Putnam Managed Municipal Income Trust (the fund) is a diversified, closed-end management investment company. The fund’s investment 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. It invests in various sectors, including healthcare, education, industrials and housing. Putnam Investment Management, LLC (Putnam Management) is the fund’s manager and a wholly owned subsidiary of Putnam Investments. In February 2008, Putnam High Yield Municipal Trust merged into Putnam Managed Municipal Income Trust.