Putnam Managed Municipal Income Trust
10/31/13 Annual report

77L

New accounting pronouncement

In January 2013, ASU 2013-01, Clarifying the Scope of Disclosures
about Offsetting Assets and Liabilities, amended ASU No. 2011-11,
Disclosures about Offsetting Assets and Liabilities. The ASUs
create new disclosure requirements requiring entities to disclose
both gross and net information for derivatives and other
financial instruments that are either off set in the Statement of
assets and liabilities or subject to an enforceable master
netting arrangement or similar agreement. The disclosure
requirements are effective for annual reporting periods beginning
on or after January 1, 2013 and interim periods within those
annual periods. Putnam Management is currently evaluating the
application of ASUs 2013-01 and 2011-11 and their impact, if any,
on the funds financial statements.