Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

On February 23, 2023, the Board of Trustees (the "Trustees") of Putnam Managed Municipal Income Trust (the "Fund") amended and restated the Bylaws of the Fund (the "Amended and Restated Bylaws"). The Amended and Restated Bylaws include the following changes:

• Addition of "Vice Chair" References: Article 3 of the Fund's Bylaws deals with


   matters related to Fund and Trustee officers and was amended to add references
   throughout explicitly permitting, but not requiring, a Vice Chair of the
   Trustees. For example, the Amended and Restated Bylaws make clear that the
   Trustees, at their discretion, may elect or appoint a Vice Chair and that any
   Vice Chair is an officer of the Trustees. Prior to February 23, 2023, there was
   no reference to a Vice Chair of the Trustees in the Fund's Bylaws.

• Fixing a New Record Date: Article 10.4 of the Fund's Bylaws, which deals with


   record dates for shareholder meetings, was amended to clarify that the Trustees
   may, but, unless otherwise required by law, are not required to, fix a new
   record date for a shareholder meeting, including any postponed or adjourned
   session of the meeting. Prior to February 23, 2023, the Fund's Bylaws did not
   explicitly address this power.

• Validity of Proxies at Postponed or Adjourned Meeting: Article 10.6 of the


   Fund's Bylaws, which deals with shareholder proxies, was amended to make clear
   that, unless otherwise specifically limited by its terms, a proxy shall entitle
   a shareholder to vote at any postponed or adjourned session of a shareholder
   meeting and, unless revoked, any proxy given in connection with a postponed or
   adjourned meeting for which a new record date is fixed shall continue to be
   valid so long as the shareholder giving the proxy is a shareholder of record on
   the new record date. Prior to February 23, 2023, the Fund's Bylaws did not
   explicitly address the validity of proxies at a postponed or adjourned session
   of a shareholder meeting.

The above discussion is only a high-level summary of certain aspects of the changes included in the Fund's Amended and Restated Bylaws, and is qualified in its entirety by reference to the full Amended and Restated Bylaws. Investors should refer to the Amended and Restated Bylaws for more information.

The Amended and Restated Bylaws were effective as of February 23, 2023, are attached as an Exhibit, and are incorporated herein by reference.




Item 8.01 Other Events.

On February 23, 2023, the Trustees voted to exempt, including on a going forward basis, all prior and, until further notice, new purchases of shares of the Fund that might otherwise be deemed "Control Share Acquisitions" under Article 16 of the Fund's Amended and Restated Bylaws from the provisions of Article 16 of the Fund's Amended and Restated Bylaws.

Item 9.01. Financial Statements and Exhibits.





(d)    Exhibits.



Exhibit
   No.         Description
5.03           Amended and Restated Bylaws of Putnam Managed Municipal Income
               Trust dated February 23, 2023

© Edgar Online, source Glimpses