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:	Bryan Chegwidden, Esq. Ropes & Gray LLP 1211 Avenue of the Americas New York, New York 10036

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

	Date of fiscal year end:	October 31, 2014

	Date of reporting period:	July 31, 2014

	Item 1. Schedule of Investments:

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	Putnam Managed Municipal Income Trust
	The fund's portfolio
	7/31/14 (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 and are payable upon demand either daily, weekly or monthly. The rate shown is the current interest rate at the close of the reporting period.
	MUNICIPAL BONDS AND NOTES (129.2%)(a)
			Rating(RAT)		Principal amount	Value
	Alabama (1.8%)
	Butler, Indl. Dev. Board Solid Waste Disp. Rev. Bonds (GA. Pacific Corp.), 5 3/4s, 9/1/28		A+		$1,500,000	$1,506,734
	Cullman Cnty., Hlth. Care Auth. Rev. Bonds (Cullman Regl. Med. Ctr.), Ser. A, 6 3/4s, 2/1/29		Ba1		1,100,000	1,190,761
	Jefferson Cnty., Swr. Rev. Bonds
	Ser. D, 6 1/2s, 10/1/53		BBB-		2,000,000	2,260,920
	zero %, 10/1/46		BBB-		3,250,000	1,921,920
	Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity Zone Intl. Paper Co.), Ser. A, 6 1/4s, 11/1/33		BBB		1,000,000	1,132,060
						8,012,395
	Arizona (4.3%)
	Apache Cnty., Indl. Dev. Auth. Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co.), Ser. A, 4 1/2s, 3/1/30		Baa1		1,750,000	1,834,613
	Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.)
	Ser. A, 7 5/8s, 12/1/29(F)		D/P		1,800,000	5,380
	7 1/4s, 12/1/19(F)		D/P		1,000,000	2,989
	Coconino Cnty., Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co. - Navajo), Ser. A, 5 1/8s, 10/1/32		Baa1		2,000,000	2,111,400
	Maricopa Cnty., Poll. Control Rev. Bonds (El Paso Elec. Co.), Ser. A, 7 1/4s, 2/1/40		Baa1		2,200,000	2,482,458
	Navajo Cnty., Poll. Control Corp. Mandatory Put Bonds (6/1/16) (AZ Pub. Svc. Co.), Ser. E, 5 3/4s, 6/1/34		A3		1,950,000	2,107,190
	Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds
	(Great Hearts Academies), 6s, 7/1/32		BB/F		200,000	204,862
	(Choice Academies, Inc.), 5 5/8s, 9/1/42		BB+		315,000	295,483
	(Choice Academies, Inc.), 5 3/8s, 9/1/32		BB+		675,000	649,681
	(Choice Academies, Inc.), 4 7/8s, 9/1/22		BB+		905,000	906,466
	Pima Cnty., Indl. Dev. Auth. Rev. Bonds (Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25		BBB		1,140,000	1,133,353
	Salt Verde, Fin. Corp. Gas Rev. Bonds
	5 1/2s, 12/1/29		A-		2,000,000	2,358,760
	5s, 12/1/37		A-		2,000,000	2,192,280
	5s, 12/1/32		A-		570,000	633,264
	Tempe, Indl. Dev. Auth. Rev. Bonds (Friendship Village), Ser. A, 6 1/4s, 12/1/42		BB-/P		1,000,000	1,047,060
	Yavapai Cnty., Indl. Dev. Ed. Auth. Rev. Bonds (Agribusiness & Equine Ctr.), 5s, 3/1/32		BB+		1,000,000	995,330
						18,960,569
	Arkansas (0.2%)
	Arkadelphia, Pub. Ed. Fac. Board Rev. Bonds (Ouachita Baptist U.), 6s, 3/1/33		BB+/P		840,000	875,776
	Rogers, Rev. Bonds (Sales and Use Tax), 3 3/4s, 11/1/34		AA		75,000	75,574
						951,350
	California (14.2%)
	ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds
	(Episcopal Sr. Cmntys.), 6s, 7/1/31		BBB+/F		660,000	738,936
	(O'Connor Woods), 5s, 1/1/33		A		600,000	640,320
	CA Edl. Fac. Auth. Rev. Bonds (U. of La Verne), Ser. A, 5s, 6/1/35		Baa1		500,000	503,010
	CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA), 5 1/4s, 2/1/37		Baa1		1,105,000	1,126,647
	CA Muni. Fin. Auth. Rev. Bonds
	(U. of La Verne), Ser. A, 6 1/8s, 6/1/30		Baa1		1,000,000	1,164,590
	(Emerson College), 6s, 1/1/42		Baa1		1,000,000	1,143,580
	CA Poll. Control Fin. Auth. Solid Waste Disp. FRB (Waste Management, Inc.), Ser. C, 5 1/8s, 11/1/23		A-		2,150,000	2,253,544
	CA Poll. Control Fin. Auth. Solid Waste Disp. 144A Rev. Bonds (Waste Management, Inc.), Ser. A-2, 5.4s, 4/1/25		A-		1,760,000	1,815,387
	CA School Fin. Auth. Rev. Bonds (2023 Union, LLC), Ser. A, 6s, 7/1/33		BBB-		465,000	498,410
	CA State G.O. Bonds
	6 1/2s, 4/1/33		Aa3		5,000,000	6,109,900
	5s, 4/1/42		Aa3		2,000,000	2,176,040
	CA State Muni. Fin. Auth. Charter School Rev. Bonds (Partnerships Uplift Cmnty.), Ser. A, 5s, 8/1/32		BB+		665,000	684,850
	CA State Poll. Control Fin. Auth. Rev. Bonds
	(Wtr. Furnishing), 5s, 11/21/45		Baa3		2,000,000	2,055,100
	(Pacific Gas & Electric Corp.), Class D, FGIC, 4 3/4s, 12/1/23		A3		2,500,000	2,662,125
	CA State Pub. Wks. Board Rev. Bonds
	(Dept. of Forestry & Fire), Ser. E, 5s, 11/1/32		A1		1,250,000	1,363,300
	(Capital Projects), Ser. A, 5s, 4/1/29		A1		2,000,000	2,245,540
	CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30		BBB+		980,000	982,499
	CA Statewide Cmnty. Dev. Auth. Rev. Bonds
	(Terraces at San Joaquin Gardens), Ser. A, 6s, 10/1/47		BB/P		1,000,000	1,045,780
	(American Baptist Homes West), 5 3/4s, 10/1/25		BBB		3,000,000	3,253,860
	(U. CA Irvine E. Campus Apts. Phase 1), 5 3/8s, 5/15/38		Baa2		1,000,000	1,075,330
	(U. CA Irvine E. Campus Apts. Phase 1), 5 1/8s, 5/15/31		Baa2		2,250,000	2,402,978
	Cathedral City, Impt. Board Act of 1915 Special Assmt. Bonds (Cove Impt. Dist.), Ser. 04-02
	5.05s, 9/2/35		BB+/P		1,005,000	1,005,975
	5s, 9/2/30		BB+/P		245,000	245,321
	Corona-Norco, School Dist. Pub. Fin. Auth. Special Tax Bonds (Sr. Lien), Ser. A, 5s, 9/1/28		BBB+		380,000	414,400
	Foothill/Eastern Corridor Agcy. Rev. Bonds, Ser. A, 6s, 1/15/53		BBB-		1,500,000	1,708,680
	Golden State Tobacco Securitization Corp. Rev. Bonds
	Ser. A-1, 5 3/4s, 6/1/47		B3		1,000,000	798,460
	Ser. A-2, 5.3s, 6/1/37		B3		2,000,000	1,586,440
	(Enhanced Asset), Ser. A, 5s, 6/1/30		A1		500,000	550,100
	(Enhanced Asset), Ser. A, 5s, 6/1/29		A1		1,125,000	1,243,980
	Irvine Pub. Fac. & Infrastructure Auth. Special Assmt. Bonds, Ser. A, 4 1/4s, 9/2/24		BBB+		500,000	508,240
	Irvine, Impt. Board Act of 1915 Special Assmt. Bonds, 5s, 9/2/25		BBB+		830,000	918,129
	La Verne, COP (Brethren Hillcrest Homes), 5s, 5/15/36		BBB-/F		325,000	332,550
	Los Angeles, Dept. of Arpt. Rev. Bonds (Los Angeles Intl. Arpt.), 5s, 5/15/30		AA		1,000,000	1,115,670
	Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds (Laxfuel Corp.), 4 1/2s, 1/1/27		A		400,000	424,544
	M-S-R Energy Auth. Rev. Bonds, Ser. A, 6 1/2s, 11/1/39		A-		750,000	987,173
	Oakland, Unified School Dist. Alameda Cnty., G.O. Bonds
	(Election of 2012), 6 5/8s, 8/1/38		BBB/P		800,000	951,624
	(Election 2006), Ser. A, 5 1/2s, 8/1/32		BBB/P		500,000	550,855
	Poway, Unified School Dist. Pub. Fin. Auth. Special Tax Bonds, 5s, 9/15/32		BBB		500,000	527,675
	Rancho Cordova, Cmnty. Fac. Dist. Special Tax Bonds (Sunridge Anatolia), Ser. 03-1, 5s, 9/1/37		BB+/P		350,000	356,034
	San Francisco City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, Ser. A, 5s, 5/1/30		A1		600,000	657,966
	San Francisco City & Cnty., Redev. Agcy. Cmnty. Successor Special Tax Bonds
	(No.6 Mission Bay Pub. Impts.), Ser. C, zero %, 8/1/43		BB+/P		2,000,000	375,340
	(Mission Bay), Ser. C, zero %, 8/1/38		BB+/P		2,000,000	509,960
	San Francisco, City & Cnty. Redev. Fin. Auth. Tax Alloc. Bonds (Mission Bay South), Ser. D, 6 5/8s, 8/1/39		BBB+		250,000	275,025
	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	1,785,910
	Sunnyvale, Special Tax Rev. Bonds (Cmnty. Fac. Dist. No. 1), 7 3/4s, 8/1/32		B+/P		835,000	836,303
	Univ. of CA, Ser. AF Rev. bonds, 5s, 5/15/36(T)		AA		7,000,000	7,877,415
	Yucaipa Special Tax Bonds (Cmnty. Fac. Dist. No. 98-1 Chapman Heights), 5 3/8s, 9/1/30		BBB+		375,000	406,718
						62,892,213
	Colorado (3.2%)
	CO Pub. Hwy. Auth. Rev. Bonds (E-470), Ser. C, 5 3/8s, 9/1/26		Baa2		500,000	549,150
	CO State Educ. & Cultural Facs. Auth. Rev. Bonds (Skyview Academy), 5 1/8s, 7/1/34		BB+		755,000	763,441
	CO State Hlth. Fac. Auth. Rev. Bonds
	(Christian Living Cmnty.), 6 3/8s, 1/1/41		BB-/P		810,000	853,092
	(Total Longterm Care National), Ser. A, 6 1/4s, 11/15/40		BBB/F		300,000	327,042
	(Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26		BB-/P		1,925,000	1,980,960
	(Evangelical Lutheran Good Samaritan Society), 5 5/8s, 6/1/43		A3		250,000	274,668
	(Valley View Assn.), 5 1/4s, 5/15/42		A-		3,495,000	3,551,514
	(Covenant Retirement Cmnty.), Ser. A, 5s, 12/1/33		BBB-		900,000	935,325
	(Evangelical Lutheran Good Samaritan Society), 5s, 12/1/33		A3		1,100,000	1,175,481
	E-470 CO Pub. Hwy. Auth. Rev. Bonds, Ser. C1, NATL, 5 1/2s, 9/1/24		AA-		1,000,000	1,037,910
	Plaza, Tax Assoc. Bonds (Metro. Dist. No.1), 5s, 12/1/40		BB/P		1,650,000	1,670,048
	Regl. Trans. Dist. Rev. Bonds (Denver Trans. Partners), 6s, 1/15/41		Baa3		750,000	827,805
						13,946,436
	Connecticut (0.2%)
	Hamden, Fac. Rev. Bonds (Whitney Ctr.), Ser. A, 7 3/4s, 1/1/43		B-/P		1,000,000	1,042,550
						1,042,550
	Delaware (0.7%)
	DE State Econ. Dev. Auth. Rev. Bonds
	(Delmarva Pwr.), 5.4s, 2/1/31		Baa1		500,000	558,940
	(Indian River Pwr.), 5 3/8s, 10/1/45		Baa3		2,600,000	2,748,148
						3,307,088
	District of Columbia (2.3%)
	DC Rev. Bonds
	(Howard U.), Ser. A, 6 1/2s, 10/1/41		BBB+		2,500,000	2,772,500
	(Howard U.), Ser. A, 6 1/4s, 10/1/32		BBB+		1,000,000	1,106,880
	(Kipp Charter School), 6s, 7/1/33		BBB+		1,000,000	1,148,560
	DC Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, zero %, 6/15/46		B/F		7,500,000	915,824
	Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds
	(Dulles Metrorail), 5s, 10/1/53		Baa1		1,500,000	1,545,090
	(2nd Sr. Lien), Ser. B, zero %, 10/1/40		Baa1		10,000,000	2,500,700
						9,989,554
	Florida (5.1%)
	Double Branch Cmnty. Dev. Dist. Special Assmt. Bonds (Sr. Lien), Ser. A-1, 4 1/8s, 5/1/31		A-		500,000	494,905
	Escambia Cnty., Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 8/1/26		Baa2		2,000,000	2,001,040
	Fishhawk, CCD IV Special Assmt. Bonds, 7 1/4s, 5/1/43		B/P		400,000	419,976
	FL Hsg. Fin. Corp. Rev. Bonds, Ser. G, GNMA Coll., FNMA Coll., FHLMC Coll., 5 3/4s, 1/1/37		Aa1		170,000	175,799
	Florida State Higher Edl. Fac. Rev. Bonds (U. of Tampa), Ser. A, 5s, 4/1/32		BBB+		600,000	630,714
	Greater Orlando Aviation Auth. Rev. Bonds (JetBlue Airways Corp.), 5s, 11/15/36		B/P		1,000,000	969,870
	Heritage Harbour Marketplace Cmnty., Dev. Dist. Special Assmt. Bonds, 5.6s, 5/1/36		B-/P		345,000	317,348
	Jacksonville, Econ. Dev. Comm. Hlth. Care Fac. Rev. Bonds (FL Proton Therapy Inst.), Ser. A, 6s, 9/1/17		BB-/P		450,000	485,757
	Jacksonville, Econ. Dev. Comm. Indl. Dev. Rev. Bonds (Gerdau Ameristeel US, Inc.), 5.3s, 5/1/37		Baa3		2,450,000	2,433,780
	Lakeland, Retirement Cmnty. 144A Rev. Bonds (1st Mtge. - Carpenters), 6 3/8s, 1/1/43		BBB-/F		840,000	867,031
	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	1,080,988
	(Shell Pt./Alliance Cmnty.), 5s, 11/15/22		BB+		1,500,000	1,544,940
	Martin Cnty., Rev. Bonds (Indiantown Cogeneration), 4.2s, 12/15/25		Ba1		500,000	502,300
	Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount Sinai Med. Ctr.), 5s, 11/15/29		Baa1		1,000,000	1,064,740
	Miami-Dade Cnty., Indl. Dev. Auth. Rev. Bonds (Pinecrest Academy, Inc.), 5s, 9/15/34		BBB-		1,240,000	1,240,905
	Midtown Miami Cmnty. Dev. Dist. Special Assmt. Bonds (Garage), Ser. A, 5s, 5/1/29		BB-/P		570,000	582,101
	Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds (Acts Retirement-Life Cmnty.), 5 1/2s, 11/15/33		BBB+		2,000,000	2,119,400
	Palm Coast Pk. Cmnty. Dev. Dist. Special Assmt. Bonds, 5.7s, 5/1/37		B/P		890,000	592,420
	South Lake Hosp. Dist. Rev. Bonds (South Lake Hosp.), Ser. A, 6s, 4/1/29		Baa1		1,000,000	1,105,130
	Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, 5.4s, 5/1/37		CCC/P		830,000	833,445
	Verandah, West Cmnty. Dev. Dist. Special Assmt. Bonds (Cap. Impt.), 5s, 5/1/33		BB-/P		500,000	499,405
	Verano Ctr. Cmnty. Dev. Dist. Special Assmt. Bonds (Cmnty. Infrastructure), Ser. A, 5 3/8s, 5/1/37		B-/P		915,000	915,348
	Village Cmnty. Dev. Dist. No. 8 Special Assmt. Bonds (Phase II), 6 1/8s, 5/1/39		BB/P		425,000	466,986
	Village Cmnty. Dev. Dist. No. 9 Special Assmt. Bonds, 5s, 5/1/22		BB/P		520,000	544,409
	Village Community Development District No. 10 Special Assmt. Bonds, 5 3/4s, 5/1/31		BB/P		800,000	835,656
						22,724,393
	Georgia (3.2%)
	Atlanta, Wtr. & Waste Wtr. Rev. Bonds, Ser. A, 6 1/4s, 11/1/39		Aa3		2,500,000	2,981,925
	Clayton Cnty., Dev. Auth. Special Fac. Rev. Bonds (Delta Airlines), Ser. A, 8 3/4s, 6/1/29		B1		3,000,000	3,735,120
	Forsyth Cnty., Hosp. Auth. Rev. Bonds (Baptist Hlth. Care Syst.), U.S. Govt. Coll., 6 1/4s, 10/1/18 (Escrowed to maturity)		AA+		1,325,000	1,482,012
	Fulton Cnty., Res. Care Fac. Rev. Bonds (Canterbury Court), Class A, 6 1/8s, 2/15/34		BB/P		600,000	606,108
	GA State Private College & U. Auth. Rev. Bonds (Mercer U.)
	Ser. C, 5 1/4s, 10/1/30		Baa2		750,000	809,235
	Ser. A, 5 1/4s, 10/1/27		Baa2		1,000,000	1,095,950
	Ser. A, 5s, 10/1/32		Baa2		1,000,000	1,046,430
	Gainesville & Hall Cnty., Devauth Retirement Cmnty. Rev. Bonds (Acts Retirement-Life Cmnty.), Ser. A-2, 6 3/8s, 11/15/29		BBB+		700,000	804,531
	Marietta, Dev. Auth. Rev. Bonds (U. Fac. Life U., Inc.), Ser. PJ, 6 1/4s, 6/15/20		Ba3		955,000	1,020,895
	Rockdale Cnty., Dev. Auth. Rev. Bonds (Visy Paper), Ser. A, 6 1/8s, 1/1/34		BB/P		600,000	612,012
						14,194,218
	Guam (—%)
	Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A, 5s, 10/1/34		BBB		200,000	215,668
						215,668
	Hawaii (1.2%)
	HI Dept. of Trans. Special Fac. Rev. Bonds (Continental Airlines, Inc.), 7s, 6/1/20		B2		890,000	892,528
	HI State Dept. Budget & Fin. Rev. Bonds
	(Craigside), Ser. A, 9s, 11/15/44		B/P		400,000	466,508
	(Hawaiian Elec. Co. - Subsidary), 6 1/2s, 7/1/39		Baa1		3,000,000	3,441,630
	(Kahala Nui), 5 1/8s, 11/15/32		BBB/F		400,000	429,963
						5,230,629
	Illinois (5.0%)
	Chicago, G.O. Bonds, Ser. A, 5s, 1/1/33		A+		2,000,000	2,037,080
	Chicago, Special Assmt. Bonds (Lake Shore East), 6 3/4s, 12/1/32		BB/P		1,624,000	1,635,238
	Chicago, Motor Fuel Tax Rev. Bonds, 5s, 1/1/29		AA+		500,000	538,450
	Chicago, O'Hare Intl. Arpt. Rev. Bonds, Ser. C, 5s, 1/1/26		A2		2,595,000	2,896,280
	Cicero, G.O. Bonds, Ser. A, AGM, 5s, 1/1/20		AA		1,250,000	1,421,962
	Du Page Cnty., Special Svc. Area No. 31 Special Tax Bonds (Monarch Landing)
	5 5/8s, 3/1/36		B/P		350,000	351,407
	5.4s, 3/1/16		B/P		78,000	80,041
	IL Fin. Auth. Rev. Bonds
	(Provena Hlth.), Ser. A, 7 3/4s, 8/15/34		BBB+		1,500,000	1,828,650
	(Silver Cross Hosp. & Med. Ctr.), 7s, 8/15/44		BBB-		2,000,000	2,293,340
	(IL Rush U. Med. Ctr.), Ser. C, 6 5/8s, 11/1/39		A2		1,075,000	1,201,538
	(Navistar Intl. Recvy. Zone), 6 1/2s, 10/15/40		B3		1,500,000	1,530,930
	(Three Crowns Pk. Plaza), Ser. A, 5 7/8s, 2/15/26		B+/P		1,000,000	1,016,520
	(Landing At Plymouth Place), Ser. A, 5.35s, 5/15/15		B+/P		600,000	607,950
	(American Wtr. Cap. Corp.), 5 1/4s, 10/1/39		A-		1,575,000	1,661,310
	IL Hlth. Fac. Auth. Rev. Bonds (Cmnty. Rehab. Providers Fac.), Ser. A, 7 7/8s, 7/1/20		CCC/P		81,285	42,268
	IL State G.O. Bonds
	5s, 3/1/34		A3		750,000	765,128
	5s, 8/1/21		A3		750,000	823,598
	IL State Sports Fac. Auth. Rev. Bonds, AGM, 5 1/4s, 6/15/32(FWC)		AA		250,000	271,558
	Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6s, 6/1/28		A-		1,050,000	1,224,657
						22,227,905
	Indiana (3.0%)
	IN State Fin. Auth. Rev. Bonds
	(I-69 Dev. Partners, LLC), 5 1/4s, 9/1/40		BBB-		1,000,000	1,056,850
	(I-69 Dev. Partners, LLC), 5 1/4s, 9/1/34		BBB-		1,250,000	1,335,663
	(OH Valley Elec. Corp.), Ser. A, 5s, 6/1/32		Baa3		750,000	770,963
	IN State Fin. Auth. Edl. Fac. Rev. Bonds (Butler U.), Ser. B
	5s, 2/1/32		BBB+		1,000,000	1,084,350
	5s, 2/1/29		BBB+		500,000	559,865
	Indianapolis, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 5.1s, 1/15/17		Baa1		3,500,000	3,852,800
	Jasper Cnty., Indl. Poll. Control Rev. Bonds
	AMBAC, 5.7s, 7/1/17		Baa1		1,125,000	1,238,884
	NATL, 5.6s, 11/1/16		AA-		700,000	757,932
	Ser. A, NATL, 5.6s, 11/1/16		AA-		500,000	541,380
	Rockport, Poll. Control Mandatory Put Bonds (6/1/18) (Indiana Michigan Pwr. Co.), 1 3/4s, 6/1/25		Baa1		200,000	200,514
	St. Joseph Cnty., Econ. Dev. Rev. Bonds (Holy Cross Village Notre Dame), Ser. A, 5 3/4s, 5/15/15		B+/P		455,000	460,237
	Valparaiso, Exempt Facs. Rev. Bonds (Pratt Paper, LLC), 6 3/4s, 1/1/34		B+/P		1,125,000	1,246,285
						13,105,723
	Iowa (2.1%)
	IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care Initiatives), Ser. A
	5 1/4s, 7/1/17		BB+		1,040,000	1,104,480
	5s, 7/1/19		BB+		2,750,000	2,883,924
	IA Fin. Auth. Hlth. Fac. Rev. Bonds (Dev. Care Initiatives), Ser. A, 5 1/2s, 7/1/25		BB+		950,000	984,381
	IA State Fin. Auth. Midwestern Disaster Rev. Bonds
	(IA Fertilizer Co., LLC), 5 1/2s, 12/1/22		BB-		1,000,000	1,046,410
	(IA Fertilizer Co.), 5 1/4s, 12/1/25		BB-		1,000,000	1,054,190
	Orange Cnty., Hosp. Rev. Bonds, 5 1/2s, 9/1/27		BB/P		1,150,000	1,175,335
	Tobacco Settlement Auth. of IA Rev. Bonds, Ser. C, 5 3/8s, 6/1/38		B+		1,250,000	1,038,625
						9,287,345
	Kansas (0.1%)
	Lenexa, Hlth. Care Fac. Rev. Bonds (LakeView Village), 7 1/8s, 5/15/29		BB/P		500,000	565,445
						565,445
	Kentucky (1.8%)
	KY Econ. Dev. Fin. Auth. Rev. Bonds
	(First Mtge.), Ser. IA, 8s, 1/1/29		B+/P		230,000	232,514
	(Masonic Home Indpt. Living II), 7 1/4s, 5/15/41		BB-/P		500,000	561,505
	(Masonic Home Indpt. Living II), 7s, 5/15/30		BB-/P		500,000	559,275
	KY Pub. Trans. Infrastructure Auth. Rev. Bonds (1st Tier Downtown Crossing), Ser. A, 6s, 7/1/53		Baa3		1,100,000	1,252,811
	KY State Econ. Dev. Fin. Auth. Hlth. Care Rev. Bonds (Masonic Homes of KY), 5 3/8s, 11/15/42		BB-/P		900,000	896,679
	Louisville & Jefferson Cnty., Metro. Govt. Hlth. Syst. Rev. Bonds (Norton Healthcare Oblig. Group), 5 1/2s, 10/1/33		A-		3,000,000	3,303,300
	Louisville/Jefferson Cnty., Metro. Govt. College Rev. Bonds (Bellarmine U.), Ser. A, 6s, 5/1/28		Baa3		500,000	537,610
	Owen Cnty., Wtr. Wks. Syst. Rev. Bonds (American Wtr. Co.), Ser. A, 6 1/4s, 6/1/39		A-		700,000	780,094
						8,123,788
	Louisiana (1.1%)
	LA State Local Govt. Env. Facs. & Cmnty. Dev. Auth. Rev. Bonds (Westlake Chemical Corp.), 6 3/4s, 11/1/32		BBB		2,200,000	2,451,988
	LA State Pub. Facs. Solid Waste Disp. Auth. Rev. Bonds (LA Pellets, Inc.), Ser. A, 8 3/8s, 7/1/39		B-/P		500,000	500,000
	Pub. Facs. Auth. Dock & Wharf Rev. Bonds (Impala Warehousing, LLC), 6 1/2s, 7/1/36		B+/P		1,000,000	1,063,090
	Rapides, Fin. Auth. FRB (Cleco Pwr.), AMBAC, 4.7s, 11/1/36		A3		750,000	754,432
						4,769,510
	Maine (0.5%)
	ME Hlth. & Higher Edl. Fac. Auth. Rev. Bonds
	(ME Gen. Med. Ctr.), 7 1/2s, 7/1/32		Ba1		1,000,000	1,168,560
	(MaineGeneral Health Oblig. Group), 6.95s, 7/1/41		Ba1		1,000,000	1,108,940
						2,277,500
	Maryland (1.3%)
	Baltimore Cnty., Rev. Bonds (Oak Crest Village, Inc. Fac.), Ser. A, 5s, 1/1/37		BBB+		2,000,000	2,026,580
	MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.2s, 9/1/22		A2		550,000	654,417
	MD State Indl. Dev. Fin. Auth. Rev. Bonds (Synagro-Baltimore), Ser. A, 5 3/8s, 12/1/14		BBB+/F		1,000,000	1,007,160
	MD State Indl. Dev. Fin. Auth. Econ. Dev. Rev. Bonds (Our Lady of Good Counsel School), Ser. A, 6s, 5/1/35 (Prerefunded 5/1/15)		BB/P		400,000	417,120
	Westminster, Rev. Bonds (Carroll Lutheran Village, Inc.), 5 1/8s, 7/1/34		BB/P		1,500,000	1,535,625
						5,640,902
	Massachusetts (6.6%)
	MA Edl. Fin. Auth. Rev. Bonds, Ser. B, 5 1/2s, 1/1/23		AA		635,000	676,542
	MA State Dev. Fin. Agcy. Rev. Bonds
	(Sabis Intl.), Ser. A, 8s, 4/15/39		BBB		690,000	815,076
	(Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/46		B-/P		850,850	694,260
	(Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/39		B-/P		532,400	455,261
	(Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/26		B-/P		275,400	252,591
	(Boston U.), 6s, 5/15/59		A1		500,000	604,930
	(Loomis Cmntys.), Ser. A, 6s, 1/1/33		BBB-		200,000	209,938
	(Linden Ponds, Inc. Fac.), Ser. A-2, 5 1/2s, 11/15/46		B-/P		88,265	64,269
	(New England Conservatory of Music), 5 1/4s, 7/1/38 (Prerefunded 7/1/18)		AAA/P		805,000	937,060
	(Wheelock College), Ser. C, 5 1/4s, 10/1/29		BBB		1,700,000	1,821,703
	(Emerson College), Ser. A, 5s, 1/1/40		Baa1		1,000,000	1,049,630
	(First Mtge. - Orchard Cove), 5s, 10/1/19		BB/P		550,000	561,538
	(Linden Ponds, Inc. Fac.), Ser. B, zero %, 11/15/56		B-/P		439,022	3,341
	MA State Dev. Fin. Agcy. Hlth. Care Fac. 144A Rev. Bonds (Adventcare), Ser. A, 6.65s, 10/15/28		B/P		1,050,000	1,090,740
	MA State Dev. Fin. Agcy. Solid Waste Disp. FRB (Dominion Energy Brayton), Ser. 1, 5 3/4s, 12/1/42 (Prerefunded 5/1/19)		BBB+		1,050,000	1,269,965
	MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
	(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33		B+		2,550,000	2,551,760
	(Suffolk U.), Ser. A, 6 1/4s, 7/1/30		Baa2		1,000,000	1,173,100
	(Quincy Med. Ctr.), Ser. A, 6 1/4s, 1/15/28 (In default)(NON)		D/P		330,776	33
	(Suffolk U.), Ser. A, 5 3/4s, 7/1/39 (Prerefunded 7/1/19)		Baa2		950,000	1,030,389
	(Baystate Med. Ctr.), Ser. I, 5 3/4s, 7/1/36		A+		1,500,000	1,668,015
	(Springfield College), 5 5/8s, 10/15/40		Baa1		450,000	489,461
	(Springfield College), 5 1/2s, 10/15/31		Baa1		1,100,000	1,205,248
	(Springfield College), 5 1/2s, 10/15/26		Baa1		1,500,000	1,673,715
	(Fisher College), Ser. A, 5 1/8s, 4/1/37		BBB-		250,000	252,173
	(Emerson Hosp.), Ser. E, Radian Insd., 5s, 8/15/25		BB/P		1,500,000	1,504,590
	(Milford Regl. Med.), Ser. E, 5s, 7/15/22		Baa3		2,200,000	2,293,390
	MA State Indl. Fin. Agcy. Rev. Bonds (1st Mtge. Berkshire Retirement), Ser. A, 6 5/8s, 7/1/16		BBB		515,000	517,220
	MA State Port Auth. Special Fac. Rev. Bonds (Conrac), Ser. A, 5 1/8s, 7/1/41		A		750,000	803,715
	Metro. Boston, Trans. Pkg. Corp. Rev. Bonds
	(Systemwide Pkg.), 5 1/4s, 7/1/33		A1		1,500,000	1,683,195
	5s, 7/1/41		A1		1,500,000	1,620,675
						28,973,523
	Michigan (5.0%)
	Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM, 6 1/4s, 7/1/36		AA		1,660,000	1,728,690
	Flint, Hosp. Bldg. Auth. Rev. Bonds
	(Hurley Med. Ctr.), 6s, 7/1/20		Ba1		110,000	110,091
	Ser. A, 5 1/4s, 7/1/39		Ba1		750,000	660,150
	Kentwood, Economic Dev. Rev. Bonds (Holland Home), 5 5/8s, 11/15/32		BB+		2,195,000	2,288,068
	MI State Hosp. Fin. Auth. Rev. Bonds
	Ser. A, 6 1/8s, 6/1/39		A1		2,000,000	2,191,000
	(Henry Ford Hlth.), 5 3/4s, 11/15/39		A3		1,600,000	1,745,440
	(Henry Ford Hlth. Syst.), Ser. A, 5 1/4s, 11/15/46		A3		2,565,000	2,586,136
	(Chelsea Cmnty. Hosp. Oblig.), 5s, 5/15/25 (Prerefunded 5/15/15)		AA+		755,000	782,542
	MI State Strategic Fund Ltd. Oblig. Rev. Bonds (Cadillac Place Office Bldg.), 5 1/4s, 10/15/26		A1		1,250,000	1,397,275
	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	1,644,030
	MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A, 6s, 6/1/48		B-		4,000,000	3,153,560
	Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy Memorial Hosp.), 5 1/2s, 6/1/20		Baa2		1,480,000	1,547,488
	Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5s, 12/1/21		A2		2,000,000	2,282,280
						22,116,750
	Minnesota (2.5%)
	Douglas Cnty., Gross Hlth. Care Fac. Rev. Bonds (Douglas Cnty. Hosp.), Ser. A, 6 1/4s, 7/1/34		BBB-		3,000,000	3,220,380
	Inver Grove Heights, Nursing Home Rev. Bonds (Presbyterian Homes Care), 5 3/8s, 10/1/26		B/P		700,000	700,370
	North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes North Oaks), 6 1/8s, 10/1/39		BB/P		315,000	336,373
	Northfield, Hosp. Rev. Bonds, 5 3/8s, 11/1/26		BBB		750,000	778,185
	Rochester, Hlth. Care Fac. Rev. Bonds (Olmsted Med. Ctr.), 5 7/8s, 7/1/30		A-/F		1,000,000	1,126,250
	Sartell, Hlth. Care & Hsg. Facs. Rev. Bonds (Country Manor Campus, LLC)
	5 1/4s, 9/1/30		B-/P		500,000	514,555
	5 1/4s, 9/1/27		B-/P		750,000	784,080
	Sauk Rapids Hlth. Care & Hsg. Fac. Rev. Bonds (Good Shepherd Lutheran Home), 7 1/2s, 1/1/39 (Prerefunded 1/1/16)		AAA/P		500,000	550,305
	St. Paul, Hsg. & Redev. Auth. Charter School Lease Rev. Bonds (Nova Classical Academy), Ser. A
	6 5/8s, 9/1/42		BBB-		250,000	273,473
	6 3/8s, 9/1/31		BBB-		250,000	273,210
	St. Paul, Hsg. & Redev. Auth. Hosp. Rev. Bonds (Healtheast), 6s, 11/15/35		BBB-		1,350,000	1,404,999
	St. Paul, Port Auth. Lease Rev. Bonds (Regions Hosp. Pkg. Ramp), Ser. 1, 5s, 8/1/36		A-/P		1,125,000	1,125,833
						11,088,013
	Mississippi (1.1%)
	MS State Bus. Fin. Commission Gulf Opportunity Zone VRDN (Chevron USA, Inc.), Ser. E, 0.05s, 12/1/30		VMIG1		3,000,000	3,000,000
	Warren Cnty., Gulf Opportunity Zone Rev. Bonds (Intl. Paper Co.), Ser. A, 6 1/2s, 9/1/32		Baa2		1,600,000	1,784,512
						4,784,512
	Missouri (0.6%)
	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	1,509,750
	St. Louis Arpt. Rev. Bonds (Lambert-St. Louis Intl.), Ser. A-1, 6 5/8s, 7/1/34		A3		1,000,000	1,169,150
						2,678,900
	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	516,615
						516,615
	Nebraska (0.8%)
	Central Plains, Energy Rev. Bonds (NE Gas No. 1), Ser. A, 5 1/4s, 12/1/18		A-		1,500,000	1,706,190
	Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5 1/2s, 1/1/30		AA-/F		1,000,000	1,079,290
	NE Pub. Pwr. Dist. Rev. Bonds, Ser. A
	5s, 1/1/39		A1		250,000	271,213
	5s, 1/1/38		A1		250,000	272,908
						3,329,601
	Nevada (1.6%)
	Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, 5s, 7/1/33		A1		1,050,000	1,157,730
	Clark Cnty., Impt. Dist. Special Assmt. Bonds
	(Mountains Edge Local No. 142), 5s, 8/1/21		BBB-		615,000	651,402
	(Summerlin No. 151), 5s, 8/1/20		BB-/P		405,000	386,200
	(Summerlin No. 151), 5s, 8/1/16		BB-/P		950,000	949,458
	Henderson, Local Impt. Dist. Special Assmt. Bonds
	(No. T-17), 5s, 9/1/18		BB+/P		360,000	370,534
	(No. T-18), 5s, 9/1/16		CCC/P		715,000	703,946
	Las Vegas, Special Assmt. Bonds (Dist. No. 607 Local Impt.), 5s, 6/1/23		BB/P		435,000	456,807
	Reno, Sales Tax VRDN (Reno Trans. Rail Access Corridor (ReTRAC)), 0.07s, 6/1/42		VMIG1		2,470,000	2,470,000
						7,146,077
	New Hampshire (1.9%)
	NH Hlth. & Ed. Fac. Auth. Rev. Bonds
	(Rivermead), Ser. A, 6 7/8s, 7/1/41		BB+/P		2,000,000	2,203,120
	(Rivermead), Ser. A, 6 5/8s, 7/1/31		BB+/P		1,320,000	1,438,258
	(Kendal at Hanover), Ser. A, 5s, 10/1/18		BBB+		1,875,000	1,884,506
	NH Hlth. & Ed. Fac. Auth. VRDN (U. Syst. of NH), Ser. B, 0.12s, 7/1/33		VMIG1		880,000	880,000
	NH State Bus. Fin. Auth. Rev. Bonds (Elliot Hosp. Oblig. Group), Ser. A, 6s, 10/1/27		Baa1		1,700,000	1,856,043
						8,261,927
	New Jersey (9.1%)
	Burlington Cnty., Bridge Comm. Econ. Dev. Rev. Bonds (The Evergreens), 5 5/8s, 1/1/38		BB+/P		3,200,000	3,228,864
	NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds
	(St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38		BBB-		2,250,000	2,443,703
	(St. Peter's U. Hosp.), 6 1/4s, 7/1/35		Ba1		2,000,000	2,173,540
	(United Methodist Homes), Ser. A, 5 3/4s, 7/1/29		BBB-/F		2,250,000	2,250,630
	(Holy Name Hosp.), 5s, 7/1/36		Baa2		2,500,000	2,569,325
	NJ State Econ. Dev. Auth. Rev. Bonds
	(Ashland School, Inc.), 6s, 10/1/33		BBB		1,000,000	1,081,830
	(NYNJ Link Borrower, LLC), 5 3/8s, 1/1/43		BBB-		1,000,000	1,065,670
	(MSU Student Hsg. - Provident Group - Montclair LLC), 5 3/8s, 6/1/25		Baa3		2,000,000	2,259,920
	(Lions Gate), 5 1/4s, 1/1/44		BB-/P		300,000	299,985
	(Continental Airlines, Inc.), 5 1/4s, 9/15/29		B2		3,000,000	3,142,350
	5s, 6/15/26		Baa1		500,000	552,945
	NJ State Econ. Dev. auth. Fac. Rev. Bonds (Continental Airlines, Inc.), 5 5/8s, 11/15/30		B2		1,500,000	1,604,250
	NJ State Econ. Dev. Auth. Retirement Cmnty. Rev. Bonds (Seabrook Village, Inc.), 5 1/4s, 11/15/36		BB-/P		860,000	872,641
	NJ State Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.)
	Ser. A, 5.7s, 10/1/39		A1		2,600,000	2,843,178
	Ser. D, 4 7/8s, 11/1/29		A1		700,000	745,815
	North Hudson, Swr. Auth. Rev. Bonds, Ser. A, 5s, 6/1/42		A-		1,000,000	1,072,790
	Rutgers State U. VRDN, Ser. A, 0.06s, 5/1/18		VMIG1		2,550,000	2,550,000
	Tobacco Settlement Fin. Corp. Rev. Bonds
	Ser. 1A, 5s, 6/1/41		B2		5,000,000	3,710,250
	Ser. 1A, 4 3/4s, 6/1/34		B2		2,210,000	1,646,604
	zero %, 6/1/41		A-		10,000,000	2,419,200
	Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds (Covanta Union), Ser. A, 5 1/4s, 12/1/31		AA+		1,450,000	1,553,530
						40,087,020
	New Mexico (1.6%)
	Farmington, Poll. Control Rev. Bonds
	(Public Service Co. of NM San Juan), Ser. D, 5.9s, 6/1/40		Baa2		500,000	551,605
	(San Juan), Ser. B, 4 7/8s, 4/1/33		Baa2		4,500,000	4,588,920
	(AZ Pub. Svc. Co.), Ser. B, 4.7s, 9/1/24		A3		2,000,000	2,141,480
						7,282,005
	New York (8.8%)
	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	623,964
	Livingston Cnty., Indl. Dev. Agcy. Civic Fac. Rev. Bonds (Nicholas H. Noyes Memorial Hosp.), 5 3/4s, 7/1/15		BB		435,000	435,287
	Nassau Cnty., Indl. Dev. Agcy. Rev. Bonds (Keyspan-Glenwood), 5 1/4s, 6/1/27		A-		2,775,000	2,782,964
	NY City, G.O. Bonds, Ser. F, 5s, 8/1/31		Aa2		1,500,000	1,685,970
	NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds
	(American Airlines - JFK Intl. Arpt.), 7 1/2s, 8/1/16		B+/P		1,560,000	1,634,693
	(British Airways PLC), 5 1/4s, 12/1/32		BB		3,425,000	3,424,795
	(Jetblue Airways Corp.), 5s, 5/15/20		B		235,000	235,331
	NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. bonds 5s, 6/15/31(T)		AA+		10,000,000	11,286,547
	NY State Dorm Auth. Rev. Bonds, Ser. A, 5s, 3/15/38		AAA		1,500,000	1,674,255
	NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds (Orange Regl. Med. Ctr.), 6 1/4s, 12/1/37		Ba1		725,000	756,625
	NY State Dorm. Auth.Ser. C Rev bonds 5s, 3/15/31(T)		AAA		5,000,000	5,653,279
	NY State Energy Research & Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26		A2		3,800,000	3,811,628
	Onondaga Civic Dev. Corp. Rev. Bonds (St. Joseph's Hosp. Hlth. Ctr.), 5 1/8s, 7/1/31		Ba2		1,620,000	1,663,335
	Port Auth. NY & NJ Special Oblig. Rev. Bonds (JFK Intl. Air Term.), 6s, 12/1/42		Baa3		1,000,000	1,144,290
	Port Auth. of NY & NJ Rev. Bonds (Kennedy Intl. Arpt. - 5th Installment), 6 3/4s, 10/1/19		BB+/P		180,000	179,984
	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	1,250,338
	Syracuse, Indl. Dev. Agcy. Rev. Bonds (1st Mtge. - Jewish Home), Ser. A, 7 3/8s, 3/1/21		B/P		615,000	615,068
						38,858,353
	North Carolina (1.9%)
	NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6 3/4s, 1/1/24		A-		750,000	890,783
	NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds
	(Presbyterian Homes), 5.4s, 10/1/27		BB/P		2,000,000	2,009,520
	(First Mtge. - Presbyterian Homes), 5 3/8s, 10/1/22		BB/P		1,110,000	1,126,484
	NC Med. Care Comm. Retirement Fac. Rev. Bonds
	(Carolina Village), 6s, 4/1/38		BB/P		1,000,000	1,030,260
	(First Mtge.), Ser. A-05, 5 1/2s, 10/1/35		BB+/P		1,730,000	1,731,625
	(First Mtge.), Ser. A-05, 5 1/4s, 10/1/25		BB+/P		700,000	701,029
	(Forest at Duke), 5 1/8s, 9/1/27		BBB+/F		1,000,000	1,037,460
	NC State Hsg. Fin. Agcy. (Homeownership), Ser. 26-A, 5 1/2s, 1/1/38		Aa2		85,000	87,461
						8,614,622
	Ohio (4.9%)
	American Muni. Pwr. - Ohio, Inc. Rev. Bonds (Prairie Street Energy Campus), Ser. A, 5 1/4s, 2/15/33		AA		3,000,000	3,262,080
	Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds
	Ser. A-3, 6 1/4s, 6/1/37		B3		850,000	703,418
	Ser. A-2, 6s, 6/1/42		B3		2,500,000	1,956,550
	Ser. A-2, 5 7/8s, 6/1/30		B3		1,315,000	1,064,479
	Ser. A-2, 5 3/4s, 6/1/34		B3		1,675,000	1,331,156
	Franklin Cnty., Hlth. Care Fac. Rev. Bonds (Presbyterian Svcs.), Ser. A, 5 5/8s, 7/1/26		BBB-		2,750,000	2,938,128
	Hickory Chase Cmnty. Auth. Rev. Bonds (Infrastructure Impt.), 7s, 12/1/38(F)		CCC/P		644,000	77,216
	Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst.), Ser. C, 5 5/8s, 8/15/29		A3		1,530,000	1,645,775
	Lorain Cnty., Port Auth. Recovery Zone Fac. Rev. Bonds (U.S. Steel Corp.), 6 3/4s, 12/1/40		BB-		1,000,000	1,078,050
	OH State Air Quality Dev. Auth. Rev. Bonds (Valley Elec. Corp.), Ser. E, 5 5/8s, 10/1/19		Baa3		1,300,000	1,461,823
	OH State Higher Edl. Fac. Comm. Rev. Bonds
	(U. Hosp. Hlth. Syst.), Ser. 09-A, 6 3/4s, 1/15/39 (Prerefunded 1/15/15)		A		2,000,000	2,058,620
	(Kenyon College), 5s, 7/1/44		A1		800,000	842,112
	OH State Wtr. Dev. Auth. Poll. Control Mandatory Put Bonds (6/3/19) (FirstEnergy Nuclear Generation, LLC), 4s, 12/1/33 Man Put date is 6/3/19		Baa3		1,550,000	1,638,428
	Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds, 5 3/4s, 12/1/32		BB/P		900,000	917,793
	Toledo-Lucas Cnty., Port Auth. Rev. Bonds (CSX Transn, Inc.), 6.45s, 12/15/21		Baa2		500,000	625,385
						21,601,013
	Oklahoma (1.0%)
	OK Hsg. Fin. Agcy. Single Fam. Rev. Bonds (Homeownership Loan), Ser. B, 5.35s, 3/1/35		Aaa		685,000	686,747
	OK Hsg. Fin. Agcy. Single Family Mtge. Rev. Bonds (Homeownership Loan), Ser. C, GNMA Coll., FNMA Coll., 5.95s, 3/1/37		Aaa		620,000	621,848
	Tulsa Cnty., Indl. Auth. Rev. Bonds (Sr. Living Cmnty. Montereau, Inc.), Ser. A
	7 1/8s, 11/1/30		BB-/P		1,250,000	1,371,188
	6 7/8s, 11/1/23		BB-/P		500,000	507,685
	Tulsa, Muni. Arpt. Trust Rev. Bonds (American Airlines, Inc.), Ser. B, 5 1/2s, 12/1/35		B+/P		1,250,000	1,301,287
						4,488,755
	Oregon (0.3%)
	Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds (Terwilliger Plaza, Inc.), 5s, 12/1/29		BBB/F		350,000	373,272
	Warm Springs Reservation, Confederated Tribes 144A Rev. Bonds (Pelton Round Butte Tribal), Ser. B, 6 3/8s, 11/1/33		A3		700,000	780,626
						1,153,898
	Pennsylvania (6.9%)
	Allegheny Cnty., Higher Ed. Bldg. Auth. Rev. Bonds (Robert Morris U.), Ser. A, 5 1/2s, 10/15/30		Baa3		1,000,000	1,080,950
	Allegheny Cnty., Indl. Dev. Auth. Rev. Bonds (U.S. Steel Corp.), 6 3/4s, 11/1/24		BB-		1,500,000	1,669,125
	Allentown, Neighborhood Impt. Zone Dev. Auth. Rev. Bonds, Ser. A
	5s, 5/1/42		Baa2		800,000	820,584
	5s, 5/1/35		Baa2		500,000	515,820
	5s, 5/1/32		Baa2		200,000	206,856
	Beaver Cnty., Indl. Dev. Auth. Mandatory Put Bonds (6/1/20) (FirstEnergy Nuclear Generation, LLC), Ser. B, 3 1/2s, 12/1/35		Baa3		2,700,000	2,734,020
	Chester Cnty., Indl. Dev. Auth. Student Hsg. Rev. Bonds (West Chester U. Student Hsg., LLC), Ser. A, 5s, 8/1/45		Baa3		1,000,000	1,026,210
	Lancaster Cnty., Hosp. Auth. Rev. Bonds (Brethren Village), Ser. A, 6 3/8s, 7/1/30		BB-/P		625,000	654,468
	Lebanon Cnty., Hlth. Facs. Rev. Bonds (Pleasant View Retirement), Ser. A, 5.3s, 12/15/26		BB/P		1,800,000	1,803,042
	Lycoming Cnty., Auth. Rev. Bonds, 5s, 5/1/26		A		2,000,000	2,173,480
	Lycoming Cnty., Auth. Hlth. Syst. Rev. Bonds (Susquehanna Hlth. Syst.), Ser. A, 5 3/4s, 7/1/39		BBB+		3,000,000	3,184,980
	Montgomery Cnty., Indl. Auth. Resource Recvy. Rev. Bonds
	(Whitemarsh Cont. Care), 6 1/4s, 2/1/35		B-/P		1,100,000	1,111,836
	(Whitemarsh Continuing Care Retirement Cmnty, Inc.), 6 1/8s, 2/1/28		B-/P		700,000	709,590
	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	1,562,880
	Northampton Cnty., Indl. Dev. Auth. Tax Alloc. Bonds (Rte. 33), 7s, 7/1/32		B/P		800,000	860,800
	PA State Econ. Dev. Fin. Auth. Resource Recvy. Rev. Bonds (Colver), Ser. F, AMBAC, 5s, 12/1/15		BBB-		1,650,000	1,702,602
	PA State Higher Edl. Fac. Auth. Rev. Bonds
	(Shippensburg U.), 6 1/4s, 10/1/43		Baa3		500,000	560,455
	(Edinboro U. Foundation), 5.8s, 7/1/30		Baa3		1,000,000	1,073,680
	(Gwynedd Mercy College), Ser. KK1, 5 3/8s, 5/1/42		BBB		785,000	830,993
	(Indiana U.), Ser. A, 5s, 7/1/41		BBB+		500,000	520,165
	PA State Tpk. Comm. Rev. Bonds, Ser. A, 5s, 12/1/38		A1		500,000	549,465
	Philadelphia, Auth. for Indl. Dev. Rev. Bonds (Master Charter School), 6s, 8/1/35		BBB+		600,000	643,212
	Philadelphia, Gas Wks. Rev. Bonds, Ser. 9, 5s, 8/1/30		BBB+		1,000,000	1,127,580
	Philadelphia, Hosp. & Higher Ed. Fac. Auth. Rev. Bonds (Graduate Hlth. Syst.), 7 1/4s, 8/1/15 (In default)(NON)		D/P		2,583,821	258
	Pittsburgh G.O. Bonds, Ser. B, 5s, 9/1/26		A1		1,000,000	1,130,170
	Susquehanna, Area Regl. Arpt. Syst. Auth. Rev. Bonds, Ser. A, 6 1/2s, 1/1/38		Baa3		1,325,000	1,436,009
	Wilkes-Barre, Fin. Auth. Rev. Bonds (Wilkes U.), 5s, 3/1/22		BBB		560,000	587,658
						30,276,888
	Puerto Rico (0.5%)
	Cmnwlth. of PR, G.O. Bonds
	Ser. A, FGIC, 5 1/2s, 7/1/21		BB		1,000,000	808,610
	(Pub. Impt.), Ser. A, NATL, 5 1/2s, 7/1/20		AA-		1,000,000	1,005,450
	Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A, AMBAC, zero %, 8/1/47		BBB		3,000,000	340,050
						2,154,110
	Rhode Island (0.3%)
	Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, 6 1/8s, 6/1/32		BBB		1,490,000	1,497,942
						1,497,942
	South Carolina (1.5%)
	Georgetown Cnty., Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 8/1/30		Baa2		1,135,000	1,135,511
	SC State Pub. Svc. Auth. Rev. Bonds
	(Santee Cooper), Ser. A, 5 3/4s, 12/1/43		AA-		3,000,000	3,463,080
	Ser. A, 5 1/2s, 12/1/54		AA-		2,000,000	2,210,760
						6,809,351
	Tennessee (0.4%)
	Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (Mountain States Hlth. Alliance), 6s, 7/1/38		Baa1		1,450,000	1,628,684
						1,628,684
	Texas (13.3%)
	Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory Put Bonds (5/1/28) (Dow Chemical), 5.9s, 5/1/38		BBB		3,735,000	4,032,754
	Central TX Regl. Mobility Auth. Rev. Bonds (Sr. Lien), Ser. A, 5s, 1/1/33		Baa2		525,000	554,085
	Clifton, Higher Ed. Fin. Corp. Rev. Bonds (Idea Pub. Schools), 6s, 8/15/33		BBB		500,000	571,885
	Grand Parkway Trans. Corp. Rev. Bonds, Ser. B, 5 1/4s, 10/1/51		AA+		2,000,000	2,180,360
	Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds (YMCA of Greater Houston), Ser. A, 5s, 6/1/33		Baa3		1,000,000	1,063,720
	Harris Cnty., Cultural Ed. Fac. Fin. Corp. VRDN (The Methodist Hosp.), Ser. C-1, 0.08s, 12/1/24		A-1+		3,500,000	3,500,000
	Houston, Arpt. Syst. Rev. Bonds
	(Continental Airlines, Inc.), Ser. C, 5.7s, 7/15/29		B2		6,185,000	6,188,278
	Ser. A, 5s, 7/1/24		A		1,500,000	1,691,805
	(United Airlines, Inc.), 4 3/4s, 7/1/24		B2		1,300,000	1,341,431
	La Vernia, Higher Ed. Fin. Corp. Rev. Bonds (Kipp, Inc.), Ser. A
	6 3/8s, 8/15/44		BBB		1,100,000	1,210,550
	6 1/4s, 8/15/39		BBB		1,975,000	2,167,069
	Love Field, Arpt. Modernization Corp. Special Fac. Rev. Bonds (Southwest Airlines Co.), 5 1/4s, 11/1/40		Baa3		3,500,000	3,697,680
	Matagorda Cnty., Poll. Control Rev. Bonds
	(Central Pwr. & Light Co.), Ser. A, 6.3s, 11/1/29		Baa1		1,000,000	1,144,970
	(Dist. No. 1), Ser. A, AMBAC, 4.4s, 5/1/30		Baa1		1,250,000	1,304,938
	New Hope, Cultural Ed. Facs. Fin. Corp. Rev. Bonds
	(Collegiate Hsg.-Tarleton St.), 5s, 4/1/39		Baa3		500,000	520,570
	(TX A&M U. Collegiate & Student Hsg. College Station I, LLC), Ser. A, 5s, 4/1/29		Baa3		530,000	575,617
	Newark, Cultural Ed. Facs. Fin. Corp. Rev. Bonds (AW Brown-Fellowship Leadership Academy), Ser. A, 6s, 8/15/42		BBB-		670,000	688,579
	North Texas Edl. Fin. Co. Rev. Bonds (Uplift Edl.), Ser. A, 5 1/4s, 12/1/47		BBB-		2,000,000	2,120,860
	North TX, Tollway Auth. Rev. Bonds
	Ser. A, 6s, 1/1/25		A2		1,000,000	1,135,980
	(Toll 2nd Tier), Ser. F, 5 3/4s, 1/1/38		A3		1,750,000	1,943,603
	Red River, Hlth. Retirement Facs. Dev. Corp. Rev. Bonds
	(Happy Harbor Methodist Home, Inc.), Ser. A, 7 3/4s, 11/15/44		B-/P		420,000	434,654
	(Sears Methodist Retirement Syst. Oblig. Group), Ser. C, 6 1/4s, 5/9/53 (In default)(NON)		D/P		39,000	14,430
	(Sears Methodist Retirement Syst. Oblig. Group), Ser. B, 6.15s, 11/15/49 (In default)(NON)		D/P		749,000	277,130
	(Sears Methodist Retirement Syst. Oblig. Group), Ser. A, 6.05s, 11/15/46 (In default)(NON)		D/P		441,000	163,170
	(Sears Methodist Retirement Syst. Oblig. Group), Ser. D, 6.05s, 11/15/46 (In default)(NON)		D/P		76,000	28,120
	(Sears Methodist Retirement Syst. Oblig. Group), Ser. A, 5.45s, 11/15/38 (In default)(NON)		D/P		1,124,000	415,880
	(Sears Methodist Retirement Syst. Oblig. Group), Ser. A, 5.15s, 11/15/27 (In default)(NON)		D/P		593,000	219,410
	Sam Rayburn, Muni. Pwr. Agcy. Rev. Bonds, 5s, 10/1/21		BBB+		500,000	587,505
	Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Retirement Fac. Rev. Bonds
	(Sr. Living Ctr.), Ser. A, 8 1/4s, 11/15/39		B+/P		2,825,000	2,504,220
	(Buckner Retirement Svcs., Inc.), 5 1/4s, 11/15/37		A-		1,900,000	1,931,255
	(Air Force Village), 5 1/8s, 5/15/27		BBB-/F		2,850,000	2,889,131
	Travis Cnty., Cultural Ed. Facs. Fin. Corp. Rev. Bonds (Wayside Schools), Ser. A, 5 1/4s, 8/15/42		BB+		1,000,000	1,004,650
	TX Muni. Gas Acquisition & Supply Corp. I Rev. Bonds, Ser. A, 5 1/4s, 12/15/24		A-		2,000,000	2,303,760
	TX Private Activity Surface Trans. Corp. Rev. Bonds
	(NTE Mobility), 7 1/2s, 12/31/31		Baa2		2,000,000	2,431,460
	(LBJ Infrastructure), 7s, 6/30/40		Baa3		2,500,000	2,987,900
	TX State Dept. of Hsg. & Cmnty. Affairs Rev. Bonds, Ser. C, GNMA Coll., FNMA Coll., FHLMC Coll., 6.9s, 7/2/24		AA+		300,000	305,208
	TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5s, 12/15/28		A3		1,500,000	1,615,575
	TX State Trans. Comm. Tpk. Syst. Mandatory Put Bonds (2/15/15) (1st Tier), Ser. B, 1 1/4s, 8/15/42		A-		1,000,000	1,003,150
						58,751,342
	Utah (0.5%)
	Murray City, Hosp. VRDN (IHC Hlth. Svcs., Inc.), Ser. B, 0.06s, 5/15/37		VMIG1		2,360,000	2,360,000
						2,360,000
	Virginia (2.0%)
	Albemarle Cnty., Indl. Dev. Auth. Res. Care Fac. Rev. Bonds (Westminster-Canterbury), 5s, 1/1/24		BB-/P		600,000	607,836
	Henrico Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds
	(Westminster-Canterbury), 5s, 10/1/22		BBB+		1,000,000	1,021,300
	(United Methodist Homes), 5s, 6/1/22		BB+/P		625,000	658,006
	Lynchburg, Indl. Dev. Auth. Res. Care Fac. Rev. Bonds (Westminster-Canterbury)
	5s, 7/1/31		BB/P		1,250,000	1,257,324
	4 7/8s, 7/1/21		BB/P		1,000,000	1,041,010
	VA State Small Bus. Fin. Auth. Rev. Bonds
	(Elizabeth River Crossings OPCO, LLC), 6s, 1/1/37		BBB-		900,000	994,599
	(Express Lanes, LLC), 5s, 7/1/34		BBB-		1,150,000	1,190,952
	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	1,994,049
						8,765,076
	Washington (3.0%)
	Port Seattle, Port Indl. Dev. Corp. Rev. Bonds (Delta Airlines, Inc.), 5s, 4/1/30		B+		300,000	301,656
	Skagit Cnty., Pub. Hosp. Rev. Bonds (Dist. No. 001), 5 3/4s, 12/1/35		Baa2		2,500,000	2,687,200
	Tobacco Settlement Auth. of WA Rev. Bonds, 5 1/4s, 6/1/32		A-		1,275,000	1,345,112
	WA State G.O. Bonds (Sr. 520 Corridor-Motor Vehicle Tax), Ser. C, 5s, 6/1/28(T)		AA+		5,000,000	5,746,275
	WA State Higher Ed. Fac. Auth. Rev. Bonds (Whitworth U.), 5 5/8s, 10/1/40		Baa1		400,000	426,344
	WA State Hlth. Care Fac. Auth. Rev. Bonds
	(WA Hlth. Svcs.), 7s, 7/1/39		Baa3		1,000,000	1,142,420
	(Kadlec Med. Ctr.), 5 1/2s, 12/1/39		Baa3		1,300,000	1,413,958
						13,062,965
	West Virginia (0.6%)
	WV State Econ. Dev. Auth. Poll Control Rev. Bonds (Appalachian Pwr. Co. - Amos), Ser. C, 3 1/4s, 5/1/19		Baa1		1,950,000	2,027,961
	WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth. Syst.), 6 3/4s, 10/1/43		B+/P		735,000	760,659
						2,788,620
	Wisconsin (1.1%)
	Pub. Fin. Auth. Arpt. Fac. Rev. Bonds (Sr. Oblig. Group), 5 1/4s, 7/1/28		BBB-		350,000	383,362
	WI State Hlth. & Edl. Facs. Auth. Rev. Bonds
	(St. Johns Cmntys. Inc.), Ser. A, 7 5/8s, 9/15/39		BB+/P		1,350,000	1,562,625
	(Prohealth Care, Inc.), 6 5/8s, 2/15/39		A1		1,250,000	1,457,775
	WI State Pub. Fin. Auth Sr. Living Rev. Bonds (Rose Villa, Inc.), Ser. A, 5 3/4s, 11/15/44		BB-/P		1,550,000	1,554,619
						4,958,381
	Total municipal bonds and notes (cost $535,140,397)					$571,500,124
	PREFERRED STOCKS (0.8%)(a)
					Shares	Value
	MuniMae Tax Exempt Bond Subsidiary, LLC 144A Ser. A-5, $5.00 cum. pfd.				3,750,000	$3,750,750
	Total preferred stocks (cost $3,750,000)					$3,750,750
	COMMON STOCKS (0.0%)(a)
					Shares	Value
	Tembec, Inc. (Canada)(NON)				1,750	$5,088
	Total common stocks (cost $1,273,945)					$5,088
	TOTAL INVESTMENTS
	Total investments (cost $540,164,342)(b)					$575,255,962

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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, 2013 through July 31, 2014 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification 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 $442,284,884.
(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 $540,153,145, resulting in gross unrealized appreciation and depreciation of $43,945,341 and $8,842,524, respectively, or net unrealized appreciation of $35,102,817.
(NON)	Non-income-producing security.
(FWC)	Forward commitment, in part or in entirety.
(F)	Security is valued at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or Level 3 for ASC 820 based on the securities' valuation inputs.
(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 $17,032,865 to cover tender option bonds.
	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	39.5%
	Utilities	20.8
	Transportation	16.9
	Education	13.4
	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 $30,563,516 were held by the TOB trust and served as collateral for $13,530,651 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $6,293 for these investments based on an average interest rate of 0.06%.

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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	$5,088	$—	$—
	Total common stocks	5,088	—	—
	Municipal bonds and notes	—	571,414,539	85,585
	Preferred stocks	—	3,750,750	—
	Totals by level	$5,088	$575,165,289	$85,585
	* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
	At the start and close of the reporting period, Level 3 investments in securities were not considered a significant portion of the fund's portfolio.
	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: September 26, 2014

	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: September 26, 2014

	By (Signature and Title):

	/s/ Steven D. Krichmar Steven D. Krichmar Principal Financial Officer Date: September 26 2014