UNITED STATES SECURITIES AND EXCHANGE COMMISSION

	Washington, D.C. 20549

	FORM N-Q

	QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

	Investment Company Act file number:	(811-05740)

	Exact name of registrant as specified in charter:	Putnam Managed Municipal Income Trust

	Address of principal executive offices:	One Post Office Square, Boston, Massachusetts 02109

	Name and address of agent for service:	Robert T. Burns, Vice President One Post Office Square Boston, Massachusetts 02109

	Copy to:	John W. Gerstmayr, Esq. Ropes & Gray LLP 800 Boylston Street Boston, Massachusetts 02199-3600

	Registrant’s telephone number, including area code:	(617) 292-1000

	Date of fiscal year end:	October 31, 2013

	Date of reporting period:	January 31, 2013

	Item 1. Schedule of Investments:

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	Putnam Managed Municipal Income Trust
	The fund's portfolio
	1/31/13 (Unaudited)
	Key to holding's abbreviations
	ABAG — Association Of Bay Area Governments
	AGM — Assured Guaranty Municipal Corporation
	AMBAC — AMBAC Indemnity Corporation
	COP — Certificates of Participation
	FGIC — Financial Guaranty Insurance Company
	FHLMC Coll. — Federal Home Loan Mortgage Corporation Collateralized
	FNMA Coll. — Federal National Mortgage Association Collateralized
	FRB — Floating Rate Bonds: the rate shown is the current interest rate at the close of the reporting period
	G.O. Bonds — General Obligation Bonds
	GNMA Coll. — Government National Mortgage Association Collateralized
	NATL — National Public Finance Guarantee Corp.
	Radian Insd. — Radian Group Insured
	U.S. Govt. Coll. — U.S. Government Collateralized
	VRDN — Variable Rate Demand Notes, which are floating-rate securities with long-term maturities, that carry coupons that reset every one or seven days. The rate shown is the current interest rate at the close of the reporting period.
	MUNICIPAL BONDS AND NOTES (126.8%)(a)
			Rating(RAT)		Principal amount	Value
	Alabama (1.4%)
	Butler, Indl. Dev. Board Solid Waste Disp. Rev. Bonds (GA. Pacific Corp.), 5 3/4s, 9/1/28		A		$1,500,000	$1,556,520
	Courtland, Indl. Dev. Board Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 11/1/13		BBB		1,500,000	1,545,510
	Cullman Cnty., Hlth. Care Auth. Rev. Bonds (Cullman Regl. Med. Ctr.), Ser. A, 6 3/4s, 2/1/29		Ba1		2,100,000	2,287,026
	Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity Zone Intl. Paper Co.), Ser. A, 6 1/4s, 11/1/33		BBB		1,000,000	1,140,560
						6,529,616
	Arizona (4.8%)
	Apache Cnty., Indl. Dev. Auth. Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co.), Ser. A, 4 1/2s, 3/1/30		Baa3		1,750,000	1,824,095
	Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.), Ser. A
	7 5/8s, 12/1/29		BB-/P		1,800,000	1,867,230
	7 1/4s, 12/1/19		BB-/P		1,000,000	1,037,600
	Cochise Cnty., Indl. Dev. Auth. Rev. Bonds (Sierra Vista Regl. Hlth. Ctr.), Ser. A, 6.2s, 12/1/21		BBB+/P		395,000	451,169
	Coconino Cnty., Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co. - Navajo), Ser. A, 5 1/8s, 10/1/32		Baa3		2,000,000	2,131,440
	Maricopa Cnty., Poll. Control Rev. Bonds (El Paso Elec. Co.), Ser. A, 7 1/4s, 2/1/40		Baa2		2,200,000	2,610,893
	Navajo Cnty., Poll. Control Corp. Mandatory Put Bonds (6/1/16) (AZ Pub. Svc. Co.), Ser. E, 5 3/4s, 6/1/34		Baa1		1,950,000	2,231,210
	Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds (Choice Academies, Inc.), 5 5/8s, 9/1/42		BB+		315,000	322,358
	Phoenix, Indl. Dev. Auth. Ed. 144A Rev. Bonds (Career Success Schools), 7 1/8s, 1/1/45		BB+		500,000	528,205
	Pima Cnty., Indl. Dev. Auth. Rev. Bonds
	(Tucson Elec. Pwr. Co.), Ser. A, 6 3/8s, 9/1/29		Baa3		500,000	501,330
	(Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25		BBB		1,140,000	1,136,808
	Salt River Agricultural Impt. & Pwr. Dist. Rev. Bonds, Ser. A, 5s, 12/1/31		Aa1		2,000,000	2,398,700
	Salt Verde, Fin. Corp. Gas Rev. Bonds
	5 1/2s, 12/1/29		A-		2,000,000	2,444,920
	5s, 12/1/32		A-		570,000	661,143
	Tempe, Indl. Dev. Auth. Rev. Bonds (Friendship Village), Ser. A, 6 1/4s, 12/1/42		BB-/P		1,000,000	1,096,430
	Tempe, Indl. Dev. Auth. Sr. Living Rev. Bonds (Friendship Village), Ser. A, U.S. Govt. Coll., 5 3/8s, 12/1/13 (Escrowed to maturity)		BB-/P		138,000	143,759
	Yavapai Cnty., Indl. Dev. Ed. Auth. Rev. Bonds (Agribusiness & Equine Ctr.), 5s, 3/1/32		BB+		1,000,000	996,310
						22,383,600
	Arkansas (0.4%)
	Arkadelphia, Pub. Ed. Fac. Board Rev. Bonds (Ouachita Baptist U.), 6s, 3/1/33		BB+/P		840,000	927,763
	Rogers, Rev. Bonds (Sales and Use Tax), 3 3/4s, 11/1/34		AA		850,000	859,027
						1,786,790
	California (13.7%)
	ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds (Episcopal Sr. Cmnty.), 6s, 7/1/31		BBB		660,000	777,124
	CA Edl. Fac. Auth. Rev. Bonds (U. of La Verne), Ser. A, 5s, 6/1/35		Baa2		500,000	516,905
	CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA), 5 1/4s, 2/1/37		Baa2		1,105,000	1,167,134
	CA Muni. Fin. Auth. Rev. Bonds
	(U. of La Verne), Ser. A, 6 1/8s, 6/1/30		Baa2		1,000,000	1,171,730
	(Emerson College), 6s, 1/1/42		Baa1		1,000,000	1,200,850
	CA Poll. Control Fin. Auth. Rev. Bonds
	(Wtr. Furnishing), 5s, 7/1/37		Baa3		2,000,000	2,096,240
	(Pacific Gas & Electric Corp.), Class D, FGIC, 4 3/4s, 12/1/23		A3		2,500,000	2,744,075
	CA Poll. Control Fin. Auth. Solid Waste Disp. FRB (Waste Management, Inc.), Ser. C, 5 1/8s, 11/1/23		BBB		2,150,000	2,316,733
	CA Poll. Control Fin. Auth. Solid Waste Disp. 144A Rev. Bonds (Waste Management, Inc.), Ser. A-2, 5.4s, 4/1/25		BBB		1,760,000	1,874,259
	CA State G.O. Bonds
	6 1/2s, 4/1/33		A1		5,000,000	6,270,549
	5s, 4/1/42		A1		2,000,000	2,268,380
	CA State Muni. Fin. Auth. Charter School Rev. Bonds (Partnerships Uplift Cmnty.), Ser. A, 5s, 8/1/32		BB+		665,000	674,024
	CA State Pub. Wks. Board Rev. Bonds
	Ser. I-1, 6 5/8s, 11/1/34		A2		5,560,000	6,872,883
	(Dept. of Corrections), Ser. C, 5 1/4s, 6/1/28 (Prerefunded 12/1/13)		AA+		1,000,000	1,041,290
	(Dept. of Forestry & Fire), Ser. E, 5s, 11/1/32		A2		1,250,000	1,359,038
	(Capital Projects), Ser. A, 5s, 4/1/29		A2		2,000,000	2,304,240
	CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30		BBB		2,000,000	2,006,360
	CA Statewide Cmnty. Dev. Auth. Rev. Bonds
	(Terraces at San Joaquin Gardens), Ser. A, 6s, 10/1/47		BB/P		1,000,000	1,074,980
	(U. CA Irvine E. Campus Apts. Phase 1), 5 3/8s, 5/15/38		Baa2		1,000,000	1,104,920
	(U. CA Irvine E. Campus Apts. Phase 1), 5 1/8s, 5/15/31		Baa2		2,250,000	2,500,425
	CA Statewide Cmnty. Dev. Auth. 144A Rev. Bonds
	(Thomas Jefferson School of Law), Ser. A, 7 1/4s, 10/1/38		BB		560,000	569,498
	(American Baptist Homes West), 5 3/4s, 10/1/25		BBB		3,000,000	3,453,240
	Cathedral City, Impt. Board Act of 1915 Special Assmt. Bonds (Cove Impt. Dist.), Ser. 04-02
	5.05s, 9/2/35		BB+/P		1,010,000	1,011,333
	5s, 9/2/30		BB+/P		245,000	246,333
	Chula Vista, Cmnty. Fac. Dist. Special Tax Rev. Bonds
	(No. 06-1 Eastlake Woods Area), 6.1s, 9/1/21		BBB/P		1,000,000	1,014,570
	(No. 07-I Otay Ranch Village Eleven), 5.8s, 9/1/28		BB+/P		275,000	279,648
	Corona-Norco, School Dist. Pub. Fin. Auth. Special Tax Bonds (Sr. Lien), Ser. A, 5s, 9/1/28(FWC)		BBB+		380,000	424,300
	Foothill/Eastern Corridor Agcy. Rev. Bonds (CA Toll Road)
	5.85s, 1/15/23		Baa3		500,000	516,645
	5 3/4s, 1/15/40		Baa3		2,745,000	2,747,471
	Golden State Tobacco Securitization Corp. Rev. Bonds, Ser. A-2, 5.3s, 6/1/37		B3		2,000,000	1,838,640
	Irvine Pub. Fac. & Infrastructure Auth. Special Assmt. Bonds, Ser. A, 4 1/4s, 9/2/24		BBB+		500,000	516,600
	Irvine, Impt. Board Act of 1915 Special Assmt. Bonds, 5s, 9/2/25		BBB+		830,000	953,097
	Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds (Laxfuel Corp.), 4 1/2s, 1/1/27		A		400,000	436,120
	M-S-R Energy Auth. Rev. Bonds, Ser. A, 6 1/2s, 11/1/39		A-		750,000	1,030,005
	Oakland, Unified School Dist. Alameda Cnty., G.O. Bonds (Election 2006), Ser. A, 5 1/2s, 8/1/32		BBB/P		500,000	547,975
	Orange Cnty., Cmnty. Fac. Dist. Special Tax Rev. Bonds (Ladera Ranch - No. 02-1), Ser. A, 5.55s, 8/15/33		BBB-/P		900,000	905,418
	Poway, Unified School Dist. Pub. Fin. Auth. Special Tax Bonds, 5s, 9/15/32(FWC)		BBB		500,000	556,135
	Rancho Cordova, Cmnty. Fac. Dist. Special Tax Bonds (Sunridge Anatolia), Ser. 03-1, 5s, 9/1/37		BB+/P		350,000	353,969
	Sacramento, Special Tax Bonds (North Natomas Cmnty. Fac.), Ser. 4-C, 6s, 9/1/33		BBB-/P		1,245,000	1,265,543
	San Francisco City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, Ser. A, 5s, 5/1/30		A1		600,000	667,986
	San Francisco, City & Cnty. Redev. Fin. Auth. Tax Alloc. Bonds (Mission Bay South), Ser. D, 6 5/8s, 8/1/39		BBB		250,000	273,288
	Santaluz, Cmnty. Facs. Dist. No. 2 Special Tax Rev. Bonds (Impt. Area No. 1), Ser. A, 5 1/4s, 9/1/26 (Prerefunded 9/1/21)		BBB+		1,630,000	1,804,003
	Sunnyvale, Special Tax Rev. Bonds (Cmnty. Fac. Dist. No. 1), 7 3/4s, 8/1/32		B+/P		835,000	836,127
	Vernon, Elec. Syst. Rev. Bonds, Ser. A, 5 1/2s, 8/1/41		A-		250,000	272,765
	Yucaipa Special Tax Bonds (Cmnty. Fac. Dist. No. 98-1 Chapman Heights), 5 3/8s, 9/1/30		BBB+		375,000	406,433
						64,269,281
	Colorado (3.4%)
	CO Hlth. Fac. Auth. Rev. Bonds
	(Christian Living Cmntys.), Ser. A, 8 1/4s, 1/1/24 (Prerefunded 1/1/14)		AA+		375,000	405,315
	(Christian Living Cmnty.), 6 3/8s, 1/1/41		BB-/P		810,000	925,498
	(Total Longterm Care National), Ser. A, 6 1/4s, 11/15/40		BBB-/F		300,000	334,317
	(Evangelical Lutheran), Ser. A, 6 1/8s, 6/1/38 (Prerefunded 6/1/14)		A3		2,045,000	2,202,056
	(Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26		BB-/P		1,925,000	2,065,756
	(Valley View Assn.), 5 1/4s, 5/15/42		BBB+		3,495,000	3,637,106
	(Covenant Retirement Cmnty.), Ser. A, 5s, 12/1/33		BBB-		900,000	967,914
	(Evangelical Lutheran Good Samaritan Society), 5s, 12/1/33		A3		1,100,000	1,209,098
	CO Pub. Hwy. Auth. Rev. Bonds (E-470), Ser. C, 5 3/8s, 9/1/26		Baa2		500,000	552,770
	E-470 CO Pub. Hwy. Auth. Rev. Bonds, Ser. C1, NATL, 5 1/2s, 9/1/24		Baa2		1,000,000	1,081,290
	Plaza, Tax Allocation Bonds (Metro. Dist. No.1), 5s, 12/1/40		BB/P		1,650,000	1,710,836
	Regl. Trans. Dist. Rev. Bonds (Denver Trans. Partners), 6s, 1/15/41		Baa3		750,000	866,085
						15,958,041
	Connecticut (0.2%)
	Hamden, Fac. Rev. Bonds (Whitney Ctr.), Ser. A, 7 3/4s, 1/1/43		BB/P		1,050,000	1,139,597
						1,139,597
	Delaware (0.7%)
	DE St. Econ. Dev. Auth. Rev. Bonds
	(Delmarva Pwr.), 5.4s, 2/1/31		BBB+		500,000	565,270
	(Indian River Pwr.), 5 3/8s, 10/1/45		Baa3		2,600,000	2,856,984
						3,422,254
	District of Columbia (1.7%)
	DC Rev. Bonds (Howard U.), Ser. A
	6 1/2s, 10/1/41		A3		2,500,000	3,029,950
	6 1/4s, 10/1/32		A3		1,000,000	1,222,190
	DC Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, zero %, 6/15/46		B/F		17,500,000	1,621,025
	Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds (2nd Sr. Lien), Ser. B, zero %, 10/1/40		Baa1		10,000,000	2,230,100
						8,103,265
	Florida (5.7%)
	Broward Cnty., Arpt. Syst. Rev. Bonds, Ser. Q-2, 5s, 10/1/31		A1		1,000,000	1,128,950
	Double Branch Cmnty. Dev. Dist. Special Assmt. Bonds, Ser. A, 6.7s, 5/1/34		BBB-		900,000	904,122
	Escambia Cnty., Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 8/1/26		BBB		2,000,000	2,007,220
	Fishhawk, Cmnty. Dev. Dist. II Special Assmt. Bonds
	Ser. B, 7.04s, 11/1/14		B/P		5,000	5,058
	Ser. A, 6 1/8s, 5/1/34		B/P		425,000	432,527
	FL Hsg. Fin. Corp. Rev. Bonds, Ser. G, GNMA Coll., FNMA Coll., FHLMC Coll., 5 3/4s, 1/1/37		Aa1		455,000	478,587
	Florida State Higher Edl. Fac. Rev. Bonds (U. of Tampa), Ser. A, 5s, 4/1/32		BBB+		600,000	658,128
	Halifax, Hosp. Med. Ctr. Rev. Bonds, Ser. A, 5 3/8s, 6/1/46		A-		4,380,000	4,679,198
	Heritage Harbour Marketplace Cmnty., Dev. Dist. Special Assmt. Bonds, 5.6s, 5/1/36		B/P		360,000	329,015
	Heritage Harbour, South Cmnty. Dev. Distr. Special Assmt. Bonds, Ser. A, 6 1/2s, 5/1/34		BB+/P		440,000	447,506
	Hillsborough Cnty., Indl. Dev. Auth. Poll. Control Mandatory Put Bonds (9/1/13) (Tampa Elec. Co.), Ser. B, 5.15s, 9/1/25		A3		400,000	410,588
	Jacksonville, Econ. Dev. Comm. Hlth. Care Fac. Rev. Bonds (FL Proton Therapy Inst.), Ser. A, 6s, 9/1/17		BB-/P		450,000	495,540
	Jacksonville, Econ. Dev. Comm. Indl. Dev. Rev. Bonds (Gerdau Ameristeel US, Inc.), 5.3s, 5/1/37		Baa3		2,450,000	2,450,563
	Lakeland, Retirement Cmnty. 144A Rev. Bonds (1st Mtge. - Carpenters), 6 3/8s, 1/1/43		BBB-/F		840,000	879,598
	Lee Cnty., Indl. Dev. Auth. Hlth. Care Fac. Rev. Bonds
	(Shell Pt./Alliance Oblig. Group), 5 1/8s, 11/15/36		BB		1,075,000	1,078,752
	(Shell Pt./Alliance Cmnty.), 5s, 11/15/22		BB		1,500,000	1,558,950
	Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount Sinai Med. Ctr.), 5s, 11/15/29		Baa2		1,000,000	1,086,960
	Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds (Acts Retirement-Life Cmnty.), 5 1/2s, 11/15/33		BBB+		2,000,000	2,235,540
	Palm Coast Pk. Cmnty. Dev. Dist. Special Assmt. Bonds, 5.7s, 5/1/37		B-/P		930,000	621,054
	South Lake Hosp. Dist. Rev. Bonds (South Lake Hosp.), Ser. A, 6s, 4/1/29		Baa1		1,000,000	1,152,860
	Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, 5.4s, 5/1/37		CCC/P		1,305,000	1,305,809
	Verandah, West Cmnty. Dev. Dist. Special Assmt. Bonds (Cap. Impt.), Ser. A, 6 5/8s, 5/1/33		B+/P		435,000	439,189
	Verano Ctr. Cmnty. Dev. Dist. Special Assmt. Bonds (Cmnty. Infrastructure), Ser. A, 5 3/8s, 5/1/37		B-/P		955,000	724,807
	Village Cmnty. Dev. Dist. No. 8 Special Assmt. Bonds (Phase II), 6 1/8s, 5/1/39		BB/P		455,000	537,815
	Village Cmnty. Dev. Dist. No. 9 Special Assmt. Bonds, 5s, 5/1/22		B+/P		650,000	698,718
						26,747,054
	Georgia (2.9%)
	Atlanta, Wtr. & Waste Wtr. Rev. Bonds, Ser. A, 6 1/4s, 11/1/39		A1		2,500,000	3,071,025
	Clayton Cnty., Dev. Auth. Special Fac. Rev. Bonds (Delta Airlines), Ser. A, 8 3/4s, 6/1/29		B-		2,000,000	2,519,339
	Forsyth Cnty., Hosp. Auth. Rev. Bonds (Baptist Hlth. Care Syst.), U.S. Govt. Coll., 6 1/4s, 10/1/18 (Escrowed to maturity)		AA+		1,520,000	1,745,629
	Fulton Cnty., Res. Care Fac. Rev. Bonds (Canterbury Court), Class A, 6 1/8s, 2/15/34		BB/P		600,000	612,552
	GA State Private College & U. Auth. Rev. Bonds (Mercer U.)
	Ser. C, 5 1/4s, 10/1/30		Baa2		750,000	864,690
	Ser. A, 5 1/4s, 10/1/27		Baa2		1,000,000	1,153,060
	Ser. A, 5s, 10/1/32		Baa2		1,000,000	1,116,670
	Gainesville & Hall Cnty., Devauth Retirement Cmnty. Rev. Bonds (Acts Retirement-Life Cmnty.), Ser. A-2, 6 3/8s, 11/15/29		BBB+		700,000	820,449
	Marietta, Dev. Auth. Rev. Bonds (U. Fac. Life U., Inc.), Ser. PJ, 6 1/4s, 6/15/20		Ba3		1,165,000	1,245,070
	Rockdale Cnty., Dev. Auth. Rev. Bonds (Visy Paper), Ser. A, 6 1/8s, 1/1/34		B-/P		600,000	627,756
						13,776,240
	Guam (—%)
	Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A, 5s, 10/1/34		BBB		200,000	216,880
						216,880
	Hawaii (1.2%)
	HI Dept. of Trans. Special Fac. Rev. Bonds (Continental Airlines, Inc.), 7s, 6/1/20		B		1,120,000	1,121,210
	HI State Dept. Budget & Fin. Rev. Bonds
	(Craigside), Ser. A, 9s, 11/15/44		B/P		400,000	479,768
	(Hawaiian Elec. Co. - Subsidary), 6 1/2s, 7/1/39		Baa1		3,000,000	3,499,230
	(Kahala Nui), 5 1/8s, 11/15/32		BBB-/F		400,000	439,152
						5,539,360
	Illinois (4.3%)
	Chicago, G.O. Bonds, Ser. A, 5s, 1/1/33		Aa3		2,000,000	2,235,900
	Chicago, Special Assmt. Bonds (Lake Shore East), 6 3/4s, 12/1/32		BB/P		1,750,000	1,792,193
	Du Page Cnty., Special Svc. Area No. 31 Special Tax Bonds (Monarch Landing)
	5 5/8s, 3/1/36		B/P		350,000	350,714
	5.4s, 3/1/16		B/P		114,000	118,070
	IL Fin. Auth. Rev. Bonds
	(Provena Hlth.), Ser. A, 7 3/4s, 8/15/34		Baa1		1,500,000	1,899,180
	(Silver Cross Hosp. & Med. Ctr.), 7s, 8/15/44		BBB-		2,000,000	2,405,319
	(IL Rush U. Med.. Ctr.), Ser. C, 6 5/8s, 11/1/39		A2		1,075,000	1,297,203
	(Navistar Intl. Recvy. Zone), 6 1/2s, 10/15/40		B3		1,000,000	1,076,880
	(Roosevelt U.), 6 1/4s, 4/1/29		Baa3		1,500,000	1,714,230
	(Landing At Plymouth Place), Ser. A, 6s, 5/15/25		B+/P		200,000	189,504
	(Three Crowns Pk. Plaza), Ser. A, 5 7/8s, 2/15/26		B+/P		1,000,000	1,036,210
	(Landing At Plymouth Place), Ser. A, 5.35s, 5/15/15		B+/P		600,000	603,264
	(American Wtr. Cap. Corp.), 5 1/4s, 10/1/39		BBB+		1,575,000	1,711,001
	IL Hlth. Fac. Auth. Rev. Bonds
	(Cmnty. Rehab. Providers Fac.), Ser. A, 7 7/8s, 7/1/20		CCC/P		108,252	82,212
	(Elmhurst Memorial Hlth. Care), 5 5/8s, 1/1/28		Baa2		550,000	551,705
	IL State G.O. Bonds
	5s, 3/1/34		A2		750,000	827,580
	5s, 8/1/21		A2		750,000	873,893
	Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6s, 6/1/28		A-		1,050,000	1,278,690
						20,043,748
	Indiana (2.5%)
	IN State Fin. Auth. Rev. Bonds (OH Valley Elec. Corp.), Ser. A, 5s, 6/1/32		Baa3		750,000	812,700
	IN State Fin. Auth. VRDN, Ser. A-2, 0.12s, 2/1/37		VMIG1		1,600,000	1,600,000
	IN State Fin. Auth. Edl. Fac. Rev. Bonds (Butler U.), Ser. B
	5s, 2/1/32		BBB+		1,000,000	1,099,440
	5s, 2/1/29		BBB+		1,000,000	1,109,940
	Indianapolis, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 5.1s, 1/15/17		Baa1		3,500,000	3,966,409
	Jasper Cnty., Indl. Poll. Control Rev. Bonds
	AMBAC, 5.7s, 7/1/17		Baa2		1,125,000	1,274,771
	NATL, 5.6s, 11/1/16		Baa2		700,000	784,413
	Ser. A, NATL, 5.6s, 11/1/16		Baa2		500,000	560,295
	St. Joseph Cnty., Econ. Dev. Rev. Bonds (Holy Cross Village Notre Dame), Ser. A, 5 3/4s, 5/15/15		B/P		455,000	474,965
						11,682,933
	Iowa (1.6%)
	IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care Initiatives), Ser. A
	5 1/4s, 7/1/17		BB+		1,040,000	1,137,770
	5s, 7/1/19		BB+		2,750,000	2,959,989
	5 1/2s, 7/1/25		BB+		950,000	1,021,526
	Orange Cnty., Hosp. Rev. Bonds, 5 1/2s, 9/1/27		BB/P		1,205,000	1,237,222
	Tobacco Settlement Auth. of IA Rev. Bonds, Ser. C, 5 3/8s, 6/1/38		B+		1,250,000	1,192,575
						7,549,082
	Kansas (0.1%)
	Lenexa, Hlth. Care Fac. Rev. Bonds (LakeView Village), 7 1/8s, 5/15/29		BB/P		500,000	567,535
						567,535
	Kentucky (1.5%)
	Breckinridge Cnty., Lease Program VRDN, Ser. A, 0.12s, 2/1/32		VMIG1		3,225,000	3,224,999
	KY Econ. Dev. Fin. Auth. Rev. Bonds
	(First Mtge.), Ser. IA, 8s, 1/1/29		B+/P		267,000	273,587
	(Masonic Home Indpt. Living II), 7 1/4s, 5/15/41		BB-/P		500,000	580,630
	(Masonic Home Indpt. Living II), 7s, 5/15/30		BB-/P		500,000	584,455
	KY State Econ. Dev. Fin. Auth. Hlth. Care Rev. Bonds (Masonic Homes of KY), 5 3/8s, 11/15/42		BB-/P		900,000	917,406
	Louisville/Jefferson Cnty., Metro. Govt. College Rev. Bonds (Bellarmine U.), Ser. A, 6s, 5/1/28		Baa3		500,000	553,525
	Owen Cnty., Wtr. Wks. Syst. Rev. Bonds (American Wtr. Co.), Ser. A, 6 1/4s, 6/1/39		BBB+		700,000	783,853
						6,918,455
	Louisiana (1.3%)
	Rapides, Fin. Auth. FRB (Cleco Pwr.), AMBAC, 4.7s, 11/1/36		Baa2		750,000	772,755
	Stadium & Exposition Dist. Rev. Bonds, Ser. A, 5s, 7/1/32		A3		2,145,000	2,453,708
	Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 01-B, 5 7/8s, 5/15/39		A3		2,700,000	2,763,692
						5,990,155
	Maine (0.8%)
	ME Hlth. & Higher Edl. Fac. Auth. Rev. Bonds (ME Gen. Med. Ctr.), 7 1/2s, 7/1/32		Baa3		1,000,000	1,291,590
	Rumford, Solid Waste Disp. Rev. Bonds (Boise Cascade Corp.), 6 7/8s, 10/1/26		B2		2,500,000	2,499,825
						3,791,415
	Maryland (1.4%)
	Baltimore Cnty., Rev. Bonds (Oak Crest Village, Inc. Fac.), Ser. A, 5s, 1/1/37		BBB+		2,000,000	2,073,040
	MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.2s, 9/1/22		A		550,000	673,701
	MD State Indl. Dev. Fin. Auth. Rev. Bonds (Synagro-Baltimore), Ser. A, 5 3/8s, 12/1/14		BBB+/F		1,000,000	1,041,770
	MD State Indl. Dev. Fin. Auth. Econ. Dev. Rev. Bonds (Our Lady of Good Counsel School), Ser. A, 6s, 5/1/35		BB-/P		400,000	418,428
	Westminster, Econ. Dev. Rev. Bonds (Carroll Lutheran Village), Ser. A
	6 1/4s, 5/1/34		BB/P		600,000	602,124
	5 7/8s, 5/1/21		BB/P		1,600,000	1,609,216
						6,418,279
	Massachusetts (6.8%)
	MA Dev. Fin. Agcy. Sr. Living Fac. 144A Rev. Bonds, Ser. B1, 7 1/4s, 6/1/16 (In default)(NON)		BB-/P		2,000,000	984,840
	MA Edl. Fin. Auth. Rev. Bonds, Ser. B, 5 1/2s, 1/1/23		AA		795,000	868,808
	MA State Dev. Fin. Agcy. Rev. Bonds
	(Boston Biomedical Research), 5 3/4s, 2/1/29		B		1,000,000	991,740
	(Boston U.), 6s, 5/15/59		A2		500,000	618,705
	(First Mtge. - Orchard Cove), 5s, 10/1/19		BB/P		550,000	559,554
	(Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/26		B-/P		275,400	239,912
	(Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/39		B-/P		532,400	412,935
	(Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/46		B-/P		850,850	644,961
	(Linden Ponds, Inc. Fac.), Ser. A-2, 5 1/2s, 11/15/46		B-/P		88,265	59,531
	(Linden Ponds, Inc. Fac.), Ser. B, zero %, 11/15/56		B-/P		439,022	6,287
	(New England Conservatory of Music), 5 1/4s, 7/1/38		Baa1		805,000	863,556
	(Sabis Intl.), Ser. A, 8s, 4/15/39		BBB		690,000	849,314
	(Wheelock College), Ser. C, 5 1/4s, 10/1/29		BBB		1,700,000	1,813,152
	MA State Dev. Fin. Agcy. Hlth. Care Fac. 144A Rev. Bonds (Adventcare), Ser. A, 6.65s, 10/15/28		B/P		1,050,000	1,119,342
	MA State Dev. Fin. Agcy. Solid Waste Disp. Mandatory Put Bonds (5/1/19) (Dominion Energy Brayton), Ser. 1, 5 3/4s, 12/1/42		A-		1,050,000	1,289,516
	MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
	(Baystate Med. Ctr.), Ser. I, 5 3/4s, 7/1/36		A+		1,500,000	1,669,365
	(Emerson Hosp.), Ser. E, Radian Insd., 5s, 8/15/25		BB/P		1,500,000	1,509,525
	(Fisher College), Ser. A, 5 1/8s, 4/1/37		BBB-		250,000	254,143
	(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33		BB-		2,550,000	2,585,623
	(Milford Regl. Med.), Ser. E, 5s, 7/15/22		Baa3		2,200,000	2,331,912
	(Norwood Hosp.), Ser. C, 7s, 7/1/14 (Escrowed to maturity)		BB/P		1,185,000	1,243,717
	(Quincy Med. Ctr.), Ser. A, 6 1/4s, 1/15/28 (In default)(NON)		D/P		360,919	361
	(Springfield College), 5 1/2s, 10/15/26		Baa1		1,500,000	1,709,250
	(Springfield College), 5 1/2s, 10/15/31		Baa1		1,100,000	1,218,459
	(Springfield College), 5 5/8s, 10/15/40		Baa1		450,000	498,114
	(Suffolk U.), Ser. A, 5 3/4s, 7/1/39		Baa2		950,000	1,083,371
	(Suffolk U.), Ser. A, 6 1/4s, 7/1/30		Baa2		1,000,000	1,178,520
	MA State Indl. Fin. Agcy. Rev. Bonds (1st Mtge. Berkshire Retirement), Ser. A, 6 5/8s, 7/1/16		BBB		1,230,000	1,236,125
	MA State Port Auth. Special Fac. Rev. Bonds (Conrac), Ser. A, 5 1/8s, 7/1/41		A		750,000	819,210
	Metro. Boston Trans. Pkg. Corp. Rev. Bonds,
	5s, 7/1/41		A1		1,500,000	1,678,800
	(Systemwide Pkg.), 5 1/4s, 7/1/33		A1		1,500,000	1,760,010
						32,098,658
	Michigan (5.6%)
	Detroit, G.O. Bonds (Cap. Impt.), Ser. A-1, 5s, 4/1/15		B		950,000	872,243
	Detroit, Wtr. & Swr. Dept. Rev. Bonds, Ser. A, 5s, 7/1/32		A+		1,200,000	1,287,420
	Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM, 6 1/4s, 7/1/36		AA-		1,660,000	1,928,123
	Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.), 6s, 7/1/20		Ba1		945,000	955,329
	Garden City, Hosp. Fin. Auth. Rev. Bonds (Garden City Hosp.), Ser. A, 5 3/4s, 9/1/17		Ba3		340,000	340,517
	Kentwood, Economic Dev. Rev. Bonds (Holland Home), 5 5/8s, 11/15/32		BB+/F		2,195,000	2,346,082
	MI State Hosp. Fin. Auth. Rev. Bonds
	Ser. A, 6 1/8s, 6/1/39		A1		2,000,000	2,296,560
	(Henry Ford Hlth.), 5 3/4s, 11/15/39		A2		1,600,000	1,816,480
	(Henry Ford Hlth. Syst.), Ser. A, 5 1/4s, 11/15/46		A2		2,565,000	2,720,541
	(Chelsea Cmnty. Hosp. Oblig.), 5s, 5/15/25 (Prerefunded 5/15/15)		AA+		755,000	831,119
	MI State Strategic Fund Ltd. Oblig. Rev. Bonds (Cadillac Place Office Bldg.), 5 1/4s, 10/15/26		A1		1,250,000	1,421,738
	MI State Strategic Fund, Ltd. Rev. Bonds (Worthington Armstrong Venture), U.S. Govt. Coll., 5 3/4s, 10/1/22 (Escrowed to maturity)		AAA/P		1,350,000	1,705,739
	MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A, 6s, 6/1/48		B-		4,000,000	3,814,120
	Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy Memorial Hosp.), 5 1/2s, 6/1/20		BBB		1,480,000	1,625,617
	Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5s, 12/1/21		A2		2,000,000	2,312,980
						26,274,608
	Minnesota (2.8%)
	Douglas Cnty., Gross Hlth. Care Fac. Rev. Bonds (Douglas Cnty. Hosp.), Ser. A, 6 1/4s, 7/1/34		BBB-		3,000,000	3,337,410
	Inver Grove Heights, Nursing Home Rev. Bonds (Presbyterian Homes Care), 5 3/8s, 10/1/26		B/P		700,000	707,504
	North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes North Oaks), 6 1/8s, 10/1/39		BB/P		315,000	336,537
	Northfield, Hosp. Rev. Bonds, 5 3/8s, 11/1/26		BBB-		750,000	802,913
	Rochester, Hlth. Care Fac. Rev. Bonds (Olmsted Med. Ctr.), 5 7/8s, 7/1/30		BBB+/F		1,000,000	1,107,629
	Sartell, Hlth. Care & Hsg. Facs. Rev. Bonds (Country Manor Campus, LLC)
	5 1/4s, 9/1/30		B-/P		500,000	514,765
	5 1/4s, 9/1/27		B-/P		750,000	786,788
	Sauk Rapids Hlth. Care & Hsg. Fac. Rev. Bonds (Good Shepherd Lutheran Home)
	7 1/2s, 1/1/39		B+/P		500,000	525,795
	6s, 1/1/34		B+/P		400,000	401,892
	St. Paul, Hsg. & Redev. Auth. Charter School Lease Rev. Bonds (Nova Classical Academy), Ser. A
	6 5/8s, 9/1/42		BBB-		250,000	271,693
	6 3/8s, 9/1/31		BBB-		250,000	271,900
	St. Paul, Hsg. & Redev. Auth. Hosp. Rev. Bonds (Healtheast), 6s, 11/15/35		BBB-		1,350,000	1,459,728
	St. Paul, Port Auth. Lease Rev. Bonds (Regions Hosp. Pkg. Ramp), Ser. 1, 5s, 8/1/36		BBB+/P		1,125,000	1,132,864
	Wayzata, Sr. Hsg. Rev. Bonds (Folkestone Sr. Living Cmnty.), Ser. B, 4 7/8s, 5/1/19		BB+/P		1,500,000	1,510,560
						13,167,978
	Mississippi (0.5%)
	MS Home Corp. Rev. Bonds, Ser. B-2, GNMA Coll., FNMA Coll., 6.45s, 12/1/33		Aa1		380,000	399,581
	Warren Cnty., Gulf Opportunity Zone Rev. Bonds (Intl. Paper Co.), Ser. A, 6 1/2s, 9/1/32		BBB		1,600,000	1,846,288
						2,245,869
	Missouri (1.0%)
	Kansas City, Indl. Dev. Auth. Hlth. Fac. Rev. Bonds (First Mtge. Bishop Spencer), Ser. A, 6 1/2s, 1/1/35		B/P		1,500,000	1,530,060
	MO State Hlth. & Edl. Fac. Auth. VRDN (Washington U. (The)), Ser. B, 0.11s, 9/1/30		VMIG1		2,100,000	2,099,999
	St. Louis Arpt. Rev. Bonds (Lambert-St. Louis Intl.), Ser. A-1, 6 5/8s, 7/1/34		A-		1,000,000	1,197,550
						4,827,609
	Montana (0.1%)
	MT Fac. Fin. Auth. Rev. Bonds (Sr. Living St. John's Lutheran), Ser. A, 6s, 5/15/25		B+/P		500,000	515,980
						515,980
	Nebraska (0.6%)
	Central Plains, Energy Rev. Bonds (NE Gas No. 1), Ser. A, 5 1/4s, 12/1/18		B2		1,500,000	1,693,530
	Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5 1/2s, 1/1/30		A-/F		1,000,000	1,126,940
						2,820,470
	Nevada (1.1%)
	Clark Cnty., Impt. Dist. Special Assmt. Bonds
	(Mountains Edge Local No. 142), 5s, 8/1/21		BBB-		660,000	721,010
	(Summerlin No. 151), 5s, 8/1/20		BB-/P		415,000	364,602
	(Summerlin No. 151), 5s, 8/1/16		BB-/P		975,000	931,447
	Henderson, Local Impt. Dist. Special Assmt. Bonds
	(No. T-17), 5s, 9/1/18		BB+/P		365,000	375,180
	(No. T-18), 5s, 9/1/16		CCC/P		995,000	791,791
	Las Vegas, Local Impt. Board Special Assmt. Bonds (Dist. No. 607), 5.9s, 6/1/18		BB/P		1,120,000	1,147,149
	Reno, Sales Tax VRDN, 0.12s, 6/1/42		VMIG1		800,000	800,000
						5,131,179
	New Hampshire (1.8%)
	NH Hlth. & Ed. Fac. Auth. Rev. Bonds
	(Huntington at Nashua), Ser. A, 6 7/8s, 5/1/33		BB+/P		600,000	602,484
	(Kendal at Hanover), Ser. A, 5s, 10/1/18		BBB+		1,875,000	1,986,319
	(Rivermead), Ser. A, 6 5/8s, 7/1/31		BB+/P		1,320,000	1,480,090
	(Rivermead), Ser. A, 6 7/8s, 7/1/41		BB+/P		2,000,000	2,273,780
	NH State Bus. Fin. Auth. Rev. Bonds (Elliot Hosp. Oblig. Group), Ser. A, 6s, 10/1/27		Baa1		1,700,000	1,988,779
						8,331,452
	New Jersey (6.8%)
	Burlington Cnty., Bridge Comm. Econ. Dev. Rev. Bonds (The Evergreens), 5 5/8s, 1/1/38		BB+/P		2,150,000	2,224,713
	NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds
	(St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38		BBB-		2,250,000	2,610,293
	(St. Peter's U. Hosp.), 6 1/4s, 7/1/35		Ba1		2,000,000	2,304,580
	(United Methodist Homes), Ser. A, 5 3/4s, 7/1/29		BB+		2,250,000	2,251,170
	(Holy Name Hosp.), 5s, 7/1/36		Baa2		2,500,000	2,617,700
	NJ State Econ. Dev. Auth. Rev. Bonds
	(Newark Arpt. Marriott Hotel), 7s, 10/1/14		Baa3		2,400,000	2,407,968
	(United Methodist Homes), Ser. A-1, 6 1/4s, 7/1/33		BB+		1,000,000	1,034,950
	(First Mtge. Lions Gate), Ser. A, 5 7/8s, 1/1/37		B/P		430,000	433,702
	(Cigarette Tax), 5 3/4s, 6/15/29 (Prerefunded 6/15/14)		Aaa		1,000,000	1,074,680
	(MSU Student Hsg. - Provident Group - Montclair LLC), 5 3/8s, 6/1/25		Baa3		2,000,000	2,255,419
	5s, 6/15/26		Baa1		500,000	573,160
	(Continental Airlines, Inc.), 4 7/8s, 9/15/19		B		3,000,000	3,086,040
	NJ State Econ. Dev. Auth. Retirement Cmnty. Rev. Bonds (Seabrook Village, Inc.), 5 1/4s, 11/15/36		BB-/P		860,000	886,333
	NJ State Econ. Dev. Auth. Solid Waste Fac. Mandatory Put Bonds (6/1/14) (Disp. Waste Mgt.), Ser. A, 5.3s, 6/1/15		BBB		1,750,000	1,851,430
	NJ State Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.)
	Ser. A, 5.7s, 10/1/39		A2		2,600,000	2,849,522
	Ser. D, 4 7/8s, 11/1/29		A2		700,000	753,410
	North Hudson, Swr. Auth. Rev. Bonds, Ser. A, 5s, 6/1/42		A-		1,000,000	1,118,390
	Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds (Covanta Union), Ser. A, 5 1/4s, 12/1/31		AA+		1,450,000	1,614,314
						31,947,774
	New Mexico (1.6%)
	Farmington, Poll. Control Rev. Bonds
	(Public Service Co. of NM San Juan), Ser. D, 5.9s, 6/1/40		Baa3		500,000	560,765
	(San Juan), Ser. B, 4 7/8s, 4/1/33		Baa3		4,500,000	4,680,945
	(AZ Pub. Svc. Co.), Ser. B, 4.7s, 9/1/24		Baa1		2,000,000	2,258,220
						7,499,930
	New York (10.0%)
	Broome Cnty., Indl. Dev. Agcy. Continuing Care Retirement Rev. Bonds (Good Shepard Village), Ser. A, 6 3/4s, 7/1/28		B/P		600,000	651,492
	Huntington, Hsg. Auth. Sr. Hsg. Fac. Rev. Bonds (Gurwin Jewish Sr. Residence), Ser. A
	6s, 5/1/39		B+/P		500,000	502,105
	6s, 5/1/29		B+/P		750,000	750,428
	Livingston Cnty., Indl. Dev. Agcy. Civic Fac. Rev. Bonds (Nicholas H. Noyes Memorial Hosp.), 5 3/4s, 7/1/15		BB		1,240,000	1,241,352
	Nassau Cnty., Indl. Dev. Agcy. Rev. Bonds (Keyspan-Glenwood), 5 1/4s, 6/1/27		A-		2,775,000	2,812,241
	Niagara, Area Dev. Corp. Solid Waste Disp. Fac. Rev. Bonds (Covanta Holding Corp.), Ser. A, 5 1/4s, 11/1/42		Ba2		1,100,000	1,136,201
	NY City, G.O. Bonds, Ser. F, 5s, 8/1/31		Aa2		1,500,000	1,761,945
	NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds
	(American Airlines - JFK Intl. Arpt.), 7 1/2s, 8/1/16 (In default)(NON)		D/P		4,175,000	4,559,642
	(British Airways PLC), 5 1/4s, 12/1/32		BB		3,425,000	3,429,795
	(Jetblue Airways Corp.), 5s, 5/15/20		B-		295,000	294,991
	NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. bonds 5s, 6/15/31(T)		AA+		10,000,000	11,901,031
	NY City, Transitional Fin. Auth. Rev. Bonds (Future Tax), Ser. D-1, 5s, 11/1/32		AAA		2,000,000	2,374,700
	NY State Dorm. Auth. Rev. Bonds (Winthrop-U. Hosp. Assn.), Ser. A, 5 1/2s, 7/1/32 (Prerefunded 7/1/13)		Baa1		900,000	919,179
	NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds (Orange Regl. Med. Ctr.), 6 1/4s, 12/1/37		Ba1		725,000	803,373
	NY State Dorm. Auth.Ser. C Rev bonds 5s, 3/15/31(T)		AAA		5,000,000	5,862,902
	NY State Energy Research & Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26		A3		3,800,000	3,812,350
	Port Auth. NY & NJ Special Oblig. Rev. Bonds
	(Kennedy Intl. Arpt. - 5th Installment), 6 3/4s, 10/1/19		BB+/P		180,000	180,020
	(JFK Intl. Air Term.), 6s, 12/1/42		Baa3		1,000,000	1,177,210
	Seneca Cnty., Indl. Dev. Agcy. Solid Waste Disp. 144A Mandatory Put Bonds (10/1/13) (IESI Corp.), 6 5/8s, 10/1/35		BB-		670,000	674,536
	Suffolk Cnty., Indl. Dev. Agcy. Civic Fac. Rev. Bonds (Southampton Hosp. Assn.), Ser. A, 7 1/4s, 1/1/30		B-/P		1,250,000	1,251,575
	Syracuse, Indl. Dev. Agcy. Rev. Bonds (1st Mtge. - Jewish Home), Ser. A, 7 3/8s, 3/1/21		B+/P		745,000	745,283
						46,842,351
	North Carolina (1.8%)
	NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6 3/4s, 1/1/24		A-		750,000	938,468
	NC Hsg. Fin. Agcy. FRB (Homeownership), Ser. 26-A, 5 1/2s, 1/1/38		Aa2		285,000	291,589
	NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds
	(Presbyterian Homes), 5.4s, 10/1/27		BB/P		2,000,000	2,076,300
	(First Mtge. - Presbyterian Homes), 5 3/8s, 10/1/22		BB/P		1,110,000	1,172,970
	NC Med. Care Comm. Retirement Fac. Rev. Bonds
	(Carolina Village), 6s, 4/1/38		BB/P		500,000	526,145
	(First Mtge.), Ser. A-05, 5 1/2s, 10/1/35		BB+/P		1,730,000	1,742,093
	(First Mtge.), Ser. A-05, 5 1/4s, 10/1/25		BB+/P		700,000	707,798
	(Forest at Duke), 5 1/8s, 9/1/27		BBB+/F		1,000,000	1,063,740
						8,519,103
	Ohio (5.5%)
	American Muni. Pwr. - Ohio, Inc. Rev. Bonds (Prairie Street Energy Campus), Ser. A, 5 1/4s, 2/15/33		AA-		5,000,000	5,600,650
	Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A-2
	5 7/8s, 6/1/30		B3		3,340,000	3,050,121
	5 3/4s, 6/1/34		B3		3,500,000	3,125,115
	5 1/8s, 6/1/24		B3		990,000	917,166
	Cleveland, Arpt. Syst. Rev. Bonds, Ser. A, 5s, 1/1/31		A-		400,000	451,432
	Franklin Cnty., Hlth. Care Fac. Rev. Bonds (Presbyterian Svcs.), Ser. A, 5 5/8s, 7/1/26		BBB		2,750,000	3,086,297
	Hickory Chase, Cmnty. Auth. Infrastructure Impt. Rev. Bonds (Hickory Chase), 7s, 12/1/38 (In default)(NON)		D/P		644,000	386,400
	Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst.), Ser. C, 5 5/8s, 8/15/29		A3		1,530,000	1,719,904
	Lorain Cnty., Port Auth. Recovery Zone Fac. Rev. Bonds (U.S. Steel Corp.), 6 3/4s, 12/1/40		BB		1,000,000	1,081,140
	OH State Air Quality Dev. Auth. Rev. Bonds (Valley Elec. Corp.), Ser. E, 5 5/8s, 10/1/19		Baa3		1,300,000	1,502,748
	OH State Higher Edl. Fac. Comm. Rev. Bonds
	(Kenyon College), 5s, 7/1/44		A1		800,000	861,432
	(U. Hosp. Hlth. Syst.), Ser. 09-A, 6 3/4s, 1/15/39 (Prerefunded 1/15/15)		A2		2,000,000	2,246,160
	Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds, 5 3/4s, 12/1/32		BB/P		900,000	975,807
	Toledo-Lucas Cnty., Port Auth. Rev. Bonds (CSX Transn, Inc.), 6.45s, 12/15/21		Baa2		500,000	633,775
						25,638,147
	Oklahoma (1.2%)
	OK Hsg. Fin. Agcy. Single Fam. Rev. Bonds (Homeownership Loan),
	Ser. B, 5.35s, 3/1/35		Aaa		1,205,000	1,268,311
	Ser. C, GNMA Coll., FNMA Coll., 5.95s, 3/1/37		Aaa		1,085,000	1,152,031
	OK State Tpk. Auth. VRDN
	Ser. E, 0.12s, 1/1/28		VMIG1		900,000	900,000
	Ser. F, 0.12s, 1/1/28		VMIG1		400,000	400,000
	Tulsa Cnty., Indl. Auth. Rev. Bonds (Sr. Living Cmnty. Montereau, Inc.), Ser. A
	7 1/8s, 11/1/30		BB-/P		1,250,000	1,430,763
	6 7/8s, 11/1/23		BB-/P		500,000	530,560
						5,681,665
	Oregon (0.3%)
	Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds (Terwilliger Plaza, Inc.), 5s, 12/1/29		BBB/F		350,000	391,143
	Warm Springs Reservation, Confederated Tribes 144A Rev. Bonds (Pelton Round Butte Tribal), Ser. B, 6 3/8s, 11/1/33		A3		700,000	811,636
						1,202,779
	Pennsylvania (6.8%)
	Allegheny Cnty., Higher Ed. Bldg. Auth. Rev. Bonds (Robert Morris U.), Ser. A, 5 1/2s, 10/15/30		Baa3		1,000,000	1,143,990
	Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds (Hlth. Syst.-West PA), Ser. A, 5 3/8s, 11/15/40		Ca		1,205,000	1,027,263
	Allegheny Cnty., Indl. Dev. Auth. Rev. Bonds (U.S. Steel Corp.), 6 3/4s, 11/1/24		BB		2,000,000	2,195,560
	Allentown, Neighborhood Impt. Zone Dev. Auth. Rev. Bonds, Ser. A
	5s, 5/1/42		Baa2		800,000	861,240
	5s, 5/1/35		Baa2		500,000	545,540
	5s, 5/1/32		Baa2		200,000	221,498
	Bucks Cnty., Indl. Dev. Auth. Retirement Cmnty. Rev. Bonds (Ann's Choice, Inc.), Ser. A
	6 1/8s, 1/1/25		BB/P		1,160,000	1,172,632
	5.3s, 1/1/14		BB/P		690,000	697,604
	Cumberland Cnty., Muni. Auth. Rev. Bonds
	(Presbyterian Homes Oblig.), Ser. A, 5.45s, 1/1/21		BBB+		550,000	550,869
	(Presbyterian Homes), Ser. A, 5.35s, 1/1/20		BBB+		515,000	515,845
	Delaware Cnty., Indl. Dev. Auth. Resource Recvy. Rev. Bonds, Ser. A, 6.1s, 7/1/13		Ba1		110,000	110,185
	Lancaster Cnty., Hosp. Auth. Rev. Bonds (Brethren Village), Ser. A, 6 3/8s, 7/1/30		BB-/P		625,000	672,619
	Lebanon Cnty., Hlth. Facs. Rev. Bonds (Pleasant View Retirement), Ser. A, 5.3s, 12/15/26		BB/P		1,800,000	1,823,076
	Lycoming Cnty., Auth. Hlth. Syst. Rev. Bonds (Susquehanna Hlth. Syst.), Ser. A, 5 3/4s, 7/1/39		BBB+		3,000,000	3,335,129
	Lycoming Cnty. Auth. Rev. Bonds, 5s, 5/1/26		A		2,000,000	2,265,360
	Montgomery Cnty., Indl. Auth. Resource Recvy. Rev. Bonds (Whitemarsh Cont. Care), 6 1/4s, 2/1/35		B-/P		1,100,000	1,120,097
	Northampton Cnty., Hosp. Auth. Mandatory Put Bonds (8/15/16) (Saint Luke's Hosp.), Ser. C, 4 1/2s, 8/15/32		A3		1,500,000	1,634,595
	PA Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds (Allegheny Energy Supply Co.), 7s, 7/15/39		Baa3		2,000,000	2,401,960
	PA State Econ. Dev. Fin. Auth. Resource Recvy. Rev. Bonds (Colver), Ser. F, AMBAC, 5s, 12/1/15		BBB-		1,650,000	1,713,179
	PA State Higher Edl. Fac. Auth. Rev. Bonds
	(Shippensburg U.), 6 1/4s, 10/1/43		Baa3		500,000	585,185
	(Edinboro U. Foundation), 5.8s, 7/1/30		Baa3		1,000,000	1,137,680
	(Gwynedd Mercy College), Ser. KK1, 5 3/8s, 5/1/42		BBB-		785,000	835,177
	(Indiana U.), Ser. A, 5s, 7/1/41		BBB+		500,000	544,170
	Philadelphia, Auth. for Indl. Dev. Rev. Bonds (Master Charter School), 6s, 8/1/35		BBB+		600,000	674,514
	Philadelphia, Gas Wks. Rev. Bonds, Ser. 9, 5s, 8/1/30		BBB+		1,000,000	1,087,760
	Philadelphia, Hosp. & Higher Ed. Fac. Auth. Rev. Bonds (Graduate Hlth. Syst.), 7 1/4s, 7/1/10 (In default)(NON)		D/P		2,695,052	270
	Pittsburgh G.O. Bonds, Ser. B, 5s, 9/1/26		A1		1,000,000	1,159,000
	Susquehanna, Area Regl. Arpt. Syst. Auth. Rev. Bonds, Ser. A, 6 1/2s, 1/1/38		Baa3		1,325,000	1,487,458
	Wilkes-Barre, Fin. Auth. Rev. Bonds (Wilkes U.), 5s, 3/1/22		BBB		560,000	612,058
						32,131,513
	Puerto Rico (2.6%)
	Cmnwlth. of PR, G.O. Bonds
	Ser. C, 6 1/2s, 7/1/40		BBB		2,000,000	2,199,400
	Ser. A, FGIC, 5 1/2s, 7/1/21		BBB		1,000,000	1,086,800
	(Pub. Impt.), Ser. A, NATL, 5 1/2s, 7/1/20		Baa2		1,000,000	1,091,940
	(Pub. Impt.), Ser. E, 5 3/8s, 7/1/30		BBB		3,000,000	3,088,739
	Cmnwlth. of PR, Hwy. & Trans. Auth. Rev. Bonds, Ser. L, AMBAC, 5 1/4s, 7/1/38		BBB		1,845,000	1,865,646
	Cmnwlth. of PR, Indl. Tourist Edl. Med. & Env. Control Facs. Rev. Bonds (Cogen. Fac.-AES), 6 5/8s, 6/1/26		Ba1		1,000,000	1,000,040
	Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A, zero %, 8/1/30		A+		5,000,000	1,932,550
						12,265,115
	Rhode Island (0.3%)
	Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, 6 1/8s, 6/1/32		BBB		1,490,000	1,518,861
						1,518,861
	South Carolina (0.3%)
	Georgetown Cnty., Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 8/1/30		BBB		1,135,000	1,135,953
	SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Bonds (Palmetto Hlth.), Ser. C, U.S. Govt. Coll., 6s, 8/1/20 (Prerefunded 8/1/13)		Baa1		110,000	113,027
						1,248,980
	South Dakota (0.4%)
	SD Edl. Enhancement Funding Corp. SD Tobacco Rev. Bonds, Ser. B, 6 1/2s, 6/1/32		A3		2,000,000	2,062,980
						2,062,980
	Tennessee (0.6%)
	Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (Mountain States Hlth. Alliance), 6s, 7/1/38		Baa1		1,450,000	1,727,356
	Johnson City, Hlth. & Edl. Facs. Board Retirement Fac. Rev. Bonds (Appalachian Christian Village), Ser. A, 6 1/4s, 2/15/32		BB-/P		1,000,000	1,008,860
						2,736,216
	Texas (11.8%)
	Abilene, Hlth. Fac. Dev. Corp. Rev. Bonds (Sears Methodist Retirement)
	Ser. A, 7s, 11/15/33 (In default)(NON)		CCC/P		600,000	392,556
	5 7/8s, 11/15/18 (In default)(NON)		CCC/P		580,000	384,992
	Ser. A, 5 7/8s, 11/15/18 (In default)(NON)		CCC/P		13,000	8,629
	6s, 11/15/29 (In default)(NON)		CCC/P		1,124,000	736,849
	Brazos River, Auth. Poll. Control Rev. Bonds (TXU Energy Co., LLC), 5s, 3/1/41		Ca		1,500,000	161,550
	Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory Put Bonds (5/1/28) (Dow Chemical), 5.9s, 5/1/38		BBB		2,200,000	2,496,780
	Gulf Coast, Waste Disp. Auth. Rev. Bonds, Ser. A, 6.1s, 8/1/24		BBB		450,000	451,913
	Harris Cnty., Cultural Ed. Fac. Fin. Corp. VRDN (Texas Med. Ctr.), Ser. B-1, 0.12s, 9/1/31		VMIG1		980,000	980,000
	Houston, Arpt. Syst. Rev. Bonds
	(Continental Airlines, Inc.), Ser. C, 5.7s, 7/15/29		B		6,185,000	6,203,801
	(Continental Airlines, Inc.), Ser. E, 6 3/4s, 7/1/29		B		4,000,000	4,012,320
	(Continental Airlines, Inc.), Ser. E, 7s, 7/1/29		B		500,000	501,625
	(Special Fac. - Continental Airlines, Inc.), Ser. E, 6 3/4s, 7/1/21		B		1,600,000	1,607,744
	Ser. A, 5s, 7/1/24		A		1,500,000	1,743,165
	La Vernia, Higher Ed. Fin. Corp. Rev. Bonds (Kipp, Inc.), Ser. A
	6 3/8s, 8/15/44		BBB		1,100,000	1,274,152
	6 1/4s, 8/15/39		BBB		1,975,000	2,283,377
	Love Field, Arpt. Modernization Corp. Special Fac. Rev. Bonds (Southwest Airlines Co.), 5 1/4s, 11/1/40		Baa3		3,500,000	3,827,495
	Matagorda Cnty., Poll. Control Rev. Bonds
	(Cent Pwr. & Light Co.), Ser. A, 6.3s, 11/1/29		Baa2		1,000,000	1,169,730
	(Dist. No. 1), Ser. A, AMBAC, 4.4s, 5/1/30		Baa2		1,250,000	1,332,713
	Newark, Cultural Ed. Facs. Fin. Corp. Rev. Bonds (AW Brown-Fellowship Leadership Academy), Ser. A, 6s, 8/15/42		BBB-		670,000	704,431
	North Texas Edl. Fin. Co. Rev. Bonds (Uplift Edl.), Ser. A, 5 1/4s, 12/1/47		BBB-		2,000,000	2,176,580
	North TX, Tollway Auth. Rev. Bonds
	Ser. A, 6s, 1/1/25		A2		1,000,000	1,162,620
	(Toll 2nd Tier), Ser. F, 5 3/4s, 1/1/38		A3		1,750,000	1,937,653
	Sam Rayburn, Muni. Pwr. Agcy. Rev. Bonds, 5s, 10/1/21		BBB+		500,000	598,885
	Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Retirement Fac. Rev. Bonds
	(Sr. Living Ctr.), Ser. A, 8 1/4s, 11/15/39		B+/P		3,000,000	3,358,560
	(Buckner Retirement Svcs., Inc.), 5 1/4s, 11/15/37		A-		1,900,000	1,993,803
	(Air Force Village), 5 1/8s, 5/15/27		BBB-/F		3,100,000	3,212,251
	Travis Cnty., Cultural Ed. Facs. Fin. Corp. Rev. Bonds (Wayside Schools), Ser. A, 5 1/4s, 8/15/42		BB+		1,000,000	1,004,070
	TX Muni. Gas Acquisition & Supply Corp. I Rev. Bonds, Ser. A, 5 1/4s, 12/15/24		A-		2,000,000	2,386,660
	TX Private Activity Surface Trans. Corp. Rev. Bonds
	(NTE Mobility), 7 1/2s, 12/31/31		Baa2		2,000,000	2,492,460
	(LBJ Infrastructure), 7s, 6/30/40		Baa3		1,500,000	1,821,165
	TX State Dept. of Hsg. & Cmnty. Affairs Rev. Bonds, Ser. C, GNMA Coll., FNMA Coll., FHLMC Coll., 6.9s, 7/2/24		AA+		400,000	417,396
	TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5s, 12/15/31		A3		1,500,000	1,639,080
	TX State Trans. Comm. Tpk. Syst. Rev. Bonds (1st Tier), Ser. B, 1 1/4s, 8/15/42		A-		1,000,000	1,004,800
						55,479,805
	Vermont (—%)
	VT Hsg. Fin. Agcy. Rev. Bonds (Single Fam.), Ser. 23, AGM, 5s, 5/1/34		Aa3		10,000	10,073
						10,073
	Virginia (2.4%)
	Albemarle Cnty., Indl. Dev. Auth. Res. Care Fac. Rev. Bonds (Westminster-Canterbury), 5s, 1/1/24		BB-/P		600,000	619,938
	Chesapeake, Toll Rd. Rev. Bonds (Sr. Trans. Syst.), Ser. A, 5s, 7/15/27		BBB		300,000	336,174
	Henrico Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds
	(Westminster-Canterbury), 5s, 10/1/22		BBB		1,000,000	1,031,610
	(United Methodist Homes), 5s, 6/1/22		BB+/P		625,000	691,656
	James Cnty., Indl. Dev. Auth. Rev. Bonds (Williamsburg), Ser. A, 6 1/8s, 3/1/32		BB-/P		1,500,000	1,506,375
	Lynchburg, Indl. Dev. Auth. Res. Care Fac. Rev. Bonds (Westminster-Canterbury)
	5s, 7/1/31		BB/P		1,250,000	1,295,900
	4 7/8s, 7/1/21		BB/P		1,000,000	1,056,069
	Route 460 Funding Corp. Toll Rd. Rev. Bonds (Sr. Lien), Ser. A, 5 1/8s, 7/1/49		Baa3		450,000	493,533
	VA ST Small Bus. Fin. Auth. Rev. Bonds
	(Elizabeth River Crossings OPCO, LLC), 6s, 1/1/37		BBB-		900,000	1,049,121
	(Express Lanes, LLC), 5s, 7/1/34		BBB-		900,000	944,811
	Washington Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds (Mountain States Hlth. Alliance), Ser. C, 7 3/4s, 7/1/38		Baa1		1,700,000	2,146,590
						11,171,777
	Washington (3.6%)
	WA State G.O. Bonds (Sr. 520 Corridor-Motor Vehicle Tax), Ser. C, 5s, 6/1/28(T)		AA+		5,000,000	5,962,117
	King Cnty., Wtr & Swr. Rev. Bonds, 5s, 1/1/45		AA+		1,500,000	1,679,880
	Port Seattle, Port Indl. Dev. Corp. Rev. Bonds (Delta Airlines, Inc.), 5s, 4/1/30		B-		300,000	305,001
	Skagit Cnty., Pub. Hosp. Rev. Bonds (Dist. No. 001), 5 3/4s, 12/1/35		Baa2		2,500,000	2,743,700
	Tobacco Settlement Auth. of WA Rev. Bonds
	6 5/8s, 6/1/32		Baa1		2,385,000	2,441,262
	6 1/2s, 6/1/26		A3		455,000	472,872
	WA State Higher Ed. Fac. Auth. Rev. Bonds (Whitworth U.), 5 5/8s, 10/1/40		Baa1		400,000	438,608
	WA State Hlth. Care Fac. Auth. Rev. Bonds
	(WA Hlth. Svcs.), 7s, 7/1/39		Baa3		1,000,000	1,165,540
	(Kadlec Med. Ctr.), 5 1/2s, 12/1/39		Baa3		1,500,000	1,647,645
						16,856,625
	West Virginia (0.2%)
	WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth. Syst.), 6 3/4s, 10/1/43		B/P		735,000	772,911
						772,911
	Wisconsin (0.7%)
	Pub. Fin. Auth. Arpt. Fac. Rev. Bonds (Sr. Oblig. Group), 5 1/4s, 7/1/28		BBB-		350,000	385,154
	WI State Hlth. & Edl. Fac. Auth. Rev. Bonds
	(St. Johns Cmntys. Inc.), Ser. A, 7 5/8s, 9/15/39		BB/P		1,150,000	1,339,877
	(Prohealth Care, Inc.), 6 5/8s, 2/15/39		A1		1,250,000	1,471,750
						3,196,781
	Total municipal bonds and notes (cost $543,490,938)					$595,030,769
	PREFERRED STOCKS (1.1%)(a)
					Shares	Value
	MuniMae Tax Exempt Bond Subsidiary, LLC 144A Ser. A-3, $7.50				2,000,000	$2,000,120
	MuniMae Tax Exempt Bond Subsidiary, LLC 144A Ser. A, 7.50% cum. pfd.		Ba1		3,115,359	3,116,511
	Total preferred stocks (cost $5,115,359)					$5,116,631
	COMMON STOCKS (0.0%)(a)
					Shares	Value
	Tembec, Inc. (Canada)(NON)				1,750	$5,158
	Total common stocks (cost $1,273,945)					$5,158
	TOTAL INVESTMENTS
	Total investments (cost $549,880,242)(b)					$600,152,558

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	Notes to the fund's portfolio
	Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from November 1, 2012 through January 31, 2013 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification ASC 820 Fair Value Measurements and Disclosures , references to “Putnam Management” represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to “OTC”, if any, represent over-the-counter.
(a)	Percentages indicated are based on net assets of $469,190,794.
(RAT)	The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Putnam are indicated by “/P.” Securities rated by Fitch are indicated by “/F.” The rating of an insured security represents what is believed to be the most recent rating of the insurer's claims-paying ability available at the close of the reporting period, if higher than the rating of the direct issuer of the bond, and does not reflect any subsequent changes.
(b)	The aggregate identified cost on a tax basis is $549,865,723, resulting in gross unrealized appreciation and depreciation of $59,613,813 and $9,326,978, respectively, or net unrealized appreciation of $50,286,835.
(NON)	Non-income-producing security.
(FWC)	Forward commitment, in part or in entirety.
(T)	Underlying security in a tender option bond transaction. The security has been segregated as collateral for financing transactions.
	At the close of the reporting period, the fund maintained liquid assets totaling $13,671,025 to cover certain tender option bonds.
	Debt obligations are considered secured unless otherwise indicated.
	144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
	The rates shown on Mandatory Put Bonds are the current interest rates at the close of the reporting period.
	The dates shown parenthetically on Mandatory Put Bonds represent the next mandatory put dates.
	The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates.
	The dates shown on debt obligations are the original maturity dates.
	The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):
	Health care	41.0%
	Utilities	19.2
	Transportation	14.7
	Education	10.5
	Security valuation: Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2.
	Certain investments, including certain restricted and illiquid securities and derivatives are also valued at fair value following procedures approved by the Trustees. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures and recovery rates. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
	Tender option bond transactions: The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust’s assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund’s portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. At the close of the reporting period, the fund’s investments with a value of $23,726,050 were held by the TOB trust and served as collateral for $10,055,025 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $3,609 for these investments based on an average interest rate of 0.14%.

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	ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund’s investments. The three levels are defined as follows:
	Level 1: Valuations based on quoted prices for identical securities in active markets.
	Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
	Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.
	The following is a summary of the inputs used to value the fund’s net assets as of the close of the reporting period:
			Valuation inputs
	Investments in securities:	Level 1	Level 2	Level 3
	Common stocks:
	Basic materials	$5,158	$—	$—
	Total common stocks	5,158	—	—
	Municipal bonds and notes	$—	$595,030,769	$—
	Preferred stocks	—	5,116,631	—
	Totals by level	$5,158	$600,147,400	$—
	For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com

	Item 2. Controls and Procedures:

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

	(b) Changes in internal control over financial reporting: Not applicable

	Item 3. Exhibits:

	Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.

	SIGNATURES

	Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Putnam Managed Municipal Income Trust

	By (Signature and Title):

	/s/ Janet C. Smith Janet C. Smith Principal Accounting Officer Date: March 28, 2013

	Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

	By (Signature and Title):

	/s/ Jonathan S. Horwitz Jonathan S. Horwitz Principal Executive Officer Date: March 28, 2013

	By (Signature and Title):

	/s/ Steven D. Krichmar Steven D. Krichmar Principal Financial Officer Date: March 28, 2013