On July 28, 2023, Saba Capital Management, L.P and Boaz R. Weinstein filed a definitive proxy statement soliciting proxies and urged the shareholders of Putnam Managed Municipal Income Trust to vote against; 1) to approve a new management contract with Putnam Management (the New Investment Management Contract), and 2) to approve a new sub-advisory contract between Putnam Management and PIL (the New Sub-Advisory Contract and together with the New Investment Management Contract, the New Contracts) at the special meeting of the Company scheduled to be held on October 6, 2023.