Fund Description: Putnam Managed Municipal Income Trust is a diversified, closed-end management investment company, better known as a closed-end fund or a closed-end ETF. INVESTMENT OBJECTIVE: The fund's investment objective is to seek a high level of current income exempt from federal income tax. FUND STRATEGY: The fund intends to achieve its objective by investing in a diversified portfolio of tax-exempt municipal securities which the fund's manager believes does not involve undue risk to income or principal. Up to 50% 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 by issuing preferred shares in an effort to increase the income to the common shares. FUND MANAGEMENT: The Fund's manager is Putnam Investment Management, LLC, an indirect wholly owned subsidiary of Putnam, LLC.