
Special
Assessment
,
2025
,
5.625
%
,
9/01/55
............
300,000
296,369
d
City
of
Ennis
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
9/15/55
.................
325,000
318,450
City
of
Houston
Airport
System
,
United
Airlines,
Inc.
,
Revenue
,
2021
A
,
4
%
,
7/01/41
.
1,250,000
1,152,992
d
City
of
Hutto
,
Prairie
Winds
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.125
%
,
9/01/45
.........................
390,000
384,750
d
City
of
Justin
,
Timberbrook
Public
Improvement
District
No.
2
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/01/55
............................
500,000
501,058
City
of
Lavon
,
Elevon
Public
Improvement
District
Improvement
Area
No.
3-5
,
Special
Assessment
,
2025
,
5.75
%
,
9/15/55
....................................
110,000
109,677
d
City
of
Manor
,
EntradenGlen
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
7
%
,
9/15/55
................................
150,000
157,251
Newhaven
Public
Improvement
District
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/15/55
........................................................
125,000
128,014
d
City
of
Mansfield
,
Staybolt
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
6.25
%
,
9/15/55
.........................
350,000
359,634
City
of
Mesquite
,
Solterra
Public
Improvement
District
Improvement
Area
C-4
,
Special
Assessment
,
2025
,
5.625
%
,
9/01/55
...................................
100,000
98,931
City
of
Princeton
,
Special
Assessment
,
2025
,
5.625
%
,
9/01/55
.............................
270,000
269,799
d
Eastridge
Public
Improvement
District
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
9/01/55
.......................................
250,000
249,813
Windmore
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
2025
,
5.625
%
,
9/01/55
..................................
250,000
249,813
Clifton
Higher
Education
Finance
Corp.
,
IDEA
Public
Schools
,
Revenue
,
2022
A
,
4
%
,
8/15/51
.........................................................
1,200,000
1,028,276
d
County
of
Denton
,
Green
Meadows
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
12/31/45
............................
125,000
128,850
Green
Meadows
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2025
,
6.125
%
,
12/31/55
............................
250,000
257,310
Dallas
Area
Rapid
Transit
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
5
%
,
12/01/45
..
7,000,000
7,257,784
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Brazos
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/37
........................................................
60,000
60,157
YMCA
of
the
Greater
Houston
Area
,
Revenue
,
2013
A
,
Refunding
,
5
%
,
6/01/33
...
1,000,000
976,243
Matagorda
County
Navigation
District
No.
1
,
AEP
Texas,
Inc.
,
Revenue
,
2005
A
,
Refunding
,
AMBAC
Insured
,
4.4
%
,
5/01/30
...............................
1,250,000
1,313,274
New
Hope
Cultural
Education
Facilities
Finance
Corp.
,
CHF-Collegiate
Housing
Denton
LLC
,
Revenue
,
2018
A-1
,
AG
Insured
,
4.125
%
,
7/01/53
.....................
1,000,000
873,896
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
Cumberland
Rest,
Inc.
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
5
%
,
10/01/49
..................
1,000,000
994,654
d
Texas
Community
Housing
&
Economic
Development
Corp.
,
Agape
Helotes,
Inc.
,
Revenue,
Senior
Lien
,
144A,
2025
A-1
,
6.25
%
,
1/01/65
.....................
575,000
536,015
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/15/30
........................................................
1,000,000
1,080,729
f
Texas
Transportation
Commission
State
Highway
249
System
,
Revenue,
First
Tier
,
2019
A
,
4.59
%,
8/01/39
.............................................
700,000
381,895
e
Texas
Transportation
Finance
Corp.
,
Revenue
,
2025
A
,
Refunding
,
5.5
%
,
10/01/55
..
7,000,000
7,583,739
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Uptown
Development
Authority
,
City
of
Houston
Reinvestment
Zone
No.
16
,
Tax
Allocation
,
2021
,
Refunding
,
3
%
,
9/01/37
................................
$
900,000
$
782,585
33,297,342
Utah
2.5%
d
Black
Desert
Public
Infrastructure
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
12/01/53
........................................
1,300,000
1,308,343
d,f
MIDA
Cormont
Public
Infrastructure
District
,
GO
,
144A,
2025
A-2
,
0.868
%,
6/01/55
..
500,000
426,773
d
MIDA
Mountain
Village
Public
Infrastructure
District
,
Special
Assessment
,
144A,
2020
A
,
5
%
,
8/01/50
..........................
1,045,000
1,021,390
Military
Recreation
Facility
Project
Area
,
Tax
Allocation
,
144A,
2024-2
,
6
%
,
6/15/54
500,000
512,389
Mountain
Village
Assessment
Area
2
,
Special
Assessment
,
144A,
2021
,
4
%
,
8/01/50
1,150,000
977,522
Military
Installation
Development
Authority
,
Military
Recreation
Facility
Project
Area
,
Revenue
,
2021
A-2
,
4
%
,
6/01/52
......................................
1,000,000
808,417
d
SkyRidge
Pegasus
Infrastructure
Financing
District
,
Assessment
Area
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
12/01/44
...............................
300,000
298,748
Utah
Infrastructure
Agency
,
Revenue
,
2023
,
6
%
,
10/15/47
........................................
1,350,000
1,458,517
Revenue
,
2025
,
5.25
%
,
10/15/49
......................................
350,000
349,858
7,161,957
Vermont
0.2%
Vermont
Educational
&
Health
Buildings
Financing
Agency
,
Champlain
College,
Inc.
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/15/46
..............................
750,000
581,564
Virginia
1.3%
d
Cherry
Hill
Community
Development
Authority
,
Special
Assessment
,
144A,
2015
,
5.4
%
,
3/01/45
.........................................................
995,000
995,726
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
800,880
Williamsburg
Landing,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/01/50
.......................................................
1,235,000
969,812
d
Lower
Magnolia
Green
Community
Development
Authority
,
Special
Assessment
,
144A,
2015
,
5
%
,
3/01/35
.................................................
455,000
455,168
Suffolk
Economic
Development
Authority
,
EveryAge
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
9/01/31
.............................................
500,000
501,226
3,722,812
Washington
4.8%
Grays
Harbor
County
Public
Hospital
District
No.
1
,
Revenue
,
2023
,
Refunding
,
6.875
%
,
12/01/53
..................................................
3,000,000
3,288,567
d
Kalispel
Tribe
of
Indians
,
Revenue
,
144A,
2018
A
,
5.25
%
,
1/01/38
...............
750,000
765,559
Skagit
County
Public
Hospital
District
No.
1
,
Revenue
,
2024
,
5.5
%
,
12/01/54
.......
1,000,000
1,020,718
Washington
State
Housing
Finance
Commission
,
Revenue
,
2023-1
,
A
,
3.375
%
,
4/20/37
..................................
3,128,287
2,991,611
g
Revenue
,
FRN
,
2024-1
,
A
,
4.084
%
,
3/20/40
..............................
743,367
732,781
Eastside
Retirement
Association
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
5
%
,
7/01/48
........................................................
1,200,000
1,197,281
d
Presbyterian
Retirement
Communities
Northwest
Obligated
Group
,
Revenue
,
144A,
2016
A
,
Refunding
,
5
%
,
1/01/36
.....................................
1,175,000
1,183,906
d
Seattle
Academy
of
Arts
&
Sciences
,
Revenue
,
144A,
2023
,
Refunding
,
6.375
%
,
7/01/63
........................................................
560,000
598,921
d
Spokane
International
Academy
,
Revenue
,
144A,
2021
A
,
5
%
,
7/01/56
..........
1,130,000
951,557
d
Wesley
Homes
Lea
Hill
LLC
,
Revenue
,
144A,
2016
,
Refunding
,
5
%
,
7/01/36
.....
580,000
581,368
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
(continued)
Washington
State
Housing
Finance
Commission,
(continued)
d
Wesley
Homes
Lea
Hill
LLC
,
Revenue
,
144A,
2016
,
Refunding
,
5
%
,
7/01/41
.....
$
500,000
$
500,067
13,812,336
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
5,682,457
Wisconsin
9.5%
Public
Finance
Authority
,
Revenue
,
2023-1
,
A
,
5.75
%
,
7/01/62
...................................
2,126,297
2,221,443
d
AMCP
Franklin
LLC
,
Revenue
,
144A,
2025
A-T
,
10
%
,
12/01/60
...............
650,000
658,057
Celanese
US
Holdings
LLC
,
Revenue
,
2016
C
,
Refunding
,
4.3
%
,
11/01/30
.......
300,000
300,164
d
CFC-SA
LLC
,
Revenue,
Sub.
Lien
,
144A,
2022
B
,
6
%
,
2/01/62
................
1,000,000
1,026,574
d
CHF
-
Manoa
LLC
,
Revenue,
Senior
Lien
,
144A,
2023
A
,
5.75
%
,
7/01/63
........
1,000,000
966,284
d
Church
Home
of
Hartford
Obligated
Group
,
Revenue
,
144A,
2015
A
,
Refunding
,
5
%
,
9/01/30
........................................................
945,000
945,767
d
Dominium
Holdings
I
LLC
,
Revenue
,
144A,
2024-1
,
B-1
,
6.81
%
,
4/28/36
........
1,425,000
1,476,122
d
Foundation
Academy
Charter
School
A
NJ
Nonprofit
Corp.
,
Revenue
,
144A,
2024
,
5
%
,
7/01/55
....................................................
1,000,000
910,158
KSU
Bixby
Real
Estate
Foundation
LLC
,
Revenue,
Sub.
Lien
,
2025
B
,
5.5
%
,
6/15/55
410,000
412,843
d
Mary's
Woods
at
Marylhurst
Obligated
Group
,
Revenue
,
144A,
2017
A
,
Refunding
,
5.25
%
,
5/15/37
..................................................
380,000
385,564
d
North
Carolina
Leadership
Charter
Academy,
Inc.
,
Revenue
,
144A,
2019
A
,
5
%
,
6/15/54
........................................................
910,000
817,646
Piedmont
Community
Charter
School,
Inc.
,
Revenue
,
2019
,
5
%
,
6/15/53
........
1,150,000
1,095,049
d
Roseman
University
of
Health
Sciences
,
Revenue
,
144A,
2020
,
5
%
,
4/01/40
.....
1,085,000
1,095,865
d
Southminster,
Inc.
Obligated
Group
,
Revenue
,
144A,
2018
,
5
%
,
10/01/43
........
1,000,000
1,001,232
d
Southminster,
Inc.
Obligated
Group
,
Revenue
,
144A,
2018
,
5
%
,
10/01/48
........
800,000
760,057
SR
400
Peach
Partners
LLC
,
Revenue,
Senior
Lien
,
2025
,
5.75
%
,
12/31/65
......
500,000
517,445
SR
400
Peach
Partners
LLC
,
Revenue,
Senior
Lien
,
2025
,
6.5
%
,
12/31/65
.......
2,100,000
2,320,089
d
UHF
Promenade
Apts
LLC
(The)
,
Revenue
,
144A,
2024
,
6.25
%
,
2/01/39
........
800,000
819,697
d
UHF
RISE
Student
Housing
LLC
,
Revenue
,
144A,
2021
A-1
,
4
%
,
7/01/61
........
600,000
421,685
d
UNC
Charlotte
Marriott
Hotel
&
Conference
Center
,
Revenue
,
144A,
2021
A
,
4
%
,
9/01/51
........................................................
2,000,000
1,528,943
d
WFCS
Holdings
LLC
,
Revenue
,
144A,
2020
A-1
,
5
%
,
1/01/55
.................
1,700,000
1,452,822
Wisconsin
Health
&
Educational
Facilities
Authority
,
Froedtert
ThedaCare
Health
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
4/01/41
........................................................
4,000,000
3,983,491
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/57
....................................................
650,000
507,098
PHW
Menomonee
Falls,
Inc.
,
Revenue
,
2024
,
6.125
%
,
10/01/59
..............
300,000
311,206
St.
John's
Communities,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
9/15/41
........................................................
270,000
254,589
St.
John's
Communities,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
9/15/45
........................................................
1,150,000
995,461
27,185,351
U.S.
Territories
12.9%
District
of
Columbia
7.9%
District
of
Columbia
,
GO
,
2023
A
,
5
%
,
1/01/45
............................................
6,675,000
7,091,842
Ingleside
Presbyterian
Retirement
Community
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/52
....................................................
1,000,000
929,730
International
School
Obligated
Group
,
Revenue
,
2019
,
5
%
,
7/01/39
............
400,000
411,345
KIPP
DC
Obligated
Group
,
Revenue
,
2019
,
4
%
,
7/01/44
....................
750,000
677,238
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
District
of
Columbia
(continued)
District
of
Columbia,
(continued)
Latin
American
Montessori
Bilingual
Public
Charter
School
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
6/01/40
...............................
$
2,500,000
$
2,507,284
Plenary
Infrastructure
DC
LLC
,
Revenue
,
2022
A
,
5.5
%
,
8/31/35
..............
1,140,000
1,328,389
Plenary
Infrastructure
DC
LLC
,
Revenue
,
2022
A
,
5.5
%
,
8/31/36
..............
1,365,000
1,594,368
d
Rocketship
DC
Obligated
Group
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/61
.........
400,000
341,343
f
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2006
A
,
7.38
%,
6/15/46
.........
7,500,000
1,758,138
e
Metropolitan
Washington
Airports
Authority
,
Dulles
Toll
Road
,
Revenue,
Sub.
Lien
,
2019
B
,
Refunding
,
4
%
,
10/01/53
..........................................
1,065,000
912,896
e
Washington
Metropolitan
Area
Transit
Authority
,
Dedicated
,
Revenue,
Second
Lien
,
2024
A
,
5
%
,
7/15/56
................................................
5,000,000
5,123,099
22,675,672
Puerto
Rico
5.0%
Commonwealth
of
Puerto
Rico
,
GO
,
2022
A-1
,
4
%
,
7/01/33
..........................................
1,920,000
1,941,806
GO
,
2022
A-1
,
4
%
,
7/01/37
..........................................
3,000,000
2,951,330
GO
,
2022
A-1
,
4
%
,
7/01/41
..........................................
3,388,447
3,184,987
i
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
TT
,
5
%
,
7/01/37
................
2,335,000
1,558,612
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
...
4,700,000
4,540,640
14,177,375
Total
U.S.
Territories
....................................................................
36,853,047
Total
Municipal
Bonds
(Cost
$
400,548,892
)
.....................................
401,201,112
Total
Long
Term
Investments
(Cost
$
400,548,892
)
...............................
401,201,112
a
a
a
a
a
Short
Term
Investments
0.2%
Shares
a
Management
Investment
Companies
0.2%
j,k
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.863
%
.......................
534,059
534,059
Total
Management
Investment
Companies
(Cost
$
534,059
)
.......................
534,059
Total
Short
Term
Investments
(Cost
$
534,059
)
..................................
534,059
a
Total
Investments
(Cost
$
401,082,951
)
140.2
%
..................................
$401,735,171
Remarketed
Preferred
Shares
(
34.7
)
%
.........................................
(99,350,000)
Floating
Rate
Notes
Issued
(
6.5
)
%
.............................................
(18,700,374)
Other
Assets,
less
Liabilities
1.0
%
.............................................
2,879,899
Net
Assets
100.0%
...........................................................
$286,564,696
Putnam
Managed
Municipal
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
17
See
Abbreviations
on
page
20
.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
b
Non-income
producing.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
d
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
January
31,
2026,
the
aggregate
value
of
these
securities
was
$88,224,441,
representing
30.8%
of
net
assets.
e
Underlying
security
in
a
tender
option
bond
transaction.
This
security
has
been
segregated
as
collateral
for
financing
transactions.
f
The
rate
shown
represents
the
yield
at
period
end.
g
The
coupon
rate
shown
represents
the
rate
at
period
end.
h
Security
purchased
on
a
when-issued
basis.
i
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
j
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
k
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Managed
Municipal
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
18
Quarterly
Schedule
of
Investments
1.
Organization
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.
2. 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 Trust'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
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.
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. 
3.
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.
During
the
period
ended
January
31,
2026
,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Putnam
Managed
Municipal
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
19
Quarterly
Schedule
of
Investments
4. 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
January
31,
2026,
in
valuing
the Fund's
assets
carried
at
fair
value,
is
as
follows:  
    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,
3.863%
......
$110,154
$18,983,664
$(18,559,759)
$—
$—
$534,059
534,059
$33,468
Total
Affiliated
Securities
...
$110,154
$18,983,664
$(18,559,759)
$—
$—
$534,059
$33,468
Level
1
Level
2
Level
3
Total
Putnam
Managed
Municipal
Income
Trust
Assets:
Investments
in
Securities:
a
Common
Stocks
.........................
$
—
$
—
$
—
b
$
—
Municipal
Bonds
.........................
—
401,201,112
—
401,201,112
Short
Term
Investments
...................
534,059
—
—
534,059
Total
Investments
in
Securities
...........
$534,059
$401,201,112
$—
$401,735,171
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
financial
instruments
determined
to
have
no
value.
3.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Putnam
Managed
Municipal
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
20
Quarterly
Schedule
of
Investments
Abbreviations
Selected
Portfolio
AG
Assured
Guaranty,
Inc.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
FRN
Floating
Rate
Note
GO
General
Obligation
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.